pfizer is down. this is a fascinating to me because pfizer be on most measures -- beat on most measures. as a result, people sold shares. we have seen this throughout the season. there was a small miss on the revenue side but be on the profit -- beat on the profit. are is what responders responding to. what has been the broad sentiment with respect to earnings, not with respect to the backward look but the forward look. if you look at how we are doing this year, it is a best earning season we have ever had. we have no conviction when it comes into the stock market that this will continue. back in february, that was volatility and there was a big question mark. the fundamentals are there, but we are not seeing that translate to the stock market. the key will be listening to the earnings quarter. theirhas been putting eggs in one basket. it will be interesting to see if they diversified or buckle down and push forward. with pfizer, they have m&a potential. they have a lot of money they are trying to pu

pfizer, a beat in the quarter.hough maybe a slight miss on the revenue number they reaffirmed their numbers. pfizer of course has tried to do two giant deals in the last maybe four years with a astrozenica. are they going to try to make a purchase of a company like a bristol-myers. everybody will try to telegraph what that means. whether they'll give an idea of that is another question pretty good quarter for merck and pfizer. >> all right they're still dealing with all the typical things we'll talk more about that tough to navigate, isn't it? >> yeah. >> combining the big expenses for r&d with the endless -- every year it's a couple of important drugs. >> yeah. billions of dollars loss >> got to replace them anyway, meg. >>> coming up when we return, america's largest auto dealership without a earnings. quk"ets.utonation with u "saw rurns in just a moment there's nothing small about your business. with dell small business technology advisors you get the one-on-one partnership you need to grow your business. the de

. >>> america and pfizer were the est losers among the reports today. merck's cancer dru keytruda company's powe results helped to raise the four pass.rofit review knew also diointed over at rival, pfizer expects sales growth to ri at a faster pace. both pfizer and merck were down in deday's t >> you just heard bob mention thatpending unexpectedly fell in march. spendingas done 1.7%, way down by a dp in private sector spending. some contribute that decline to the difficult weither. ould bounce back in the spring. >>> sanctions activity slowed for another month in april. institute for supply management, manufacturers are facing a shortage of skilled workers and rising commodity prices. higher raw material cost are the latest inflation pressures building in our economy. >>> rising coststc are likely ng the attention as they began their two day on interest rate. money managers were surveyed financial their expectation about the bank, the a economy stock market. >>> the lat interest rates and inflation both rising why the outlook for th stock market has bee

i ask him every quarter, he gives me the same answer i will never say no, but pfizer is not looking to do a large and transformational deal right now. the company had been reviewing strategic options for its consumer unit. the company saying today they didn't get offers of significant enough value to consider selling it so they're going to continue to evaluate options for their very large consumer unit, planning to wrap up that review by the end of this year we also talked about biotech valuations he said right now, they're efficient and he thinks it's a seller's market in biotech right now. from pfizer, shooting down the idea they're going to do a large transformational deal in the near term. >> thank you very much we see pfizer sitting off session lows right now we saw the stock start to go down on the comments on the conference call. anyone own pfizer here okay, are you really disappointed right now >> i'm not really disappointed i am a little bit annoyed. this stock really, it's kind of like a bond. you get that 3.5% dividend yield. >> you could get that dividend from apple >> i'm

the pfizer story is different.hat analysts were expecting, and what investors are looking for now is obviously with pfizer, they make big moves, and have shown willingness to do big deals, and people have been looking at them to say, a lot of money is coming in, what are you going to do next? returning money to shareholders and a $2 billion buyback, but that was not enough to please investors. the stock is down after europe cost biggest bank reported cost that rose at a faster pace in revenue in the first quarter, suggesting it would be invest excess capital generated in the future. >> i think the buyback we mentioned this morning is in line with the pattern of what we have done in the last couple of years. those in the community expecting more. but the numbers for the first quarter bear out is the growth environment we are seeing across some of our network markets. we have a good revenue progression across retail bank, wealth management, commercial banking, and our focus has always been in putting our capital to w

