Business report for friday, may 2nd. Good evening, everybody, im tyler mathisen, susie gharib is on assignment and will join us later in the program. A blowout april jobs report to start with. A lot more americans getting back to work. Here are the numbers, 288,000 jobs added and the nations Unemployment Rate falling to 6. 3 . That is a drop of nearly half a percent and the lowest job rate in nearly six years, economists say it is an encouraging sign that employers have finally thawed out from the brutal winter and have begun to put more people on their payrolls. But the news was not all good with hundreds of thousands leaving the work force or giving up on finding a job altogether. Hampton pearson has more on the job jobs report, including where the jobs are and the longterm unemployment issues. Reporter the increase of jobs at the fastest pace in more than two and a half years. And the Unemployment Rate fell to a five and a half year low. With upward revisions for february and march, job growth for the last three months has averaged 238,000. With the conversation with german chancellor angela merkel, he said there is more to be done. All told, our business has now created 9. 2 million jobs over 50 consecutive months of job growth. The grit and the determination of the american people, they are moving forward. But we have to keep a focus on the jobs and create opportunities for working families. April employment gains were broadbased. The private sector generated 273,000 jobs including 75,000 in professional and business services, which traditionally are among the better paying jobs, among the Small Business success stories, trump club, a chicagobased Mens Clothing service. The fouryearold startup had the best in 2014. The top growth. When you sign up, you get matched with the stylists in one of our offeice, they take care f you that way, upgrading your wardrobe. The total work force now tops 400, including expanding to dallas and washington, d. C. Among the new hires, ebu, since graduating from college last year he has held several parttime jobs while interviewing constantly for fulltime. There is a tough process, you have to have a thick skin, going to different interviews. You meet a lot of different people and see a lot of Different Companies. But i think at the same time it is a little bit of a blessing, because you kind of get to see all the Different Companies that wouldnt necessarily work out for you by doing all of those interviews. But you know, it is tough. But the april jobs report shows millions of job seekers still on the sidelines. While the 6. 3 Unemployment Rate is the lowest in more than five years it happened because the labor force shrank by more than 400,000, the lowest level of jobs was since last december. Look at the Participation Rates over the last few months, and you know, they bounce up and down. What i saw about last months numbers was the number of discouraged workers did not go up. The Labor Department says that 3 and a half million americans have been out of work for six months or longer. That is the lowest number in five years. But that decline is due to Many Americans who have lost their longterm Unemployment Benefits since the start of the year. For nightly business report, im Hampton Pearson in washington. While aprils job growth was strong, wages were slow, in our continuing series on where the jobs are we take you to one company that is bringing high paying jobs to a region that has been bleeding jobs for decades. Mary thompson reports just outside of albany in multa, new york. Reporter when global found ryes opened their doors two years ago they had to import half of its 2200 work force. Now theyre looking to add another 600 to 800 workers by year end. Global foundries ceo says it is not a tough task, most of it is done overseas. So skilled workers in the u. S. Are scarce. But if global foundries can find them it pays well. I can tell you an average salary high to low end is about 90,000 for a salary. Reporter to prime the labor pump, they contract with local Community Colleges on Training Programs and draws from the region. One graduate and a new hire at global foundries, the engineer is happy to have found a job close to home. My main goal is to try to stay local in the area. So that was a big thing for me. Reporter getting global foundries to build the plant in malta was a big deal for the state. Research shows that there are five new jobs in the local community. That is the payoff new york is looking for, from the grants and tax incentives. It was a total billion dollar package so it was substantial. Reporter still, money to build a plant doesnt make it easy to build a work force. Global foundries is in need of technicians. But the mr. Fixit, the onestep process it takes to make computer chips through qualcomm and broad com. The trainer says they have the mechanical and Critical Thinking skills needed to keep the very expensive automated skills on track. Were talking two to three million for a piece of equipment. There is a new hire with 20 Years Experience as a technician, although his Technology Changes kosi s quick. So too do the skills. It is like learning to walk. Reporter a small step in building a hightech work force at home. For nightly business report, im Mary Thompson in malta, new york. To read more about global foundries and the High Tech Work force head to nbr. Com, our website. And u. S. Factory orders rose 1 in march. You would think the markets would take off today. But the escalating violence between russia and ukraine had investors on edge keeping stocks on the down side boosting gold prices by nearly 20 an ounce. Wrapping up a week on wall street, one that saw the dow close at a fresh alltime high on wednesday. The blue chip stocks ended the day 46 points lower. Nasdaq lost three today, s p down for the week. Each was up by a percent. And she is a senior