. this is "nightly business report" with tyler mathisen and sue herera. fund in the part by -- >> all it takes is a spark. one idea to take flight. the courage to seek the unknown. to innovate, disrupt, to move us all forward. to explore a different perspective. at nasdaq, we connect the world, its ideas, its capital, its businesses, the people that drive global economy, the future isn't tomorrow. it's right now. all it takes is a spark. nasdaq. >> obamacare is the law of the land. it will remain the law of the land until it is replaced. we didn't have quite the votes to replace this law. >> bill pulled, house

republicans yanked their health care bill minutes before it was up for a vote leaving people scratching their heads. why some investors may be getting cold feet. >> grid lock on the ground. what's being done to alleviate traffic on the tarmac? the "nightly business report" for friday, march 24th. >> good evening. what a day it has been. drama in washington. minutes before the republican health care bill was due for a vote on the house floor. leadership pulled it. unable to garn he enough support and marking the first legislative set back for the trump administration and house speaker ryan. speaker ryan now telling fellow republicans, they're moving on but it won't be easiful. >> yes, this does make tax reform more difficult but not impossible of we will proceed with tax reform. we will continue with tax reform. that's an issue i know quite a bit about. i used to work on that committee. i spoke with the president and

his economic advisers today about tax reform so we are going to proceed with tax reform. this clearly makes it more difficult. >> john harwood is following the story from washington. i don't remember a day quite like the one in decades. is there any possibility that this health care repeal and replace gets resurrected later this year? even before the mid-terms next year? >> yes. but i think expectations will be quite low for what that produces. this was the moment when you had a new republican congress, a new president at the peak of his influence and i should say, it is not a high peak. his approval ratings are pretty low. your greatest clout is when you begin your presidency. this was a top promise for republicans and when they outlined this plan, they could not get a majority of the caucus we've a large majority in the house. what that suggests, and president trump alluded to this

after the defeat, was that whatever they come up with later might involve democrats which necessarily means it would be a much smaller resprigs could be categorized as a fix to obamacare. interestingly, that's precisely what former house boehner a couple months ago predicted. >> the president gave praise to paul ryan for working so hard. however, he wasn't able to deliver the vote. what does that mean for his leadership going forward as they start to task infrastructure and tax reform is this. >> it is a blow to the house and to president trump. he said he was the master negotiator, the closer. his aides predicted he would get the vote for this. they both failed to do that. each issue is different. tax reform inspires a lot more consensus within the republican

party. inthey will be able to pass a tax cut this year. infrastructure will be a tricky challenge, sort of like health care because he may need some democratic support. >> is grid lock dead or alive and kicking when a mee minority the majority controls what gets done and can't? >> a very good question and it's relevant. we have then a this republican party have a faction within it that is so the anti-government pits very difficult to get to yes on any government program. so while we've talked in the past about republican/democrat grid lock under president obama, and under george w. bush before that. we could have a situation here with this i haddio since democratic new president where he can't get a consense us with his party on important things. >> the weekend shows will be

fascinating. john harwood, thanks so much. >> the drama in washington rippled through wall street. rebelieve the benefits that sector has seen from obamacare will not go away. at least not for now. medicaid insurers also rose. the broader market appeared confused. moving down and up and down again. the dow jones closed down. the nasdaq rose 11. the s&p 500 fell nearly 2. today's action capped the weekly percentage loss of the year for the major indexes. bob pisani explains the late day moves. >> the dow down just 59 points but that does not describe the high drama today. i liked the bill on fail if it went to a vote. but then word leaked pout the

president was pulling the bill rather than have the vote why. ? they're keeping the repeal bill alive was important because getting rid of the taxes in obamacare would help offset the tax cuts the president is proposing. for the week, the dow is down 1.5%. that's the worst since september 9. traders are very eager to move to two others. next week, with earnings up 10%. the best snowing six years, traders are eager to change the subject to an improving economy. >> the ceo of charter communications was at the white house to announce its doigs invest in broad band infrastructure, move offshore call structures to the u.s. and create 20,000 jobs. >> we also committed to spend $25 billion in infrastructure

capital over the next four years. that's the deployment of new infrastructure which also creates jobs. the whole thing is predicated on an opportunity to live in a more leaguer to climate. a tax climate which is really conducive to making investments, both in people and infrastructure. >> the second largest u.s. cable company has previously disclosed plans to hire 20,000 workers as part of its acquisitions of time warner cable is that bright house networks. and the drug company plans to spend more than $800 mol its research labs and manufacturing sites. according to the company, they are being driven by demand for products as well as the pipeline of medicine that's target things like sxrancancer and diabetes. president trump green lighted the keystone pipeline. the president called it part of

