garden where remarks will be made. members of the house were bussed in for the occasion. we are watching for that half hour's time. thank you for watching "power lunch." >> interesting couple hours. >> absolutely. "closing bell" starts right now. ♪ >> what an interesting couple hours it will be here. the stock exchange. >> in case you have heard, the house passed the amended bill to replace obamacare. >> bill pass, without objection, the motion to appeal is laid upon the table. >> we will tell you what's in the bill, what it meebs ifs hospital -- means for hospitals and insurers, two stories, by the way, and the president's agenda and what the cost of the bill could be, although, that's still to be determined. president trump, by the way, will be speaking at the white house in less than 30 minutes

with the republican gop lawmakers in attendance, those from the house, bringing you that live from the rose guardar in 30 minutes. >> hey, is there going to be a rally? what about a selloff? well, by the way, there's this story about what's happening in oil today. prices there, in crude, a five-month low. there's talk about a glut, concerns about it, and it's enough to send the price of crude oil less than 5% today, below $46 a barrel, and that has a lot to do with what you're seeing here. >> going through support levels, 48, 47, 46. >> much support. >> not today. concerns about cord cutting and the ad market. crushing media stocks this week, but will cvs earnings after the bell change the tide? looking at that coming up sometime in the next couple hours here when we can get to it. we have a lot of plates spinning in the air today. we begin with the full team coverage of the health care bill

there on capitol hill, and joining us with analysis, dan cliffton, and give us the hit, runs, and errors first. >> reporter: bill, the bill passed was a compromise between conservatives who felt the original american health care act did not do enough to fully repeal obamacare and moderates who worried that too many people would be left without insurance coverage. here's the rundown of what passed. it kept many of the original provisions of the american health care act, including moving from insurer subsidies based on income to tax credits based on age and capped for those who are wealthy. the bill also removed the individual mandate that required people to carry insurance and replaces it by allowing insurers to charge people higher premiums if they have a lapse in coverage. the bill also changes the medicaid funding formula to a per capita system with a cap on overall payments. now, the amendments that finally got these republican lawmakers to a yes from the conservative

freedom caucus, there was an amendment that allowed states to opt out of providing essential health benefits. for the moderates, it was the mcarthur amendment, and that allocated $8 billion over five years into a federal fund that would help keep what was sp preexisting conditions afford coverage thing to remember, don't get wedded to the changes or anything in the bill because it's got to go through the senate, and senate majority leader mcconnell warns you can expect to see some big changes in it. bill? >> thank you. stay there. dan cliffton from strategics research and capital street. dan, so, first of all, are you surprised they got it passed this afternoon? >> you know, it felt, kelly, a lot like the movie weekend at bernies. is it dead? is it dead? carrying it aren'ted last month or so, but the white house was so insistent on getting it done, the house needed it done, even

pass it to make it senate's problem for a while, they were determined to do it, than dey d it, and investors pay attention. the press conference at the white house is designed to pressure the senate to get movement on the bill, even if it is different than the house bill. >> the original bill, the repeal bill, according to the cbo, meant, the 24 million americans would lose their coverage. are we able to tell at all based on the new bill with the amendments and everything, how that might change? i mean, we have to wait for cbos scoring, but are you able to just blue sky the thing? >> well, there's no cbo score, as you point out, so it's interesting to me that members take a vote on a bill without a score. agree. 24 million over ten years, most from medicaid, i can't imagine the cbo score we get in a couple weeks gets better from a coverage perspective, but that it actually gets worse from a

deficit perspective, so there's that to keep in mind, and then you've got tough sledding in the senate. the senate has a number of members from states who expanded medicaid. you'll see amendments to improve the medicaid per capita cap policy, and then you got the tax credits, making those more generous for those with low income, so big changes coming, and it's tough flooding in the senate. >> and, ylan, it's telling. you mentioned that the majority leader of the senate said they will wait for the cbo scoring before they proceed with the version of the bill here. i think they are waiting to find out exactly how many people are affected by this thing, right? >> that's a big point of contenti contention, a big point here in the house. i'm told that the senate majority leader has started trying to come to some con sen tus in the republican caucus, has working groups between conservatives and moderates.

those to look for, ted cruz, mike lee, pay attention to them because they are oning originally against the ahca and worried it did not do enough. they could cause pickups, pr perha perhaps, tlohroughout the proce as pell. >> dan, as we figure out how it proceeds, we have to figure out what it means for everybody. today, what happens under this bill? >> yeah, look, one, i think there's a lot of misinformation about what -- who loses coverage, you know, there are clearly going to be changes in medicaid where that formula's less generous. that's a trillion of cutting of federal health care spending overall. the high risk pools, i think, are critical. they have a spotty record, being able to pay for people who have preexisting k ining conditions, the bill despite what the rhetoric say. the republicans try to find

health care coverage more efficientlily. there's going to be fewer people who will be in charge, but i think people who are sick and who need insurance, they are still going to be subsidies there for those people. >> i mean, the easy answer to say is it benefits the insurance companies but huts the hospitals. is that the case, do you think? >> i think as far as winners and losers, you've got insurers helped, mainly because of the health insurance fee, industry fee goes away. companies like humana, hospitals agree. hospitals with uncompensated care and bad debt, that's a problem for them, this new plan. and other providers. >> just joining us, by the way, right side there is outside the white house in the rose garden preparing for a celebration moment with the president. those are all gop house members who are getting ready for what looks like either to sing the

hallelujah chorus -- >> like a wedding reception. >> or a class photo. >> guys, i just -- >> the president will comment. >> ylan. >> i want to point out house lawmakers are on recess starting this evening, so the response they get in their district to the vote, how they see their constituents responding to it will be really important going forward for the senate. senate republicans see that house republicans have had a welcomed reception back home, con stitch wents are happy, got it done, they were able to govern, that's starting to change dynamics going forward. >> absolutely. dan, you know, going back to what you said, you know, trying to figure out how the plan would still cover preexisting conditions was a sticking point, involving some of the last h minute amendments here. there's another piece, too, that other people were worried about, allowing insurance companies to charge older people five times more than young people rather than three times more. looks like there's more money to

cover that, but is that realistically mean older people pay more under this plan, do you think? >> kelly, clearing it up, a state has to proactively choose to actually get rid of that community rating or provision. my experience working for two governors, unlikely -- many states are going to be unlikely to make the change. secondly, 120 million people have a preexisting condition, at the height of the preexisting condition fund in the aca, there was about 114,000 people in that fund overall, and so there will be a pot of money there. i think the numbers are exaggerated. i think the number of people losing coverage are exaggerated, but to the point we hear, the cbo numbers, the rock solid numbers, that drives the political debate, and the republicans are going to have to overcome the sound bite overall. last one, kelly -- >> oh, sure. go ahead. >> last point i wanted to make, federal spending on health care led the relative performance of health care stock since the aca. if there's less spending for

health care, it's going to affect health care stocks overall. >> sure, that is a big if, and getting to the heart of this, and the worry that more people loose coverage, there's an interesting incentive there, and it says, if you go without coverage for more than two months, there will be a 30% surcharge. is that enough of a disinsentive people, you think, say, hey, it's worth it to just have continuous coverage. does that solve the fundamental prop here. >> i think if you ask most insurance ceos, the answer would be no. it is an alternative for sure. i note that continuous coverage notion mentioned is something that may not pass the bird rule in the senate. continuous coverage, the actual value numbers on the different metals here, those are issues that could get vastly changed in the senate because of the bird rule, because of budget reconciliation, and because of the politics of the upper chamber. >> just remind you quickly, what

you mean by the bird rule would aft whether that piece could pass? >> sure. so if there's a budgetary impact on a certain provision, then it likely passes through budget reconciliation. this is a way to get provisions through with only 51 votes instead of 60. it also has to be germane, and that's not extraneous. those are the two considerations for the senate parliament as she figures out what happens with the bird rule and what passes muster and what doesn't. >> going to the podium there, getting applause and greetings, some of the members of the house republicans. >> kathleen morris rogers. >> brady there from the ways and means committee. >> and other dig tenitariedigni. >> by the way, just inside there, saying, speaker paul ryan was in the oval office with president trump, and as you imagine, a lot of smiling and

