fresh highs for the dow and s&p, as traders go on a buying spree ahead of today's fed announcement. in today's cover story.... how lawmakers are pushing to bring manufacturing back to america. plus.....regulation revamp. a former senator steps into our studio with ideas on how to change the u.s. financial system and.....it's the golden age of technology..... but....are we in for a short circuit.. first business starts now! good morning! it's wednesday-- october 30th. i'm angela miles. in today's first look:

a double record run. both the dow and s&p hit all time highs.. despite a dip in consumer confidence to the lowest level since 2011. the nasdaq closed higher by 12 points but needs to get above 5,000 before reaching a record. gold sold off by $8 dollars and oil dripped by 95 cents. in earnings after hours... linkedin topped wall street's view but the forecast was below range. yelp reported losing more money as it spends more on marketing. yelp lost $2.3 million. and gilead sciences came in strong with earnings and full year guidance that beat the street. shares rose 1% after the close. it's official dell is now a private company. and, sac is set to soon plead guilty to securities fraud according to the wall street journal. all enough men have trading in advantages on. in the seat first this morning is in the trading area of cme group. good morning to you. > > good morning angie. what do you see in the market today as we await the decesion coming from the fed?

> > well nothing's changed, i've been bullish along time there is no reason to change my horse right now. i am looking for the market to continue to go. we have come a long ways just in these last few sessions. we're up about 7 to 8% in the s&p just since october 9th. it's getting more thin is this air, but i still look for the market to eventually move up to 18 and 20 in the s and p is my technical target. will it bother you at all though that consumer confidence seems to be plunging here? > > well, you know by talking to me that confidence is very important. you have to be confident in what you do. i think it just a temporary measure. i think that the consumer just got so beating down by what was happening in washington d.c., that they did not know how to digest the information and fear is the natural reaction. you have to understand the psychology in markets and take advantage of the opportunity. and like i said that was the opportunity to buy a couple of weeks ago. now we have had the big move you have to be much more selective and much more disciplined. there are number of tech

earnings coming out including face book today. what do you see in the cards for that stock? > > well, face book the easy money has already been made. everyone had given up on it. it was down to $20 and it came soaring back to with ipo price and plus more. $50 is kind of important on a weekly basis psychologically here. i still see more upside but we have seen the a little bit of profit-taking because we have such a big run. i think apple is a more important technical indicator for tech any ways. it did make its new high since january here of the last couple of days, but it turned over after earnings. so it will be interesting to see how it comes back over the next few sessions and people look at the big picture of apple. thank you alan, we will see later this week. > > thank you. our cover story explores proposals to create more products "made in america." and we highlight nearly two dozen senators attempting to pull attention on capitol hill toward solving what's been called "the skills gap" in manufacturing. a collection of senators gathered to support better training of american workers for manufacturing jobs. ---forty bills known collectively as the manufacturing jobs for america initiative. 18 of them

introduced already. 22-more to go. "we have to spend more time focussing on need to spend more time on manufacturing jobs and less on manufactured crisis." the bills supported by the national skills coalition of business, labor and education call for industry partnerships in which regional employers work together to fill a worker shortage....tax credits for businesses that work with community college to create faster paths to careers. "we have employers who say they have to turn down work because they can't get workers to meet the orders that are coming in." some say the skills gap could be solved if employers paid more. "it isn't that requisite skills aren't there; they aren't paying enough to attract people away from other occupational choices." but jim soderquist, who oversees a metal fabricating business, says raising pay would mean being less competative globally. "the higher the wages, the more

likely we are to go to automation, computer software and such." so far about half of the bills that have been introduced in the senate have bi-partisan co- sponsors. also on the hill today.. 41 house and senate members in charge of writing a farm bill will meet about the much delayed legislation. farms, capitol hill, people the farm bill covers crop insurance, subsidies, conservation and food aid programs.