those with money have been digging their own wells pfizer golding hired a contractor to do it for her is. that a fiction but a tease patently but he knows this it's a speedy high so looking at that. but in the future it's actually bits to get a pool hall because this is my my. property basically so i'm going to be saving costs. but it's no small investment either depending upon its depths a single well can cost over seven thousand euros in pfizer golding's case the company reckons it will have to drill about seventy metres to access water that's safe to drink. the company has seen a huge rise in demand for wells over the last few months. before we've been very busy but in the last eighteen months since the water crisis has really become more severe we have been inundated with phone calls. regardless of how good business is the boss doesn't believe that digging your own well is the solution to the water crisis using a ball wisely means done more to your garden six hours or ten hours a day for get to leave the pump on and think i'll switch it off tomorrow something that that use it are

a pfizer application is a warrant. just like a search warrant. in order to get one, you need a signed by a federal law enforcement officer who swears the information is true to the best of his knowledge. that is the way we operate. and if it is wrong, and sometimes it is, that person will face consequences. -- you could face disciplinary action or even prosecution. -- ive people accountable just don't have anything to say about documents like that that nobody has the courage to put their name on and leak in that way. but i can tell you there have been people making threats, privately and publicly against me, for quite some time. i think they should understand by now, the department of justice is not going to be extorted. we will do what is required by the rule of law. any threats that anyone makes will not affect the way we do our job. johnson joining us. the last part on extortion, the one that made the headlines. here is today's paper from the washington times. how did you take that? is a remarkable self-defense and defense of the justice depar

ian reid is the ceo of pfizer. a 40 year veteran ofera pfizer. he has had a seat at the table negotiating deals with every element of the supply chain. of mendelson is president rppellee or health -- avalie health. dancers on the board of several health-care companies. i will now turn it over to ian and dan. thank you. >> i'm looking for the fireplace. i don't see one. >> it is cold here. >> you will warm things up. >> i will try to. you wrote a linkedin essay recently that was focused on the supply chain and you said specifically, the u.s. health care system's cost structure needs actsing. what were you talking about and heady think it should be fixed? dan: is amazing that we never even compare our cost structure to the europeans. 70% to 80% gdp on health care and the europeans spend 10%. wouldn't it be good to inquire why and where? much of it is due to hospitals, inpatient and outpatient. the drug budget in the united states is 2% of gdp and in europe it is 1.5%. wouldood place to start be asking, why do we spend more on hospitals and outpatie

pfizer is a little different.d i think what investors are looking for now is obviously -- they are making big moves, they have shown willingness to do big deals, and people have been looking at them to say, tax reform is done, a lot of money is coming in, what are you doing next? ♪ >> hsbc is returning money to shareholders in a $2 billion buyback, but it wasn't enough to please investors. the stock is down after europe's biggest bank reported costs that rose at a faster pace in revenue in first quarter and suggested it would reinvest capital generated in the future. >> i think the buyback we are mentioning this morning is, probably speaking, in line with the pattern of what we have done the last couple years. from our capital management perspective, i think what the numbers for the first quarter bears out is the growth environment we are seeing across the home and network market. we could do revenue progression, wealth management,, commercial isking, and are focused putting the capital to work in supporting the o

ian is a 40-year veteran of pfizer having overseen five of the company's global units. during his storied career he's had a seat at the table with deals to every part of the supply chain. dan is president of after ava avadlear health and i'll now turn it over to ian and dan. thank you. >> i'm looking for the fireplace, i don't see one so-- >> pretty cold up here. >> you'll warm things up, i know. >> try to. >> why don't we just dig right in. we are going to be talking about the supply chain. you wrote a linkedin essay recently that was focused on the supply chain and you said specifically the u.s. health care system, particularly its cost structure, needs fixing. what specifically were you talking about and how do you think it should be fixed? >> well, i think it's amazing that we never really look and compare our cost structure to europeans. so, if you look at the cost structure of, we spend on health care and europeans spend 10. a good 8, 7 points of spend. so the 7 points different are hospitals, inpatient and outpatient. the drug budget in the united states is 2% of

that i see talking about it seem not to recognize what a pfizer application is. it's actually a warrant, just like a search warrant. in order to get a pfizer search warrant you need an affidavit signed by a career federal law enforcement agency who swears the information isis true and correct to the best i of his knowledge and belief. that's the way we operate. if it's wrong, if you find out y there's anything incorrect that person willt face consequences. sometimes there are innocent but if there's not you canop face prosecution. that's the way we operate, we have people were accountable so i just don't have anything to sayth about documents like that no one has the courage to put their name on but i cane tell you there are people who have been making threats privately and publicly against me for quite some time and i think they should understand by now that the department of justice is not going to be extorted. we will do as required by thef rule of law and any threats that anybody makes are not going to affect the way we do our job. we have a responsibility. w

