Transcripts For WHYY Nightly Business Report 20140909 : vima

And what the Company Calls the next chapter in its history. In a launch with lots of hype and hoopla, from cupertino, california, apple ceo tim cook unveils two new iphones, a wearable smart watch, the first new device in four years and a Payment System that turns iphone into a virtual wallet. And while Technology Geeks cheered with each new device or service announcement, wall street apple shares sent them on a wild ride trying to figure out what they need for the bottom line. After rising 3 when the iphone 6 was unveiled, they closed at nearly half a percent. And they looked at the reach of apples devices and dominant services, ebay down nearly 3 , along with Communication Systems soniff, watch and wearable devices heading lower. And gt advance tech, this is the maker of sapphire glass which may not be used in the new iphone 6 falling 13 , josh lipton has more. Reporter crowds lined up for apples event days ago in new york city. And early this morning in cupertino, california. All to see what apples ceo tim cook would reveal. Today we have Amazing Products to share with you. And we think at the end of the day that you will agree that this, too, is a very key day for am. And they got it all, a new and improved iphone, the new version is thinner, has a new battery life and will be supported by more carriers, available on september 19th. 199 for the iphone6 and 299 for the larger iphone6plus. Cook introduced a new mobile Payment System, as well, called apple pay which turns it into a onetouch system. And finally, the muchanticipated apple watch, feature dozens of ways to manage time, health and weather on a thin screen with personalized bands. It is slated to be available early next year for 349. As much about personal technology as it is style and taste. Reporter the nearly twohour presentation was capped off with an appearance by youtube when a band offered their new release itunes to customers through october, the crowds were not disappointed. I thought it was kind of neat that tim is ushering a new era where theyre highlighting a lot of technical talent that works at apple. Giving them a chance to present. I thought it was cool. It requires the user to also have an iphone. Really, we saw the falloff just as apple talked about the iwatch and people got excited. And then guess what . You need the iphone to use the iwatch. And more details to come. That limits the Market Opportunity at least over the near term, we believe. Reporter todays event was critical for investors as it was tim cooks first big launch since becoming ceo in 2011. The focus will now turn to the new products as customers and developers eagerly await their release. For nightly business report, im josh lipton. So what will the new products and a refashioned iphone mean for the worlds most valuable company and is shareholders including scores of funds you may own . Lets talk to channing smith, coportfolio advisers. Welcome to both of you. David, was todays event a single, a double, a triple . I think today was a very good triple due to the extent we got the large factor phone basically that putting apple in a category that is showing faster growth. They may not have been innovative, but they are going to drive earnings estimates in terms of those will be going up. Relative to the other announcements on apple pay this may be a service that does not necessarily drive the bottom line in a very large way but it will drive Consumer Loyalty from the standpoint we think it will bring more consumers doing off of apples platform, and giving them access to the stream. We were disappointed that we would have heard the apple ownership over the summer, ibm has strong capabilities in the data analytics, and apple has very Strong Security capabilities something that investors may be very concerned about given the recent issues with the cloud offering. I want to bring channing into the conversation. Channing, you own apple in your portfolio. How did you feel about the announcements today . Which one of these was a gamechanger if at all . I think we were focused on the iphone, that was the true driver going forward. We were very pleased to see the enhanceme enhancements. We believe this will be the biggest upgrade site weve ever seen. If you look at 3 to 400 Million Units that are out there, probably half of them are old. Were happy to see the carriers out there become a lot more flexibility with their plans. So we believe it will be an enormous cycle. The new iphone is good enough. You see the different the apple pay, you see the watch. Were not very excited about it why not . Well, i dont think theyre a big revenue driver. If you think about the last two big category killers and that would be the iphone. That changed the way we communicated. If you think about the ipad it changed the way we absorb content. When we look at the iwatch we think well, will that change the way i tell time . I mentioned it earlier. You have to have the iphone, that will create a big head wind for a lot of people spending money on the apple products. I dont know if the functionality is there. The iphone in the pocket very quickly, channing, i note that you had been selling apple shares basically for portfolio reasons. Recently, did you become a buyer today . No, we really didnt. We love apple and have a 5. 