currently there is a $35 billion dollar gap standing between democrats and republicans. the gop is made it highly known they would like to severely reduce the food stamp program under the farm bill. a year after superstorm sandy, new jersey governor chris christie is blaming congress for delays in getting help to victims. in an interview with the a-p, christie says congress dragged its feet on a funding package, and then enacted mountains of red tape for receiving aid. the result is victims were caught in the middle. the governor went on to say that his administration did everything it could to help the situation. and, that tremendous progres has been made in the wake of the super storm.

in our earnings update this morning... pfizer posted earnings that beat estimates, but revenues at the world's largest drug maker slipped 2% due to a loss of patents on its best sellers including lipitor. goodyear tire rolled in with a 51% profit gain, but the companies sales numbers were below analysts expecations causing that stock to drop nearly 6% shares of nokia jumped 10% after the telecom firm issued an upbeat forecast. and earnings fell 21% for archer daniels midland. adm lost money last year because of the drought, but expects this year's bumper crop of corn will sweeten sales numbers. today is testimony day for heatlh and human services secretary kathleen sebelius. she is scheduled to testify before a house oversight panel about the glitches american's are encountering as they attempt

to shop for health insurance at healthcare.gov. yesterday... mariylnn tavenner-- head of the u.s. centers for medicare and medicaide services apologized during her testimony but says the site is operating. tavenner says enrollment numbers will be available mid november. house speaker john boehner continues to call for a delay in the affordable care act. aids to president obama say republicans are determined to kill the new law- rather than finding health care solutions for millions of uninsured americans. home prices shot up sharply in big cities during the past year. case shiller reports- home prices in twenty large markets rose 12.8% - the fast pace since 2006. las vegas home prices moved up the quickest at 29%. despite the gains other indicators point to a cooling in the housing market. a dutch bank will pay $1

billion dollars to bring its libor maniulation scandal to an end.. employees working at rabobank were accused by u.s. and british authorities of rigging the london interbank offered rate. the rates were used as the bank was lending millions of dollars for mortgages, car loans, student loans and complex financial derivatives. wal-mart plans to promote about 25-thousand store employees. the nation's largest retailer has faced criticism over worker pay and opportunity. the promotions will reportedly take place in 15 markets before the end january. as it continues to struggle with declining sales, sears is considering spinning off its lands end and auto center businesses. lands end camtasia or broll whatever we have the retailer will also continue to close underperforming stores. sears -- which also owns k-mart -- purchased lands end in 2002. analysts say sears has done a poor job highlighting lands end merchandise. the company has already started positioning its auto centers as service centers that offer more than just tires. barney's and macy's face allegations of racial profiling. yesterday new york's attorney general launched an official investigation by sending letters to both retailers.

the stores in the big apple have until friday to provide the ag with information on policies for stopping shoppers. barney's macys.. reports of racial profiling surfaced recently with young african american's being accused of stealing at the upscale stores. barney's issued an apology. macy's denies the allegations the justice department is expected to hit a tech company with a record fine. infosys -- which outsources work--will be fined for visa fraud. the government accuses the company of illegally placing foreign workers in the u.s. by abusing immigration visas. early reports say fines could reach a record 35 million dollars, the largest fine ever of its kind. infosys tells the wall street journal it is cooperating wi the investigation. a september slump in the retail sector. retail sales a tenth of a percent last month as americans scaled back on big ticket purchases. the data suggests the government shutdown is not likely a factor, as july and august numbers were also trending lower. while demand for big items like cars fell....food, beverage, and electronics sales all rose. sea world is headed to appeals court in november. the company will fight fines