now let's look at pfizer, another dow component. trading 1% to the down side in the premarket.gs per share came in better than expected but revenue missed expectations. let's take a look at aetna. latest results beating the street there but premiums declined and fees rose. aetna shares are down slightly so far for the year, so we're watching those three stocks. the big one, investors are gearing up for apple, the latest results are after the bell today. apple is expected to post sharply higher earnings per share and revenue compared to last year. investors will be looking for a bunch of things, the number of iphones they shipped, financial forecasting and plans for the $163 billion they are sitting on in cash. apple shares touched a record high on march 13th and in the premarket up slightly. that is the big story today is apple. can't wait. >> dagen: we'll talk about that, jerry willis and mike murphy sat down so we'll talk about that coming up. also, steve mnuchin weighing in on concerns over a tightening labor market. what he told maria bartiromo, next. i can do more to lower

i think pfizer has always been strong, disciplined buyer. and the shareholders like that yes, they made some huge acquisitions in the past, which were uncomfortable and put them through bad years. but they've come good from it. >> thank you very much for joining us >> thank you >>> lsewhere, other potential deals, virgin money shares are surging after cybg made a takeover bid, they said the merger would create the uk's leading challenger bank with around 6 million customers richard branson backed virgin money would earn 36.5% of the combined company. >>> comcast is preparing an all-cash bid for most of 21st century fox in an attempt to beat out a pre-existing offer from disney. disney's bid for fox's assets stands at $52 billion, but reuters reported that comcast would submit a $60 billion bid but only do so if the u.s. government first approves at&t's proposed takeover of time warner comcast would also complete a full takeover of sky just to keep adding to this. >> it's complex. other comcast news is also formally notifying the european com

do you own pfizer? do you take any medication made by pfizer? the stock is down 4.33%, that's pretty much session lows here. the largest u.s. drugmaker reporting lower than expected first quarter revenue and investors growing increasingly anxious about the future of pfizer's health unit. currently the worst performer on the dow jones industrials, but so much more of a major story to tell here, i want to get to the floor. the trading floors and the traders at the new york stock exchange, chicago and the cme. first to you, john, corpina, talking about the bull markets specifically and morgan stanley asked if the demise of the bull market was already under way. when you see a trading day like, this that seems to be a little strange, right? >> i'm not in that camp just yet. i think we have to continue to see more pressure on the market. there are plenty of headlines out there that could put pressure on the market, talk about tariffs, interest rates, the north korea thing has me a little confused how that's going to play out. but at this point right

in the book i tracked a little bit about grotten, connecticut, which is the place where pfizer has had substantial operations and its research program. and for lots of reasons when drugs went off a pat lent, when lipitor went off patent and plus when pfizer was investing in china billions and billions of dollars for research and development and building plants there, you see what happens is pfizer stepped back and had very substantial layoffs. what it's done to that local are economy. i spoke to people who work in real estate. i spoke to the guy who runs the bowling alley, a gentleman who has an insurance company, and he described what's happening to housing prices and jobs. and the guy from the bowling alley said what's happened with all these layoffs is industry has moved offshore, and we've lost patent protection. we're seeing an increase in drug use. a beautiful shoreline community, it's just changing. and it's changing rapidly. just a couple weeks ago i called the gentleman who i interviewed who ran an insurance company there in grotten to tell him the book was out, he was quoted

in the book, i tracked a little bit about the place where pfizer has had substantial operations with research programs. for lots of reasons, when drugs went off patent, when lipitor went off patent, when pfizer was investing in china, billions and billions of dollars of research and development. and building plants there. we see what happened as they stepped back and had very substantial layoffs. what extends the local economy, i speak with people that work in real estate. i spoke to the guy who runs the bowling alley. a gentleman who has an insurance company. he described how what is happened to jobs. and that guy from the bowling alley said, what happened with all these glasses industry moved offshore and lost patent protection. we see an increase in drug use. beautiful shoreline communities are changing. and it is changing rapidly. a couple of weeks ago i called joan and i interviewed who ran an insurance company there. i told him the book without and he was quoted in it he said thank you but i have to tell you, i had to shut down my business. so, the loss of these businesses havi

