♪ " with tyler mathisen and ss . getting bigger. the most valuable publicly traded companies are all in technology. and that may reflect the big shift under way in the economy. price spike. the epipen isn't the only life-saving emergency medicine that is getting a lot more expensiv grill it up. one man's quest to find a better way to clean his backyard grill. and his invention helped him make mil those stories and more tonight on "nightly business for friday, september good evening, everyone. and welcome. triple digit decline to end the week in the market. we begin with what may be a sign of the times. technology companies are dominating the stock market like .

with the nasdaq sitting just points away from the an all-time high, the five largest publicly traded companies today are all in the tech sector. apple, which is worth more than $600 billion, alphabet, parent of google, microsoft, amazon and facebook valued at more than $360 billion are the companies with theiggest market capitalizations. list looks a lot different than it did just a handful of years ago. when industrial names like exxonmobil, general electric and tech name ibm held the title of world's most valuable. so what does this shift to tech companies being the most valuable publicly traded companies, and what does it suggest for the economy? particularly since tech companies hire less workers? kathryn rampell, columnist at the washington post joins us tonight where she focuses on economic and public policy. nice to have you with us, kathryn. welcome. >> good to be here. >> let's start with what you think this does mean for the economy. obviously, you know, technology

has been the driving force of economic growth for some time >> right. we're going through sort of an additional industrial revolution of sorts. a second machine age, as some academics have put it. the idea being that software is eating the world as the cliche goes, and that compani basically in all industries are having to revamp themselves to become more digitally connected to think about how they could be disrupted by new trends. and the fact we have tech companies as the most valuable companies right now is merely a symptom of that change. >> yes, a consequence of it. there are a lot of people who are worried that this revolution that you describe i think very accurately will mean the extinction of lots of jobs. what does your research and what does history tell us? >> so at first blush, this makes sense, right? that people worry that the robots are taking their jobs. that as more kinds of work become automated, that reduces

the requirement for human labor. of course, we have experienced these kinds of panics about te unemployment many, many times throughout human history. kaine worried about it during the great depression. you had various levers and threshers, the original did you do luddites. go back even to aristotle's time, people freaked out about the fact that machines were going to displace human labor. every time we have gone through one of these transitions, economies have been able to adapt. there are new jobs that are created. the n always jobs that are necessarily able to -- people are necessarily able to predict, which is why there is such panic. it's hard to imagine the kind of career like a social media consultant, for exampl >> exactly. >> you know, nobody would ha -- never would have occurred 20 years ago that would have been an actual job. what happens is, there is a transition. a lot of people are displaced. new jobs are created. the jobs don't necessarily go to

the people who are dilaced. they go to people with different kinds of skill sets. mankind adapts. >> that was my question. if people are displaced, they need to be retrained. what is the educational component of this whole idea equation? >> so the fact that the economy is changing and, again, that's being reflected not only in the kinds of companieshat are rising, but in sort of old-guard companies, you know, the ges or retail companies of the world, that they're requiring new skill sets does suggest that we need be thinking a little bit harder about what kinds of skill sets we encourage younger workers to acquire. whether that be programming or other kinds of higher-skilled type jobs. and i'm not sure that we're doing a great job at dividing people towards the right kinds of careers right now. >> we'll leave it there, kathryn. thank you very much. kathryn rampell with "the washington post." one company is using technology to overhaul its more traditional business model.

morgan brennan tells us what u.p.s. is doing to speed up delivery times a little bit later in our broadcast. >> on wall street, stocks snapped a three-day wind streak. oil prices weighed, as did shares of apple on unconfirmed reports that overseas sales of the new iphone may not have been as strong as hoped. the dow jones industrial obviously dropped 131 points to 18,261. nasdaq lost 33, s&p 500 off 12. for the week, though, all of the major indexes were higher. a big story this week, of course, was the fed. and today we heard for the first time from one of the three policymakers who dissented and voted in favor of raising interest rates. boston fed president, eric rosengren, said that leaving rates too low might lead to a recession. he's concerned that a rate hike now would avoid a lot of increases in the future, which, ifhawere to happen, he says would shorten the recovery. the federal reserve is proposing an aggressive new rule on wall street's commodity

holdings. central ban outlined a plan that would force companies like goldman sachs and morgan stanley to hold capital against physical commodity investments. offis estimate the proposal would mean about $4 billion in total additional capital. that is based on current activity. >> wells fargo's board has reportedly hired a law firm to advise it on execuve compensation and potential clawbacks. that report comes on the same day an investor group called on wells fargo to claw back an executive's bonuses. in a letter to the bank's board as reviewed by the "wall street jour ctw investment group also wants an independent review conducted. ctw is asking the board to claw back at least part of the pay from 2011 to 2016 received by former retail banking head, kari tollsted. she is expected to retire later this year. it holds about 12 million wells fargo shares.

