staying the course: could this bulletproof market get derailed by friday's jobs number? in today's cover story, now that faa workers are back on the job, are other sequester-hit industries green with envy? plus, a look at immigration legislation and the lives it has the potential to change. and, turning the page: how the publishing industry is revamping how we read. first business starts now! you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's monday, april 29th. i'm angela miles. in today's first look: down but not out: stocks turned in lackluster numbers on friday, but the major indicies were all up 1-2% for the week. gold fell 4 dollars. oil dripped 91 cents. jc penney is in a dollar daze. shares shot up more than 11% friday, first on word billionaire george soros has a

major stake in the company, then cnbc reported goldman sachs set up a $1.75-billion loan committment. the retailer is suddenly back in vogue. also, governor chris christie says he will make a major announcement today. it marks 6 months since hurricane sandy hit new jersey and the northeast section of the country. well, if there is one thing you can say about this market, it really is holding up quite well. phillip streible of rjo futures joins us now on this monday morning, and phillip, despite the gdp number that came out on friday, not so bad here. - i know. traders were really surprised, too. we came out at 2.5%, we were expecting 3%. i would have thought the stock market would have sold off a lot harder than it did. it held in quite nicely. it seems that the fed, with their $85 billion that they just keep pumping into the market month after month has really put a good base into

the market. - is the market moving at all on developments out of syria? have you seen any signs? - i haven't seen anything. really what we have seen is oil prices start to trend a little bit higher, but i really think that was that inventory drawdown we saw last week. i think there is a possibility, though, if things start to heat up and develop over there, you may see the brent crude oil start to move up, or perhaps even gold and silver. - hard to believe, but it's almost may, and we have a jobs number at the end of the week. are traders setting up for that, and what are they expecting? what is the scuttlebutt from the trading floor? - we will start looking at it here closer to wednesday when the atp is starting to come out, and then we will start positioning ourselves looking at most likely some kind of call above where the market hit, reached this little mini double-top, and then we will look at that 1544 range on the s&p - that was the 50-day moving average. i think that is your floor on the bottom. if either one of those two levels is violated, i think that is going to be your next prominent direction. - what are you doing with this

market? what is your biggest trade? - the biggest trade we have right now is still looking at gold and silver to rebound quite a bit more. we saw a nice move back up here, about $150 off the low. we think we are going to get that kind of continuation back to the upside and follow through. - thank you phillip. have a great week. - thank you. in our cover story, a new week for business flyers and - barring weather delays - a week free of flight delays - at least those traceable to the sequester's automatic spending cuts to the federal budget. both houses of congress approved letting the faa move funds from one part of the agency to cover the salaries of air traffic controllers. that means full staffing in the towers. this week, flight operations at the nation's airports should be back to normal. it took one week for congress to come up with a bipartisan remedy. "i'm not at all surprised they solved it quickly because it wasn't politically expedient to cause delays." "i'm assuming the airlines had a lot to do with it." "the big carriers were losing a million dollars a day." the chief operations officer of u.s. airways reportedly said the faa response to

sequestration was 'worse than the weather' in the uncertainty of when planes would be allowed to take off and land. "they just slowed everything down." t faa is not alone in its sequester loophole. u.s. meat inspectors also got funding to stay on the job and avert shortages. but will these open the door for other agencies to seek their own loopholes? "biomedical research pays $150 for every 1 dollar they invest, and yet they slash that. what kind of idiots are they?" "children are suffering, womens programs are suffering. what about head start?" not far from the flight path at o'hare, people at this early childhood education center wondered if they may be next. "kids are getting to first grade not ready because they were not exposed to education that's most needed at this age."

senate republican susan collins of maine called the faa furloughs "a manufactured crisis." sen john cornyn of texas added "phony and contrived." the senate will take up a vote may 6th on whether states should collect taxes on internet and catalog sales. senators decided to delay the vote for a week while the house and senate are on a break. states lose an estimated $23 billion a year without the tax. a large number of house republicans are standing firm against taxes of any sort. amazon, walmart, and best buy all support the measure. the government continues to spend less money, and the largest drop is in military spending. overall government spending fell by 8.4% in the first quarter - that's the 10th decline in the past 11 quarters. money for defense dropped 11.5% in the first quarter, following a 22.1%

plunge in the 4th quarter of 2012. that's calculated to be the largest back-to-back decline since 1954. the latest data shows the economy grew slower than anticipated in the first quarter at 2.5% - roughly 3% was expected. for the most part, consumers are still in check, especially when it comes to buying homes and home improvement items. that could change as sequester cuts ripple through the economy. plus, a recent study by retailmenot.com uncovered that americans are becoming more savvy with their money. "as we emerge from the recession, we've learned a lot. we have a greater value on our dollar, and so i think in moving forward those smart shopping and spending habits are going to stick with us." that was trae bodge, senior editor of retailmenot.com. the study also found 60% of americans are now carrying fewer than 3 credit cards.

