Transcripts For KQEH Nightly Business Report 20140903 : vima

Football kicked off and the nfl follows on thursday. On wall street, it is september. Historically, one of the roughest months for stocks, but does that mean anything to investors right now . The markets just wrapped up the best august in 14 years and the current bull market is now more than 2,000 days old and counting. So, as the days get shorter and leaves change this month, where do the markets go from here and what will trigger the next moves up or down . Dominic chu as more. Reporter traders call it the september swoon. Since 1 950 they yielded the post caps per year. With stocks sitting near record high levels, many are left wondering whether were due for the longawaited pull back from the market. When we look at this environment, the higher we go, the higher the stakes become. Investors want to be cautious. Reporter the last time we saw a big market drop was back in 2011. And these kdays, there are risk associated with the markets. Tensions between russia and ukraine, islamic militants between iraq and syria and indicators in places like europe and china. Those are among many reasons why a deeper pull back in stocks is in the works. I think the sidelines for the Retail Investors is probably the best bet. If youre involved, stay the course but be prepared to reduce quickly. Reporter the september story isnt all doom and gloom. Over the last five years, the s p many 500 has posted an average 2 gain during the month of september. Consumer discretionary, tech and industrial stocks helped lead the way higher. Thats why others think longer term investors may want to keep adding to the investments on a regular basis. I think any pull backs you have here would certainly be buying opportunities, but frankly, if youre a three to fiveyear investor or twoyear investor, if you sit and wait, the pull back may never come. The only way around that, frankly, is to average in. Both sides offer compelling cases but for history fans, its which scenario they want to believe more. For nightly Business Report, im dominic chu. Stocks ended lower but not by much in spite of upbeat economic reports on and construction manufa spending. The energy was the worst performer after crude fell more than 3 closing below 93 a barrel. As for stocks, the dow lost 30, the nasdaq up nearly 18 and the s p hit an alltime intra day high was up by one point. Its a big week for data and the biggest number of all comes friday when the Labor Department releases the august jobs report. Its arguably the one number janet yellen and her fellow fed policy makers will study closest as they decide when to raise Interest Rates and by how much. Steve liesman dives into the weeks day to highlights. Reporter its a big week in the United States for jobs data and that means a big week for wall street to figure out whether the Federal Reserve could hike Interest Rates sooner. The first piece is the adp private payroll company, which is expected to forecast a 215,000 private sector payroll jobs in august. The claims seen in a relatively low 300,000 and friday the big number seen at 220,000 or the seventh month in a row above 200,000. The Unemployment Rate is forecast to climb by 1 10th, average wages up. 2 from unchanged. Fed chair janet yellen, if the improvement is more rapid than the fed anticipates, it could move up the timetable. Were in the view of the summertime, but the most questions were getting is, you know, could it be earlier . Could it be particularly, people have their eye on the march meeting of next year as a possibility, again, conditional on the jobs numbers looking, you know, good over the remainder of the year. Reporter key areas to watch in audition to jobs, the labor force is up by 200,000 as more people are attracted back into the stronger labor market. People working part time for economic reasons up a small 22,000 over the past three months and real wages, well, after adjusting for inflation, they are up. 02 . Thats a number yellen thinks can be much higher. What would it take for earlier rate hikes . I think we have to see, you know, perhaps unemployment down more than just a tick, two ticks or so and we also have to see, you know, evidence of wages really starting to pick up. A rate hike three months earlier than planned isnt a big deal. What would matter is the fed gets more aggressive so it ends 2015 at a higher rate than wall street anticipates. By friday, the markets should know if the data from august shows the job markets yielding more quickly than expected. That would prompt the feds to take a tougher stand on rates. For nightly Business Report, im steve liesman. Jonathan is calling for the s p 500 index to hit 2075. Hes chief u. S. Market strategist. Jonathan, by my quick k calculations, if youre right the s p could be up by more than 12 . A lot of risks, worries, fears, what are you seeing that makes you so upbeat . Well, i mean, if you look at this years performance, the returns in the market, its all driven by earnings. This is not speculation. Its not a market thats higher because simply someone is willing to pay more than the guy before. This is a market thats giving you in returns what companies are delivering earnings and thats a very healthy thing right now, and Interest Rates where they are means that you really do have the potential for stocks