>> this is n.b.r. >> susie: good evening. i'm susie gharib. gold loses its luster, falling below $1,600 an ounce. >> tom: i'm tom hudson. pushing gold and stocks lower: fresh worries about the future of greece's economy. >> susie: and in washington, facebook faces tough questions about privacy from u.s. regulators. >> tom: th and more tonight on "n.b.r." u.s. investors shuffling the deck today as worries about greece's economy continue. today, they sold stocks and gold, sending the yellow metal down to a 17-week low. part of the reason: a rally in the u.s. dollar. the two have an inverse relationship, and the u.s.

currency has been rising on worries about the euro-zone. gold fell over $10 today to $1,594 an ounce. erika miller reports from new york. >> reporter: lots of shouting... ( shouting ) ...and lots of selling in the gold options pit today. the yellow metal has fallen about 3% this week alone. the steep declines seem surprising given gold is the ultimate safe haven and investors are growing more nervous about europe. so what gives? >> it's definitely correlated to strengthening of the u.s. dollar. if you look at the price movements today, it's almost the gold price moving in exact lock- step to strengthening in the u.s. dollar. >> reporter: but there may be more to it. >> what's going on is, we've breached some very important technical levels. the obvious technical level was $1,600. we broke that. >> reporter: and when that happens, it tends to signal further declines. the question traders and investors are asking is whether the pullback in gold is

temporary or the start of something more severe. after going up for years, the price of gold has struggled since august. to some, gold is like a wad of chewing gum waiting to burst. anthony neglia disagrees. >> i am still holding on to the thought that we are going to see above $2,000. >> reporter: this year? >> yes. >> later on probably close to the beginning of the fourth quarter. >> reporter: and that could mean more heated trading in the gold pits. erika miller, "nightly business report," new york. >> susie: still ahead, with camera's on just about every cell phone, what do you do with your photos? we talk about that with the c.e.o. of shutterfly. captioning sponsored by wpbt "nightly business report" is brought to you by:

>> tom: more now on greece. susie, while the euro-zone has agreed to release over $5 billion in bailout money to greece tomorrow, it will hold back an additional $1 billion until june if a new greek government sticks to commitments to scale back government spending. >> susie: tom, worries about greece have really rattled u.s. investors. stocks fell again today. the dow was down for the sixth session in a row, falling 97 points. the nasdaq lost 11.5, the s&p down nine. >> tom: most bank of america shareholders are okay with that bank's executive pay plan. 92% of shareholders approved bank of america's plan, which did not include any cash bonus for c.e.o. brian moynihan. >> reporter: there were a handful of arrests at bank of america's annual meeting and demonstrators marching in protest of its business practices, but the bank didn't

have a shareholder revolt like rival citigroup. last month, citi shareholders gave a thumbs down to that bank's executive pay plan. these shareholder "say on pay" votes are required under the wall street reform law, but the votes are non-binding. the compensation for bank of america boss moynihan last year totaled almost $7 million-- just under $1 million in salary and $6 million in restricted stock-- but he received no cash bonus. that was the plan shareholders agreed with today. just last week, the c.e.o. of sprint agreed to cut his compensation by $3.25 million. dan hesse took the action after shareholders complained his pay formula did not take into consideration the big cost to sprint for buying iphones. apple charges sprint full price for its phones, which sprint then offers to customers at a discount, squeezing its margins. and the pressure continues to mount on yahoo c.e.o. scott thompson over his resume. yahoo had claimed thompson has a degree in computer science, but that's not the case. an activist hedge fund

shareholder has called for thompson to step down. >> susie: there are lots of headlines about how facebook is making the rounds with investors preparing for its i.p.o. but in a much quieter way, facebook is also touching base with regulators and lawmakers, building up its lobbying operation to prepare for policy debates to come. as darren gersh reports, the key to facebook's future may run through washington. >> reporter: with all the hype over facebook, it is easy to overlook the warnings the company has laid out for investors.