Portfolio Manager with wells fargo advantage funds. Anne, welcome, good to have you with us. Why didnt the markets, both stocks and bonds really react to the jobs numbers in a more enthusiastic way . You know, i think the first initial reaction was very bullish. And then there were some things that the market looked further at, probably the fact that the Participation Rate did go down. And also, the salary or im sorry the earnings stayed flat. So the fact that you had a lot of job creation but it did not increase earnings, that was another probably little nick to the number. You know a lot of people, i dont know if youre among them think that the market can move higher from here. I note i was looking today from where we are year to date for the future barometers. Nasdaq, the dow and the s p. And there is a little bit of a gain. But basically the dow is flat. Do you expect the market will go higher as we go into this, usually a sort of seasonally bumpy period . It is a seasonally bumpy period. It has been bumpy all year, tyler, youre right. It has been flat. We made a lot of movements in both directions to be flattish. What the market may struggle with is a good economy, an economy that may be reaccelerating. We have seen the jobs data that is one indicator. But in an accelerating economy may not necessarily mean that it is great for the market. All right, anna, lets try to make people some money, shall we . The first stop is johnson controls. You have a 58 billion price tag on it. Why do you like it . Yeah, i really like this company, it is opposed to commercial construction, it is an area that we think is really in the area of nonresidential construction that was hurt by the recession, were seeing signs that it is coming back. Johnson controls has a new management team, theyre repositioning the primary business. In the past it used to be the automobile space, now theyre building efficiency, which means controlling lighting, and heat in a business, theyre doing well and we think they can build. Lets go to steel dynamic his, 23 price target here. Again, an underperformer year to date. But again also tied to commercial construction, steel is a big obviously a material component that goes into construction. This is a Good Management team that is executed in the past. They have gotten their cost structure in line. It is about top line growth. And 44 price target on that company. Yep, thoratech is a really Interesting Company in that it makes heart pumps. So people going through Heart Failure that may in the end need a heart transplant. It used to be a pump that we used to bridge the patient between the time period where they were waiting for a heart. But now it is also being used in therapy. Which means even if you dont want a heart transplant or may not be able to get one it is a device that you can live many more years with and the devices keep Getting Better and the quality of life with them continues to improve. And i misspoke. I must have been i called it thoracia, i must have been thinking of that great movie, thoracic park. Any closures to tell us about it . How about with the stocks. We own stocks in the mutual funds, i dont own them personally. All right, anne maltti, thank you very much. All right, chevron out with quarter earnings, they fell 27 as global prices weakened and Winter Weather hurt the Gas Production here in the u. S. Dont feel bad, chevron earned 4 and a half billion, shares fell 174. 22 with the close. The u. S. Energy department wants to build the first ever regional gasoline reserves, one in new york harbor, the other in new england to make sure we never see the gas lines and fuel shortages that hit the region in the aftermath of Superstorm Sandy back in 2012. The fuel is expected to be available by the end of the summer which is the height of the atlantic Hurricane Season and the facilities are expected to cost taxpayers a total of about 200 million. Well, the new General Motors was back in Bankruptcy Court today trying to distance itself from the old gm. The automaker is asking a judge to enforce a ban on the dozens of lawsuits against the company for claims related to accidents and deaths that happened before it exited bankruptcy protection in 2009. All involving cars with faulty ignition switches that were later recalled. And just today a texas lawyer representing families who lost loved ones or suffered injuries because of the defects, well they met with ken fineberg to try to resolve all outstanding claims. Well, detroit is making progress in the struggle to emerge from bankruptcy. They have agreed to a pension agreement. They agree to give up the annual cost of living adjustments in a deal that could help speed up detroits exit from bankruptcy protection. And the white house and the conference in st. Petersburg, russia. The treasury secretary is reaching out to cancel plans to attend, saying their participation wont send a good signal to russian president Vladimir Putin in light of the economic sanctions the u. S. Has imposed against moscow for the incursion into ukraine. And still ahead, we will head to omaha the site of this weekends much anticipated berkshire meeting. Coming up, we talk with the activist investor who turning up the heat on warren buffet to do something about cocacolas controversial executive pay pla plan. Another swing and a miss, astrazeneca turns down pfizers latest takeover pitch and that is where we begin tonights market focus. Yesterday we told you that pfizer had upped the offer to the british rival for 106 billion and increased the cash proposal to sweeten the deal. That after two failed attempts by pfizer to interest the company in the combination. Astrazenecas board said the offer is still substantially undervaluing its company. Shares fell to 130. 75, astrazeneca down to 31. 