mr. einhorn wants and that could be a catalyst for the stock in the near term. >> in terms of the strength of this rally, are you a believer in the rally? because we've laid out all cases as to why apple stock will remain lower, yet the markets continue to march higher. >> they're not really breaking through to new ones, are they? if you look at the new york stock exchange, they are approaching the peeks they had on june 29th of 2007. i look at that, it looks like a double talk to me on the margin side and the market. i understand people have good rationals. >> is apple a canary in the coal mine for the markets, or the markets are up 6% for the year and if apple makes that move higher, then we could be in great shape here. >> i think apple is its own animal. shot too high to the upside. doesn't mean you have to own it because you think it's cheap here. it can get cheaper. >> if apple is not an impact -- >> decelerating earnings growth. this is a very mature comp that grew very fast in a short period of time. you can say the same thing about the u.s. market, as a whole. earnings drive stock

mr. einhorn. >> we had a problem for years. what are you going to do with all that cash? a smart thing, trust us, be with us, stay with us. these guys are after a quick hit. i would low them up. >> professor, is he right? are they after a quick hit? >> well, i mean, i think like every investor that want to make money. whether they're after a quick hit or not i think the record speaks for itself because if you look at the big activists, they often hang in there for years, far longer than the typical institution investor does. the key words that jack used there, was trust us. if you do trust managers, managers are going to win this fight against activist investors. if you don't trust managers and you have good reason not to trust them in some companies, when the activists are going to win out and they should. >> what i find interesting is that you specifically mentioned tim cook who's running apple as one of the prime examples for your argument. >> and i think in a sense he illustrates a problem when incumbent managers think they don't have an obligation to explain what the

mr. einhorn will appreciate that. tracy: somebody will.me, what if your kids said i admit nor deny guilt? former banks get to do that former senator ted kaufman says the banks are paying a big price when we neither admit or deny guilt, let's settle. tracy: he was an early critic of obamacare cost to business. cke ceo speaks out against the president's plan to hike the minimum wage. he is here. as we head out to break, we've got to check on oil. oil is up about 77 cents at $93.23 a barrel. we'll be right back. today is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how bout ya, joe? l's go ahead and bring it online. attention on site, attention on site. now starting unit nine. some of the world's cleanest gas turbines are now powering some of america's biggest cities. siemens. answers. [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with d