5 position. We cut it down to three, the stock is up 25 , we felt the good news was priced into the stock. I am feeling the apple fatigue, i think the market will feel the apple fatigue. It is more of what is priced in. Now you get to a point where Everybody Knows what is out there. Now apple has to execute. Two years ago they had a lot of manufacturing problems and execution problems. Now at this point i believe they were going to have an excellent christmas holiday. They now have to execute. That could be an issue, the iwatch, we wont hear about that really until next year. But we just dont really have a lot of high revenue expectations. All right, let me ask david about the stock. You have a 125 target on the stock today around 97. You heard what channing said, what is the motivation to own the stock . Well, traders will basically follow the nearterms extents, to the extent well have a strong Holiday Shopping season i would argue that the estimates would go up, probably support the stock on a relative basis, obviously in terms of broader markets there are a lot of concerns about the feds and europe and the economy overseas. But the fact of the matter is the u. S. Market is still the best in the bad house and bad neighborhood. It will be the best in the performing names of an earning perspective, i would argue from that point, 125 in shares of terms and data monitization, the revenues will be harder than the markets themselves. Well make a transition towards the harder margin at the end of the day that is supportive of stocks. That helps a lot. If you have revenue growth, it usually means higher markets. On wall street today, cautious trading sent stocks falling on disappointing news about sinking sales at mcdonalds last month. And a Security Breach at home depot also impacting the markets renewed worries about when the Federal Reserve may raise interest rates. By the close, the dow was down 97 points, the nasdaq lost 40 and the s p fell by 13 points. Susie, august just fell 14 . The investors lost a taste for the company today sending shares down 1. 5 . The chain got slammed by a food safety scare in china, and japan, shares fell steeper than expected 14. 5 as it battles tougher competition as well as changing tastes here in the united states. And today, Steve Leesman reported that the Federal Reserve may change its policy statement next week. Leesman says that the odds went up that the fed dropped the phrase considerable time to drive by the lag and when it may raise interest rates, considerable time was usually meant to mean at least six months. If that language goes, liesman says that the market is likely to read that as opening the door to an earlier start to rate hikes. Among the hard is hit sectors in the markets today, banks, shares of all the big banks ending lower. This comes as the Federal Reserve and Banking Committee considers tougher rules in the event of another economic downturn. Hampton pearson has more. Reporter concerns after the big financial crisis some of the mega banks remaining two big to fail, now they have costly new regulations. At the top of the list, capital surcharges, much higher than firms are now paying based on rules adopted by the International Regulators in switzerland years ago. The plans were outlined for the senate Banking Committee. The amount of common equity required to be held by these firms, we look to improve their resiliency to take into account their impact would have on the financial system. Another fed proposal potentially penalizing big banks loans, could have broker dealer operations at the likes of morgan stanley. They want to avoid the collapse that led to the demise of Lehman Brothers in 2008. The surcharge will directly take into account the reliance on shortterm wholesale funding which we believe to be a very important indicator of systemic importance because of the potential for funding runs and contagion under stress. Reporter since the financial crisis, u. S. Banks have increased capital by nearly 30 billion to cushion the shock from a financial meltdown. Financial industries is concerned the latest proposal from the fed could put u. S. Banks at a competitive disadvantage. The bosul process is designed to make it possible for all the banks across the world to be making it on one set of standards. And when you change the standards for u. S. Banksy tt mey have a higher standard that they have to stand up to than their foreign competitors. Today here on capitol hill we got a preview of what to expect, once the Federal Reserve makes a formal rule proposal in corpo l incorporating those business proposals. And also an update on the future of the federally run Export Import Bank. After threats to end funding for the bank from the chairman of the House Financial Services committee, House Speaker john boehner said the house will instead extend the banks authority. Working with the chairman, he believes that it is temporary extension of the Export Import Bank is in order. Whether it is a separate issue or it is in this year, yet to be decided. The continuing resolution bill is needed to end the Government Shutdown at the end of the month. And well hear from a security expert next. News if youre looking for a job. The number of advertised job openings in july, more than 4. 