increasingly assertive them address us a considered by many to be breeding grounds of fundamentalism mufti pfizer like teaches islamic sharia law at a koran school in dhaka and has repeatedly been accused of hate speech in this video he calls for the death penalty of a politician who criticised pilgrimages to mecca talking to a t w he explains why the islamic that. motto be in his nom de guerre is it allah and the prophet. if you insult or abuse that up of the whole be a hot spot. so what should you do if you are hurt or do you pick up a weapon with them or know that it is love does not commit that resort but when it comes to those who hurt you and make your heart cost at least you can ask for their punishment which i was told by the bill to have it. not only atheist bloggers but also artists and people of different faiths have been under oppression bangladesh in early march there was yet another attack attack against a renowned writer and eminent scientist the motive of the young perpetrator he saw his victim as an enemy of islam. italy's new government the coalition of the n.t.'s that was made

pfizer another drug company, lower sales of its breast cancer drug and it is down nearly 3%. 35 on pfizerebster elizabeth macdonald afore mentioned barton and murphy himself. good -- irish accent. i don't know why i did that. but -- [laughter] >> good vibration from the economy, strong profit and no pop murphy, not? >> to suggest what is going on. you hear about uncertainty in the market but tell me when there was certainty in the market. there's always uncertainty so what i can e tell you for certain is we have strong earnings so that's what i want to focus on and so i think there are a lot of opportunities. >> so you're a buyered a right time right now. got it. dr why no pop? >> i'm with mike about a buyer at the right time. i think what happened we have a last two years of the market just going up. and now we've gotten a two-way market we're getting some up and some down and it has got people who are used to that easy market. sitting on the sideline and i think the pullbacks are still to be bought. >> it is true. we did get used to straight understand. we loved it. >> market and the mi

prefer merck to pfizer. just keep reinvesting the dividends, the best way to make a lot of money bob in california. >> caller: hey, cramer, how you doing. wondering about cisco, you see a merger coming up >> no merger just great earnings and i think chuck robbins is doing a remarkable job the stock is a buy i love the fact that they bought amy chang's company. earning season has been hit or miss if you think the market overreacted to the down side on cat, boeing and united technologies, the charts according to bob lang says it can go higher. much more ahead. room for optimism when it comes to the stock of general electric don't make a move before you hear my take and tonight the "lightning round. stick with cramer. let's get started. show of hands. who wants customizable options chains? ones that make it fast and easy to analyze and take action? how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the platform, price and service that gives you the edge y

you have the massive abuse of power, pfizer abuse, lying to judges four occasions. using a clinton bought and paid for dossier. national security letters, the fbi bypassing all judicial approval to obtain phone records to use the national security letters. the power of our intelligence community. we saw the unmasking, 350% increase from key obama officials magically in the 2016 election year. changing the rules in december 2016, clapper making it easier to share intelligence across all of these government agencies that helps them cover. media strategy, clapper, reportedly leaking details about the phony bough and paid for dossier to fake news cnn where he now works and is paid. leaking sources running to put out information all designed to prop began diez and lie to the american people and damage president trump. the f.b.i. had the informant spying on the trump campaign. comey had his friend leaking to the "new york times" to get a special council. that was probably illegal. the bureau working with former british spy, a foreign operative, christopher steel, he put t

we'll bring you reports from america and pfizer >>> and a high profile departure from facebook.ell you why the cofou co-founder of whatsapp is leaving the company. it's may 1, 2018 "squawk box" starts now. ♪ >>> live from new york where business never sleeps, this is "squawk bo "squawk box. >> good morning. welcome to "squawk box" on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. april is in the books. the dow, the nasdaq, the s&p 500 are all finishing the month in the green, but just barely it is the first positive month for the major indices since january. u.s. equity futures at this hour look weaker. you can see that the dow is down by 30 points below fair value. the s&p futures down by 1. nasdaq down by 5 yesterday we saw gains in the morning, up by over 18 0 points after the bell rang. that all turned around later in the day. concerns about the telecom

talk about liza applications and many people i see talking about it seem not to recognize what a pfizer application is. it is like a search warrant. in order to get a pfizer search warrant, you need an affidavit signed by a career federal law enforcement. , that person is going to face consequences are rated if not, you can face discipline or even prosecution. that is the way we operate. we have people who are accountable. i don't have anything to say about documents like that that known as the courage to put their name on an leaking that way. there have been people that have been making threats privately and publicly against me for quite some time and i think they should understand by now the department of justice is not going to be extorted. we will do what is required by the rule of law and any kind of threats will not affect the way we do our job. needed --his job he need to be appointed by the president and confirmed the senate and then you raise a right hand and swear and host to defend the united states against all enemies foreign and domestic. that is your responsibility. everyb