hand shaking. a big win for the speaker in this, and not to, you know, handicap too much the political aspect of this, but it gives him a little bit of credibility, and, obviously, it's not just a win for the president. >> and, by the way, first of all, i have to show the wires. did you want to go to the break or stay with this? okay. eamon at the white house, i think, what are you witnessing now? >> reporter: well, i just saw a very giddy group of house spouses, the spouses of some of the lawmakers escorted through the west wing past the oval office on the way to the ceremony that you're watching here in the rose garden, and we're told the president may be possibly early here, might be so anxious to get out there and talk to the crowd. they are pumped up here at the white house, but traditionally, you don't hold a big rally in celebration until after the bill has actually passed, and has been signed into law, and in this case, this is just a first step in a long process. they say, though, that they are not worry about the idea that they are throwing a locker room celebration at halftime because

they are aware that there is a long road to go here for this piece of legislation. i asked sanders here at the white house minutes ago, you know, what the plan is to get this passed in the senate, and she said, well, as long as they don't tweak too much, we're fine, meaning, the idea they expect changes from the senate to this bill, and we'll see how they reconcile the house and senate versions of this. we are headed for another impasse at some point. we'll see whether the house conservatives have more flexibility when this bill comes back from their senate colleagues than they did initially, but for right now, this is a big win for the trump white house. they want to savor it. the president wants to point out this is a big legislative win for the team. paul ryan wants to point out he can deliver the votes. this may go some way towards smoothing over tensions between ryan's camp and trump's camp from the health care failure earlier this year. this is a big moment for the

president, signaling they want to send from the trump white house that donald trump gets legislation passed on capitol hill, implications for tax reform and other things he wanted to do. >> they won the pen nanlt, but they have to accomplish the world series. >> exactly, the first game, going on the way to the final four, but you're in the sweet 16 and celebrating. pick a metaphor here, but that's what they are doing. they are excited. they acknowledge that. >> i was trying to think of a lacrosse metaphor. >> we got the two minute warning before the president is coming out so he'll come early. >> asking ylan at the capitol, when does the senate pick it up, you think? >> reporter: we got a statement from the office saying he will wait until he sees that cbo score of the full compromised bill before considering this measure. here's a little bit from what he said to the status quo unacceptable, the pain caused by

obamacare is real, for millions of americans, repeal and replace this failed law. we got a statement from senator hatch, chairman of the finance committee, they must be focused on the art of the doable and our goal is just to get to 51 votes. some recognition there that they will not be receiving democratic help on this. republicans are going to have to do this one alone. >> less than two minutes, clearly, may interrupt you, but what would you guess the senate changes? what is acceptable for 51 senators in the senate, do you think? >> great question. i think there's going to be two thicks that are changed. number one, the tax credits allowing the lower income folks in the individual market to have more generous tax credits. right now, there's 2,000 to 4,000 per person, based on age only. number two, i say in medicaid, there's states that extended medicaid to really shut that off quickly, i think it'll be a more

smooth phaseout. >> very good. we have to interrupt. the house leadership made it to the podium there, and, you know, i'm sure paul ryan is walking with about a foot off the floor right now as he gets ready for the president to come out there, mccarthy as well, preparing for this celebration moment with the passage of the obamacare repeal and replace bill in the house. >> but as to the point they made, how celebration is it? they cleared one hurdle, but there's a big one to go. interesting, quickly, dan, i'm going to ask you, where's it leave the moderate republicans? >> so, the moderate republican, interestingly, kelly, most moderate republicans come from states where the protections were already in place. they voted no, but they can come back in the game when the senate moderates it down. susan collins is going to water the bill down before it gets to the house, and may need republicans to push the conference agreement. >> very good. >> if the freedom caucus is not

there. >> all right. folks, thank you. here comes the president and the vice president, and we'll watch -- by the way, the president's schedule till to go to new york city for a meeting with the australian prime minister and other things, but delayed that -- he was to have arrived by now in new york city, but delayed that to hold this moment with the house of the republicans. >> many bhom whom he got on boa last minute to get the board passed. >> lobbied on the phone to get the votes, and passed with one vote to go. let's watch this. >> president, majority whip, chairwoman mcmorris-rogers, chairman brady, chairman walden, chairwoman black, mcarthur, congressman meadows, and all the principled members of congress who are standing with us here today, on behalf of president

trump and the first family, welcome to the white house. [ applause ] thanks to the leadership of donald trump, welcome to the beginning of the end of obamacare. [ applause ] march 2010 seven years ago, democrats passed the government takeover of health care. at the time, republicans in congress promised the american people that law would not stand. today, thanks to the perseverance, determination, and the leadership of president donald trump and all the support of those gathered here, we've taken a historic first step to repeal and replace obamacare and

finally give the american people the kind of health care they deserve. [ applause ] so today, with heart felt gratitude for all he's dope to keep his word to the american people and for all he will do to continue to make america great again, it is my high honor and distinct privilege to introduce to you the president of the united states of america, president donald trump. [ cheers and applause ] >> thank you. thank you. thank you, mike. [ applause ]

what a great group of people, and they're not even doing it for the party. they are doing it for this country because we suffered with obamacare, and i went through two years of campaigning, and i'm telling you, no matter where i went, people were suffering so badly with the ravages of obamacare, and i will say this, that as far as i'm concerned, your premiums, they are going to start to come down. we're going to get this passed through the senate. i feel so confident. your deductibles, when it comes to deductibles, they were so ridiculous nobody got to use their current plan. nonexistent plan i heard so many wonderful things about over the last three, four days, and after that, i mean, i don't think you'll hear so much right now. the insurance policy companies are fleeing.

it's been a catastrophe. this is a great plan. i actually think it will get even better, and this is, make no mistake, this is a repeal and a replace of obamacare. make no nis take about it. [ applause ] make no mistake. and i think most importantly, yes, premiums will be coming down, yes, deductibles will be coming down. very importantly, it's a great plan. ultimately, that's what it's all about. we knew that was not going to work. i predicted it a long time ago. i said it's failing. now it's obvious it's failing. it's dead. it's essentially dead. if we don't pay lots of money to the insurance company, it would die immediately, so what we have is something very, very incredibly well-crafted. tell you what, there is a lot of talent standing behind me, an unbelievable amount of talent, that i can tell you.

[ applause ] and, you know, coming from a different world and only being a politician for a short period of time, how am i doing? am i doing okay? i'm president. hey, i'm president, can you believe it, right? i don't know. don't you need more time, they told me, but we department. we have an amazing group of people standing behind me, and they worked so hard, and they worked so long, and what i said, let's do this. let's go out, just short little shots for each one of us, and let's say how good this plan is. we don't have to talk about this unbelievable victory, wasn't it unbelievable, we don't have to say it again, but it's going ton an unbelievele victory, actually, when we get it through the senate, and there's so much spirit there, but i said, let's go out, we have a little list of some of the people, and i think after that list goes, if they don't talk too long, our first list, we're going to let some of the other folk come up and say whatever you want, but we want

to brag about the plan because this plan, really -- uh-oh. [ laughter ] well, we may, but we're just going to talk about the plan, how good it is, the great features, and i want to thank paul ryan. he has -- [ applause ] he's worked so hard. and i was joking. i said, paul, for the last week, paul ryan doesn't have it. it's not working with paul ryan. he's going to get rid of paul ryan. then today, i heard paul ryan's a genius. he's come a long way. [ laughter ] you know, the groups have all come together. we've tuesday group, freedom caucus, and they are all great people. we have a lot of groups. they came together. really, paul, i'd say in the last, three, four days, especially in the last day. see mark, i see kevin, so many

people, jim. we just have developed a bond. this has reality brought the republican party together. as much as we've come up with a really incredible health care plan, this has brought the republican party together. we're going to get this finished, and then we're going, as you know, put our tax plan in, it's a massive tax cut. the biggest tax cut in the history of our country, and i used to say the biggest since ronald reagan. now it's bigger than that. also, fewer tax reforms. so we're going to get that done next, and this really helps it. people said, how come you kept pushing health care knowing how tough it is. don't forget, obamacare took 17 months. hillary clinton tried so hard, really valiantly in our fairness, to get health care through and didn't happen. we've been doing this for eight weeks, if you think about it, and this is a real plan, a great plan, and we have no support

