this is "nightly business report" with tyler mat sue herera. game on. dow component nike beats wall street earnings expectations on strong demand but there are a couple of numbers in the report investors should watch. lifting the ban? congress hears testimony on the benefits of exporting crude as oil prices remain volatile and under pressure. and deadline looms. for many retirees if you miss it it could cost you. all that and more tonight for "nightly business report," thursday march 19th. >> good evening, everyone. stocks took a breather pulling back from yesterday's big federal reserve fueled rally but we begin with earnings from the largest sports wear maker, nike. dow reported a 15% jump in quarter profits as more people bought apparel and running

shoes. the company earned 89 cents a share, a nickel better than expectations. revenues were hit by the stronger dollar and came in below wall street estimates at nearly $7.5 billion but that was an increase from a year ago. shares initially moved higher after the report. sara eisen has more on what's working for nike and what's no >> reporter: the takeaway for nike when you're a global consumer giant, it helps to have a strong and growing brand to help counter the negative impact of the stronger u.s. dollar and that's exactly what nike thought. overall, numbers were solid from apparel to footwear but sales missed the mark because of the stronger u.s. dollar cutting into nike sales abrord. north america's biggest market but it does do most of its business overseas. futures orders is what everyone pays attention to with nike numbers. the company is expecting them to grow 2%. take out the impact of a stronger dollar and that number

would have been 11%. driven by strength in north america, in europe japan, even double digits in china. the only sour spot in terms of the outlook was for merging markets. bottom line nike's underlying business is strong. it's been investing in new product launches and innovation. that's help cushion it from what's a major headache for corporate america, the stronger u.s. dollar. r "nightly business report," i'm sara eisen. on wall street it was a reversal. stocks down after being higher today. dollar rose and oil prices dropped, weighing on energy shares and doughw components like exxon and chevron by the close. fell to 17,959. ninth triple digit move in the last 10 sessions. nasdaq moving higher gaining 9 points and s&p sank 10. first day trading, apple shares a little bit lower by almost a

dollar. initial jobless claim rose marginally last week increasing 1,000 to seasonally adjusted 292,000. now to oil where congress held a hearing on whether the lift the ban that prevents exporting that commodity and the hearing came on a day where supply concerns weighed on prices. on jackie deangelis has more on the downward pressure on prices and the hearing on capitol hill. >> reporter: oil prices seeing red this week on the back of a stronger dollar and the supply that continues to grow. wall street analysts have been predicting that we could see $30 oil in the first half of the year and even traders that were skeptical now agree. this week the eia reported crude oil inventories grew again by almost 10 million barrels. the agency sang the u.s. supplies at the end of february were the highest since the mid 1980s and today, opec reiterating it has no plans to

alter its production strategy as it struggles to maintain its market share. >> what's really not about demand. it's about how qui ramped up. oversupply of opec and their continuation to not stop production, pump so they don't get market share, a main factor why we're down to low 40s. >> reporter: washington debating whether to lift the ban on crude oil exports. >> that needs to change. >> reporter: industry insiders believe global political concerns will keep the export policy changes on hold. for now. but supporters like conoco phillips chairman ryan lance believe it could be a bright spot for the economy. >> 44, 800 a year. >> reporter: store space filling up quickly. current estimates suggest we're roughly 60% to 80% full. that number rise to 100% could

be the catalyst that crushes oil. >> we could get a spike downward once we get closer to 100% full because everyone will be forced to glut the market with oil. the cash market. that will send the prices down. >> reporter: then there's the impact of the strengthening dollar. it takes traders using other currencies out of play pressuring prices. the dollar continues the monumental rise. that's bad news for oil prices. it means they could slide further. for "nightly business report," i'm jackie deangelis. some investors may steer clear of buying stocks in the sector but as morgan brennan explains there are investment opportunities to be found if you know where to look. >> reporter: as crude oil stocks renew their slide, they renew. worst performing in the s&p 500 today. as oil continues to fall and

oversupplies deals in the sector that shed nearly 20% since september. >> we see good opportunities in the energy right now and, you know frankly i think the price is unsustainably low for crude oil. so we are advising investors to make long-term decisions and over the long-term, say off year plus. it is a good time to buy energy stocks. >> reporter: one group already returns, refiners. that haven't just outperformed other energy stocks but the s&p as a whole this year. why? oil refiners benefit from lower crude prices that mean lower costs. resulting petroleum brent crude, the international benchmark, valued higher. experts say it's not too late to get the rally. >> for an investor with more price volatility we like the refiners. specifically phillips and valero. we think they're not pricing in current spread so we see upside in these stocks.