slowdowns in europe's strongest economies are beginning to spark concerns of contagion. germany, which has been considered the eurozone's backbone throughout the crisis, is beginning to see less industrial output. germany's economy is particularly sensitive to china, which has reported a slowdown recently. other economies such as austria and finland are also slipping. "in a way i think what we're seeing is a contagion. in terms of financial contagion, the situation there is a lot better. we had the cyprus crisis a couple of weeks ago, and the rest of the eurozone seemed to absorb that pretty well, so we don't seem to have the problem where you have a weak bank in one country or concern about debt spreading around. so in that sense things are more stable." that was jack ewing of the new york times. he adds the real problem is the lack of "growth prospects" in the region's major economies. a new study shows a shocking number of working adults are not covered by insurance. 84 million adults are considered uninsured or underinsured. that's up from 61 million in 2003. the news was better for young adults, who

can now stay on parents' insurance plans until the age of 26. about 2 million more adults were protected due to healthcare reform. meanwhile, a shift is happening for health industry workers. cost-cutting measures are demanding more from the highest- and lowest-skilled workers, forcing out midlevel healthcare jobs. talks between nasdaq and the nyse to set up an exchange for the wealthy are not ringing a bell with retail investors. the exchange would be set up for small public companies and would be available only to high- net-worth investors. it's an effort to drive capital to small and emerging public companies, according to an sec advisory committee co-chair. but critics say it would exclude many retail investors who may have comparatively lower net worth. avon's makeover continues with the exit of the chairman of the board. fred hassan resigned after a few months to focus on other business. doug conant, former ceo of campbell soup, is

the new chair. it's the latest in a number of changes at the struggling cosmetics company. longtime ceo andrea jung was replaced with sherilyn mccoy last year. avon has cut 400 jobs worldwide and restructured overseas business. first quarter earnings from two major u.s. companies and one newcomer bring the first quarter to a mixed end. chevron's earnings dropped 4.5% on lower oil prices, but natural gas production was up. burger king's first-quarter profits more than doubled, but competition from updated value menus at mcdonald's and wendy's hurt sales in the u.s. pharmaceutical company abbvie rose 9.6% from strong growth in its arthritis drug humira. the newly-public company spun off from abbott labs in january. apple is losing its grip on market share. according to international data corp., apple sold 37 million smartphones during the first quarter - the most ever for the quarter. year-over-year growth was just 6.6%. the tech giant tends to reach double-digit growth ever year since 2009, but not this

time. samsung is dominating the global market. idc also found smartphones accounted for 51.6% of sales versus standard cell phones. tesla is taking the lead. its battery-powered model s surpassed sales of gm's chevy volt and nissan's leaf. the company is also making over its service program with an unconditional battery warranty. it's rolling out more service features in the coming weeks to lure hesistant drivers to try switching to electric. still to come, we head to a strawberry farm to hear what agricultural workers are anticipating from landmark immigration legislation. that's later. but first, a revolution is happening in the publishing industry. what it means for the future of literature. that's next.

pick a medium, any medium, and it has been turned upside down by the internet and social media. tv, radio, movies, newspapers - book publishing, too, is following a new set of rules. you can read all about it in "ape: author, publisher, entrepreneur," a book written by apple's one-time chief evangelist. he is a consultant and a speaker and author of a dozen books. nothing like talking to guy kawasaki, who is a well-known new york times best-selling author yourself. so, trace the arc for what was once the publishing industry, and what it is very quickly becoming. - you would have to go back to the time of the pharaohs, when they had scribes, and kings had scribes, and popes had scribes, and then we fast-forward to gutenberg, and now it's a little bit more democratizing. you can print more bibles every day. fast-forward to macintosh,

laserwriter, pagemaker, desktop publishing. but today, if you have a computer and you have internet access, you can upload a book to kindle, amazon, and two days later you are a published author. it is that simple. - i have looked at some of your books, and they look very professional. - [laughsthank you! - no, but i'm saying the vanity press publications sometimes look a little tacky. but you can put out top-notch looking books now by yourself. - all it takes is money. i have been published 12 times, 10 times traditionally, 2 times self. but in a sense you are using the same freelance cover designer that your traditional publisher would have used, you are using the same copy editor that your traditional publisher would have used. it is just that you have to have the direct relationship, and now you are responsible for everything about the book. you used to just pass your manuscript to the traditional publisher- - they would pick the cover art, they would do the editing. decide the text, the font.

- they would handle it. yes, yes. but now you are in control of all of that. so, the good news is you are in control; the bad news is, you have responsibility. although, more good news is you get a much higher royalty by self- publishing. - no sharing of the wealth. so how do you get started? - you get started as any other writer, you dive in. if you wait for this perfect day when the kids have straight a's, and they are asleep- - but do you need a special software program or... - you need a word processor. you need microsoft word. and the thing is, if you wait for this perfect day, it will never come. you need to just dive in. and make it a habit. it is like flossing. you need to write every day. - and the old publishing houses are scrambling to try to be relevant, but are losing that game? - well, old publishing houses are still very relevant. if you are hillary clinton and you're going to write your autobiography, you are not going to self-publish it using amazon. so, for those kind people, yes. but, the problem with the system is that a few publishing houses decide what is good enough to print, and that is no longer true. - come the revolution. guy kawasaki, thanks. - thank you.

thank you bill. coming up, how the possiblity of immigration reform could affect strawberry fields forever. first business contines right after this.