to go much higher. Tell me why bull markets end, and do you see anything out there that would end this one . Its a great question. Bull markets end really when you get towards your next recession. They dont get tired, and frankly, they dont get expensive. Politics doesnt matter as much as we would like to think and the key is is that the risks of recession right now seem quite remote. What you really need to see is a meaningful pickup in inflationary pressures that forces the fed, almost scares the fed into acting more aggressively than they want and were nowhere near that right now. Jonathan, are you saying that youre just going the way youve been going all summer long, all year long the same Investment Strategy or here it is september, back to business. Are you making any changes in your portfolio or investment approach . For the most part, the answer is no. You need to have a reason to want to change and what were seeing is an economy growing at a nice clip, but not, you know, too fast. Corporate profits, which are surprising to the upside and evaluations which seem quite reasonable. No, we like the same sectors that weve liked before and we think investors are really going to be wellserved to stay in the market not just for september but the next couple years or longer. What sectors are those that you like best . The three that stand out, the first one is financials. If we get, as we and most expect, a rise in Interest Rates from here and im not talking about something huge but inex a inextra financials are big. As the economy progresses, industrials are the big winner on and that and the other standout is health care, which is doing really well and we think given the Growth Prospects should do well especially biotech stocks. Janet yellen hasnt been a fan but an area you can really find growth at a high valuation but a reasonable valuation given the growth. You have a very bullish forecast. Youre not worried about politics or the fed. What is the wild card . Could upset your upbeat scenario . Probably the single thing that would make me more concerned is if we did see inflationary pressures start to spike up, and we know that the fed is printing money. We know that they are trying to slow the process down right now, and eventually raise rates, but if the fed say inflationary pressures were really picking up, they would be forced to leap frog the process, jump further ahead and that would be upsetting. Were not there now but its a single thing im keeping an eye on. Thank you so much. Home depot is the latest big name retailer dealing with a possible breach of Customer Credit card data. The worlds biggest do it yourself chain confirms it is working with Law Enforcement and banking partners to explore unusual activity and says quote if we can confirm a breach has occurred, we will make sure that customers are notified immediately end quote. Meanwhile, a breach of another kind at apple. After intimate photos of celebrities including Jennifer Lawrence and kate upton were hacked and posted. How safe is anything you store in your computer or in the cloud . Julia boorstin has more. Reporter apple investigated the highprofile hack attack and said it found the photos were not due to the breach of any of apples systems including i cloud or find my iphone. Certain celebrity accounts were targeted on attack it is on names, passwords and security questions, a practice too common on the internet. Apple needs to do three or four things, one, show care and concern for celebrities who had phones hacked and data hacked. Second, use any and all social Media Channels they can to send out information to their fans and three, actively investigate. Reporter apple says its continuing to work with Law Enforcement to identify the criminals. All users use a strong password and enable twostep verification. This demo of google shows how users are sent a code that frequently changes to another device. It must be entered in audition to a password. That step can block Hacking Software that repeatedly gets passwords. We can expect Storage Companies to strongly encourage twostep verification and more complex security codes. We got a balancing act between the users desire for security, versus, the desire for convenience. Something secure isnt necessarily convenient and i think that what has been happening over the past couple months with these breaches of credit cards, of photos, of documents, i think youll find consumers more than willing to go through the extra steps. Reporter so consumers would face more headaches as they try to remember the new, tougher passwords. For nightly Business Report, im julia boorstin. Tim ryan joins us now to discuss important ways consumers and businesses can protect themselves against hackers. Hes the head at the Risk Advisory firm. Tim, welcome. Good to see you. Thank you. Do you think this attack on these celebrities data was a rogue that got the user name and passwords or does it suggest a deeper problem, which apple says it is not, a deeper problem with data that are stored on the cloud . Well, i think it is a deeper problem with data thats stored on the cloud in that when somebody can purport to be somebody they are not and get access to the victims data, thats a deeper cloud problem. That is not an individual problem. You know, there was a time, tim, that people were really very worried