however, tim collins, off the chart, says, jim, take a hard look at pfizer because the stock trace tzisely of kind of company i would shun normally never touch this when the economy is speeding up look at this chart you can see pfizer traced out a left shoulder as it rallied through the month of october and then started to climb aggressively okay in november. stock bottomed formed a head, december, a rally, and pullback to create the right shoulder >> the key with this pattern is the neckline the line that connects the head to the two shoulders when a tock breaks out above that line tells the technician you are about to witness a big, big, big move. $25.80 collins predicted it, if you take out the neckline, could be in for a monster run given the money was pouring out of the staples and drug stocks headed for industrials i was compounded by this head and shoulders pattern. didn't trust it one bit. come on. i'm king of rotations knew it was a bad stock. colin says rotations, smokations close your eyes, buy the stock something big was going on to make it buck the market's prevailing tre

ian read is the ceo of pfizer one of the premier biopharmaceutical companies. he has overseen by the company's global business units. during his storied career he has had to see the table negotiating deals with every element of the supply chain. dan mendelson is president of appellee orda health one of the premier health care consulting firms in d.c..ll dan has had a distinguished background in government service and serves on the board of several health care companies. i will now turn it over to ian and dan. thank you. >> i was looking for the fireplace. i don'the see one. >> it's pretty cold in this place. you'll warm things up by now. what are we just dig right in and talk about the supply chain. you wrote and article focused on the supply chain and he said the u.s. health care system particularly the cost structure needs fixing. what specifically were you talkinged about and how do you think it should be fixed? >> it's amazing that we never really look at the structure of the europeans. if we look at the cost structure we spend 70% of the gdp on health care

it all ended with the pfizer the gas station and some of those it's. a civic held its breath has been it was pregnancy and they underwear was rummaged through that's when they decided to move to the us. president is an example. of humans is putting these are the things that come with success and you have to deal with it somehow and that's one of the negative sides and then you get to that. it's all in the past now but take care telnet is still watched constantly one way or another they're even aware of how fast things get out on social media. madoff never i'm never going to make you nervous when you go into well i guess you know i fell on stage and i could see it straight away on you tube it's amazing how fast it goes so there's definitely pressure because we know everyone's watching it again but at the same time we also have to distance ourselves from that topped off and i. was sad tell me any and. during our interview with tokio hotel we took the opportunity to ask them some of your questions here they are close and personal. the first question for b

ce celgene down then real pain in merck as well assize iffer >> bristol-myers -- as well as pfizer what's going on? >> they missed the revenue number by 30%. that's nothing -- at a certain point maybe it's relevant. it's not relevant now. so what's the right valuation? if they're basically premier drug is going to have a 30% revenue miss which is what we're saying now we have to re-evaluate. is it more of the same at a certain point valuations will matter. >> on 66 gilead is two-year lows it's ridiculously cheap. it's got $40 billion in cash this is a company -- but, again, hiv, hvb, hcv were all down, year over year you're down 25% on anti-viral drugs and people are wondering about what's next. so it's strategy and where there could be capital giveback. but the valuation, it's not a case where this is meaningless, this is an inexpensive company that is run well and do you want this tome go out and make a bad acquisition, it's interesting the cancer acquisition is not only fizzled out >> that was sort of hailed as -- finally we're seeing signs of mna and then we had pfizer on its conferen

a result water has become a precious commodity those with money have been digging their own wells pfizer golding hired a contractor to do it for her. today to reach for the tease kind of people you know says it's a speedy high so looking at it as a butt in the future it's actually better to get the ball home because this is now my homework team out of property basically so i'm going to be saving costs. but it's no small investment either depending upon its depths a single well can cost over seven thousand euros in pfizer golding's case the company reckons it will have to drill about seventy metres to access water that's safe to drink. the company has seen a huge rise in demand for wells over the last few months. before he's been very busy but in the last eighteen months since the water crisis has really become more severe we have been inundated with phone calls. regardless of how good business is the boss doesn't believe that digging your own well is the solution to the water crisis using the ball wisely means done more to your garden six hours or ten hours a day forget to leave the pump