that followed the tragic 20-10 death of a trainer killed by an orca whale in orlando. sea world was hit with negative press after the tragedy, including the revealing documentary "blackfish." after the incident, the labor department fined the company and demanded it separate whales from trainers during performances. now -- the company is appealing, stating that a work safety clause under the "occupational safety health administration." cannot be used to force a company to change the very product that it offers the public. sea world stock is trading near $30. wine lovers and vinyard owners are toasting to a very good year. just as linus describes the great pumpkin rising each halloween, so too are the prices of pumpkins this year. ---about 20-cents higher for an average retail pumpkin or about four dollars and 80-cents. the reason--uneven weather. the wet spring during germination threw rain on pumpkin reproduction in vermont. while drought from massachusetts to the upper midwest during much of the growing season left a lotta lil' pumpkins....lil' pumpkins. just as linus describes the great pumpkin rising each halloween, so too are the prices of pumpkins this year. ---about 20-cents higher for an average retail pumpkin or about four dollars and 80-cents. the reason--uneven weather. the wet spring during germination threw rain on pumpkin reproduction in vermont. while drought from massachusetts to the upper midwest during much of the growing season left a lotta lil' pumpkins....lil' pumpkins. still to come switching sides on capitol hill.... a former senator becomes the voice of some of the world's biggest banks. plus..consumers are getting "smarter" .... as smartphone sales hit a new record.. and,.bill moller reveals if advances in technology are hurting american's in the long

run. we'll be right back.

innovation - it is what business leaders worship. it's the backbone of america's business greatness. but - innovation can go terribly wrong. kodak was trying to innovate its way back to the top when it lost its way and disappeared. this is explored in the book, "the dark side of innovation" by ankush

chopra, professor of innovation at fribourg school of management in switzerland. define this dark side. > thank-you for having me here! you are right. the dark side of generations is not like normal generations. it punishes the innovator. instead of enhancing your profits it destroys your profits. i call these innovations that punish the innovator by destroying it, "the dark side of innovators." what kind of a business environment do companies find themselves in to go down this wrong path of innovation? > this can happen in almost any industry. i have seen it happen in the digital industry, i seen it happen in the sport watch industry. it's right now happening in microsoft, g e, phillips, and the light industry i can go on and on. it's almost in a situation that this can happen. so are the stressed industries of these companies that have their backs up against the wall? no, not necessarily. this can be in it in an industry that is

much mature or it can be in an industry that is not all that mature. but the problem that companies face is that they have to make a very difficult choice. embrace an innovation that is going to destroy your profits or get risk losing your business. companies often can't make this decision they behave like the deer in headlights at that time. how can they know that they're in the position of making the wrong in innovative decision? how do companies protect themselves from making this mistake? > well first of all is to understand that when you have an option that will deliberately destroy your profits and awaiting innovation. the answer is neither of these two. the answer is you have to create a third option which is quick to help you recreate profits. what i call value resurrection in my new book. this is exactly watch did by changing what a timekeepers watch is supposed to mean. it alerted the bank people as a fashion necessity and that's what made it not only survive, but to thrive in such face of innovation.

innovation based on vision and imagination. mr. chopra thank you very much! >thank you very much! bill people are loving the invention of the smartphone... last quarter --worldwide shipments of smartphones hit a record -- more than 258-million orders. that's a jump of 38% from a year ago. the lower price of droid phones is cited as one reason for the surge. noticeable in the data is the sharp decline of blackberry sales. 3.7 million were shipped last quarter, that's a drop of more than 8 million units when compared to three years ago. coming up.... from life on the hill, to working for wall street. the changes a former senator wants to make now that he's lobbying for big banks. and later in chart talk. what linkedin's drop yesterday is telling traders about high flying tech stocks. don't miss it!

in the fallout of the finanical meltdown-- congress passed the dodd frank wall street reform and consumer protection act. now certain rules under the act are being challenged. former senator judd gregg-- who now leads the securities industry and financial markets association-- better known as sifma joins on set.. you served the fine state of new hampshire..in the senate-- .. you are on the other side now-- lobbying on behalf of large banks.. goldman sachs and bank of america-- what exactly is it that banks want? > basically they want a playing field that is fair for their customers. that gives people an opportunity to get credit. the essence of american capital is in our ability to create prosperity is that people on main street go out and take risk. they create jobs as a result of doing that, but to be successful they have to have