from the other party. i just want to introduce somebody who say a few words who really has been, i think, treated unfairly, but no longer matters because we won and will finish it off and go on to other things, and we're going to have a tremendous four years, and maybe even more importantly, a tremendous eight years, but we're going to start off with just a great first year. paul ryan, come up, say a few words. congratulations on a job well done. [ applause ] >> oh, thank you, thank you, guys. thank you. first, thank you, mr. president. thank you, thank you for your leadership [ applause ]

there are too many people to name who played such an important role in helping us get to this part. i want to thank a few people in particular. i want to thank chairman greg walden, kevin brady, diane black, sessions, the members of their committees for all the hard work they did to get us to this point. [ applause ] i thank all the other members who contributed to making this the best bill possible. it was a collaborative and census driven effort. i also want to thank the team here at the white house. i want to thank tom price. i want to thank mulvaney and prpr pribus. we could not have done it without you. it's not possible without the gentlemen behind me. this is my fourth presidency, and i've never, ever seen this engage. i thank mike pence and president

trump for personal involvement in working with our members and working to get this right for getting this done and getting us to where we are. thank you, yes mep. [ applause ] today is a big day, one step in the process, an important step. we have a lot of work to do to sign this into law, and our friends in the senate are eager to get to work. [ laughter ] they are. we're going to see that work through. you know why we see the work through? because the issues are too important. the stakes are just too high. the problems facing american families are real. the problems of obamacare are too dire and ur gent. this week, we learned of another state, iowa, where the last remaining health care plan is pulling out of 94 of their 99

counties, leaving most of their citizens with no plans on the obama market at all. what kind of protection is obamacare if there are no plans to choose from? this is a trend we're seeing all across the country. the truth is, this law has failed and is collapsing. premiums are skyrocketed. choices disappearing. it's only getting worse, spiraling out of control. that is why we have to repeal this law and put in place a real vibrant market place with competition and low eer premium for families. that's what the american health care act is all about, making health care affordable, taking care of the vulnerable, shifts power from washington back to the states, and most importantly, back to you, the patients. like i said, we've got a lot of work to do. one thing is now clear. republicans are committed to keeping our promise, to lift the

burden of obamacare from the american people and put in place a better, more patient-centered system. it is my pleasure at this time to thank and welcome to the stage someone who helped make this so possible, our very talented majority leader kevin mccarthy. [ applause ] >> i remember the first time i came down here to see the new president, president trump. we talked about health care. you know what the president said, let's not make it part sapp. don't do what you think is right for the republican party. do what's right for the american country. today, that's what we did. you see, read the papers from this week, take politics out of it, people before politics and how do you look in the faces of 94 counties in iowa out of 99?

not that they won't have have many choices. they'll have no choice. how do you care for preexisting conditions when there's no care at all? or you read the paper yesterday and look at aetna pulling from virginia. or tennessee next year with 16 counties with no care. what about those families that paid into the 23 co-ops that obamacare created with more than $2 billion. 18 of those collapsed. the only answer that this american government gives them is a penalty. simply look at the facts. more people took the penalty or exemption than signing up for obamacare. i did not run to this office to promote a party. i ran for office to make the country better. yeah, it would be easy to say no. it would be easy to watch it

collapse. i can't look at those families. i don't think that's right. that's the exact message i got from this administration. so, mr. president, i want to thank you. i want to thank you for your leadership. i want to thank the vice president. you know, i've only been through a few presidents, but never seen someone so hands-on. walk into my office yesterday morning, and they said the president's calling again. i picked up the phone, and i happen to be the majority leader of the former whip. i know my members well. the president gives me a list of who he thinks i'm best to talk to on the list. [ laughter ] he was right. [ laughter ] mr. president, they all voted for the bill. [ cheers and applause

[ cheers and applause ] today is a start, of a new beginning, yes, about providing better healthcare, but i happen to have been a small business ordinary person. i listened to my district. you know how many families no longer have 40-hour job and now take two part-time jobs. or how many small businesses told me that they couldn't expand anymore because they were afraid of what obamacare would do. we're going to unshackle, build an economy that people have greater choice in their health care and protect preexisting conditions. and i thank you for that word. i want to call up -- [ applause ] i was this job before being majority whip. never had a bill like this. being the whip is not one -- the deputy whip needs credit as well. patrick mchenry. [ applause ] the whip, steve, never gave up.

answered every question. the team between the two, i put beyond any team we've had. i give you the majority whip. [ applause ] >> today, we took the first step towards rescuing families from the failures of obamacare. we've been seeing it play out all across the country. this was not some hypothetical discussion. you've seen families struggling in every part of our country. i hear from families all the time in southeast louisiana sharing with me stories of double digital premium increases every single year. when we have the 27.5 hour markup before the commerce committee, longest said in the history of congress to pass this out of committee, we had a long and important discussion about how fair policy in america, and how this is not about achieving some kind of political goal.

it's about families. families who are struggling under the weight of this law that does not work. so i reached out to my own constituents, share with me the stories of how this law of obamacare affects you personally? unfortunately, i got a lot of horror stories. you know, we talked about protecting people with preexisting conditions in the bill. there's so many multiple layers passed today in the bill that not only protect people with preexisting conditions, but focuses on lowering premiums. during the committee hearing, at 3:00 in the morning, i shared a story of one of the constituents, chris, who sent me a letter to talk about the family having preexisting conditions. they have a family member with preexisting conditions because of the problems of obamacare, they pay double digit increases, but this is the real story for families with preexisting

conditions who are truly hurt by obamacare. an untold stories is the dramatic increases in deductibles. there's families in the country that over $10,000 deductibles. now, for most people, that means they don't use the health care they have in obamacare, and so what chris told me was, not only when we did to the doctor do we pay so much for the premium, but everything we do we pay out of the pocket because we've got such a large deductible, so, basically, i'm paying a lot of money for a health care plan that does not work for me. please provide relief for my family. we hear the stories over and over, and what's so encouraging about the debate is that from the very beginning, every member of congress that's been involved in trying to get the bill passed is focused on two main things. the first is lowering premiums for families that are struggling. second, making sure that patients and doctors are the ones that make their own healthcare decisions. elected bureaucrats in washington should not have anything to do with the

healthcare decisions made between a patient and their doctor, and that ends with this bill. [ applause ] as we went through the process, some wanted days, others weeks, but we want to get it right because it affects every single person in the country, and every change made the bill better. almost every change made along the way was focused on lowering premiums. of course; you have a lot of other things to do. we reformed the medicaid problem, most broken part of health care is medicaid, and so we actually give governors and states flexibility to be innovative and do things that'll in a much more targeted way help low income families in a way medicare fails them today. that's another important aspect of the bill, but we wouldn't be here today without the work and help of the president and the vice president of the united states directly getting involved because every meeting we have with members that wanted to get

additional components added to the bill, president trump said, bring them into the white house. i want to meet with them. i want to talk to them about how we can lower premiums because president trump's focus from the beginning was the same thing. he knows obamacare failed. it's an incredibly failed law and put parties back in charge, and the man that led the charge in starting this process in the committee was the house senator gene commerce chairman greg walden. i want to bring him up.