a new era of american energy policy that he says will lower costs and create jobs. >> today i'm pleased to announce the official approval of the presidential for the keystone xl pipeline. transkane will finally be allowed to complete this project wi with. it will be an incredible pipeline, the greatest technology known man, or woman. and frankly, we're very proud of it. >> shares of trans-canada fell just slightly. while much of the focus has been on washington, politics down there, the u.s. does find itself awash in oil. the u.s. crude stockpiles at record levels, leaving some to believe the nation will be oil

independent within a decade. if so, what will this mean to our ties with the middle east? now to discuss this, what would it mean if the united states were finally once and for all to achieve something talked about in the 70s, true independence from foreign oil? >> for the last 20, 30 years, our focus has been on middle east stability because we rely so much on oil on coming from there. now with the keystone pipeline being approved, with the supplies coming from canada as a result of that. and then most importantly, the development, north america is really on the verge or certainly has the possibility of that canning energy independent. >> does that transhate to permanently lower prices in.

>> i would think so. the u.s. companies have made tremendous strides since 2018. the last time we saw oil above 100. many companies now report that even at 45 and mpbl 50. they're more profitable. it seems we have the opportunity f for. >> what investable u.s. companies are benefiting? >> certainly the mid caps that have exposure. the drilling productivity report focuses on. for oil primarily. the ones probably most in store for additional business and revenues are the service companies. regardless of whether or not it is small or large, they have to

go for the fractioning technology, the -- >> name a couple the companies that specialize in the services to the oil company into the drilling projects. they are ones that every company has to go to. certainly those types of companies are really poised for an increase. >> does it also challenge our relationship with canada? our northern neighbor? >> absolutely. with trump's now permitting of the keystone pipeline, this helps the canadian oil spans producer. their costs through lower, a pipeline is much less expensive to transfer on. and the canadian oil sands producer gets lower, or gets

increased because of transportation costs. so their economic situation improves. >> had thank you. >> had some new insight into the health of the u.s. economy. order for durable goods, products designed to last at leaf three years, rose 1.7% in february from the prior month. that was more than expected. the market watchers say this is the latest evidence has translated. >> and many bill dudley, an influential fed official, add that had rising interest rates will be a delicate adjustment for the economy. >> by taking out a little bit of that accommodation. moving up the interest rate a

little bit. we think it is more likely it will give a soft landing and keep it where it is. it is not something that's very harsh. we think it is appropriate and necessary. i think the economy will adjust just fine. >> he also said the unemployment rate is pretty close tots lowest level without sparking too much inflation. still ahead, are you looking for growth? our market monitor says it is time to invest in some very well known companies. the senate voted the undue internet privacy rules.

those rules were approved by the federal communications commission last fall and have not yet gone into effect. the regulation would have required internet service providers to get permission before collecting and sharing your information like your web browsing history or your location. senator jeff flake introduced it to repeal the rules, calling them unnecessary. >> the market has high homes the corporate tax rate will be lowered. it is different for some others. it is affecting the low income housing market. this low income housing market the san jose, california, just broke ground. i almost didn't happen. the developer said it took years for him to lien up the investors, partners he and builders, for the housing development for the homeless

where zechblts wound 34 units would put 34% toward rent. it goes for about $2,000. then came election day. >> in a nut shell, we got trumped. >> he meant that it rattled the housing market. once trump got elected, a corporate tax cut the isn't as likely. so the developers are saying some investors getting cold feet including the one behind the second street studios. >> we were literally driving to the title office an talking to the city of san jose. when we were ready to go, they backed off. our lenders committed any way and we wound up meeting with the investors later on. >> eventually the investors stayed in the project leaving a

game. the city stepped in and paid it. morgan isn't alone. they said shovel ready projects across the country are in jeopardy of losing funding because of under certainty in the affordable housing tax credit market. they estimate the low income tax credit market could lose 10% to 15% of its value. the problem could be especially in california, where the housing market is tight. in the bay area, skyrocketing rents and low inconvenienter to have prompted some companies like faeb to step in. they prompted an initiative for affordable housing tuchbl certainty about where the tax rate will end up is a temporary disruption in the market. one that will smooth out once they find out where it will be.