as we reported last night, the department of education decided to revokeederal recognition of the nation's largest accrediter for for-profit schoo and that is a big deal for the industry which has come under intense pressure. corinthi colleges and itt tech shut down. we're following the story from san jose. scott, welcome. how big of an issue is this for the schools? >> well, potentially it's a huge issue, tyler. we have been looking over the last several years at a fundamental change in the business model for these companies and these institutions. now, accreditation is a big part of the equation. there are a number of accrediting agencies, university of phoenix behind me is accredited by a different agency than the one we're talking about. the allegation is that the creditors have been not stringent enough, full of conflict and that's one of the main reasons that as a whole, these for-profit colleges have had lower graduation rates and more importantly, big defaults

on student loan rates. you can't get into one of these -- can't get student aid, i should say, if your school is not accredited. and if this accrediter goes away, that's a big chunk of these institutions' revenues. >> which begs the question, will the loss of this accreditation lead to more of those schools shutting down? >> well, it's possible. it's a little bit early to tell. the agency acics is going t appeal this decision, so nothing takes effect right away. but it could mean that some of these companies are going to have to go for accreditation from somebody else. that's not an instantaneous process, so it is entirely possible that we see more dominoes fall. >> so one option is that they go to another accrediting agency that has not been -- whose license hasn't been revoked, basically, by the feds. are there any other things they're pondering? >> well, that's the main thing, is to try and i guess ive this whole process. the accreditation has been a big part of it.

there have been all of these other issues with gainful employment, which the obama ministration has been cracking down on. and that's something that's going to continue. so it's not getting any easier for these institutions. the hope is that they improve their standards. and that they become what they profess to be, which is a viable alternative to community colleges, which are overcrowded, don't necessarily have the programs they offer. but they seem to have a long way to go yet. >> all righ these are big companies, big businesses, big advertisers. scott chosen in san jose, thank you. s ahead, the next epipen, a decades-old drug that can save lives is seeing a sharp increase in price. sound fa?

in washington, president obama vetoed a bill that would have allowed the families of the september 11th attack victims to sue the government of saudi arabia. the president could face a potential veto override by congre. the bill would have given the victims' families the right to sue in u.s. court. the white house says the bill would, quote, upset long-standing international principles regarding sovereign immunity. > one of the world's largest package delivery companies working to get packages to your doorstep faster. u.p.s. is the first major transportation carrier to operate a drone test in the u.s. morgan brennan takes flight from marble head, massachusetts. ♪ >> reporter: it's coming sooner than you may think. package delivery by drone.

u.p.s. took to the skies yesterday to test an unmanned aerial vehicle. the three-mile eight minute mission over water from beverly, massachusetts, to children's island was conducted by sci-fi works, which claims u.p.s. as an investor. >> the dna really matches very well together, and it's a wonderful partnership. >> reporter: this delivery drone is a hexa copter, fully autonomo meaning it can fly itself. it's equipped with night vision and can go as fast as 30 miles per hour, and, of course, it's branded in u.p.s. brown. under new faa regulations that took effect late last month, scfi is running regular experiments to develop its technology and collect data to contribute to a viable drone business model for the shipping giant. >> the total cost of ownership of drones to actually have a full drone delivery fleet is not determined at this time. but the cost per mile is pretty low. maybe as low as 5 cents per mile. >> r there is a lot at stake. alysts say the adoption of drone technology will be crucial

as customers continue to buy more online and do so with faster and faster delivery expectations. the competition's fierce. amazon is conducting advanced it tests with its prime air drones in the uk. dhl has been using its parcel copter in germany, and alphabet's project wing drones delivering chipotle burritos just to name a few. unmanned aircraft systems could generate more than $80 billion for the u.s. economy, according to the w and federal aviation officials estimate 600,000 commercial drones will be operating stateside within yet despite all the talk, drone use for package deliveries has been slower to catch on. largely because the new regulations require operators always have a direct line of sight on the aircraft. >> when you prove that this has value, and you collect the data to convince the faa to open up other areas, then we'll be able

to do more nonline of sight delivery. >> but right now as data is collected and the new regulation is sorted out and billed upon, it's tests like this one running urgent deliv t like children's island where the drone delivers make the most economic sense. i'm morgan brennan in marblehead, massachusetts. twitter spikes on talk of a possible takeover, and that's where we begin tonight's market focus. shares soared today after cnbc's david faber reported twitter has received interest from some tech firms considering whether to make a bid for the social media company. the suitors are believed to include sales force and google. twitter surged 21.5% to 22.62, while alphabet was essentially flat. sales force was off to 70.39. faced for a miscalculation in way it measures how long its videos are