to put any private information to make a purchase on the internet and now we all do this. Do you think that part of the problem is weve become too trusting, too lose, whether apple or amazon or google or twitter . I think that we have, its become so common place to put data on the cloud, as you said, people are not looking at the security implications of doing it. That said, i think in the next five years, almost all our data will be in the cloud. So i dont think well be able to walk back from this part. What im hearing you say here is that the fact that they got the user name, able to crack the password, that gave them access to stuff that was secured on the cloud, so its really kind of a distinction without a difference, whether the problem was with the cloud or the phone itself. In the piece that julia just did, she showed one way to protect or sort of do a belt and suspenders approach to your password, and that is a second verification or second authorizing. Will people go for that, where you get another message sent to you to a separate device or is that too much of a trouble system thing to do . No, i think it can become part of a normal security practice. When High Net Worth individuals come because they have concerned about stuff like this, we always recommend twostep verification. These cloud providers, they can mandate the use of twostep verification so that becomes more wide spread. Real quickly, if you run a Small Business or mediumsized business and you continue have a huge it department to help, any important piece of advice you can give Business Owners how to protect their data . Sure, if youre storing data in the i cloud today, you Must Immediately change your passwords. If you have the ability to use twofactor aught thverification should use it. Does two factor make it harder to crack . Is it different from one factor verification. If you can beat me on this, why cant you beat me on the one the Company Sends . Most require that the second factor go to like a cell phone so the bad guy would have to both steal your password and steal your cell phone. I see. Thank you very much. Very helpful. Thank you. And coming up, the 10 billion bet by companies hoping to rollout the next lipitor. Thats next. Eric cantor is hitting the street, wall street. The former House Majority leader that lost the election to a Tea Party Challenger back in june has joined Investment Firm as Vice President and managing director and he will be elected. He resigned from the virginia seat last month. Two Energy Giants are paying a hefty price for their roles in two separate disasters. They were fined 1. 4 billion by a panel of california judges for a 2010 gas pipeline blast and fire that killed eight people outside san francisco. In a separate settlement, halliburton was ordered to pay 1. 1 billion for its role in the 2010 deep Water Horizon Oil spill off the gulf, in the gulf of mexico. That money will go into a trust thats used to compensate victims. The socalled dollar store bidding war is heating up and thats where we begin tonights market focus. Dollar general upped the bid for Family Dollar to 80 a share and offer to divest stores. Last month, Family Dollar rejected the earlier bid saying it would stick with the deal to be acquired by dollar tree. Shares of all three chains were higher today. Here is another deal update, this one on the possible tmobile and illiad merger. Tmobile could have a take over bid from francis iliad. Its in talks with potential partners that could team up with the company on the bid. Shares of tmobile rose 1 today to 35. 43. Norwegian cruise line is pushing into the Luxury Travel sector. Its spending 3 billion to buy highend cruises. The deal will give norwegian access to prestige ships to help compete with places like royal caribbean. Stocks surged higher. The Software Company compuware said it will be acquired by toma bravo. The software is used by Companies Like Cisco Systems and Dominos Pizza to manage complex applications like ordering a pizza. It closed at 10. 59. 1800flowers hopes you want to send gourmet food with the roses. The company is buying harry and david, known for specialty foods, lovely fears and more. More than 140. The Online Flower retailer saw shares surge 16 to 5. 98 and nba mvp kevin durant is resigning with nike turning down advances from under armor. The tenyear deal would be worth 300 million or more but under armor didnt lose out. It turned around and signed the brazilian model gazelle, wife of tom brady to a longterm contract. Shares of nike up, under armor jumping 4 to 71. 