02. And more on the news with the ovarian drug failed in a late stage trial. The study didnt meet the growing progression of the disease, and merck fell. Cbs care mart saw the numbers jump, as generic drugs and acquisitions helped the drug store chain. Earnings did fall short of expectations but cvs reaffirmed the shares to finish there. And rubber maid profits fell in most of its units, especially the baby business was hit by a product recall earlier this year. The Consumer Products maker reas firmed the fullyear forecast, upping the dividend to 17 cents a share, still the stock was off about 4 , 28. 88 is where it ended the day. And skechers thinking of buying a stake. Donald sterling was banned after making racist remarks, the league is putting plans in motion to try to get sterling to sell the team. Shares of skechers fell to 39. 93. And warren buffets berkshire seeing the First Quarter profit dipping 6 to 3 and a half billion slightly below estimates. But the company did a little shopping today nonetheless with the energy unit buying the canadian utility alpha link. The Transmission Company will still be based in alberta and will operate as a separate unit of buffets main holding company. And warren buffet will be asked about that tomorrow at the annual berkshire meeting. Another hot topic, cocacola, as cokes largest shareholder, buffet abstained from voting on the pricey plan, but since then he came out saying he didnt like it. A person at the center of this is david winters, a long time shareholder of berkshire and coke. And susie gharib caught up with him at the site of the big meeting. David, from what were hearing right now it looks like warren buffet is looking at revising the compensation plan. You have had a lot to do with this. What more do you need to hear from buffet tomorrow . I think there is a long way to go on cocacola. Because there has been no further information. There have been some rumblings, but nothing tangible. The plan is now widely accepted as being excessive and bad. And i think there are some real governance issues at cocacola for the way they have behaved. Well, as you know very few people dared to criticize warren buffet, yet you called him out publicly on this very controversial issue. Have you heard from him . Well, you know, there are sort of vague conversations. But you havent talked with him directly . No. If you spoke to him directly, what would you say . Well, basically, what gives. I believe the gospel of berkshire. I grew up with this. And unfortunately when it happened at cocacola you know, i think warren has tried. And i think he will try more. But there is more work to do. And you know i think his heart and his wallet and his mind are in the right place. So you have been a longtime berkshire shareholder. And berkshire stock over the past couple of years has not been doing as well as the broader market, how do you feel about that . Well, Berkshire Hathaway has been a Great American success story, and the returns in the future and in the immediate path cannot be as good, just mathematically as they have been going back 20, 30 years. David, were you surprised when you heard that buffet advised his wife to put most of her money in an s p index fund, how did you feel about that . Is that good advice . Well, i think really what it is, it is an acknowledgment, you know, a public acknowledgment, which is the right way to do it. And i think very open on buffets part that the returns in the future cant be as good as just being an index invest. And so i think that unfortunately, the past is not necessarily a prologue and probably very good advice to his wife. I want to get your thoughts on berkshire paying 3 million for a canadian company. Berkshire had Something Like that 50 billion in cash. What do you think of this deal . Will it make a difference for berkshire, what do you want buffet to do with all of this money . It is smart, a decent return, cash comes in every day. All that money, it is a challenge. A beautiful challenge. But putting 50 billion growing every day to work, i think look, he has a great record of doing things intelligently with capital. But again it comes back down to that this enormous caught of cash and lower returns makes the future returns lower. David, one thing out of these meetings, is succession. After all, buffet is almost 84, as an investor does it trouble you that buffet has not named who is going to be the next ceo. Well, i think in a lot of names he has been very smart to name the next ceo. Because who it would have been three years ago is not who it is today. But ultimately this will be an issue, and an enormously complicated company. We know when he is flagged the returns are going to be lower. And whoever sits in the seat it will be difficult, you will be compared to a fellow who has done better than anybody else in the history of commerce. Coming up, meet the woman who had an idea about the future of clothing and turned it into a very successful business. Finally tonight, we wrap up this jobs friday with our latest bright idea. Ever wish you could buy that dress that doesnt seem to exist no matter where you look . Here is somebody who had that problem and decided to do something about it. Reporter she needed something to wear, her boyfriend, brother was getting married. She would be meeting the family for the first time. I thought i had to look great. Reporter clothes have always meant a lot to pagano, but this time she was coming up empty in department stores, boutiques, and even on the internet. Taylors, if they knew how to make a dress it was expensive. I thought i will just make my dress. Reporter she never made one from scratch, but it was so worth it. The reaction was so overwhelming and the questions came out, how do people do this . I thought, i cant be the only woman who had this idea. Reporter customized clothing, it drove her to move in with her parents, save 40,000 and quit her job. She began to test a website, collecting data