someone coming binder with the support of giving them capital support in giving them a reasonable price credit. and that's what this industry does it is the fuel for the engine. the engine is the folks on main street, the fuel is this industry. they want to be able to take risk because the bigger the risk, the bigger the reward but of course we had don frank to bring that in the obama adminisration is already saying they will veto anything that threatens this law and puts the consumer at risk. how do you quantify that exactly? > everybody wants to make sure that they're not taking risk that would lead to disk organization of the bank that they're in or the industry. if you create a situation where it's too difficult for people to lose their capital to companies that may want to growth or people who have businesses that want to grow because you're not allowing them to invest that way then your contracting the economy rather than expanding the economy. the very practical matter there's really no disagreement over the desire to limit risk. the disagreement to say there is some is over the regulatory excess. for example we are getting about every 2.8 days we get a new regulation. under don frank there now has been 50

million words. 39 percent of them went through so now we have another 20 more to go. the affect of that he is is that allotted energy that should be put into regulating people on creating jobs is being put into basically trying to deal with regulations. how much money do you think the banks will spend in the lobbying efforts on this > there will be no answer to that question. how much money is involved here is a very significant amount. for example i just noticed that j.p. morgan is adding 5000 people to address our response to regulatory on one activity. this 5000 people could be trying to make loans. senator greg pleasure to have you with us today, thank-you and come back again. keep us posted. >thank-you! thanks for your time, appreciate it. still to come-- the breakdown on linked in earnings.. and why traders are staying tuned for a potentially major move in comcast. chart talk is next this is a room where an army vet put his life back together,

where a family lived when they were displaced by a flood. but it's more than a room. it's a room at volunteers of america, and the pathway to stronger communities. because when lives are improved, communities are, too. to help strengthen your community, visit volunteersofamerica.org. ehicle. when i came here, i... i couldn't move.

[male announce david was broadsided on the highway. they weren't very hopeful at the time that he would survive at all.. [male announce an ied wounded mike in afghanistan. 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.

shares of linked in fell after the close of last night. let's find out what's in store for that stock this morning. good morning to you james and what was so troubling in that earnings report to traders? > it's kind of hard to say here. they were implying a move of around $25 by this friday's

expiration in the linked in. i think a lot of these social media stocks look at linked in and a facebook. these have been momentum plays and they have came up quite a bit. we saw linked in gap up huge last time on the earnings and blow away the measured move target. this is another one of those stories that i think is very much like nexflix where we are going to find profit-takers at these very high levels. i think that's the story here with linked in. now what about comcast which would report its earnings today? > comcast is a great looking set up here ahead of earnings here for me. i would want to play comcast. they have the amazing historical performance on earning day. they have won seven out of the past eight quarters. and they're implying around a $1.60 move through this and november expiration. i want to look at a target around a 49 25 by the november expiration. i still want to give myself a little better room go as well. so right now i'm along the 4950 november comcast call spreads for 25¢ i can risk $25 here to potentially make $75. if shares of comcast closed above $50 by the nomvember expiration. what do you like about this company exactly?

> a lot of this really isn't about the fundamentals here. i do think there are a very strong company fundamentally. they have solid earnings growth and the stock has been unbeatable this year. a lot of this is about the historical movement on earnings and what about what the options market is telling you right now. traders like to buy this stock on earnings as we can see is rose some the past 7-8 quarters. and i think this is an easy trade for me. thank you james! > thank you. coming up tomorrow on first biz it's a movies and money thursday.. our critic will be here with a list of films worth your money on the big screen this weekend. from all of us at first business.. thank you for watching.

>> announcer: the following paid program for the shark sonic duo is brought to you by euro-pro. [whirring rapidly... >> both imitate: zzt zzt zzt... [whirring... >> zzt zzt zzt... [whirring... >> i have never seen anything like it! >> oh, my gosh, i love the shark sonic duo! the carpet's like new again! >> my kitchen floors are cleaner than they've ever been. [whirring... >> it's the best cleaning system i've ever used in my home. zzt zzt zzt... [laughs >> announcer: bright, beautiful carpets, rugs and floors make your home look amazing. but no matter how much you vacuum or mop, you get frustrated because over time