this is "nightly business with tyler mathisen and sue herera. >> record territory, the s&p finishes at an all-time high and the dow closes in on one and the longest weekly losing streak since 2015. cool is calling avon. a takeover offer sends shares soaring but the problem is it went real. >> food figh grocery bill. all of that for "nightly business on thursday may, 14th. good evening and welcome. rally day on wall street. stocks took off after the opening bell and really didn't look back. the s&p 500 finished at a

record. the dow jones is just a point away from one. the reason, the win behaves and the dollar declined and by close the dow jones industrial o 18252 and the nasdaq gains nine and the s&p 500 gains two points to 2121 which is a new high. much of the focus is on the dollar falling back after climbing sharply. the greenback is headed for a fifth weekly decline. sara ize an looks at the trend and what top strategist says could happen next. >> from earnings to economy, the dollar moves are making waves. after a runup the dollar has plunge to a four month low. getting whacked on weak u.s. economic data most recently disappointing retail sales. but the bulls are han in

there. strategy edgists see one for two for the dollar great news if your hanging out for the european vacation. >> they believe the u.s. tries to lower the threat of the dollar but it had an impact on the s&p 500 companies. >> and they see a strong dollar against the japanese yen and seeing it to run up to 124 and get stronger next year. that doesn't mean it will be a smooth ride. respondents expect volatility to continue for currency and 30% say the swings will get worse. but when it comes to the dollar which is the center of trading action lately don't count it out just yet. >> it is a huge rally back in the last few months has reawakened the idea of how important it is particularly to the multi-national companies that do most of over 50% of the

business outside of the united states. that is why you are hearing so much about it. >> ultimately the federal reserve is preparing to raise irntd rates, and that is bullish for the u.s. dollar. in the short-term here the dollar correction may prove helpful for companies like ibm, apple and mcdonald's who do business overseas but in the longer term strategists say they will have to get used to a stronger u.s. dollar. for "nightly business report," i'm sara eisen. >> as for the economy, the layoffs is at a 15 year low. new employment benefit claims fell by 1,000 to a seasonally adjusted to 164,000. and the price index that measures prices businesses receive fell 4% last month, the latest sign of low inflation across the econog federal reserve watches closely. our guest tonight is not

celebrating today's rally yet. he is j.j. can to see you. welcome back. >> hello, sue. thank you for being here. >> what has you bullish, what has you concerned? >> if you think about it sue, we've been in a tight range for a while. it was 12-20 on the up down and 21-80 on the down side and in there we've been on the s&p 500 and on the upside we did close down 2100 and that is fantastic but some mistakes retail sales make they hear we are at all time highso rushing it and let's say if we can hold it or get away from the 21-20 level. the great thing about today is we had the microsoft and the apples of the world as one of the leading sectors or leading the stocks and the leading

sector being i.t. and it was positive but people have to take it with a grain of salt because there are things out there that could derail it and we are at the top of the economic range. >> the numbers are wishy washy, should i say, some of the earnings numbers in retail were not particularly good what do you see for stocks over the next four to six months. >> well tyler, i do think we can continue higher. but it will be a very sort of herky-jerky action. i will say we are near all-time highs and people are still very very cautious which isn't necessarily a bad thing and one of the reasons we can continue to go higher. i think the dollar getting stronger is a good thing because if you think back about the earnings season just ending now, the strong dollar definitely affected top line and i mean sales growth. just under 50% of the s&p 500

comp beat on their sales and that is where you have to really grow things overall. can you only scrape the bone so deep and lay people off to cut expenses to meet your earnings' reports so the strong dollar will help the multi dollar nationals. help the dollar over all. >> enjoy that las vegas weather. thank you. someone came calling for avon for a takeover bid, only none of it was real. pobs has the story. >> avon was having a normal day trading around 6.30 and stocked shot up som calling itself ptg capital had filed a report to buy avon at a 20-year low and the stock reopened and immediately shot up again

triggering another trading halt and then the traders contained typers and nobody heard of the company and there were rumors it didn't exist and then when it reopened and it went in the other direction and avon said they have not received any offer or communication from the company and can't it exists and in other word it is a hoax. and the trading community assumes filings made in a date a base like this is vetted by them so what happened? there is no comment by the s.e.c. at least not yet. i'm bobs from the stock exchange. giving new life to one of presidobama's top priorities the senate voted 65-33 to move ahead with considering a measure. some democrats decided to support the bill after winning a separate vote on a bill which

would punish countries that manipulate currencies. oil prices came under pressure but remain near $60 a barrel and that has saudi arabia saying the strategy to squeeze u.s. shale producers is working. and now on the victory lap being taken on the largest exporter of crude. >> when oil prices started collapsing saudi arabia drew a line in the sand. it would not decrease oil production and suffer through a period of low prices to maintain market share and the strategy was to weed out the smaller u.s. shale producers, less likely to make it and now the saudis are considering their strategy a success. in an interview with the international times in read they said from is no doubt about it investors have been deterred away from off shore and heavy

oils but industry experts are cautioning it. may be too soon for a victory lap. >> i think it is too soon. there are other factors on why crude bounces. there are geopolitics and problems in the middle east and a weaker dollar and summer demand. >> the numbers still indicate global oversupply. according to the opec record the saudis are producing 10.3 million barrels produn and iraq is increasing as well. in the u.s. close to 9.4 million barrels aday. the recent reports show expectations for u.s. shale production will decline, but not by much. >> i'm not saying we're not going to see volatility in the crude oil market and wet definitely will and once the summer ends and the supply ends we could see it move back to $40 a barrel level.