[ applause ] ladies and gentlemen, mr. president, mr. vice president, pleasure and honor to work with you hand in hand to get the bill to this point. i want to tell you what a great team you have, and what a great team we have in the congress and energy and commerce committee and subcommittee chairman, mike burgess, come out here, he's done incredible work on this as well. [ applause ] you heard about the goal to get it back to a patient-doctor relationship, make it affordable to every american, where there's choices and lower cost in competition in the market. that's collapsing around us state by state, county by county. last year, 225 coupes in america where you only had one choice in the obamacare exchange, this year, 1022, and now there's counties where there's no choice. that's not affordability. that's not access. that's not patient care. that's what we try to reform in the legislation. you heard about medicaid reform.

i started on medicaid reform in the 1989 session of the oregon legislature. helped there, became the majority in '90, majority leader in '91, continued reforms to achieve the same goal of getting people care they needed when they didn't have it, and i continue that battle today. we reached out to governors. we reached out to insurance commissioners, innovators of the space. i think about governor herbert from utah, telling us the story of petitioning cms, the new cms, not tom price's cms, to see if could use a modern new innova innovative technology to communicate with medicaid recipients with the same technology. you and i would know that as e-mail. nine months later, the government here in washington denied his request to communicate with people who had e-mail by e-mail. they told him, no. i said to the governor of utah, how much would that have saved the state in he said issue $6

million. do you want to spend that on snail mail and postage or health care? the bigger question is, why do you have to come to washington, d.c. to get that permission to begin with? so what this legislation does is open up the ability for states to innovate, for doctors and parents and legislatures to get together, state by state, and make a real difference for the people of utah or the people of oregon or the people of florida. we can get this right. it is our duty. it is our obligation. this is our first step. i look forward to the partnership with the senate and continuing one with the white house until we get this steined into law. thank you. [ applause ] it's my pleasure to introduce the chairwoman, a nurse, incredibly capable legislator, d diane black. >> thank you. thank you, greg. [ applause ] some 45 years ago, i graduated from nursing school, and when i

graduated, i took an oath of honor to devote myself to those committed to my care. it is what brought me here to congress because i saw almost seven years ago what this was doing to those in my state. the people who come to me at church, that stop me in the grocery store, that stop me wherever i am at a ball field with the grandchildren, to tell me with tears in their eyes, please, help us. >> all right, we're going to break in at this point as the list of speakers continues there as a celebration for the passage in the house of the obamacare repeal and replace bill, the american health care act, it's being celebrated in the rose garden of the white house, and eamon, not far from there, celebration, certainly, but as speaker ryan said, there's still a lot more work to be done here. >> reporter: yeah, absolutely, that's right, bill, and as you look at that list of speakers, it's growing longer and longer.

the white house said a few people would speak, but now more than a few people are speaking. this is a healing moment for the house republican congress. bitterly divided on this earlier in the year, and today, they were able to come together, patch together a compromise, and a number of amendments in the last minute yesterday, and they got this deal done. that's why you are seeing this sort of burst of emotion from republicans in the house of representatives who feel they came together to deliver on a a campaign promise that was much har harder to deliver than they thought it would be. it goes to the senate. there is when do they take it up, how does that happen, and as you heard ylan report over there, they'll wait until they see the cbo score and see exactly what it would cost, exactly who benefits, and who is hurt from it before they decide over in the senate. paul ryan makie inine ining a s knowing i know the colleagues are eager to work, and that got

a laugh because the house members feel they work harder than the folks in the senate. >> ha-ha, oh, meanwhile, looking at the -- >> they have to run for election every two years, right. >> every two years, messy stuff to get it started. >> always running for re-election, that's for sure. >> reporter: that's right. >> thank you, see you later. >> i was going to point out you can see this skepticism expressed in the market. one of the first things president trump said was that he couldn't wait to get this done because he was going to move on to the tax plan that was going the biggest in history, bigger than reagan. i looked to see if the markets moved on that, but, again, not seeing a lot here. everybody taking this in stride. if it means the agenda moves, it'll change perhaps. >> markets learned, wait until you see the ink drying on the signature. >> i was going to say the whites of the eyes, but that's not the point. >> let's break, shall we? 17 minutes left in the trading session, here, the dow is down 22 points. when we return, mount sinai

hospital and how the bill could raskt his medical group coming up. earnings from cbs, help the media stock meltdown? analysis of the numbers and full coverage of the report coming up. doing good. she needs more care though. she wants to stay in her house. i don't know even where to start with that. first, let's take a look at your financial plan and see what we can do. ok, so we've got... we'll listen. we'll talk. we'll plan. baird.

it's been a ka tas troe fe. this is a great plan, gets better, and this is, make no mistake, this is a repeal and replace of obamacare, make no mistake about it. >> that was president trump just momen moments ago in the rose garden celebrating the passage of repealing obamacare. >> for reaction, impact it may have on hospitals, kenneth davis is mount sinai health president, dr. davis, good to see you. >> good to see you again. how are you? >> doing well. so we don't know yet the impact this will have in terms of the number of people kvred because we don't have the cbo scoring yet, but, you know, logic suggests if fewer people are covered, that hurts your business because those people somehow still get sick, and they have to pay for it somehow, and you pick up the costs sometimes, but bearing in mind, all that,

what is your first blush thought about the repeal of obamacare right now? >> well, problematic. the cbo scored this as 24 million people losing insurance. still, as you said, they get sick. they are still going to come to the hocspital, and there's laws that stipulate and values equally stipulate we have to take care of the people. where's the money going to come from? in obamacare, we lost subsidies who were uncompensated care because there were more people insured. now, 24 million people lose coverage, but that money doesn't come back, so we're in a difficult situation. >> but there are -- >> that was -- >> to keep care, doctor, inacceptability iimore people who participate in the market, the more competitive prices will be, so there is an effort to keep them by charging 30% more if they are uninsured

for more than two months, for example. >> right. >> too early to tell what that impact would be, but if prices are lower, that brings more people in. >> but, remember, that was in the original bill. it was 24 million people, still found to have lost coverage, and i think we should understand that cheaper policies don't necessarily mean better care. it can be junk policies too. very important things, like prevention, like menial illness, like preventative care. we need all those things because in the long run, they save money. >> in the interest of time, it's going to the senate. is there something you want to see the senate do to change repeal and replace bill to help your business? >> i think we have to remember that the expansion of medicaid was a very valuable thing. it took a lot of people who could not afford insurance and

insured them. we don't want to lose those people. taking a trillion dollars out of medicaid is not necessarily going to give anybody who has been using medicaid better coverage. they are just suddenly not eligible. we'd lose those people. we have to focus on prevention. we're not bringing the cost of health care down unless we are better able to organize care, provide better value, and do that by preventing illness. >> well, bill's doing that with his fitbit. >> yes. >> as we speak. >> yes, i am. i feel much better. doctor david, thank you so much. >> thank you. >> appreciate the time. >> how much did that cost? >> i have no idea. it was for christmas. >> i mean, $200? >> maybe, i don't know. >> that's not a bad down payment on a long term health payment. >> we'll talk later. we're headed to the close right now. ten minutes left, the dow is -- >> down. >> down 15 points. by the way, i think art cashin

said 250 million to buy in the close. >> s&p and naz down positive. >> why media stocks have been melting down lately, and where cbs it concern things aarp. that's at the top of the hour. stay tuned. stay with me, mr. parker. when a critical patient is far from the hospital, the hospital must come to the patient. stay with me, mr. parker. the at&t network is helping first responders connect with medical teams in near real time... stay with me, mr. parker. ...saving time when it matters most. stay with me, mrs. parker. that's the power of and. we cut the price of trades to give investors even more value.

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media stocks not loving it, off the lows, though, clobbered yesterday. we have more on what's weighing them down now, julia? >> well, kelly, concerns about advertising and weighing on stocks, viacomm's earnings, shares losing more than 6% after reporting 1% decline in advertising revenue, and bob acknowledged subscribers, and impact of some of the channels become included from skinny tv bundle. in contrast to the traditional media decline, snapchat shares gaini ining around 4% today, unveiling tools to make it easier for companies of any size to advertise on its platform. it's creating, this as it creates alternative content for millennials working with a range of media joints. yesterday, i moderated a panel

in which the ceo was bullish, both on advertising gains and cbs's role in new skinny bundles. >> cbs is fine. we like to see, because we're on every platform in the world, virtually, you can't live without cbs just the way we are right now. you can't live without the nfl, without "60 minutes," without "big bang near ri," we are fine. we compete very well. >> the revenue is projectsed 15%, and per share to decline 6% in comparisons to last year when cbs had the poll in its first quarter. back with cbs numbers after the closing bell. guys? >> looking forward to it, thanks. >> a quick break, five minutes left. the dow down nine points. closing countdown after this.