>> warm back up to oil a producers a smaller producer that analysts note is likely to buy more acreage, a move to position for growth in the long-term. midstream pipelines stand to gain as well. energy infrastructure giants like enterprise product partners all american pipeline and midstream partners with hefty dividends and upstanding holdings. but there's still plenty of head winds. the largest, oil could move much lower at least in the short-term. that means plenty of volatility for energy stocks and it also means greater risk. for "nightly business report," i'm morgan brennan. >> issued loans in the oil sector face millions of dollars in pot losses. in a report published by "the wall street journal," big banks like citi or goldman sachs or

ubs thought they could sell the loans to investors but haven't been able to due to the oil prices over the last few months. the main focus was greece and precarious financial situation. julia chatterley reports from the eu summit. >> reporter: upcoming into the eu leader in brussels elects and germany's chancellor, angela merck l, could have a solution for gree repayment in salary bills at the end of this month and beyond. those who hoped were dealt a swift blow earlier on. angela merkel said there will be no solution. it comes down to the individual financial ministers to reach a deal. the second blow came in the form of reports suggesting the european central bank was going to become even more tough on the

greek banks. a trigger for stressing the economy. we thought the reaction in the greek debt market yield significantly higher over the course of the session. both leaders have their hands tied by public sentiment. even in the last few weeks, one recent survey suggesting 59% of the population willing to see greece lead the euro zone. if we look at greece division he's bound by the promises he made to the greek people we've been talking about these for weeks but also the deal that he signs just over a month ago when he said without reforms, without implementation of the reforms, there will be no cash. this is where the situation remains. the clock still ticking on greece's economy. for "nightly business report," i'm julia chatterley in brussels. still ahead, a key tax deadline is looming and if you miss it, it could cost you a lot.

general motors ceo mary barra will be deposed after a defective ignition switches. testify under oath in october along with other current and former gm employees. in addition to the lit station st litigation could result in a fine. >> house speaker boehner and nancy pelosi close to fixing a

long standing problem with medicare. temporary patches override so that physicians don't take a major cut in reimbursements. this deal being hashed out would make a fix permanent. >> i'm encouraged by the progress our committees are making and permanently resolve the so-called doc fix. as you all know we've had to patch these doctor payments 17 times over the last 11 years. i've been committed to finding a permanent solution to this problem. it's a chance to get rid of washington's most infamous budget gimmicks but it's also an opportunity to make structural reforms to medicare and real savings to taxpayers. >> the deal isn't done yet but the april 1st deadline to do something is fast approaching. the government has recovered more than $3 billion from companies and individuals that try to defraud the

government-run health programs like medicare and medicaid. that's according to a report from the departments of justice and health and human services. the administration has r $7.70 for every dollar spent investigating the the past three years. number is small compared to the numbers the fbi lost each year to health care fraud in this country. it's been called one of the most important events for the entire biotechnology industry this year. tomorrow biogen will shed light on its experimental drug for alzheimer's disease. the initial results of the drug were released in december. shares shot up in that company 40%. meg tirrell takes a look at what to watch for. >> reporter: biogen shocked everyone in december when it reported initial data from a small study examining the safety of its experimental alzheimer's drug. what people didn't expect is that it would show signs of

working as well. tomorrow. additional data from the study reveals how strong the drug looks. >> we've had a few fits in starts here with alzheimer's drugs. this class especially we've had a couple of fairly high profile you know, call it failures. but i think what's got folks excited is it's a little bit different. >> reporter: known as bib37 appeared to clear the amyloid plaques in the brain associated with alzheimer's disease and looked to stem decline cognition in memory and thinking clearly. on the strength of the results, it would move the drug quickly into phase three clinical trials, the last stage before for approval. successful drugs could mean big businessment alzheimer's affects more than 5 million people in the u.s. a number expected to triple by 2050 according to the alzheimer's association. it's currently the sixth leading cause of death in the united