>> and some say the rebound might have been premature. i'm jackie deangelis. still ahead, three things that could cause food prices and your grocery bill to rise. el nino conditions are strengthening according to noaa. a strong system has the potential to change weather patterns and hurt global food production. from rice to wheat and the price of those commodities and the price of coffee could be

effected. >> more than 100% of u.s. honeybees have died over a period. beekeepers are starting to lose large numbers of bees during both the summer an the winter. historically most are loft in cold months. they are used to pollenate plants that produce a quarter of the food consumered by americans. california is the single most user of honeybees. >> and the biggest outbreak of bird flu in the united states ravaging poultry farms acros the -- across the u.s. and starting to affect companies. we are move from iowa the state at the center of this crisis. >> it is the worst outbreak of avianin flewen enza now across 16 states, includi iowa which has been hit the hardest. >> we haven't seen anything like

this certainly on the poultry side. >> the secretary of agriculture, and with more than 25 million laying hens set to destroyed, he said the equivalent of one of every three eggs is now offline and many from food supplying companies. >> ove half of the process done in iowa and we're likely to see the ingredient market where eggs with an ingredient impacts more than the shell market. >> it is breaken down to shell eggs and breaker eggs processed and used by food manufacturers. while the price of a dozen midwest shell eggs has increased 30% over the past weeks,erner berry said it is liquid whole egg prices are up 77% as companies like post holdings experience interruptions to the supply chains the ripple

effect is from everything from fast food breakfast to pantries and something that could only get worse with so many facilities offline indefinitely. >> once we rad kate it from a site when can we repopulate. that is one key component myself and others are monitoring and keeping an eye on. >> and in iowa, farmers send their sick animals here where preliminary bird flu tests are conducted and they are working around the clock to get results within hours. >> in our laboratory operation is monday through friday and now we are working 24 hours, seven days a week with a multiple personnel shift. >> and the doctor hopes the worst may be over but they are already bracing for the fall when the weather cools and wild

ducks and geese fly south. >> as they migrate down through the by ways we'll see cases. >> and mean time the roads surroundg far have been closed off as tighter security takes hold across the state and they begin to destroy more than 25 million birds. i'm morgan brennan, in aims iowa. >> and while post is feeling the impact cal main foods, they are hitting new highs and that is because most of cal main's operations are in the south. and haven't been impacted by the outbreak yet. the stock rose 3% in today's trading. >> matthew roberts joins us to discuss what this means for food prices he is an agricultural economist at the ohio state university. and let's start with eggs which margon just talked about. how much higher could the prices go for the eggshell and eggs

that become cookies to mayonnaise? >> year still trying to figure that out but it is not inconceivable to see another 50% increase in the shell -- or i'm sorry in the liquid eggs. the shell eggs we're still waiting to see but it is not unreasonable to think they could match that. so over all, maybe a double or triple in price compared to what we saw four to six weeks ago. >> and what about the price of the meat itself the chicken and the turkey population and there was talk of shortages into the holiday season and do you agree with that? >> it is certainly possible. we are trying to figure out, it is an interesting dynamic, we haven't seen them spread into the broilers because they are in the east and the south so we haven't seen a meat effect but the weird thing we are trying to figure out in the economics profession at the same time

we're seeing animals slaughtered on the layer side we've seen countries put import bans on american poultry products so right now we can't exports to canada mexico to the e.u. china or south korea so we're not yet sure how this increase and decrease supply will weigh out. i think there will be enough turkey for thanksgiving i'm not worried about that. >> so we can't transport to the country you mentioned even if the bird the meat comes from farms where the bird flu has not occurred in the south and east. >> in general. it is a little country by country. some of the states have placed the bans state by state so you could export there, certain states. others it is nationwide all poultry products layers and birds. >> talk about the honeybee population. the story i read a few minutes ago, the numbers are pretty stunning. >> it is -- it really is

amazing. and we know for the last ten years, we've been dealing with colony collapse disorder but there is a lot of thought that this actually is a different cause that we're seeing new things come in that are causing these bee populations to collapse and that is scary. when we talk about the -- just in the letter a. we have almonds, avocados and standard and poors pollinated by honeybees and through the alphabet every beloved tree or fruit not is threatens. >> very quickly, what is killing the bees if the colony collapse isn't, what is? quickly? >> we don't know. we think it has a lot to do with stress. the hives are getting moved after ccd, we've seen the number ofr hives decline so they are getting moved around to more and more farms often and that is