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and a team of experienced traders ready to help you if you need it. ♪ ♪ it's like having the power of a trading floor, wherever you are. it's your trade. ♪ ♪ e*trade. ♪ ♪ start trading today at etrade.com inside two minutes, dow down 14 points. it passed the house version of the american health care act, and initially, right now, at least what we see from the markets is a mute response. the insurance companies, themselves, going up, as you imagine for the most part, but not a big amount here. the hospital stocks should be going down. there's the insurance companies. up, but not a huge amount, only

humana with a 2% gain there. hospital stocks should be going down. two did, two others that we're highlighting going higher. it is clearly, the markets are waiting to see what's going to happen in the senate before that happens. very quickly, a couple markets today, oil continues to fall flu support levels today, now in the $45 range. now at $45.41, and yield on the temperature-year higher today out of the range from recent, at 236 for a time, bob, and now around that level now, good for the close issue and now we await earnings. cbs and shake shack and others here. >> no reaction to the health care bill at all. what's mattered in the last two da days is the ten-year yield moving up since the fomc meeting, and number two, commodities on worries about china and oversupply in the oil market, and yet, even though commodities down big, copper steel names, you see, bill, there's an underlying bid to the target. there's a commodity worry, but

overall, global earnings are improving, and the market wants to go up, not down, although that oil thing still sits out there. >> oil thing is still there. thanks, bob. dow down 11 on the close. more earnings coming up, and more on the house bill on health reform in the second hour of "closing bell" with kelly evans and company. see you tomorrow, kelly. ♪ thank you, welcome, we did not close positive, but i think the s&p managed by a point or two, late day action, the house passed the obamacare repeal and replace bill. the news conference end iing minutes ago before the closing again, did not push it in positive territory, but moving it a a bit, decline of eight points, and interestfully, we're only 50 points from getting back to 21,000, but the s&p and nasdaq, tiny gains on the bell

there to put them in positive territory, rustle 2,000 down a tenth percent today, and by the way, now that we're after hours, we'll get more earnings headed our way, and reporters are standing by for the results. julia looking at cbs. susan lee with shake shack too. that's follow-up to talk about, shake shack. see you in a moment. president trump just celebrating that house passing its bill to replace obamacare and said he's confident it passes the senate and could clear the way to tackle tax reform next. all the gory details coming up. joining us first, commentator and procolumnist michael san toll l santennessee oli, and united capital, ceo and founding partner joe checking in to kick it off this hour. welcome, everybody want mike, i thought the market would be positive, especially trump's press conference talking about tax reform. >> nothing seems to move.

eight days now, real, just going in an incredibly narrow range. that being said, under the surface, you're seeing a lot of the localized moves, right. oil going down below $47. does not matter for the broad market, but energy stocks. ten-year, that's been the theme for a while now. i will say ragged. past two days, a mid-morning selloff. we'll see which way it breaks ultimately, but seems like it was a heavier than the top line showed today. >> showing crude there, down 75% today, and want to know why the market had weakness earlier, look there to blame, but as mike said, why? it's not 2016 or 2015 when this was the only part of the economy firing. we absorbed the energy contraction largely, and u.s. producers adjust to the fact they can produce at lower prices. >> it is amazing how bad it felt today although we were just flat in the market, and amazing the market did not turn and roll over hard.

5% in crude is a huge move, and the sector got hammered. there was other commodities too. copper, steal, aluminum. they -- the other commodities, x-energy actually came back. stocks came back. maybe we're close to exhaustion, but we didn't sell as a whole, that speaks to the underlying strength of the economy, u.s. economy, and our corporate earnings and bonds sold hard, rates rallied. banks were outperforming. >> what about the trump trade? >> we've talk about the industrials, materials, all the stuff working well in the first part of the year, peaked in march, then a story about everybody buying facebook, apple, and tesla this year. shifting again to the trump trade makers? >> interesting you mention it now. since march 1st, correct in that there was a massive rollover in the trump trade. we're back to november. actually, i think -- >> before the election? >> before the election.

actually, i mean, it's those stocks that are actually quite cheap, very attractive now. >> make it clear for everybody. if you couldn't buy the trump trade the first time around, watch it all, all the way up to,000, you now have the opportunity to turn the clock back and invest today? basically at similar levels in those areas of the market? >> you could, and financials are backing up. they have to back up. they are baking up. there was a hawkish bet. labor cost, up 3% confirming the hawk fed. the fed is going, economy is a little bit better this week. the data points better in the first quarter, global economies are better. you can make a case to get back in the inflation trade, and that's the talk this week for sure. >> i would maybe disagree a little. >> go ahead. >> kelly, i think what you'll see everywhere is the u.s. has a lot of optimism and hope and a lot of soft data that looks good, but hard data's getting

weaker, and while we have a good two days in income, what you see in commodities and interest rates is the regime trend lower because the real hard data is not following through. if we don't see follow lf through, that's much more important than the data about health care. what you see is global companies are doing extremely well because they are real, good data, and actual gdp growth and employment in europe and rest of the world. the u.s. is actually slower now than the rest of the world as well as we're very optimistic. we have to see that pull through or it's going to hurt earnings here in the just. housing is strong. >> exactly. by the way, i totally agree the data is not great. this week, it's better, so you can't say it's a big, big trend or big change. >> no longer -- >> see a better second quarter.

>> surprising, mike, we were, like, going off this, and now we're back. there's a little more room. >> it's neutral. i would say, and i think the bigger point is that the united states as an economy and market is kind of this steadier quality trade opposed to boom and bust, so, yes, there's a bigger readout off a lower base. >> yeah. >> i think like a lot of quality stocks, seems overpriced, but for a reason. >> all right. getting to the ylan in washington after the house just passed obamacare replacement bill. now it goes to the senate, or does it? ylan, explain how this happens next, and how do you think the prospect looks in the early moments? >> well, right now, republicans are taking a victory lap after the repeal and replace, at least in the house of that obamacare bill. now, president trump held a news conference in which he was virtually giddy at the prospect of the passage of the bill saying it's a sign of unity in the republican party and said tax reform is coming up next.

we'll get this finished. our tax plan is in, massive tax plan, biggest cut to the history of the country. i used to say the biggest since reagan. now it's bigger than that. also fewer tax reform. we'll get it done next. this really helps it. >> message of the bill was a a crucial success. house speaker paul ryan, leadership in question after forced to pull a previous version of the health care bill. today, there was applause in the house floor after the bill was cast, and he was grinning ear to ear in the press conference. >> this law has failed and it is collapsing. republicans are committed to keeping our promise. to lift the burden of obamacare from the american people and put in place a better, more patient-centered system. >> so this is just a first step as you said, kelly, the senate needs 51 votes in order to pass

this. majority leader mcconnell does not. to bring it up for conversation until there's a score from the cbo to know how much it costs. back to you. >> thank you, ylan. yes, the score issue looks like it could be, you know, potential hurdle here, i don't know, though. doesn't feel like a deficit driven discussion. >> no. it's not the score, but what's the senate do? they are going to write their own bills, not taking this one, necessarily. this is the beginning of a process, all about the second derivative of who has effectiveness in washington opposed to what happens with the law which nobody at the white house today mentioned anything about in terms of detail. >> right. don't want to spoil a bargain party like that. cbs, full results, julia? >> that's right. cbs beating on both top and bottom lines. the company reporting earnings of $1.04 adjusted, versus of 95 cents a share estimates. revenue at 3.34 billion versus

estimates. in the commentary, they are more valuable when licensed, just hear in the u.s. and internationally as well, and the company says it retransmission concept and reversion completion led the way in first quarter growing 28% contributing to its 17% increase in affiliate and subscription fee revenue, of course, all about diversifying away from the reliance on advertising. back to you. >> how do they diversify away from advertising? the model of netflix and everybody is doing? >> retransmission and reverse compensation fees. they also have content licensing, create content and license internationally and other networks here in the u.s. they also said they benefitted from their over the top subscription services, cbs, all

access and showtime over the top. that ott service, we want to see the numbers of how many subscribers they have for the different services, but these are all different revenue streams for them in addition to the traditional advertising model. >> yeah. shares up 2%. how sustainable is it for a company like cbs to grow on retran retrans, other sources of revenue? >> they'll say they have a while to go, and the other part of the story for cbs is among the big media companies, and this has justification. more i understandlated from cord cutting than others. not just because of cable. they don't have ad spovrtded cake, right? that's the area, the basic cable, ad supported that nobody pays for, that's the part lost in the shuffle. they should be better isolated. >> no theme park. >> not toot.