states. and there are no drugs on the market shown to slow the disease's course. >> even with reasonable penetration numbers, this could, with a straight face be a $10 billion drug. >> reporter: that's $10 billion a year. analysts are also looking closely at the drug's safety. it did show a side effect known as aria or abnormal regular imaging. it will be important to see if biogen can administer high enough dose without raising safety risks. stock rose 40% since data from september and we could see big swings tomorrow. eric smith at callan estimates could drop 20% if disappointing though he's optimistic about the results. the stock could gain 15% if the results are stellar, making this one of the most anticipated events for the entire biotech industry this year. for "nightly business report," i'm meg tirrell. >> to read more about biogen's

experimental alzheimer's drug, head to our web site nbr.com. menards with a signal of the housing pick-up. that's where we begin market focus. saw delivery and prices helping results despite severe weather that weighed on sales in some parts of the country. new orders also increased which is a positive indication of the company's performance. still, shares fell a fraction to $49.65. michael's posting earnings in revenue that beat during the holiday quarter helped by the popularity of do it yourself projects. ceo said social media is helping to drive business. >> when you think about the digital aspect about being inspired through social media and pinterest or facebook or the marketplaces like etsy or online education where people want to learn how to personalize and customize something, which is really the business that we're in the digital arena really plays well to michael's. >> the company's profit outlook

is soft blaming on currency issues and west coast port delays. still, the stock closed a fraction higher at $29.92. hewlett packard hiking by 10%. the new payout of 18 cents a share has a yield after about 2%. still, shares of hp down to $32.84. >> first quarter earnings because of high level of steel imports. that's pushing the prices down. expect to slow down in the second quarter but remain at high levels. this is the stronger dollar that's made imports cheaper and steel from china flooded the market. shares tumbled more than 6% today to $46.10. shares of yelp tumbling after a documentary trailer posted on a fund raising web site kick starter, that accuses the company of extortion. the film called billion dollar bully suggests the company features negative reviews for businesses that do not pay to advertise on yelp.

shares were off 3.5% to $45.1. regulators decided bank of america must allow shareholders to vote on whether the bank should form a plan to break itself up. the proposal comes from a member of a consumer advocacy group and calls for independent director panel to develop a plan for divesting all of the bank's so-called non-core businesses. shares of b of a down more than 2% today at $15.61. >> and now to our segment on the tax deadlines. an important date is approaching for people required to withdraw from their retirement accounts but many could miss it because this is not the time of year generally that many retirees and investors are focused on their retirement savings, but tim bower said not doing so could have some expensive consequences. he is director of personal finance with bam alliance and a member of the cnbc council. nice to have you here. >> great to be here. thank you very much. >> let's start first of all with the deadline. there's some deadlines that are

looming out there that people may not be aware of and one of them has to do with people turning basically 70.5. tell us about that. >> yeah susie. if we have saved in 401(k)s and traditional iras, hopefully, we get the tax benefit of deduction over that time but the government wants that to come out of those accounts to reap the tax benefits when we retire. once you reach age 70.5 i cannot explain why the half number but once you reach 70.5 you're forced to take money out of your retirement account, so the required minimum distribution. you should be taking your required distributions by september 31st each year. however, in the first year after you turn 70.5 they allow you to delay your first required minimum distribution until april 1st.s serves notice to anyone out there.

if you turned 70.5 you might have to do a little math to figure out exactly when that was in 2014, if you have not yet taken your required minimum distribution you have until april 1st to do it and that's extremely important because the penalty for not doing so is 50% of the amount that you were supposed to take out. >> 50% of the amount you were to take out. not 50% of the balance in the account. this applies, tim, to 401(k)s, 403 bs, 457s, roth iras, seth aye ras, right? >> not everything. the one you mentioned to which it does not apply is the roth ira. one of the key benefits of a roth ira, you do not need to take required minimum distribution and continue to grow and be deferred tax-free it's one of the reasons i especially like the ira.