pfizer is blaming manufacturing delays for the shortage. in the meantime, the fda says patients should ask their pharmacy about alternatives. >>> the fda has just approved a cutting-edge new cancer therapy. it is a one-time treatment that reprograms the patient's own cells to fight cancer. one bay area woman says it saved her life. she has been battling lymphoma for more than 20 years. kpix 5's betty yu shows us she is cancer free. >> reporter: like it or not, the hospital has become a familiar place to jackie push on. she was first diagnosed with hodgkin's lymphoma when she was 37. the 61-year-old concord -- concorde resident remembers when her cancer turned more aggressive and her doctors ran out of options. they sent her to a specialist at ucsf the chemotherapy here did not work either. >> they said we are going to try this and we are going to keep our fingers prost -- crossed. >> reporter: it is a one-time treatment were some of the patient's own immune cells are removed and reprogrammed by scientists in a lab to fight cancer. those cel

we asked him about the future of that business and whether they'd look at pfizer's unit. >> we thinkn is we want to be the broadest, best health care company in the world. and regardless of whether it's a pharma approach, a medical device approach, we want to help patients and consumers find a solution for their particular need so we think being a broad base helps us better understand what patients and consumers need. and we think it's what's contributing to a really strong business performance over 25, 20, 15, 10 or 5 years and we're always on the hunt for new opportunities. >> so always on the hunt for new opportunities, whether that will mean a big buy like pfizer's unit, we don't know. this new line of johnson's baby will hit shelves in july >> those big brands being behind the curve. the honest company, burt's bees were talking about paraben free years ago. that's probably where the market share is going j&j certainly has the powerful brand, and i think it's the only baby shampoo that actually smells like babies, but how are they so late to this >> you can actually see it in the

>>> welcome back to the "closing bell," i'm wilfred frost let's have a look at the laggards today pfizer down, merck down, and, of course, we've seen other drug stocks rise today on reports around certain cancer drugs. mcdonald's down 2.25% after a great day yesterday. >> overall temperature of the market, dow's down 138 points now, and russell hanging on to a gain of four and a half points small caps down 2% in three months so it's been a laggard. >> joining us to discuss more, michael belkin, michael, very good afternoon to you. >> thanks for having me. >> let's touch on the factors and attractions of small caps at the moment, one factor weighing on the market as of late is geopolitics. something when you invest in small caps that you can ignore >> you can never ignore the stuff. you never know what's going to happen, but i think what's been weighing on the market and small caps in general is people are getting concerned about interest rates up and inflation coming back history has shown a little bit of an increase in interest rates and inflation is good for the market and small cap >>

pfizer, which makes epipen, says there is a temporary limit on its capacity. the f.d.a.patients should ask their pharmacy about alternatives. a sticky mess caused a traffic jam in poland today that. is milk chocolate on the highway. a truck carrying 12 tons of it uerturned. it is tougher to clean up than oil we are told, and more hezardous than snow. the solution, a pressure washer turned the mess into hot chocolate. up next, steve hartman with an update: a very sweet boy demonstrating the superpower of love. if you feel like you spend too much time in the bathroom with recurring constipation and belly pain talk to your doctor and say yesss! to linzess. ♪ yesss! linzess treats adults with ibs with constipation or chronic constipation. linzess can help relieve your belly pain, and lets you have more frequent and complete bowel movements. linzess is not a laxative. it works differently to help you get ahead of your recurring constipation and belly pain. do not give linzess to children less than 6, and it should not be given to children 6 to less than 18. it may harm them.

report earnings, investors are looking for any news about the company's consumer health division, at pfizerany making over—the—counter drugs and it is expected to be worth something like $20 billion. when it comes to the other company, investors will be quite pleased, looking for a results showing how successful its blockbuster cancer treatment has been. all eyes will turn west to san francisco when apple reports earnings. investors are curious for any signs about the company's iphone shipments. they want to know about the success of its latest model. joining us is tom stevenson, investment director at fidelity international. good morning. they have a very busy week ahead of them, federal reserve meeting starting today, tomorrow jobless data at the end of the week... busy time. big focus on america this week and in particular on the federal reserve meeting which will finish tomorrow. no changes, i don't think, in american interest rate policy this week, but i think what people will be looking for is a sign interest rates will rise a bit more quickly than expected, so some forward—looking gu