>> making comcast more approachable, but i think the script is tough. you're not going to get an expanding market multiple. you're not going to get company multiple because of the issues. >> whether it's a plan or not. look at comcast differently. falling 2% on the news. that might be a buying opportunity because of the diversification, but something like cbs, listen to the companies in terms, broadcasting, down beat about ad numbers and time warner cable, and all these other companies, and so it's just a really challenging environment. there's a lot of unknowns. maybe this can trade higher, cbs can because it's down so much, and it gets a pop, but in order to be sustained, you have to get more comfortable overall. >> that's the point. shares higher after hours, different story for shake shack. susan lee with the full report. susan? >> kelly, shocking, declining sales. down 2.5% in the quarter. we have not seen negative sales

since january 2015 ipo. earnings beat, you know, etf two pennies ahead of estimates, revenues topping the street forecast as well, but it comes down to sales declining in the quarter. also we've had shake shack, of course, some say the novelty worn off the stock, too expensive. they raised prices over the year, and, really, tough comparison in the quarter since going up against the chicken shack hype and hysteria a year ago, but shake shack down 10%. we are down by 30% since its ipo. back to you. >> all right, susan, thank you. yeah, taco bell created excitement around chicken with the tau kco thing, right, you'v seen that? >> of course. >> did you try it? >> no, no, no, leave it to my husband. he's the scuttle butt. >> even within what they call the better burger segment of restaurants, what shake shack is, there's a lot of competition. they have to expand the foot print. it's a small store base now.

if they don't have buzz of bursting into markets -- >> that's the problem. shake shack, they are trying to scale -- not saying they are mcdonalds, but they are trying to be in every market, and then that means, okay, ignore negative same store sales, aging it's the new locations, but the buzz is not there. it's not the same as it was yearings ago. the question for you, what's the company do? i mean, can they stop expanding in order to increase, they can, right? >> you can't stop expanding, but you shouldn't be a public company if is the store base, honestly. let's be frank. >> you need store growth for them to justify half of the market with the multiple it's getting, 55 times earnings, 21 times etf, it's companyive. they want 450 stories. that's great. they want to be still like a niche player against all the bigger companies, but it's a hard proposition, i think, especially at this multiple. >> yeah, shake shack shares down 9% after hours. yeah. we appreciate joe joining us,

but we let you go, stefanie, a parting thought on health care specifically? sector started great this year, but taking a trillion dollars of spend out of there if the bill moves forward and becomes law. >> status quo for the time being. there's going to be discussion with the senate and what nay get together and what the whole bill looks like. will be weeks and weeks. from a tax appointment of vow, that's how i look, not a health care point of view, and the stocks will respond, but if they get something passed, that gives more credibility than the tax plan and get excited about something that leads to better growth. >> hey, we're not done yet, actually, susan, more on shake shack, what happened? >> guidance to think about, full year guidance for shake shack, a little delight here, talking about flat same store sales in the full year, so not much in terms of foot traffic. back to you. >> all right. that won't help. susan, thank you, stefanie, thank you very much. stefanie link joins us here. cbs hyper after reporting better than expected earnings.

we'll discuss about whether you should buy or sell the stock, media stock meltdown as we call it, and how much the house's health care bill costs and whether it passes the senate at this point. you're watching cnbc, first in business worldwide. hey. hi. hi. you guys going to the company picnic this weekend? picnics are delightful. oh, wish we could. but we're stuck here catching up on claims. but we just compared historical claims to coverages. but we have those new audits. my natural language api can help us score those by noon. great. see you guys there. we would not miss it. watson, you gotta learn how to take a hint. i love to learn. the power of innovative thinking. the power of 100 of the world's top companies. the power of an etf. the power of qqq. the thinking we put in, clients get out. power your client's portfolio

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just reported first quarter earnings, and the stock moving higher as you can see there. bringing in tom from chelsea adviser group, and talk r more about the prospects here, and thank you for joining us. they pulled from a lot of revenue sources, and from this period, contributing to the nice results, how many relying going forward? >> well, you know, the advertisers -- we expect the underline 1% in the quarter, but now, they had a difficult comp, up 12% last year, and we wanted to hear about the underlying ad revenue, and hearing from time warner yesterday, they saw the market sagging a little bit. that's why the stocks were down, and so if we don't hear that today, that will be a good thing.

>> how many people are concerned, kmernts from them, where does that leave you on cbs? >> well, i think what's it's pressed often, the conference the other day, they would have increases in advertising pricing up front, and i think cbs is really has a nice, you know, populist, you know, posture, and they deliver the most eyeballs in that reach, a lot of value, and, you know, to advertisers, and i think when you look at the cord cutting, you know, it's desperate across the operators, and comcast, the owner, had good number, and number of platforms like dish that are bleeding, you know, customers. it's a matter of really enhan enhancing the experience and hopefully having ott, over the top, alternatives in addition to the media bundle as well, and moving guard, go ahead -- >> no, no, i was going to ask mike, you know, looking, they have the cbs all access, the showtime app mentioned, how much

is the future of this company at this point? >> you know, it's certainly the future at some point, and whapg the market's struggling with it just houf how fast we progress selling to the consumer. right now, the way cbs has it set up, they sell digitally at a higher price than they are actually getting wholesale from the distributors, right? so ideally, if everybody converts tomorrow, great for them, but it does not happen that way. the question is, how much is lost to the paid tv ecosystem all together, and that's why there's panics in the market. when we know is a slow drip of losses, starts to seem like it's picking up speed, and, you know, it's a pain to buy the stocks when they dump like this. question is, is one of the times the big one? >> reminds me of what happened with disney and espn summers ago, people razed, woah, numbers are not there, and that bleed continues as well. again, you know, cbs has an

issue as well as the rest of the industry. how are they positioned relative to everyone else? >> it's a price-value relationship in terms of the number of eyeballs they do derive. i think that, you know, sports arguably got overpriced in terms of the subscription fees, charging customers particularly, espn, and the real -- advertising is absolutely vile component of cbs. diversify away, but you can't get away from it it terms of owning the stock or not. objective is to get more at trick and consumer buying and activity and such in the advertising market. to bet something that can narrow the gap and proceed ethics between broadcast advertising and digital, and i think a lot of major advertisers near procter & gambles of the world are really, you know, moving towards that, you know, view of the advertising market, and that should hopefully celebrate going forward. >> all right. >> $75 price target. tom, the last word. >> thanks, kelly. when is -- cbs doesn't have

cable networks, so what's failing here in the industry are low profile -- low rated cable networks. cbs doesn't have those. that positions them better. >> a great point. gentlemen, thank you, thomas, mentioned price target 65, stock is at 65 right now, and after reporting their earnings. thank you, guys. appreciate it. want to get to more earnings. this time from herbal life. courtney reagan with the details. >> hi, kelly. looking at shares of herbal life, first quarter earnings beat by a strong margin, reporting $1.24 a share adjusted. they looked for 89 cents, revenue beating, coming in at 1.1 billion. you see the shares up almost 5%. the company also raising guidance, now in a range that is above analysts estimates, so there seems to be a lot in the first quarter report from herbal life. back to you. >> all right, court, thank you. house this afternoon passing the bill to replace obamacare. coming up, a look how it impacts

shares of hospital and insurance companies, and which names could be the winners and losers. cell phone use hitting a milestone according to a new study coming at the expense of land line phones. remember them? that's not one of them. details when we come back. in july of '98. i jy our 18 year old was in an accident. when i call usaa it was that voice asking me, "is your daughter ok?" that's where i felt relief. we're the rivera family, and we will be with usaa for life.