on page after page, facebook warns one of the biggest risks it faces comes from regulators and lawmakers worried about privacy. the european union is considering strict new privacy protection rules, and last year the federal trade commission charged the company with failing to keep its privacy promises. in its public offering, facebook is warning investors of more to come, writing: and facebook warns that could cost a lot of money. those investigations go to the heart of facebook's business, the deep mine of personal information the company collects from its users. >> regulatory and privacy issues are the $64,000 question for the whole social web. >> reporter: the more facebook knows about its users, the more the company can charge advertisers who want to pinpoint consumer likes and dislikes. but the limits on what facebook can or should know and what it can sell are up for debate. >> we don't yet have a clear set of binding rules in the european union, in the united states, or the emerging geographies-- places like india and brazil,

which account for most of the growth of facebook-- but we will have those regulations and those regulations on how facebook seeks to monetize its users. >> reporter: with all the scrutiny, it's no wonder facebook has become an early- adopter of washington lobbying. the company has brought together a team of political and policy insiders with lots of friends across party lines. >> they understand that it's very important for them to have a means to get their message out to major policy makers, because if policy makers don't understand the business, the risk of bad regulation increases dramatically. >> reporter: in a rapidly changing industry, regulation may not be the main risk facing potential facebook investors, but it can't be ignored. darren gersh, "nightly business report," washington. >> tom: for generations about half of american teenagers were either working or looking for work. that has been falling in the past decade fast. today only a third of 16 to

19-year-olds consider themselves part of the american labor force. kids may be taking summer school, but they may also be frustrated by an unemployment rate for them three times the national average. we continue our week-long look this week at the summer job market tonight with sean boyer, c.e.o. at snag a job.com. nice to see you. why are teenagers these days not looking for work like they were when you and i were teenagers? >> yes, tom, i think it's a combination of a couple things. one is that obviously it twas unemployment rate rising you have more and more seasoned workers that are in the workers to than are actually taking those summer jobs, and that's made it more difficult for teens to get those more typical teen summer jobs other the last several years. then with what that leads to is some form of pap apathy, where they think last summer i tried and couldn't get it, so they don't look the next summer. and part of it too is that teens more and more are in summer school, you have more teens that are taking unpaid internship types of positions

to just boost their rest assumes as they go to apply for college. so it's a combination of things. the number one point is that more and more of those seasoned workers are taking those jobs. >> tom: so with that in mind then, what is demand like for summertime jobs for teenagers this summer here in 2012? >> well, we just did a survey of 1,000 hiring managers across the country, and it came back that 55% of them will be hiring for the summer, which is up from 51% last year. so it's a little bit better. obviously it's not great yet, 45% of the people that are not hiring. that you'd have 3% increase in terms of those that are hiring, at least as many as what they did last year and then a 2% drop in those people that are actually hiring fewer people from a year ago. again it's not great. >> tom: where are those jobs most likely to be, in general summertime service industry jobs? >> they really are. they're the ones that i think most people typically think about when they think about summertime jobs for teens, it's retail, hospitality,

entertainment, amusement park types of positions, lifeguarding. but you also have more obscure industries as well that a lot of people don't think about, which is why we encourage too you'd utilize their network when looking for a summer job. >> tom: we appreciate the insight, john boyer of sna snagajob.com. >> susie: a major shift for the federal reserve. today, it gave approval for the first chinese takeover of a u.s. bank. china's largest bank, the industrial and commerce bank of china, is buying the bank of

east asia u.s.a., which is based here in new york city. the fed also approved applications from two other chinese banks for branches in both chicago and new york city. the move comes after last week's economic dialogue between the u.s. and china. turning now to wall street, tom, all day long there was a lot of talk about greece and all the problems there. but after the bell it was about cisco, came out with earnings that were in line. but the stock just fell off a cliff in after hours trading. >> tom: it really did, the worries went from overseas to right back here at home in the united states when it comes to technology after the close we'll get to those cisco numbness a moment. but let's get started here with our market focus. u.s. stocks continued to come under selling pressure as concern continues over europe's debt troubles. the s&p 500 saw its low for the day early, around 10:30 eastern time. while the losses were pared back, it makes the fifth consecutive loss. and the selling has taken the index down below its lows of last month.

it's now at a two-month low. volume ticked higher on the big board with 939 million share trading, but it fell slightly on the nasdaq with almost 2.1 billion shares. all ten major stock sectors saw losses, led by an interesting mix of sectors. the industrial and financial sectors were down more than 1% each. and the traditionally defensive area of health care also saw selling pressure, down almost 1%. industrial giant united technologies led the losers on the dow, falling more than 2%. volume was stronger than usually with utx closing at its lowest price since january. after the close, the market focus was on earnings from cisco systems. the company has been working to refocus on its core computer networking business. earnings came in one penny ahead of estimates and were up from a year ago for the second straight quarter. both product sales and service sales were up. cisco shares came into this report up just a fraction, but saw significant selling after the closing bell. the stock was down more than 8% from this closing price at one point, trading just above $17

per share. investors didn't like cisco's earnings forecast, which came in below what analysts were expecting. but cisco wasn't the only stock moving lower after reporting earnings late today. priceline.com fell about 3% from its closing price tonight. the company's forecast came in as expected, and that was seen as disappointing. but it was a strong first quarter performance, with earnings coming in well above estimates and up 60% from last year. international travel bookings saw a big pop, and the company said it has not seen any slowdown on its international business due to economic troubles in europe. department store macy's has been on quite a roll with strong earnings and a growing business, but sometimes that's not enough. shares fell almost 4% despite reporting stronger than expected first quarter results, but the company did not increase its forecast for the year, and that was the disappointment. and expectations were high; earlier this month, the stock hit a new high. two different retailers are combining.