viewed. the wall stre" says the tech giant may have overstated ave time by up to 80%. shares fell to 127.96. valvoline made its wall street debut in one of the biggest public offerings. the ceo which operates oil change centers said some businesses are firing on all cylinders. >> we have a strong quick business, and that's ten straight years of same-store sales improvement so we're looking to invest and grow that business and our international business has got excellent potential. relatively small market share, but very strong teams and capabities aroun. >> shares of valvoline finished at 23.10. meantime, apcio had a strong debut. the firm helps companies manage their finances, track spending. there is only $2.7 trillion spent on technology worldwide. shares soared nearly 41% on the

session. they finished at 22.55. the rising price of enpetition pens got a lot of attention this week when the maker of the drug appeared in front of congress but that's not the only life-saving medication that's getting more expensive. and the price hike comes as the need for it grows. meg tirrell re >> reporte it's a drug some public health experts say should be carried b >> in baltimore city, i have issued a blanket prescription to every single resident to $620,000 residents in our city, because we strongly believe in the lock zone should be part of everyone's medicine cap net and everyone's first aid kit. >> it can act like an antidote to heroin and oxycontin. it led to 28,000 deaths in 2014. >> if we all had the ability to save a life, why shouldn't we?

>> reporter: but the price is increasing, as well. baltimore city commissioner says one product per city purchases has doubled in price since 2012. made i went from $6.50 to $37.last year. >> we are being priced out of this medication at a time when we need it the most. >> reporter: the issue is catching the attention of lawmakers. and in june you ce senate sent letters to five manufacturers, asking for explanations for price increases. it has been available since 1971. pfizer sells an injected version used in hospitals. the price of one vile increased from less than $1 in 2005 to more than $15 in tw2014. times into account necessary invents to produce and distribute it. and an auto injector has risen in price from $575 in 2014 to

more than $3700 this year. they say the increased patient commercial insuran can get the product at no cost. equip emergency responders, firefighters and police with fees in the field. >> we need some broader sustainable solution or else we have the wor-case scenario, where a program or a health department runs out of naloxon, can people die as a result. >> the rising price as well as the increased demand can cause tough decisions for municipal budgets. >> might consider turnout gear for our firefighters has to be put off into the future, because of the money being spent on the extra drugs we need to handle overdoses. >> and public health experts say the drug is so important for overdoses, it's something that nobody should be without. for "nightly business report," i'm meg tirrell. our market monitor likes mid and small cap growth stocks he says will do well in any

economic environmen this is his fit on t he's lamar vilory. welcome. good to ha you with us. don't get nervous. we're gentle with you here. let's go right to your stock picks,eginning with lxq. what is it, what do they do? >> lkq stands for like in kind and quality. these guys, if you get in a collision, auto collision, yo going to want your car back as quickly as possible. so these guys work with the insurance companies and the collision repair center to get you alternative auto parts quickly. basically, think of i like amazon prime, but for auto collision repair centers. so you get your car back quickly, youhappy, the insurance compa is happy, because it costs 20 to 50 less than a new part. that's lkq. they are bigger than the 20 next competitors combined so they're huge here. they've got dominant market share. the bui it out in europe. we think that's where the growth is going to come from. >> next is taser international.

>> sure. you know, taser -- most people know it by their nonlethal weapons used by law enforcement agencies. that's a mature business. highly profitable. great cash flow business. the real excitement here with taser is on their body-worn camera business. so when you see incidents like happen in charlotte or other places in the u.s. that have attracted a lot of attention, there's always a question of what really happened, what's the whole story, and taser sells these body-worn cameras and make recurring revenue stream on handling the data afterwards. but what we have seen, we have talked to law enforcement agencies thr country and what they have said is they're either using body-worn cameras now or are going to. and they have seen -- the ones using it have said it reduces force by, you know, 60%. complaints down by 90%, a huge cost savings. so that's something that we think is going to be a trend that's going to continue. >> your last ock,sterris, is one you bought, you say, right after the vote to leave -- britain's vote to leave the european union.

is it a so-called brexit play or was it just kind of coincidence you bought it then? >> this was a baby in the bath water type thing. the company is based in the u.k., but it's really a u.s. company. the shares were penalized for no good reason other than everybody was terrified about u.k., particularly in european stocks more broadly. really it's an american company. if you check into the hospital tomorrow, there's a 1 in 20 chance you're going to catch an infection there. something you didn't have before that you get there. this is something that costs the u.s. health care system $10 billion a year. so it's a massive problem. sterris supplies everything from soaps to clean sheets to any kind of cleaning supply to help fight those infections. we think no matter what ha in the economy, this is an area where we're not going to see cuts to spending. so this is a nice growth stock. and granted, it's not as attractive right now as it was right after brexit when bought. but we still think there is a good opportunity in these shares. >> lamar, thank you very much.