welcome back, other stories today, adidas profit surge, blowout showing sales strong at

rebok, mike, and sales up 31% on the year here and nike's up 3%. >> yeah. it's -- the durability of the trend, the sort of fashion image side why it's hot is surprising to me. a pair came into my household a week ago. >> you ordered them? >> my older daughter -- >> oh. >> who is in that trend right now, said -- i think there's some, you know, legitimacy, of course, the momentum, but the question is, how fickle. >> what's the price point? >> i don't know. i don't know. >> better that way? >> i don't ballpark. >> next up, the restaurant recession, why don't you have a a well reviewed joint instead. interesting. >> look at dine equity stock, those, applebees, and essentially, what do they benefit from when they were great fast growing chains? particularity, knew what you got when you went there. now there's a sameness to all of them.

they are leek friday's, look -- >> now everyone wants local. >> you want to go local. you can go local. you can go to yelp, and essentially get reainsurance that the local place is okay, it's got decent food. >> i do this all the time. >> yes. >> that's why i love it. i didn't think of it. just a restaurant chain recession. >> that's right. it's not all around restaurants. >> there's other stuff going on, but interesting. a milestone reached 50% of u.s. homes and apartments now have only cell phone service as of year end. that means -- >> i mean, i'm in the minority, what it means, but it's fascinating. the panic of not having a charged phone, i think, comes into play more than it used to. >> you have a land line? >> yeah, yeah. >> i -- >> no? >> i do not. >> and you don't feel as if there's -- >> i have not even thought about it. >> yeah. >> no. >> yeah. so, to me, seems like you're uncutting yourself from the worlds.

>> it is bizarre. talk about it, i would never do it. i thought about it, no, actually, i don't have one. >> it's just going to go down from here. >> robo calls on krmpbs is out of control. if anybody listening, anything you can do, every 15 minutes it's someone new. >> refinance the student lopes. >> oh, it took longer than expected, but the house replaced the bill to replace obamacare, up next, a former director of the congressional budget office, and many retailers have blamed amazon for their struggles. coming up, a look at why the retail rent involves more than just amazon. back in a moment. there's a denture adhesive that holds strong until evening.

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welcome back, up and down day, closed reflecting that. down six points, we are settling, moving back up to 21,000. s&p higher by a point. nasdaq up by two, russell down by two, and this, of course, minutes, really, after the house voted to pass its repeal and replace obamacare bill. let's get a quick look at names reporting earnings after hours. cbs, shake shack, and herbal life others. up 1.5%. herbal life up 8% now, and shake shack down 7%.

it's time now for the cnbc news update with sue, sue? >> hi, everybody. here's what's happening at this hour. president trump signing an executive order to ease the ban on political activity by churches and other tax exempt institutions. they responded saying they will file a lawsuit to block that order. >> we will not allow people of faith to be targeted, bullied, or silenced anymore. and we will never, ever stand for religious discrimination. >> one person was killed this morning after a freight train and vehicle collided in indiana. another person critically injured. the traffic is expected to be closed while investigation takes place. on a lighter noe eer note, cele "star wars" day giving fans who come to the box office early access to tickets for the star

wars fill. that's a concert series as well. while fans waited in line, they were entertained by members of the phil har moppics brass section performing music from the star wars movies. you can hear a little bit of it. look at that. those are yoda hats. may the 4th be with you. >> i'm no expert, but i know it's bill's brother's birthday today. >> excellent. >> happy birthday to him. >> to him as well. >> may the 4th be with him p. our sue. house passed to appeal obamacare hours ago, and president trump spoke about the gop victory in front of the white house. >> i think most importantly, yes, premiums will be coming down. yes, deductibles will be coming down. very importantly, it's a great plan. ultimately, that's what it's all about. we knew that was not going to work. i predicted it a long time ago. i said it's failing. now it's obvious that it's failing. it's dead.

it's essentially dead. >> that said, there's a lot of concern the bill has not been score yet by the congressional budget office meaning we don't know how much the bill costs, and the amount of people who could lose insurance. now let's bring in doug, former director of the cbo now at american action forum. we welcome you with health law professor john thomas here at post nine. doug, first question to you, do you think the numbers move from the first estimate? >> i don't think they will, from a budgetary point of view, two big amendments added $23 million in additional spending. the bill estimated to say $337 billion. it's down to the 317 billion. a third amendment that will have some consequence for a small number of people with preexi preexisting conditions. it does not move coverage or budget numbers much. >> john, before i ask you about this, i want you to settle whether how you pronounce -- >> go with the first accent.

>> the political surveys you did, pull all the time, you want to get it right. >> we're trying. >> yes. what about health care front, how do you think that score looks in firms of the deficit and number of up ensured? >> i agree. it's not going to make a difference on the deficit. largely, the savings, the trump administration predicted on the deficit is deemed accomplished by shifting expenses to the federal and state government individuals. i think on the insurance aspect, we know that the original predictions were that the trump care would essentially result in about 24 million people losing coverage. this probably moves up more people, a few more people because gives states the right to deny coverage to those of preexisting conditions. it means a little worse, but not a big change. >> like, what would you adherad. >> so many elements engaging the cost to every level of government, and to the private sector of net costs that could be a benefit, i guess, and to

that, i guess, i asked, looking ten years down the road, the new law takes effect, what do you think the result is going to be in terms of this sort of unclassified cost of more uninsured, affect on state government, thing like that? >> i think if you look at the real bottom line question, which is what happens to total health spending, national health care spending, the big avenue here where there is impact is the medicaid reforms. there's no question that depending how the state's implement that, they will have big incentives to drive the populations in their states to higher quality care at lower costs, and that's something that the country's needed. the individual market provisions do not do much. i think if there's going to be a big impact on the bottom line, national health care spending comes to the medicaid reforms. >> you mentioned preexisting conditions is one of the changes here, but it's complicated. this is just the house version of the bill. sounds like the senate is doing their own version of the bill,

but it says they would be required to sell to people with preexisting conditions, but an amendment would let states apply for waivers to charge people more if their insurance lapses more than 60 days and get waivers and states help people with costly conditions get covered. that's where the high risk pools come in and risk sharing programs, so it, you know, it's not so easy as saying, oh, they are not going to have this than, and that affects the outcome. >> absolutely. i think we wouldn't disagree it forces more people out of insurance without assistance, those with preexisting conditions. the problem is the bill only provide for coverage that most econo economists covers 700,000 people with preexisting conditions, total amount of money, but there's 2 million people in the pool now with preexisting conditions. difficult to see how it covers people with preexisting conditions, and if the people go without insurance, there's another economic cost, which is what happens? typically, the burden for those people falls on state and local governments and individual providers because when they are

sick, they go to emergency rooms. >> if there's people who sl a plan, better for them and better for the system, correct? >> right. easy for us to say, but states opt out, they can enable those to charge higher premiums, and if they have trouble buying insurance now, it gets worse, and they fall off the insurance roles. >> doug, anything to add to that? again, there's a lot of granularity here, talking about big picture numbers. >> it's more a magnitude right here. there's already 100 billion in the base bill that is intended upon high risk pools and other ways to help those with long terms, so-called preexisting conditions, and there's a second class of individuals who have preexisting conditions, have had a lapse in the coverage and the additional 23 billion help with high risk pools and other ways to get coverage for only one year, and then they are back into the pool, there's no permanent change in their sta s status, and so i think there's adequately funded over five

years. it'll be important to monitor those. historically high risk pools is a good concept, not always great in practice, but something they got right at least in advance, but we'll see what the execution looks like. >> last word. >> well, the high risk pools never worked well, and i think it's clear that the total number that this high risk pools support is way lower than people with preexisting conditions. >> thank you, both, for joining us. shares lower, reported better than expected earnings, record quarterly revenue, and the companies gave light full year guidance which is why the shares are down 3% after hours. we'll continue to watch that. now various retailers announced plans to close more than 3,000 stores this year. that all passes total closings from 2016 for the full year. what's behind the retail wreck? it's not just amazon. shares of major insurers climb

today as house passed the american health care act. to top analysts weigh in what it means for the sectors include hospitals, pharmacies, and where there's opportunity. stay with us. think again. this is the new new york. we are building new airports all across the state. new roads and bridges. new mass transit. new business friendly environment. new lower taxes. and new university partnerships to grow the businesses of tomorrow today. learn more at esd.ny.gov

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>> zynga, shares up sharply after hours, there's a 1 cents loss, a gap measurement, not comparable to estimates, however, the revenues did beat estimates, and they had strong bookings. they are also forecasting strong bookings, a good indication of the future of the second quarter and that's how moving shares higher as well as a stronger than expected daily active users. they say they are the highest mobile bookings in revenues in company history. kelly? >> makes them sound like a hotel company. >> doesn't it? >> these bookings. still, the shares responding positively. courtney, up 5.5%. now, the new health care bill needs to pass the senate, but if it becomes law, what's the impact on insurance and hospitals stocks? joining us now, managing direct at stock partners, and sarah james. lynn, first thoughts here, who wins and loses the most if the bill is law?