5 million, marking a 13year high. The labor departments socalled jolts survey said that companies stepped up their hiring the most in the last year, but they showed a sharp drop in government postings. And the National Federation of businesses, showed that Small Business optimism went higher in august. They expect business to improve in the coming month and they plan to increase capital spending. But fewer owners say they plan to hire more workers in the future. Sales force. Com, the Cloud Computing giant said the plan to tale the login credentials could have targeted the Software Users and could lead to theft. They say the malware infiltrated systems, the kind that usually target large financial firms. As we told you last night home depot finally confirmed it was the victim of a large data breach and that the hacking could have happened as early as last april. And could have rivalled if not exceeding last years cyber attack on shoppers at target. Today we learned the attorney general of illinois, california, they are going to take the lead into a probe on the attack. Home depot is the latest victim of recent big data breaches. So why does this keep happening and is the problem fixable . Joining us now, senior managing director of cyber director at the Risk Advisory firm. Allen, nice to have you with us, every day is a new headline, so home depot, target, happening to some extent. Why does it keep happen something. Youre right, it is very much the victim of the day and it keeps happening because ultimately were not taking steps to make it stop happening. Very simply, look at what is happening, this is not a case in which somebody breaks into a computer and an hour later they find out and start to fix it. These are cases in which the breakin and the theft of data has lasted for days or weeks or in the latest days apparently since april. That is a long time to have malware running in your system and not notice it. So what we need to do is get the motivation whether it is from the board or Senior Management to get folks to get the help if they need it to look at their systems and find out what is really running on their pls systems. How could it be you wouldnt notice Something Like that for four or five months . You have to understand that the folks that write the malware are very good at this. Who are they . Where are they . They are in eastern europe. They are in asia. They are all over. This is big business. This is not a kid who has Nothing Better to do in their basement. Organedcrime . Organized crime with a digital outlook. And like Everything Else they keep making their product better. More stealthy, harder to find, memory resilient. So when you look on the disk you dont see anything. Apple announced the mobile Payment System, a lot of companies trying to do things like this. Is this going to be the new way around this . You know you dont use a credit card or have that magnetic strip that can be hacked into. What do you think were seeing . I think what were seeing with apple pay is the start of a new paradigm in the way we pay for things. Remember, apple didnt just come up with this by themselves. They are dealing with some of the largest banks in the country and the world. Some of the largest retailers with the card brands so that you now will have a way to pay for something at a point of sale where youre not exposing your actual credit card number but rather a credential that can be turned into your account. But very securely. Is it safe . You know, were going to have to wait until the specific system is tested. That is a careful answer. It is the right answer. But i think it is really something that is on the right track. I dont think that the brands and the banks and the retailers would be working together if they didnt have some indication that this was being done right. It will be tested because you know that some of the first people on line after the people have been there for a week to buy this new stuff are going to be the hackers, theyre going to take it to understand the software, the reverse engineer, the software. Very quickly, all the big companies, home depot, target, they must invest millions in their security but it has not worked. Are there Security Companies out there that do it better than others . There are companies that look at things a little differently. For example, one of the things we learned in looking at hundreds and hundreds of breaches is that ultimately you o what it is that went wrong. Where that bad software is. And if you have the tools that go into a network, lock onto computers and tell you what is actually running you can make the difference between those that have malware and those that dont and you can stop it. You make it sound very easy but we know it is much more complicated than that. Thank you for joining us. Thank you. Barnes noble lost less money than expected. That is where we begin the focus tonight. Promotion and new products drove up traction at the big seller, but revenue coming in below expectations, despite that, investors are happier with the better than expected performance and shares rose to 24. 09. And reporting a loss, the offprice clothing retailer posted revenue that topped estimates and upped the outlook for the year as sales rose to 37. 18. American airlines said its traffic was flat in august compared to a year ago and the load factor or the percentage of seats it filled also fell. Shares slipped to 37. 90. Sony, disney, dream works all being accused in a federal lawsuit of trying to suppress wages in special effects and animation businesses. The suit alleges the company agreed not to poach employees from one another and outbid pay offers. The three companies down today with dream works falling the most off 3. 