this is nightly business report. >> melting up, stocks keep going up and while that's a good thing for investors, some say the reason isn't all that great. but does it matter? >> sour note, many americans don't love wall street and while the lack of the warm and fuzzies may not be shocking, where the dim view is coming from might surprise you. >> and bug control, the big money battle to stomp out the latest mosquito borne virus that has people concerned. all that and more for wednesday april 20th. good evening and welcome. we're glad you're with us. stocks head higher again today, triple digit gain for the doe as

the index sits at its highest level since july. this in the face of some so-so earnings and tepid economic data. the question is why. but something that might help push stocks even higher is a beat on the top and bottom line surprisingly perhaps by the doe component american express. mx earn shares initially rose after hours following the results and basically all day long. we learn the key thing for investors. >> reporter: shares of american express gained in after hours trading as the company reported a profit that declined in the first quarter less than analysts had expected. revenues for the company did rise 2%. that was more than analysts had expected. card member spending was up 6%.

expenses were also up as the company incurred restructuring charges and gave more rewards to customers. what role sold investors after this report was the fact that the company reaffirmed its guidance for 2016 and 2017 amid changes it's making to its business model. the fact that the company had confidence to reaffirm the guidance was a good sign and that's why shares were up. on the flip side coca-cola was the biggest looser on the doe today. but worldwide case volumes rose, not enough though. the strong dollar and weak. homes sales rebounded last month after slumping in february helped by strong gains in the

northeast and midwest. the national association of real torz rose. had more news in housing as mortgage applications rose last week and the mortgage banker's association says the average 30 year rate rose a tick to 3.83%. stocks kept going higher today, but did come off their peek late in the session, way down by a bit in that drop in coca-co coca-cola. the highest level since july. nasdaq added seven and the s&p 500 climbed a fracturen. u.s. stocks are up making this a huge comeback for the market in

a short amount of time. so what happens next? nice to have you here. >> thank you. >> what do you make of this? we're calling it a melt up because we did get this big move after a really rocky start to the year. what do you think is behind it. >> i think a lot of things happened in the iffist quarter that had investors worried. at the same time there were earning expectations for the first time and what's happened is oil stopped going down and china's slouness has become less wor worry some. so ty that together with better job growth. you had a market that wanted to go higher so it was easy comparisons for investors and this melt up that you described has been quite impress ifr. >> one of the comparisons must be the comparison to what you

can make in bonds which isn't very much. >> the bonds didn't do well, but the stocks did. you look at global yields on bonds, we're talking yields in the negative territory in japan and other markets. that's not a great alternative. when you look at the equity markets i've been calling the u.s. market the best market around the world and i don't think that's changed a lot. the back drop is not all that terrible and now we look at the political landscape which looks like we know where we're going for the next six to nine months and investors see that as a positive. >> what about participation? you mentioned the volume, which begs the question whether the individual investor is getting in this markets or may be getting in this market on the fear they're missing out on this rebound. >> i think there is a little bit -- they're missing out on

the down side. i think if you talked to most investors and they said where is the next 10% going, you go in the market in february people were more worried about down size. i think with the market up 15% there aren't many people who are worried they're going to miss out and this is climbing the wall of worry and as we see earnings not as bad as people once expected i think there will be more ka pit lash that equities may be the place to be. >> u.s. stocks versus let's say global stocks and i'm thinking most of developed country stocks, big caps versus small caps, where are ou that? >> i think the u.s. market still leads the pack in terms of innovation and where we are. i think you've seen the dollar obviously weaken and that's going to help some of our multi national companies. i'm an emerging growth guy. we haven't seen lots of ipos from the stocks. i think the bigger names have

clearly participated here. i'm a u.s. small mid-cap growth guy going into the fall where we should still see decent numbers and facebook, amzon, i expect those to do well. >> what are the dangers that investors should be looking for. a lot of people look to the upcoming election. do you agree with that or is there anything else's o out the? >> the election clearly was more worrisome to investors 90 days ago. i think in the eyes of most investors i think we know where the conventions are headed for the fall and given that it looks like a trump/clinton race in the fall, that may not be what the world want and investors had seen, but i think there's a comfort factor for investors.

i think you also have risk, but frankly i see less of that. isis seems to be a little more tam than i think we would have thought. i think some of the ricks are going away. >> all right. thank you. >> thank you. president obama met with saudi king about conflicts in the region and the long standing alliance and partnerships between the u.s. and saudi arabia. the visit comes during a time of increasing tensions between the u.s. and the saudis. the two nations have plolots of differences. the prolonged slump in oil prices is another key pressure point. crude is the life blood of that nation and the sharp drop has led to budget cuts. the country is learning to adapt. >> i think that the saudis like all oil producers are coming to

terms with what is a lower price of oil for now. i think one of the things we all know about oil prices is they go up and down and you have to plan on a certain amount of volatility if your come moddy is based on something like oil. >> we look at how the kingdom is doing whatever it takes to ease the squeeze. >> reporter: financial problems appear t be on the horizon for saudi arabia and the evidence is mounting. over the last year it has had to slash its budget. it sold bonds to raise cash and now it's taking a $10 billion international loan. while there's been a struggle to keep reserves high to keep the currency pay to the dollar. the ipo looks like it could get done next year. the market taking this as a signal that the saudis need

cash. selling a 5% stake was a game changing move. this is a nation that kept control of its oil and one that isn't transparent. the sell wouldn't include the oil reserve, it makes a statement to investors that cash is king. saudi arabia really is opec at this point. it's every man for himself attitude where everybody is kind of producing what they want because they need the revenue. i think the meeting last week kind of singled that because no other nations attended but saudi arabia. the saudis maintained they're in a position to withstand low oil prices, but with each piece of news investors are becoming for doubtful. donald trump and hillary clinton scored decisive victories in last night's new york primary and while that was not surprising what was were the exit polls and feelings towards wall street in the state where wall street resides.