the buyer is bed bath and beyond, paying $495 million for the smaller cost plus. bed bath and beyond stock didn't move much while cost plus shares will get $22 per share, sending those shares up almost 22%. the historic drop in natural gas prices pushed coal mining stocks down, but with natural gas prices bouncing today, so did coal stocks. arch coal jumped almost 10%. consol energy was up more than 3%. these companies mine thermal coal, which competes against natural gas as a fuel for electricity power plants. in our exchange traded fund market flash, actively traded e.t.f.s followed the market lower. the financial and emerging market funds showing the biggest losses, down one more than 1% each. and that's tonight's "market focus."

>> tom: "unambiguously positive" is how our "street critique" guest describes the most recent earnings season. michael farr is the author of "the arrogance cycle." great to see you. positive earnings, much more positive than expected. but europe is still hanging out there, we've got to move from one e to the next, earnings to europe. is that still the big risk for you? >> i think it is. earnings have been driving a lot of good news in the market. but we've still, i mean the real market moves have been dictated by these utterances from government and central banks around the world. and this response by greece sort of coming up and i guess france too saying we just don't like austerity?

seriously? you guys are broke, i mean, you're basically insolvent, you can't pay your bills, unemployment is going through the roof and your response is we don't want any? we're not going to address it? this is like steve jobs finding out he's got pancreatic cancer and eats carrot juice and coast guard -- yoga. the day of reckoning is coming at hand. >> tom: you're still holding on to some stocks, including quaul com, qcom, a chip provider, speaking of apple, a big beneficiary of the iphone boom, is this one immune to the greek and france issues? >> i don't think anything is really immune, but i found a portfolio, tom, that i think has really solid balance sheets, lots of good cash flow, good management dividends, and are multi national companies. so quality com is my tech pick right now that i like, i own it in my portfolios, 16 times earnings, growing those earnings around 16% with a

1.6% dividend. as a tech this one i hold and i'm comfortable with. >> tom: what about slum berger trading? >> yes, it's come down, i like to buy them after a pulled back a little, it's one of the largest premiere oil services companies, 69, 07 bucks a share, 15 times earnings. growing earnings at 13%. earnings growth the most significant indicator of stock price performance over time, says peter lynch, and a dividend again of 1.6%. so as i pick them in different areas i think this is also the solid place to have some money. >> tom: we saw health care get hit today which i found interesting because usually that's a defensive area of the market. folks flocked to that, people aren't going to cut back on medical expenses, pharmaceuticals. you like abbott labs in this environment. what makes you attracted to abbott here? the stock has had a nice runup here in the low 60s? >> it has. so many of the pharmaceuticals

and health care stocks haven't done much, so far, and it bugged me today that that sector pulled back, i was looking for a little more protection there. but again abbott, 12 times earnings. 12 times earnings, 8% earnings growth, this is not an explosive grower, but i get paid 3.3% in a dividend while i wait. while i've got a u.s. 10-year treasury at 1.85. if i've got to have money invested, at least i get an inflation edge here and they pay me while i wait. >> tom: always looking to get paid while you wait. do you own these three that we mentioned? >> i own them, the firm owns them, my clients own them and my family owns them, my money is where my mouth is. >> tom: thank you, michael farr. >> susie: email notices went out this week to online photo users-- shutterfly is now taking over kodak gallery customers. the kodak acquisition is an important move for shutterfly as it works to reinvent itself. shutterfly was a pioneer in the online photo business when it

opened shop more than a decade ago. back then, it was all about allowing people to order 4x6 prints. today, that's just a small part of the silicon valley company's business. when you look at shutterfly's revenues, only 24% come from prints. these days, photo books, cards and even printed iphone cases are big sellers. shutterfly will add 75 million new customers this summer when it completes its $24 million acquisition of eastman kodak's kodak gallery. kodak filed for bankruptcy in january and is selling the photo business to generate cash and narrow its focus. as part of the deal, shutterfly will get access to canada, its first international market. shutterfly is counting on all those new kodak customers to ramp up profits. it posted a loss in the first quarter even though sales jumped 60% to $91 million. joining us now: shutterfly's