5 . World caribbean upped their quarterly dividend, the new payout 30 cents a share up from 25 cents, payable to shareholders in october. Shares fell to 66. 07. And more bad news for atlantic, the struggling gambling mecca will see problems. They filed for bankruptcy, saying they had liabilities of more than 100 million. The firm runs two casinos in atlantic. The trump plaza is already set to close down next week. The other is the trump taj mahal, which the company says will close in november, donald trump founded but no longer controls trump entertainment. Coming up, what a father is doing to find a treatment for his sons rare disease. The traditional treatment that Drug Companies sometimes wont involve themselves in. Americans are saving more than ever for college but the amounts people are putting away is not nearly enough. Not even enough to cover one year at a public university. Thanks to the rising value of stocks that College Saving plano Network Reports that the average college plan is now worth just over 20,000, double what it was back in 2008, but not enough to cover even a years tuition at a big fouryear school. And finally tonight, Company Calls<\/a> the next chapter in its history. In a launch with lots of hype and hoopla, from cupertino, california, apple ceo tim cook unveils two new iphones, a wearable smart watch, the first new device in four years and a Payment System<\/a> that turns iphone into a virtual wallet. And while Technology Geeks<\/a> cheered with each new device or service announcement, wall street apple shares sent them on a wild ride trying to figure out what they need for the bottom line. After rising 3 when the iphone 6 was unveiled, they closed at nearly half a percent. And they looked at the reach of apples devices and dominant services, ebay down nearly 3 , along with Communication Systems<\/a> soniff, watch and wearable devices heading lower. And gt advance tech, this is the maker of sapphire glass which may not be used in the new iphone 6 falling 13 , josh lipton has more. Reporter crowds lined up for apples event days ago in new york city. And early this morning in cupertino, california. All to see what apples ceo tim cook would reveal. Today we have Amazing Products<\/a> to share with you. And we think at the end of the day that you will agree that this, too, is a very key day for am. And they got it all, a new and improved iphone, the new version is thinner, has a new battery life and will be supported by more carriers, available on september 19th. 199 for the iphone6 and 299 for the larger iphone6plus. Cook introduced a new mobile Payment System<\/a>, as well, called apple pay which turns it into a onetouch system. And finally, the muchanticipated apple watch, feature dozens of ways to manage time, health and weather on a thin screen with personalized bands. It is slated to be available early next year for 349. As much about personal technology as it is style and taste. Reporter the nearly twohour presentation was capped off with an appearance by youtube when a band offered their new release itunes to customers through october, the crowds were not disappointed. I thought it was kind of neat that tim is ushering a new era where theyre highlighting a lot of technical talent that works at apple. Giving them a chance to present. I thought it was cool. It requires the user to also have an iphone. Really, we saw the falloff just as apple talked about the iwatch and people got excited. And then guess what . You need the iphone to use the iwatch. And more details to come. That limits the Market Opportunity<\/a> at least over the near term, we believe. Reporter todays event was critical for investors as it was tim cooks first big launch since becoming ceo in 2011. The focus will now turn to the new products as customers and developers eagerly await their release. For nightly business report, im josh lipton. So what will the new products and a refashioned iphone mean for the worlds most valuable company and is shareholders including scores of funds you may own . Lets talk to channing smith, coportfolio advisers. Welcome to both of you. David, was todays event a single, a double, a triple . I think today was a very good triple due to the extent we got the large factor phone basically that putting apple in a category that is showing faster growth. They may not have been innovative, but they are going to drive earnings estimates in terms of those will be going up. Relative to the other announcements on apple pay this may be a service that does not necessarily drive the bottom line in a very large way but it will drive Consumer Loyalty<\/a> from the standpoint we think it will bring more consumers doing off of apples platform, and giving them access to the stream. We were disappointed that we would have heard the apple ownership over the summer, ibm has strong capabilities in the data analytics, and apple has very Strong Security<\/a> capabilities something that investors may be very concerned about given the recent issues with the cloud offering. I want to bring channing into the conversation. Channing, you own apple in your portfolio. How did you feel about the announcements today . Which one of these was a gamechanger if at all . I think we were focused on the iphone, that was