becoming a self-reinforcing trend. >> matthew roberts, thank you, at the high state university. kansas city southern send shares lower, taking back the 2015 revenue and volume guidance citing uncertainty around the economy and impact. they announced a share repurchase plan to run through 2017 but shares fell more than 2% to $94.89. sharing of avago went lower after it contacted companies about a potential takeover. it rose 3% to $126.94 and 26 zylinks was almost 3% and maxim rose 5%. applied materials posted late earnings that beat on the top and bottom line reporting highest quarterly revenues in three years as the chip maker

spent more on intelligent to make more profit. shares popped after the close. the stock ended the regular session off a few cents at $19.86. >> and king the maker of candy crush manages to post results well above estimates but expected softer growth in the future. shares down as much as 11% after the bell. before the close the stock fell more than 4% to $14.99. and party city delivered the first report since going public. the party supply retailer announced a narrower first quarter loss and shares higher after the close. in regular traiting it was off by a penny, finishing at $21.75. >> believe it or not, good news for those of you who have racked up thousands of frequent flier

miles. it is easier to book a flight using those miles. phil lebeau has more. >> a welcome change for frustrated fliers, more flights available for flights. 74% had seats available for reward bookings. slightly more than last year. >> i think that reward value is improving for members. what i'm especially surprised by is the fact we're seeing more and more reward availability closer to departure and that is something that popped up in the last five years. >> where are airlines making more seats available, as they limit flights to boost profits. one factor is airlines working harder to compete with credit cards when it comes to reward travel otherwise they risk losing frequent flyers and the steady bookings. >> american express launched a product called company and it is

not a credit card but it is with several retailers and this will change the dynamics because we have a nationwide loyalty program to be in place and i think the airlines look at that as a potential threat. >> among u.s. carriers southwest, jet blue and alaska have the most flights with seats open and united american and delta have increased a -- reward availability and despite the good news many are skeptical. >> there are a lot more blackout dates. >> i think cashing your points in is easier on some airlines. upgrades are harder to come by without a doubt. >> one negative in the survey finding a seat on a long haul international flight remains challenging, especially if you plan on the upcoming and very busy travel season. phil le bee, "nightly business chicago. coming up the world's

largest retailer takes on the king of online shopping but how will that battle shake out? nordstrom out with late earnings and revenue better than expected and extra losts related to an acquisition and stor weighed on the results and shares were volatile in after hours trading, kohl's reporting disapointing sales growth and blaming it on a decline in shopper traffic. they tend to go hand in hand. profits did rise and company executives said the changes in place have begun to pay off but

shares drop sharply finishing at $64.62 down 13.75%. and walmart is taking on amazon. the retailer will test unlimited free shipping service this summer jumping feet first into an area that amazon has dominated. will it turn into a battle for the ages? courtney has more. >> the world's largest retailer is aiming for the king of the jungle. walmart confirms it is testing a new $50 per year subscription program offering unlimited free shipping for 1 million of the 7 million products on the website and the orders arrive in three days or less and for now it is invitation only. it is another shot fired in the battle of bricks versus clicks as retailers large and small try

to compete with amazon and the strength of its prime mebship program. the prime membership is $99 per year for two-day shipping on 20 34i8onnite epz and streaming video and shows and a kindle lending book library and cloud storage. and a valuable group. according to consumer intelligence research prime members spend $1,100 per year compared to $700 per year for other amazon shoppers. while amazon said the prime member rates are growing it won't say how many total customers it has. the estimate is between 40 and 50 million but many believe if anyone can compete with the behemoth it would be wal-mart. >> the logistics are among the world's best and along with its

own distribution centers and already filling online orders it has 4500 u.s. locations within ten miles of 90% of all americans, a built in fulfillment network. >> if you look last year the fastest online growth was downey cheerios and tide and that is the heart of wal-mart and they need to do it to compete. >> tart offers a 5% discount in store and online and shipping for 15 million red card members. the question is whether wal-mart can entice an amazon or target shopper to the new service or whether it will attract new shoppers. wells fargo animal matt neemer tells investors it is better late than never for wal-mart but caution there is heavy lifting ahead to catch up to the king of the jungle. for "nightly business report," i'm court nyreagan. >> and finally tonight, christy

has done something never done before. sold $3 billion in tree days and it will host another sale today and tomorrow. >> wow we'll keep you posted. that's "nightly business i'm sue herera thanks for joining us. >> and i'm tyler mathisen. thanks for joining us as well. we'll see yo.

announcer: a kqed television production. woman: it kind of was, like, the bang that set off the night. man: that is the funkiest restaurant. thomas: the honey walnut prawns will make your insides smile. [ laughter ] woman #2: more tortillas, please! man #2: what is comfort food if it isn'atgluten and grease? man #3: i love crème brûlée. woman #3: the octopus should have been, like, quadrapus because it was really small. sbrocco: and you know that when you split something all the calories evaporate and then there's none. whalen: that's right.