13. We all know about lip tore, the anti cholesterol medication that is the bestselling drug ever but lipitor might not be enough leading to a class of drugs beyond lipitor rushed to the market now. Meg terrell has the story. Reporter as many as 17 Million People in the u. S. , europe and japan has high cholesterol not helped by stat tablets and there is a race to address the market. The experimental medicines are inhibitors that aim levels of bad cholesterol. Its an enzyme involved in the metabolism and so by inhibiting it, the changes the way cholesterol is metabolized. Reporter leading the pack is partnered with french drug maker sanafee. They will battle between a 10 billion market. Amgen said it applied for approval in europe and said last week it applied with the fda here in the u. S. New data over the weekend at a european cardiology conference and expected to apply for approval. For these drug makers, its a highstakes race. I think everybody would like to think this is a winner take all race and i dont think thats the way it is. If you think of the stclasses, there is plenty of room and were competitive. Reporter one difference, they are injected rather than taken as pills. We do think that will hinlder the uptake. It does seem like general practitioners, people who typically treat patients with high cholesterol would rather give a pill. Reporter that may reserve the drugs for sicker patients. Still, the market may broaden if they dont slower the cholesterol. As for getting to the market, the leaders are neck and neck. Amgen applied for approval, there was a surprise move that purchased a priority voucher that gives a sixmonth review versus standard ten. Its anybodys game. For nightly Business Report, im meg terrell. Coming up, some of Atlantic Citys casinos start shutting the doors taking thousands of jobs with them. What is next for the struggling city by the boardwalk . Opening statements began in detroits bankruptcy trial. At stake, whether billions of dollars in debt can be restructured and at the heart of the contested plan, pensioners would be paid more than the weve been telling you about Retail Investors<\/a> is probably the best bet. If youre involved, stay the course but be prepared to reduce quickly. Reporter the september story isnt all doom and gloom. Over the last five years, the s p many 500 has posted an average 2 gain during the month of september. Consumer discretionary, tech and industrial stocks helped lead the way higher. Thats why others think longer term investors may want to keep adding to the investments on a regular basis. I think any pull backs you have here would certainly be buying opportunities, but frankly, if youre a three to fiveyear investor or twoyear investor, if you sit and wait, the pull back may never come. The only way around that, frankly, is to average in. Both sides offer compelling cases but for history fans, its which scenario they want to believe more. For nightly Business Report<\/a>, im dominic chu. Stocks ended lower but not by much in spite of upbeat economic reports on and construction manufa spending. The energy was the worst performer after crude fell more than 3 closing below 93 a barrel. As for stocks, the dow lost 30, the nasdaq up nearly 18 and the s p hit an alltime intra day high was up by one point. Its a big week for data and the biggest number of all comes friday when the Labor Department<\/a> releases the august jobs report. Its arguably the one number janet yellen and her fellow fed policy makers will study closest as they decide when to raise Interest Rates<\/a> and by how much. Steve liesman dives into the weeks day to highlights. Reporter its a big week in the United States<\/a> for jobs data and that means a big week for wall street to figure out whether the Federal Reserve<\/a> could hike Interest Rates<\/a> sooner. The first piece is the adp private payroll company, which is expected to forecast a 215,000 private sector payroll jobs in august. The claims seen in a relatively low 300,000 and friday the big number seen at 220,000 or the seventh month in a row above 200,000. The Unemployment Rate<\/a> is forecast to climb by 1 10th, average wages up. 2 from unchanged. Fed chair janet yellen, if the improvement is more rapid than the fed anticipates, it could move up the timetable. Were in the view of the summertime, but the most questions were getting is, you know, could it be earlier . Could it be particularly, people have their eye on the march meeting of next year as a possibility, again, conditional on the jobs numbers looking, you know, good over the remainder of the year. Reporter key areas to watch in audition to jobs, the labor force is up by 200,000 as more people are attracted back into the stronger labor market. People working part time for economic reasons up a small 22,000 over the past three months and real wages, well, after adjusting for inflation, they are up. 02 . Thats a number yellen thinks can be much higher. What would it take for earlier rate hikes . I think we have to see, you know, perhaps unemployment down more than just a tick, two ticks or so and we also have to see, you know, evidence of wages really starting to pick up. A rate hike three months earlier than planned isnt a big deal. What would matter is the fed gets more aggressive so it ends 2015 at a higher rate than wall street anticipates. By friday, the markets should know if the data from august shows the job markets yielding more quickly than expected. That would prompt the feds to take a tougher stand on rates. For nightly Business Report<\/a>, im steve liesman. Jonathan is calling for the s p 500 index to hit 2075. Hes chief u. S. Market strategist. Jonathan, by my quick k calculations, if youre right the s p could be up by more than 12 . A lot of risks, worries, fears, what are you seeing that makes you so upbeat . Well, i mean, if you look at this years performance, the returns in the market, its all driven by earnings. This is not speculation. Its not a market thats higher because simply someone is willing to pay more than the guy before. This is a market thats giving you in returns what companies are