the true driver going forward. We were very pleased to see the enhanceme enhancements. We believe this will be the biggest upgrade site weve ever seen. If you look at 3 to 400 Million Units<\/a> that are out there, probably half of them are old. Were happy to see the carriers out there become a lot more flexibility with their plans. So we believe it will be an enormous cycle. The new iphone is good enough. You see the different the apple pay, you see the watch. Were not very excited about it why not . Well, i dont think theyre a big revenue driver. If you think about the last two big category killers and that would be the iphone. That changed the way we communicated. If you think about the ipad it changed the way we absorb content. When we look at the iwatch we think well, will that change the way i tell time . I mentioned it earlier. You have to have the iphone, that will create a big head wind for a lot of people spending money on the apple products. I dont know if the functionality is there. The iphone in the pocket very quickly, channing, i note that you had been selling apple shares basically for portfolio reasons. Recently, did you become a buyer today . No, we really didnt. We love apple and have a 5. 5 position. We cut it down to three, the stock is up 25 , we felt the good news was priced into the stock. I am feeling the apple fatigue, i think the market will feel the apple fatigue. It is more of what is priced in. Now you get to a point where Everybody Knows<\/a> what is out there. Now apple has to execute. Two years ago they had a lot of manufacturing problems and execution problems. Now at this point i believe they were going to have an excellent christmas holiday. They now have to execute. That could be an issue, the iwatch, we wont hear about that really until next year. But we just dont really have a lot of high revenue expectations. All right, let me ask david about the stock. You have a 125 target on the stock today around 97. You heard what channing said, what is the motivation to own the stock . Well, traders will basically follow the nearterms extents, to the extent well have a strong Holiday Shopping<\/a> season i would argue that the estimates would go up, probably support the stock on a relative basis, obviously in terms of broader markets there are a lot of concerns about the feds and europe and the economy overseas. But the fact of the matter is the u. S. Market is still the best in the bad house and bad neighborhood. It will be the best in the performing names of an earning perspective, i would argue from that point, 125 in shares of terms and data monitization, the revenues will be harder than the markets themselves. Well make a transition towards the harder margin at the end of the day that is supportive of stocks. That helps a lot. If you have revenue growth, it usually means higher markets. On wall street today, cautious trading sent stocks falling on disappointing news about sinking sales at mcdonalds last month. And a Security Breach<\/a> at home depot also impacting the markets renewed worries about when the Federal Reserve<\/a> may raise interest rates. By the close, the dow was down 97 points, the nasdaq lost 40 and the s p fell by 13 points. Susie, august just fell 14 . The investors lost a taste for the company today sending shares down 1. 5 . The chain got slammed by a food safety scare in china, and japan, shares fell steeper than expected 14. 5 as it battles tougher competition as well as changing tastes here in the united states. And today, Steve Leesman<\/a> reported that the Federal Reserve<\/a> may change its policy statement next week. Leesman says that the odds went up that the fed dropped the phrase considerable time to drive by the lag and when it may raise interest rates, considerable time was usually meant to mean at least six months. If that language goes, liesman says that the market is likely to read that as opening the door to an earlier start to rate hikes. Among the hard is hit sectors in the markets today, banks, shares of all the big banks ending lower. This comes as the Federal Reserve<\/a> and Banking Committee<\/a> considers tougher rules in the event of another economic downturn. Hampton pearson has more. Reporter concerns after the big financial crisis some of the mega banks remaining two big to fail, now they have costly new regulations. At the top of the list, capital surcharges, much higher than firms are now paying based on rules adopted by the International Regulators<\/a> in switzerland years ago. The plans were outlined for the senate Banking Committee<\/a>. The amount of common equity required to be held by these firms, we look to improve their resiliency to take into account their impact would have on the financial system. Another fed proposal potentially penalizing big banks loans, could have broker dealer operations at the likes of morgan stanley. They want to avoid the collapse that led to the demise of Lehman Brothers<\/a> in 2008. The surcharge will directly take into account the reliance on shortterm wholesale funding which we believe to be a very important indicator of systemic importance because of the potential for funding runs and contagion under stress. Reporter since the financial crisis, u. S. Banks have increased capital by nearly 30 billion to cushion the shock from a financial meltdown. Financial industries is concerned the latest proposal from the fed could put