shares plunged to the lowest level if more than six years. that's where we begin the market focus. the athletic retailer posted a wider handle the expected loss, a drop in same store sales and poor profit margins. they blamed it on some foot wear products that didn't resonate with customers. shares fell nearly 20% to 1293. blackstone sold its 21% stake many seaworld to a chinese he investment firm. seaworld will provide support for developing theme parks in china, taiwan, hong kong. and twitter is reportedly interesting a paid subscription option. the social media platform is conducting surveys to assess interest in an enhanced version of its tweet deck aimed at

professionals. >> had reimbursement for the ten with us glucose monitoring system. the u.s. senators clarified criteria of the device yesterday on the nuts the company is up to 82.62. moving the other way, u.s. concrete said the cfo will resign and the company is replacing grant thornton as its primary accounting firm. additionally on, behalf shareholders, whether the officers or rt directors have engaged in securities fraud. all of this adds up. the shares closed at $60.80. this week's market monitor is finding opportunities in some big tech names he says are leading the way in cloud computing and mobile

advertising. and they could see it rise. he is the ceo, tim, welcome barks, ni back. microsoft is number one. a very large cam company. >> it is. microsoft missed some of the moves, some of the movement out of pcs into mobile. the current leadership is trying to information doim get in front of current trends and cloud computing is one of those. it is the second largest provider behind amazon. and they spent $12 billion last year in research and development. and they're a leading firm in terms of artificial intelligence. so their most recent price to earnings is less than 20. they have $120 billion of cash overseas. if repatriated, it could be very

useful. let's move on to another company that nobody else would have heard of but you and me. google parent alphabet. it has been in the news over the concern because they've pulled ads with its adjacency with ads they might find objectionable. >> i think that speaks to the foot print google has. their probably one of the most innovative companies. they have such a huge reach. they'll run into these problems. so i think that their growth, however, and the current valley waegs, more than makes up for the problems. they're in cloud computer. a huge growth park. and their self-driving car unit, they're either in the lead or

very close to the lead which is a future growth area. >> they're going to run into problems. very little debt, very little cash flow. and appropriately priced. >> and another one to finish up with is facebook. >> yes. will that all the revenue comes from advertising. i think they and alphabet make up about 70%. and facebook is. they have $10 billion of free cash flow ask the earnings are growing faster. so their price is slightly above a price to earnings but very reasonable. >> all right. we'll leave it there. thank you so much. and coming up, cutting airport congestion.

>> tired of those traffic jams keeping your night from taking off? the story of one airline making changes so you can get off the ground sooner. the consumer financial protection bureau alleges the firm misrepresented the credit scores can it gave to consumers. in some cases there were significant differences between scores to consumers and to

lenders. a krongs problem at many airports. congestion and delays. but the trump administration says renovating many of the airports and upgrading the air traffic control system could ease the back-ups. more from chicago's o'hare airport. it is frustrating and all too common. your flight leaves the gate but you're stuck on the tarmac. >> you see people pulling out their cell phone. they have meeting. we need to reschedule. >> not very fun. usually there's not a lot you can do. >> while the faa has been upgrading its systems, the reality is airlines have been padding their schedules so planes have a better chance of taking off and landing on time. that means the time set aside for flights like flows washington to new york where las

vegas to los angeles is up more than 10%. the longer schedules are due in part to congestion in the air and on the tarmac. a problem many believe can be fixed by upgrading america's air traffic control system. >> we want the pilot of the plane, the air traffic controller, the dispatch, all have the same information to make the best decisions. >> american airlines is already trying new approaches to improve the flow of flights. but the big improvement for all airlines could come if president trump could convince trump to spend billions to fix america's airports. by extension, the traffic jams clogging up air space over america's busiest airports. >> i think there's a lot of work coming out faye could make a huge difference. >> fixing airports and air

traffic so travelers spend less time in the may not ask more time at their destination. "nightly business report." chicago. and finally, have you been distracted by march madness while at work? you're not alone. it is estimated for every hour spent rooting for a team or analyzing a bracket, employers lose $2 billion i'm not paid $2 billion. march madness considered the third biggest distraction at work. the first, texting. the second time facebook. >> no we'll see you monday. >> i'll text you right back. >> "nightly business report" has been fund in the part by -- >> all it takes is a spark.

one idea to take flight. the courage to seek the unknown, to innovate, disrupt, to move us all forward to. explore a different perspective. at nasdaq, we connect the world, its ideas, its capital, its businesses, the people that drive global economy. the future isn't tomorrow. it's right now. all it takes is a spark. nasdaq.