delivering earnings and thats a very healthy thing right now, and Interest Rates<\/a> where they are means that you really do have the potential for stocks to go much higher. Tell me why bull markets end, and do you see anything out there that would end this one . Its a great question. Bull markets end really when you get towards your next recession. They dont get tired, and frankly, they dont get expensive. Politics doesnt matter as much as we would like to think and the key is is that the risks of recession right now seem quite remote. What you really need to see is a meaningful pickup in inflationary pressures that forces the fed, almost scares the fed into acting more aggressively than they want and were nowhere near that right now. Jonathan, are you saying that youre just going the way youve been going all summer long, all year long the same Investment Strategy<\/a> or here it is september, back to business. Are you making any changes in your portfolio or investment approach . For the most part, the answer is no. You need to have a reason to want to change and what were seeing is an economy growing at a nice clip, but not, you know, too fast. Corporate profits, which are surprising to the upside and evaluations which seem quite reasonable. No, we like the same sectors that weve liked before and we think investors are really going to be wellserved to stay in the market not just for september but the next couple years or longer. What sectors are those that you like best . The three that stand out, the first one is financials. If we get, as we and most expect, a rise in Interest Rates<\/a> from here and im not talking about something huge but inex a inextra financials are big. As the economy progresses, industrials are the big winner on and that and the other standout is health care, which is doing really well and we think given the Growth Prospects<\/a> should do well especially biotech stocks. Janet yellen hasnt been a fan but an area you can really find growth at a high valuation but a reasonable valuation given the growth. You have a very bullish forecast. Youre not worried about politics or the fed. What is the wild card . Could upset your upbeat scenario . Probably the single thing that would make me more concerned is if we did see inflationary pressures start to spike up, and we know that the fed is printing money. We know that they are trying to slow the process down right now, and eventually raise rates, but if the fed say inflationary pressures were really picking up, they would be forced to leap frog the process, jump further ahead and that would be upsetting. Were not there now but its a single thing im keeping an eye on. Thank you so much. Home depot is the latest big name retailer dealing with a possible breach of Customer Credit<\/a> card data. The worlds biggest do it yourself chain confirms it is working with Law Enforcement<\/a> and banking partners to explore unusual activity and says quote if we can confirm a breach has occurred, we will make sure that customers are notified immediately end quote. Meanwhile, a breach of another kind at apple. After intimate photos of celebrities including Jennifer Lawrence<\/a> and kate upton were hacked and posted. How safe is anything you store in your computer or in the cloud . Julia boorstin has more. Reporter apple investigated the highprofile hack attack and said it found the photos were not due to the breach of any of apples systems including i cloud or find my iphone. Certain celebrity accounts were targeted on attack it is on names, passwords and security questions, a practice too common on the internet. Apple needs to do three or four things, one, show care and concern for celebrities who had phones hacked and data hacked. Second, use any and all social Media Channels<\/a> they can to send out information to their fans and three, actively investigate. Reporter apple says its continuing to work with Law Enforcement<\/a> to identify the criminals. All users use a strong password and enable twostep verification. This demo of google shows how users are sent a code that frequently changes to another device. It must be entered in audition to a password. That step can block Hacking Software<\/a> that repeatedly gets passwords. We can expect Storage Companies<\/a> to strongly encourage twostep verification and more complex security codes. We got a balancing act between the users desire for security, versus, the desire for convenience. Something secure isnt necessarily convenient and i think that what has been happening over the past couple months with these breaches of credit cards, of photos, of documents, i think youll find consumers more than willing to go through the extra steps. Reporter so consumers would face more headaches as they try to remember the new, tougher passwords. For nightly Business Report<\/a>, im julia boorstin. Tim ryan joins us now to discuss important ways consumers and businesses can protect themselves against hackers. Hes the head at the Risk Advisory<\/a> firm. Tim, welcome. Good to see you. Thank you. Do you think this attack on these celebrities data was a rogue that got the user name and passwords or does it suggest a deeper problem, which apple says it is not, a deeper problem with data that are stored on the cloud . Well, i think it is a deeper problem with data thats stored on the cloud in that when somebody