u. S. Banks at a competitive disadvantage. The bosul process is designed to make it possible for all the banks across the world to be making it on one set of standards. And when you change the standards for u. S. Banksy tt mey have a higher standard that they have to stand up to than their foreign competitors. Today here on capitol hill we got a preview of what to expect, once the Federal Reserve<\/a> makes a formal rule proposal in corpo l incorporating those business proposals. And also an update on the future of the federally run Export Import Bank<\/a>. After threats to end funding for the bank from the chairman of the House Financial Services<\/a> committee, House Speaker<\/a> john boehner said the house will instead extend the banks authority. Working with the chairman, he believes that it is temporary extension of the Export Import Bank<\/a> is in order. Whether it is a separate issue or it is in this year, yet to be decided. The continuing resolution bill is needed to end the Government Shutdown<\/a> at the end of the month. And well hear from a security expert next. News if youre looking for a job. The number of advertised job openings in july, more than 4. 5 million, marking a 13year high. The labor departments socalled jolts survey said that companies stepped up their hiring the most in the last year, but they showed a sharp drop in government postings. And the National Federation<\/a> of businesses, showed that Small Business<\/a> optimism went higher in august. They expect business to improve in the coming month and they plan to increase capital spending. But fewer owners say they plan to hire more workers in the future. Sales force. Com, the Cloud Computing<\/a> giant said the plan to tale the login credentials could have targeted the Software Users<\/a> and could lead to theft. They say the malware infiltrated systems, the kind that usually target large financial firms. As we told you last night home depot finally confirmed it was the victim of a large data breach and that the hacking could have happened as early as last april. And could have rivalled if not exceeding last years cyber attack on shoppers at target. Today we learned the attorney general of illinois, california, they are going to take the lead into a probe on the attack. Home depot is the latest victim of recent big data breaches. So why does this keep happening and is the problem fixable . Joining us now, senior managing director of cyber director at the Risk Advisory<\/a> firm. Allen, nice to have you with us, every day is a new headline, so home depot, target, happening to some extent. Why does it keep happen something. Youre right, it is very much the victim of the day and it keeps happening because ultimately were not taking steps to make it stop happening. Very simply, look at what is happening, this is not a case in which somebody breaks into a computer and an hour later they find out and start to fix it. These are cases in which the breakin and the theft of data has lasted for days or weeks or in the latest days apparently since april. That is a long time to have malware running in your system and not notice it. So what we need to do is get the motivation whether it is from the board or Senior Management<\/a> to get folks to get the help if they need it to look at their systems and find out what is really running on their pls systems. How could it be you wouldnt notice Something Like<\/a> that for four or five months . You have to understand that the folks that write the malware are very good at this. Who are they . Where are they . They are in eastern europe. They are in asia. They are all over. This is big business. This is not a kid who has Nothing Better<\/a> to do in their basement. Organedcrime . Organized crime with a digital outlook. And like Everything Else<\/a> they keep making their product better. More stealthy, harder to find, memory resilient. So when you look on the disk you dont see anything. Apple announced the mobile Payment System<\/a>, a lot of companies trying to do things like this. Is this going to be the new way around this . You know you dont use a credit card or have that magnetic strip that can be hacked into. What do you think were seeing . I think what were seeing with apple pay is the start of a new paradigm in the way we pay for things. Remember, apple didnt just come up with this by themselves. They are dealing with some of the largest banks in the country and the world. Some of the largest retailers with the card brands so that you now will have a way to pay for something at a point of sale where youre not exposing your actual credit card number but rather a credential that can be turned into your account. But very securely. Is it safe . You know, were going to have to wait until the specific system is tested. That is a careful answer. It is the right answer. But i think it is really something that is on the right track. I dont think that the brands and the banks and the retailers would be working together if they didnt have some indication that this was being done right. It will be tested because you know that some of the first people on line after the people have been there for a week to buy this new stuff are going to be the hackers, theyre going to take it to understand the software, the reverse engineer, the software. Very quickly, all the big companies, home depot, target, they must invest millions in their security but it has not