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i don't remember all of the blast... was over 500 pounds of explosives. [male announce their physical injuries have healed. the traumatic brain injuries - tbis - haven't. the way i describe it is you're just afraid. am i going to start forgetting things? [male announce tbi is as serious as any battlefield injury. you're just not the guy you used to be. [male announce thankfully va has made important advancements in tbi seeing it, treating it, understanding it. and they're here to help veterans affected by it. i can see that what we're doing here at the polytrauma unit is to move from survivability to thrive-ability. [male announce if you think you or a veteran you know has sustained a brain injury, get screened. fer with a deadly disease. i was one of them. my disease was obesity and after consulting with my doctor, i received the effective treatment i needed. please join the obesity action coalition to acknowledge obesity as a disease visit obesity action dot org to sign an open letter pledging your support

and for more information about how to talk to your doctor about weight loss and treatment options. together we can make a choice to end obesity now. a public service from the obesity action coalition. the agricultural industry has its sights set on immigration legistlation. the proposed bill could create long-awaited transformation, especially for undocumented farm workers. ky sisson reports from southern california... working the strawberry fields of oxnard, california, are thousands of immigrant farm workers that have their eyes

set on new immigration legislation with potential as sweet as the strawberries they pick. the lives of the estimated 1 million undocumented farm workers in the united states may change as potential milestone legislation makes its way to the senate floor. the bi-partisan bill would fast-track undocumented farm workers to u.s. citizenship, starting by giving them legal status if they were employed in agriculture for the past two years, removing the fear of deportation. danael gregorio has worked the strawberry fields of oxnard since he left mexico in 2000. he came to the united states to work and support his family in mexico, who he hasn't seen since he came to the u.s. "the reason we come to the united states is because there is not enough work in mexico. it is worth not seeing my family, but we would really like to go visit our families without the fear of not being able to come back." boasting a $36.6-billion agricultural industry, which is the largest in the u.s., california has an estimated 400,000 undocumented farm workers. if passed, this bill

will have repercussions on the country's agricultural economy and its workforce. "it could be very positive. because of immigration reform, now not having this worry about being deported, there may be a labor force that is freed up in a certain kind of way. it might be very conducive to california's agricultural business. but it could go the other way. if what ends up passing entails more strict reporting requirements and verification on behalf of employers, you may see the labor supply in that sense dry up." the boston marathon bombings gave republican opponents to the bill a fresh argument, as senator rand paul has requested that the senate delay the bill until security questions are answered. the republican party remains divided on the issue as some of the gop's biggest stars, like senator marco rubio, endorse it. "the status quo is amnesty. the status quo is that we have millions of people in this

country and have no idea who they are, why they are here, or where they live. the status quo is a broken legal immigration system, and the status quo is laws that aren't being enforced. we think this plan fixes all three things." if the 844-page bill passes the senate in late may, it will go to the republican-controlled house, which may bring it to a halt, leaving immigration reform delayed yet again. in oxnard, california, for first business news, i'm ky sisson. the bill is endorsed by president obama, and would be the first immigration reform measure to go into law since president reagan signed the immigration reform and control act in 1986. still ahead, a trader shines light on trade in first solar next, in chart talk.

earnings for first solar are out today, and it is one of those stocks that's either a trader's nightmare or a trader's dream. joining us now is andrew keene, president of keeneonthemarket.com. are you actively trading this stock? - i used to actively trade this one a lot more than i do now. in 2008, i was trading it, i was short it $260, $270, $280. it got up to $308. recently it has pulled back. in 2012 it traded all the way down to $12. this week in the last 10 trading days, huge, huge spike from $28 to $44. it is up about 80% this month. short interest is about 32%. six of the last eight quarters this stock has sold off on earnings. i would rather buy it on a pullback than buying 52-week highs. i am not really sure if i believe in the global growth story. they have to sell a lot of solar panels in china and overseas to account for their p/e ratio, which is extremely huge, so i would rather be a buyer on a pullback. - do you anticipate there are a lot of traders out there, though, who are just waiting with their fingers on the

trigger because earnings are coming out after the close? - yeah. we talk about this a lot. first solar and tesla, they are so heavily shorted. if you see a pop at any time, you see a lot of pop traders piling into the long side, and some of my clients pile into the long side knowing the shorts can get squeezed a lot quicker, so this stock ran up very quickly, very fast. i would rather be a buyer on a pullback than buying the 52-week high, which happened on friday, about $46. - you think the stock has more room to room though, right? - i do think it does. part of the reason is the short interest. i don't believe in the story long-term, but for a trade, eyeing it between $37 and $41. for a breakout, higher to $50 i think makes sense. - good to know. thank you andrew. - thank you. that's it for now. coming up tomorrow, can "nice" stocks finish first? a guest will be here with consumer-friendly companies that are winning on wall street. from all of us at first business, we wish you a great week ahead.

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