>> are there exceptions? there always seems to be exceptions. >> there are, susie. one is that if it's your 401(k) we're talking about and stg for that company and you don't own over 5% of it believe it or not, then you could not take required minimum distributions from that 401(k). you may, however, still have to take them out of your traditional iras. the other exception is the roth ira. do not have to take a required minimum distribution if it's your original roth ira. if it's an inherited roth ira, you will have to take a minimum required distribution. >> how do i know how much i have to take out in a required distribution who tells me or do i calculate it myself? >> well you can calculate it yourself. but i highly recommend you allow your custodi to do it. your td amertrade, whoever the broker/dealer who hands the

custody of your retirement account, they would calculate it for you. you may still want to double check it with your cpa. do your own math. the the first year you take required minimum distribution tends to be 1/26th of the account value and each year you age, the percentage increasingly goes up. >> you know, tim, how many people do you think actually notice? how much money are people really losing by not knowing this? >> the good news susie, this is not a particular area of enforcement in the past. but as we've been hearing for the last year irs is stepping up enforcement. my hope is quite frankly this rule becomes more sensible at some point in time in the future. that i think, will help retirees make better retirement decisions and tax decisions. >> on that optimistic note thank you, tim. nice to see you again. >> good to see you too. >> ty? for some small businesses getting a loan can be tough but now some owners are starting to

think outside the box and outside the bank to get funding recall news to tell you about. honda adding 5,000 cars to fix potentially deadly takata air bags. five deaths linked in honda products. total number of recalled honda and acuras to 5.5 million. a judge okayed a $10 million offer by target to settle a class action lawsuit related to massive data breach in 2013 according to reports that were out today. the retailer will pay individual

victims who had their information stolen and suffered losses up to $10,000. >> getting a small business loan can still be tough even though the economy has improved. some banks who don't want to originate loans, but the void is filled by non-traditional lenders. sharon epperson reports that helped one small business owner fuel his rapid expansion. >> reporter: there's a special coffee craze brewing in new york city and joe coffee is at the forefront picking up the scene. >> once they discover sort of become part of your following, they won't go anyplace else. they find a way to go to joe seven days a week. >> reporter: joe coffee owner jos.en reuben stien said his business has a loyal following. that's to expand to 12 locations in just 12 years. >> 12 years ago, we really started by borrowing money from family from friends, we would give people little pieces of the

business in exchange or just borrow money and give them interest. >> at some point we had to say, okay i've tapped all my family friends, everybody invested in this still have family members, so for money, eventually you have to go outside and look at lending. >> yes, that's where i turned to. we want a new shop. go raise the money. >> reporter: joe coffee coo opted not to use a traditional bank. >> we are at a new location. we want to get that lease signed before one of our competitors finds it. we can't spend a month and a half or two months going through the traditional loan process with a big bank. >> reporter: small business lending has been slow to improve even if the u.s. economy recovered, but there's a new pop-up filling the void. loans at less than $1 million to entrepreneurs looking for a faster alternative to financing their business just like joe coffee. >> there's a handful of structural problems that make it difficult to finance the business community.

with requirements, they're forced to ho more on their balance sheet. it's often more profitable to make larger dollar to bigger businesses than to make th of ones to smaller companies. >> reporter: for small businesses healthy, profitable and growing, trying to get financing is a challenging place to be. which is why joe coffee decides to go with small busines lender bond street to finance the 11th location. >> if you see a space that's great and you want it, you need to be willing and have the money in the bank. >> we were able to get $200,000. joe's location. >> reporter: and now helping joe coffee finance another location and it's key. it's the quick access giving a major jolt to businesses like joe coffee. for "nightly business report," >> interest rates on the loans offered by non-traditional lenders are comparable to those offered by banks on the low end but the range is much wider.

for example, the interest rate on a bank loan could range from 5% to 10% but could go as high as 20% from a non-traditional lender. and that does it for "nightly business report" for tonight. i'm sue herera. thanks for joining us. >> i'm tyler mathisen. thanks from me as well. have a great evening, everybody and we'll .

>> boy: please stay tuned. coming up next is our new concert, "angel voices: libera in america." we've traveled all the way from london for our first production for pbs to be recorded in the u.s. we're singing in the amazing basilica of the national shrine of the immaculate conception in washington, dc. and the music is, well libera-like, a sound that is both ancient and modern. don't go away. we're the boys of libera. we're here and ready to sing. "angels sing: libera in america" is made possible by pucuda leading edge creating netting technology solutions for construction, industrial amusement, and sports. pucuda leading edge is proud to support the music of libera on pbs. explore new worlds and new ideas through programs like this made ava