>> i think the winners are largely at the margin, and i expect it to be the insurers that prepare in the exchanges because of the way premiums will be calculated. i think a couple odd winners in this will be the over the counter durable medical equipment companies because of the expansion of health savings accounts that will largely be used to fund over the counter purchases, and lastly, the drug companies and medical device companies benefit from the eliminati elimination, the small tax part of the aca. >> yeah. absolutely. >> sarah, what about you? start with the wenters that you think emerge from this if it becomes law. >> sure, our favorite way to play this is the medicaid company. you know, as we look through it, the big part is finding savings in medicaid, going from about 3-4% spending increases a year from the historical 5%. we think the solution to that is moving from 45% of the market in

insurance companies, control close to 70-80%. that creates a huge pipeline of contract opportunities. we think they hit above their weight due to exceptional control and cost integration. there's near term catalysts here, and as states look for ways to save money as a result of reform, they will scoot up the pipeline growth moving contracts into the managed care from fee-for-service. >> i think as a medicaid name, and i'm thinking the knee jerk reaction is, oh, this is bad for medica medicaid, therefore, it's bad for the company, but, no, they could stand to benefit? >> we think they actually could, so a couple things going down at the state level. we think that it could result in maybe pressure from physician offices, but we don't think it pressures pricing or margins for companies, and we think it's going to speed up the revenue growth opportunity for the managed care claims because they save 3-10% for medicaid, which

is one of the state's largest budget items. >> that's a great point. lynn, back to the losers here that you see. >> i think they'll be a negative effect on the hospital companies, again, at the margin, and while sarah makes a great argument on behalf of the medicaid hmos, i found through my many years of experience that when there are government cuts, in a particular program, usually, the providers end up doing less well, even though they gain share. if you look at what drives the hmo earnings, it's the medical loss ratios, and if those rise, that more than justify sets revenue gains, so i greatly appreciate sarah's argument an what parties shifting into medicaid managed care, but i'm concerned the profitability per party would be decreased. >> mike? >> sarah, a question about one small provision emerged is a part of the bill that passed the house today, perhaps an effect

on employer run plans, so, basically, a benefit for insurers that do offer employer run plans that maybe allows them to also essentially either, you know, make tougher standard for coverage, things like that, is that a major element and survive and filter into the investment consideration? >> sure, i think there's a lot of things that are going to change in the senate version, and that could be one of them, the definite of essential health benefits, other things geared towards giving the states more flexibility allowing for cheaper coverage options that could actually bring in more people into the insurance policy market. that's not to say the bill doesn't have risks. the csr is a big risk, but going back to the changes available to the employer market, that that is is something that could be changed in the senate version. >> we have to go, lynn, but what are opp durable medical equipment, the winners you mentioned a moment ago, what are you talking about there? >> sure. okay. health savings accounts, money people put aside for

expenditures not related to insurance premiums, and for those expenses not covered. a lot of people's out of pocket medical expenses relate to over the counter products like insulin, syringes, testing equipment for diabetes, medical equipment, blood pressure cuffs and gauze, things like that, use the hsa for, so i think, again, at the margin, companies like the jj, although too big to look at for this, benefits from seeing more products purchased over the counter that otherwise may not have been. >> cool, i understand. that's really interesting. thank you, both, appreciate it. good dive beneath the first reactions coming out in response to the bill. >> amazon has been blamed for the recent pain in the retail sector, but it's not just the e-giant behind the wreck. why, that's next. coming up on "fast money," the man who movings markets is back with a bold call issue and analysts who predicted tez la's

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in specific. that's because we consumers are spending on things and not experiences. >> that shift has been hurting retail, too. major changes were made to the bankruptcy code in 2005, shifting from debtor to creditor friendly. so what that boils down to it leaves retailers without sufficient time. just 210 days max to truly restructure and find a buyer and physical out which stores are opening and closing. now, chapter 11 is turning into liquidation much more frequently. we figure it began around the great concession to try to prevent ghost malls. restructuring experts say many retailers probably should have been liquidated then. hold on, they got loans received in the form of debt. and debt is the reason many retailers are closing their

doors for good. half filing for bankruptcy this year are owned by private equity. the owners have been straddling the owners with debt for years to provide liquidity. while paying for dividends, without fixing the fundamental problems. now it's time to repay billions. the retailers don't have the money, by the way, their sales have dwindled. >> i like it with the scales. anyway, i'm sure that doesn't help, but there is a good reminder a lot is going on here. the next question, are we to blame private equity? >> that's a good question. they say no one person is to blame. look in some cases, this does work for private equity. they do what they are supposed to do. they are able to pay themselves back. the retailers needed a lifeline. they sort of all knew what was going on. perhaps what everyone missed is the sales were going to decline as much as they have.

the general counsel said perhaps the one thing we all underestimated was the power of the smartphone. none of us could know seven, eight years ago all of the apps and the ease of online shopping and how far that would take us down this path. >> i'm wondering, how far are we down it? is this the beginning or much more to come? >> it would suggest a lot more to come. i think the structural things that courtney was saying, that's something this cycle has come to bite even more and why is present equity so attractive to retail? it was considered to have cash flows. can you manage the downturns and the chain's real estate was considered to be a cushion. all those things worked against you. the top line is falling. i think an interesting thought experiment is, in the absence of amazon, is it just the fact that we are spending more on those experiences courtney mentioned also wireless phone bills, all the rest of it. how come we president no longer buying as much in the way of clothing, for example.

>> clothing is 4% of the total sales, home depot, lowes, they're all going gang buster, courtney reagan, thank you very much. a ceo on the earnings call, we will tell you what he said right after this. with e*trade you see things your way. ♪ ♪ you have access to the right information at the right moment. ♪ ♪ and when you filter out the noise, it's easy to turn your vision into action.

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welcome back to cbs earnings calls under way, after the company reported better than expected revenue, julia boorstin is monitoring that call from los angeles, interesting things there, julia. >> the ceo striking an optimistic notes in core cutting weighing on media company stocks this week. nunez says new deal, skin my bundles and over the top services will be a streaming revenue. >> for any bundle to be truly successful, it must have cbs. we are not being affected in anyway by any changes in subscription numbers throughout the industry. >> moonves announcing for the first time they will offer two over the top service, cbs all access and showtime over the top services as a combined package.

he says services are atop 8 million subscribers by 2020. we less than two weeks before the up front ad sales presentation, moonves says they will be expected to be paid for more viewers for a full week. kelly, back over to you. >> it makes sense, do you buy? knowing that every platform must have cbs. but they are not affected by subscription changes. >> ethink cbs network should be a part of most skin my bundles. the question is, are they going to be the thing that replaces the runoff from full package cable. charlie irvin at dish was skeptical saying the pricing is not as compelling. so maybe it won't be we go from a full package to skin my bundles directly. >> meaning it leaves us. >> ala cart. you have netflix and broadband

and you bundle things together. >> tomorrow morning, the jobs report. you want to see it bounce back. i think ten year sales are going up on a reaction. if that happens, it's net positive for market. >> michael thank you as always, that does it for closing bell. and "fast money" starts right now. >> fast money starts right now overlooking new york city's time scare, pete najerian, time seymour, david see berg and guy adami. a bold new call, jason says marco kolanovic says the market doesn't have built in a catalyst. oil is falling to its lowest levels to november 30th. a top technician has three names on the sector he says are a screaming buy right now. he'll reveal