worked. Are there Security Companies<\/a> out there that do it better than others . There are companies that look at things a little differently. For example, one of the things we learned in looking at hundreds and hundreds of breaches is that ultimately you o what it is that went wrong. Where that bad software is. And if you have the tools that go into a network, lock onto computers and tell you what is actually running you can make the difference between those that have malware and those that dont and you can stop it. You make it sound very easy but we know it is much more complicated than that. Thank you for joining us. Thank you. Barnes noble lost less money than expected. That is where we begin the focus tonight. Promotion and new products drove up traction at the big seller, but revenue coming in below expectations, despite that, investors are happier with the better than expected performance and shares rose to 24. 09. And reporting a loss, the offprice clothing retailer posted revenue that topped estimates and upped the outlook for the year as sales rose to 37. 18. American airlines said its traffic was flat in august compared to a year ago and the load factor or the percentage of seats it filled also fell. Shares slipped to 37. 90. Sony, disney, dream works all being accused in a federal lawsuit of trying to suppress wages in special effects and animation businesses. The suit alleges the company agreed not to poach employees from one another and outbid pay offers. The three companies down today with dream works falling the most off 3. 5 . World caribbean upped their quarterly dividend, the new payout 30 cents a share up from 25 cents, payable to shareholders in october. Shares fell to 66. 07. And more bad news for atlantic, the struggling gambling mecca will see problems. They filed for bankruptcy, saying they had liabilities of more than 100 million. The firm runs two casinos in atlantic. The trump plaza is already set to close down next week. The other is the trump taj mahal, which the company says will close in november, donald trump founded but no longer controls trump entertainment. Coming up, what a father is doing to find a treatment for his sons rare disease. The traditional treatment that Drug Companies<\/a> sometimes wont involve themselves in. Americans are saving more than ever for college but the amounts people are putting away is not nearly enough. Not even enough to cover one year at a public university. Thanks to the rising value of stocks that College Saving<\/a> plano Network Reports<\/a> that the average college plan is now worth just over 20,000, double what it was back in 2008, but not enough to cover even a years tuition at a big fouryear school. And finally tonight, Rare Diseases<\/a> affect fear patients, often that means treatment comes with too great a cost and too small a payoff for big pharmaceutical companies. That is why one former banker quit his job, starting his own biotech firm and launched a campaign to raise millions of dollars after his son was diagnosed with a rare disorder. Reporter he never planned a career in drug development. But two years ago, alon and his wife, anna, got the news that changed their lives. Even looking at wikipedia, you see the news that the wheelchair by ten, 11, 12, and that most of the boys you know, dont make it past their early 20s. And it was devastating. I mean, words cant describe, as a parent how you feel. Reporter their son atoni was diagnosed with the muscular rare disease, there are no treatments for the rare disease he has. His father changed jobs, moved his family from boston to london and raised 7 million, with two partners he founded a forprofit company to develop drugs for his sons disease. There are thousands of diseases, we find it difficult sometimes to substantiate the value. And jump right in. Reporter that is where solids focuses, to advance therapies that may be trapped in what the drug industry knows as the valley of death. A point where potentially promising medicines get stuck due to lack of funding and resource. What we are left with is a lot of patients left without drugs and a lot of science that is not getting developed. We feel like in duchene it is part of our responsibility to marry the two, and that is what it is about. Reporter time is precious, atoni has lots of energy for a 4 year yearold now. But over time his disease will worsen, the couple are convinced they will make a difference. Were aggressive. We raise enough money to do what we need to do. We have the right people, and very soon will have the right treatment. Reporter alon company signed with pfizer, and it is a measure that some parents take for extreme measures to solve their situation. And im tyler mathisen, have a great evening, everybody. We hope to see you back here tomorrow night. This is bbc world news. Funding of this presentation is made possible by the freeman foundation. Newmans own foundation, giving all profits to charity and pursuing the common good for over 30 years. Kovler foundation. Union bank. And beijing tourism. At union bank, our relationship managers use their expertise in Global Finance<\/a> to guide you through the Business Strategies<\/a> and opportunities of international commerce. We put our extended Global Network<\/a> to work for a wide range of companies, from Small Business<\/a>es to major corporations. 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