c.e.o., jeffrey housenbold. jeffrey, thank you for joining us. tell us how important is this kodak deal for your company? >> i think it's a great deal for our shareholders, and it's further testimony of our market leading position as we continue to consolidate the industry. we have experience doing this. when sony shut down their image station we bought their customers. when american greeting shut down photo works, we bought their customers. and when yahoo photo shut down we did the same. so kodak is just in a long line of consolidation for shutter fly as we enhance our market leading position. >> susie: and you're certainly going to get a lot of new customers from this kodak acquisition. but just tell us how it's all going to work. people are taking lots of photos thanks to their cell phones. but what are they doing with these photos? hasn't your business model changed? >> it has changed, and with the acquisition of the kodak gallery customers we're going to have more than 15 billion of our customers precious

memories. what shutterfly does is allow you to turn those pictures into everlasting gifts and products like award winning photo books, our cards, stationary, calendars, and as you mentioned even new iphone cases. it's really about personalization, connecting with the people who matter most in your life, and being creative with your photos. >> susie: i can see how all of that would add to your business. but what about facebook? how much of a threat is that? because we know how popular photo sharing is on facebook. >> we see facebook as a complementary service to what shutterfly does. as summer, interacting with their photos on a daily basis, it's reminding them to do more than just store them on their hard drive or on their phone. and as facebook has grown, shutterfly's revenues have grown from 54 million seven years ago when i joined to the consensus wall street numbers for this year at $585 million. so we think about interacting with kodak's photos where we allow our customers to take

those photos off of facebook, put them onto shutterfly, we allow for our customers to sign up for facebook connect to grab birthdays and other important days, and we allow customers to post their photo books, calendars and other projects back out onto facebook. so it's really a complimentary service. >> susie: jeffrey, you've been telling analysts and other people about how you want to take shutterfly international. right now it an all american company. how much do you see business in europe and asia, countries like that, for online sharing of photos? >> well, today we're a domestic only company, addressing a $35 billion market just in had the u.s., we think that's about 100 to $110 billion on a worldwide basis, and people across all cultures want to do more with their memories, connect on a more personal level and be creative. and we think as the market leader we can take our brand global and continue to drive increased revenue and profit

for shutterfly in the years to come. >> susie: all right, good luck to you. thank you so much. shutterfly c.e.o., jeffrey housenbold. >> tom: tomorrow on "nightly business report," we meet barrango, the u.s. company behind holiday displays around the globe, as we continue our weekly series, "made in america." >> susie: home prices rose in more than half of the nation's metropolitan areas during the first quarter. the national association of realtors says the median price of homes sold was just under $160,000. the areas with the biggest gains in prices: fort myers, florida; grand rapids, michigan; and titusville, florida. and if you're in the market for a new home, a good real estate agent is key. tonight's "money file" has some tips. here's "money" magazine's donna rosato. >> the real estate market is heating up and home sales are at

their highest level since 2007, but selling your home or buying a new one is still a tricky process. finding an experienced real estate agent can make all the difference if you want to close a deal at the right price. start by asking about the last three deals the agent has closed. you want someone who has experience buying and selling in your neighborhood. your ideal realtor should be able to say off the top of her head how long homes in the area have been listed and why they have or haven't sold. you also need to know your realtor's batting average. find out how many homes he's closed on in the last year. you want someone making sales, not just scooping up listings. finally, review the agent's web presence. almost 90% of buyers shop online for a home, according to the national association of realtors. you want a realtor with their own homepage and detailed, photo-filled listings on major real estate sites including zillow, trulia and realtor.com. beware of listings with multiple price cuts. that could be a sign that the realtor isn't pricing them right.

i'm donna rosato. >> tom: and finally, big changes to the postal service's plans to close 3,700 post offices around the country. the post office now wants to keep all locations open, but scale many back to part-time operating hours. the change comes after piles of complaints. this means many full-time workers will be going part-time, and some locations will be open for as little as two hours. susie, if congress approves of the new plan, it could save the postal service as much as half a billion dollars a year. >> susie: absolutely. and no more saturday service, i guess, that's gone. >> tom: yes, that's it. and that's it from us tonight. we'll see you tomorrow. >> susie: have a great evening, everyone. we'll see you online at www.nbr.com and back here tomorrow night.

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