we'll revisit these at some point in the future. lamar vil ory with vil ory and company. coming up, grill it up. one entrepreneur's journey to create a coo gadget that makes cleanup off the grill a little easier. his story in tonight's how i made my millio ♪ here's a look at what to watch for next week on monday. wall street and main street get ready for the first presidential debate. on tuesday, dow component nike which has faced increased competition reports its earnings. al on tuesday, oil exporters will meet at an informal gathering in algeria to discuss

a potential production freeze. and that's what to watch for next week. michael wales has invented bathroom fixtures, raised organic corn and most recently reinvented a grill equipment. a smart busins move, considering that 75% of u.s. households own a grill or a smoker. here what he's been cooking up in tonight's "how i made my millions." ♪ >> get the tools out? >> please. >> this had this house, ideas, innovation and a dash of inspiration are always simmering. ever since i've been little, you know, i've always just looked at things and said, you know, there's got to be a betr way to do this. >> from water-saving somehow we are heads, his first product, to more efficient grill equipment, michael wales, with help from his wife grace, has made millions creating, marketing and selling practical products,

obvious often with amusing names. >> it's called the kg tong. and we got that trademark. >> i love that. >> he must come to you and say i've got this idea. >> she usually says no, it's not going to w >> i always play devil's advocate. but when he came up with grill daddy, it was definitely a home run. >> as with most inventions, necessity turned out to be the mother of perhaps wales' best-known gadget, the grill daddy. >> i always hated a dirty grill. >> so he started dipping conventional old-style grill brushes in water before putting em to work. >> i said, listen, i think there's a product so i made a prototype, and started playing around. >> the result, a patented wire bristles brush with a handle that holds water and dispenses it. do you want your grill on and at full power? >> you turn the grill all the way up so the water turns to

steam. and cleans the grill on contact. >> he saw how well it worked, but would anyone buy it? i want to do this all day long. what better place to find out than at a barbecue with friends. >> i said to everybody, would you guys want one of these, and everybody was like, yes. when can we get one. >> repor it took about a year-and-a-hal from idea to modeling to final creation. and in 2008, he and grace foundefoun the grill daddy brus company. says they invested $1 million from the sale of his showerhead business into a direct response ad >> this is grill daddy. the revolution new grill-cleaning tool. >> it was a risky move since he claims only 1 in 20 of those ads seen on tv products actually make it. >> for every dollar that you spend on tv, you want to be able to sell at least $2 worth of product, and that's a break-even. bu grill daddy did far better than that. we got $4 back. in sales. >> reporter: in just eight years, the grill daddy has

spawned more than 30 other products that now fill four warehouses across the country. this is the warehouse where you fulfill orders for home. it's not obviously a huge one. >> no, we just use this small warehouse for samples, and we also -- like here's an order. this is a home depot.com. >> reporter: no longer sold solely on tv, you can find grill daddy products online and in big box stores at prices ranging from $13 to nearly $100. hard to imagine, considering wales originally had trouble convincing retailers to carry his nearly $15 brush. >> they would say, well, we sell grill brushes for 99 cents, there's no market for it. and how much do you make on a 99 cent grill brush. 60 cents. i said how would you like to make $7? >> how many grill daddies later are we? >> we sold probably 5 million or so >> could this grill daddy ever

sell his baby? >> i don't know, man. i love doing what i do. >> you don't do it for the money. >> no, no. >> you do it to sell problems. >> yeah, yeah. money is just a byproduct. >> i got them. they really work. the money is not bad if you do the math. let's say $15 a pop. that's $75 million in revenue and that's without factoring in the wide range of prices and additional products he has like grill utensils. you can take off the end and put them in the dishwasher. >> that will do it for us. i'm sue herera. thanks for joining us. >> i'm tyler mathisen. have a great weekend, everybody. use your grill daddy. see you mond.

gwen: seven days of debate on terrorism, race and policing and three days until the first general election debate. we're chock-a-block, tonight on "washington week." secretary clinton:this is a fast moving situation. that webering reminder need steady leadership in a dangerous world. mr. trump: it's a terrible thing that's going on in our world and in our country. tough are going to get and smart and vigilant. gwen: steadiness versus toughness. the 2016 choice in a nutshell. offered plenty of examples of how donald trump and hillary clinton would handle the challenges. from terrorism in new york and new jersey to police involved tulsa andin charlotte. >> i know he better live.