can purport to be somebody they are not and get access to the victims data, thats a deeper cloud problem. That is not an individual problem. You know, there was a time, tim, that people were really very worried to put any private information to make a purchase on the internet and now we all do this. Do you think that part of the problem is weve become too trusting, too lose, whether apple or amazon or google or twitter . I think that we have, its become so common place to put data on the cloud, as you said, people are not looking at the security implications of doing it. That said, i think in the next five years, almost all our data will be in the cloud. So i dont think well be able to walk back from this part. What im hearing you say here is that the fact that they got the user name, able to crack the password, that gave them access to stuff that was secured on the cloud, so its really kind of a distinction without a difference, whether the problem was with the cloud or the phone itself. In the piece that julia just did, she showed one way to protect or sort of do a belt and suspenders approach to your password, and that is a second verification or second authorizing. Will people go for that, where you get another message sent to you to a separate device or is that too much of a trouble system thing to do . No, i think it can become part of a normal security practice. When High Net Worth<\/a> individuals come because they have concerned about stuff like this, we always recommend twostep verification. These cloud providers, they can mandate the use of twostep verification so that becomes more wide spread. Real quickly, if you run a Small Business<\/a> or mediumsized business and you continue have a huge it department to help, any important piece of advice you can give Business Owners<\/a> how to protect their data . Sure, if youre storing data in the i cloud today, you Must Immediately<\/a> change your passwords. If you have the ability to use twofactor aught thverification should use it. Does two factor make it harder to crack . Is it different from one factor verification. If you can beat me on this, why cant you beat me on the one the Company Sends<\/a> . Most require that the second factor go to like a cell phone so the bad guy would have to both steal your password and steal your cell phone. I see. Thank you very much. Very helpful. Thank you. And coming up, the 10 billion bet by companies hoping to rollout the next lipitor. Thats next. Eric cantor is hitting the street, wall street. The former House Majority<\/a> leader that lost the election to a Tea Party Challenger<\/a> back in june has joined Investment Firm<\/a> as Vice President<\/a> and managing director and he will be elected. He resigned from the virginia seat last month. Two Energy Giants<\/a> are paying a hefty price for their roles in two separate disasters. They were fined 1. 4 billion by a panel of california judges for a 2010 gas pipeline blast and fire that killed eight people outside san francisco. In a separate settlement, halliburton was ordered to pay 1. 1 billion for its role in the 2010 deep Water Horizon Oil<\/a> spill off the gulf, in the gulf of mexico. That money will go into a trust thats used to compensate victims. The socalled dollar store bidding war is heating up and thats where we begin tonights market focus. Dollar general upped the bid for Family Dollar<\/a> to 80 a share and offer to divest stores. Last month, Family Dollar<\/a> rejected the earlier bid saying it would stick with the deal to be acquired by dollar tree. Shares of all three chains were higher today. Here is another deal update, this one on the possible tmobile and illiad merger. Tmobile could have a take over bid from francis iliad. Its in talks with potential partners that could team up with the company on the bid. Shares of tmobile rose 1 today to 35. 43. Norwegian cruise line is pushing into the Luxury Travel<\/a> sector. Its spending 3 billion to buy highend cruises. The deal will give norwegian access to prestige ships to help compete with places like royal caribbean. Stocks surged higher. The Software Company<\/a> compuware said it will be acquired by toma bravo. The software is used by Companies Like<\/a> Cisco Systems<\/a> and Dominos Pizza<\/a> to manage complex applications like ordering a pizza. It closed at 10. 59. 1800flowers hopes you want to send gourmet food with the roses. The company is buying harry and david, known for specialty foods, lovely fears and more. More than 140. The Online Flower<\/a> retailer saw shares surge 16 to 5. 98 and nba mvp kevin durant is resigning with nike turning down advances from under armor. The tenyear deal would be worth 300 million or more but under armor didnt lose out. It turned around and signed the brazilian model gazelle, wife of tom brady to a longterm contract. Shares of nike up, under armor jumping 4 to 71. 13. We all know about lip tore, the anti cholesterol medication that is the bestselling drug ever but lipitor might not be enough leading to a class of drugs beyond lipitor rushed to the market now. Meg terrell has the story. Reporter as many as 17 Million People<\/a> in the u. S. , europe and japan has high cholesterol not helped by stat tablets and there is a race to address the market. The experimental medicines are inhibitors that aim levels of bad cholesterol. Its an enzyme involved in the metabolism and so by inhibiting it, the changes the way cholesterol is metabolized. Reporter leading the pack is partnered with french drug maker sanafee. They will battle between a 10 billion market. Amgen said it applied for approval in europe and said last week it applied with the fda here in the u. S. New data over the weekend at a european cardiology conference and expected to apply for approval. For these drug makers, its a highstakes race. I think everybody would like to think this is a winner take all race and i dont think thats the way it is. If you think of the stclasses, there is plenty of room and were competitive. Reporter one difference, they are injected rather than taken as pills. We do think that will hinlder the uptake. It does seem like general practitioners, people who typically treat patients with high cholesterol would rather give a pill. Reporter that may reserve the drugs for sicker patients. Still, the market may broaden if they dont slower the cholesterol. As for getting to the market, the leaders are neck and neck. Amgen applied for approval, there was a surprise move that purchased a priority voucher that gives a sixmonth review versus standard ten. Its anybodys game. For nightly Business Report<\/a>, im meg terrell. Coming up, some of Atlantic City<\/a>s casinos start shutting the doors taking thousands of jobs with them. What is next for the struggling city by the boardwalk . Opening statements began in detroits bankruptcy trial. At stake, whether billions of dollars in debt can be restructured and at the heart of the contested plan, pensioners would be paid more than the weve been telling you about Atlantic City<\/a> and today the casino shut the doors after two years in business. It is the third casino to fold in the struggling gambling mecca. Morgan brenham looks what is next for the city and the famous boardwalk. Reporter its the end of summer and in Atlantic City<\/a>, the end of an era as the show boat casinos close down. Its so emotional. I think its sure real. I dont know if it hit me. When you lay people off, crime comes. Reporter more than 5,000 jobs were lost Labor Day Weekend<\/a> and when trump plaza closes later this month, another 1100 will be unemployed. Factoring in thirdparty vendors, 7,400 positions will be lost, a quarter of the casino related jobs. Well be filing for unemployment this week just like almost everyone. Reporter new jerseys Labor Department<\/a> says this is one of the largest mass filings for unemployment in state history, so large that official haves rented out the Convention Center<\/a> to host resource fairs. The hopes here in the center is to get people through the unemployment process, food bank, anything these people need, we need to help them. Reporter it will have ripple effects, tax revenue from the three properties accounted for roughly 15 of the budget. Rebalancing, will mean cutting back on hundreds of city jobs. The hope is once trump plaza closes, acs remaining casino supply will stabilize and regain profits. This should be the last casino closure for at least two years as revenue from here, the show boat shifts to other local Properties Like<\/a> herras. There is no question the gaming in the regional areas have had a negative impact. We feel that the remaining casinos resorts, in particular, those that have invested in the property over the years will do very well in the future. Reporter as the city scrambles to reinvent, officials are aggressively targeting business, an industry he expects to grow by 100 and perhaps the most Innovative New<\/a> concept is by the chelsea, the highend nongaming hotel in nearly 40 years with legislation sbh introduced, he hopes to rollout a boutique gaming floor, a very different model. We would run the gaming floor like a velvet rope nightclub. The guests would have admission to the space. Other friends of theirs would have admission to the space, but it could be a completely different paradigm for gaming. Reporter they hope to attract urban young professio l professiona profession the same de rebel tried to cater to. Sources say they are in active discussions and not necessarily to be used with casinos. The hope is the project will be announced before the year is out. For nightly Business Report<\/a>, im Morgan Brennan<\/a> in Atlantic City<\/a>, new jersey. That is nightly Business Report<\/a> for tonight. Im susie gharib, thanks for watching and welcome back, tyler. Im tyler mathisen. Thanks for joining us. Have a great evening, everybody, and we hope to see you back here. Google is an Artificial Intelligence<\/a> company as well. People who tour these galleries often say wow, i had no idea. Many think computing is about engineers and mathematicians. But if you ever shopped online or texted a friend, you know computing is about you. Google, a company, a service, and even a verb. Google story is filled with the unexpected from its simple roots to its global reach. Steven levy is googles authorized biographer and he enjoyed unparalleled access for his book,","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia600704.us.archive.org\/25\/items\/KQEH_20140903_013000_Nightly_Business_Report\/KQEH_20140903_013000_Nightly_Business_Report.thumbs\/KQEH_20140903_013000_Nightly_Business_Report_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240620T12:35:10+00:00"}