we have more from washington. the numbers were little eye-opening. where the opposition to wall street comes from. >> it came from the financial crisis of 2008 and that's been playing out this whole year. look at these poll numbers. new york state voters were asked whether or not they thought that wall street helps the u.s. economy or hurts the u.s. economy. hurts the u.s. economy 64% of democrats said that's the case. 51% of republicans traditionally a wall street friendly crowd said that was the case. helps the u.s. economy, 29% of democrats and just 46% of republicans. so wall street is under water as they say with both democrats and republicans. that's bad news for the industry, especially as you point out in its own home state. >> so after last night's primary and the results there, how is this setting up rrts you lo. r front-runners and you think they

have a much better path to the nomination. if you're wall street you're looking at this and scratching your head. you talk to wall street bankers they don't know what to make of donald trump who has said he might replace janet yellen and other things that wall street woul at as providing some uncertainty forecast. with hillary clinton they may feel like with the cloontss tiny know what to expect. >> in terms of the rest of the campaign, do you think the anti-wall street sentiment which bernie sanders has mined very hard is likely to remain fronts and center or will it recede. >> reporter: i think it will remain front and center. donald trump is no friend of wall street. he talks about big corporations with the same tone that you hear from some of the democrats. this is a trend that we're going to see play out throughout the

year. >> thanks very much. coming up, the hot new sport that there's no shortage of companies lining up to cash in. it's an ends of an aura at microsoft. the company said it will stop making the xbox 360 console. the success or will continue to be produced. gamers will be able to buy games and accessories as well as

continue to play online through the xbox live service. >> while it's coming to an end, one area that is booming is competitive video game playing better known as e sports. we look at the surprising growth and who is cashing in. >> reporter: video game competitions are the hot new sport to watch. revenue projected to top $460 million this year. more than 40% jump from last year and the u.s. has the biggest share of that revenue according to a study. pwc reporting that east sports exceeds the top sporting events such as the world series. >> you have events that are showing up 10,000 plus seat earns. there is an audience, but the question is how do you monnatize that audience. >> reporter: now a range of companies are trying to build

big businesses around e sports from traditional players to game maker blizzard. investing in a new e sports division. the biggest video game company in january bought e sports company. just last week it announced record viewership. 71 million video views watching a record breaking 45 million hours of live broadcast. >> ultimately the people who own the key games would be in the best position. it would be like if you owned the rights to football. >> reporter: much all the game companies activision owns the biggest share. a range of other companies are also poised to cash in including amzon and youtube youtube as e sports continues to grow in

popularity. there is reportedly a deal being worked on to avoid a trial this summer over the emissions scannedal. vw would pay a million dollars to compensation. it used sophisticated software to cheat u.s. emission rules. united continental will reach a deal where the airline will shuffle the board. united also announced a beat on its quarter results. we look at the important takeaway from those numbers. >> reporter: united airlines posting better than expected earnings in the first quarter beating estimates by a nickle with revenue matching expectations but down compared to the first quarter of last year. why? it's all about passenger revenue per available seat mileage, but

under pressure at united and the entire industry for the last six months and that was the case in the first quarter as well dropping more than 7%. united blames that on the strong dollar as well as lower oil costs and one other factor that was pressuring revenue in the first quarter, united saw a drop in last-minute travel bookings. united reporting better than expected earnings for the first quarter. and shares of united fell initially following the release of those earnings. mgm growth properties a real estate portfolio went public today. that's where we begin tonight's market focus. the shares were $21 apiece and looked to raise over $1 billion in the offering. shares rose to $22.1.

matell fell last year. barbie says were flat and american girl dolls were down. the shares will be paid in june. shares of the company down more than 2.5% during the regular trading to 33.04 and then they slid further as you see there initially in after hours trading. the medical device maker saint jude raised its profits today and beat earnings. the company cited growth in various segments that helped offset a decline in sales in the cardiac rhythm segment. shares up just shy of 4%. dish network saw its subscriber count a fall in the fast quarter of the year, but it was able to beat profit expectations. it cited a decline in interests.

today is a day that dish's deal with viacom expires. shares were up at 47.42. tupperware is reporting better than expected earnings this morning. the company saw continued issues with the strong dollar, but raised its full year earnings guidance. shares of the company fell more than 4% to 51.91. quellcom reported earnings above analysts expectations. it cited stronger receivenue. shares up to 52 point 09 and traded higher in after hours trading. we looked at how the pharmace industry is fighting the zika virus.

tonight in the final piece of our report we look at how to control the bug that spreads zika. >> reporter: the mosquito that carries the zika virus is not a new threat in the united states. ideal for one of man's imate is worst enemies, the mosquito. >> reporter: for decades the mosquito has been a known carrier of multiple diseases. it's a battle experts say we can win, but we must start taking more seriously. >> mosquito control has been successful in the past. >> reporter: the best tools, pesticides, vigilance and hard work. >> it's possible to do a very good job of control. the problem is the logistics and the resources to do that. it gets very complicated, especially in a large city. >> reporter: companies are developing tools for control of mosquitos that carry disease.

>> we have a couple of thousand of the deadliest animal in the world right here. >> reporter: this is spray to create a barrier on surfaces that kills mosquitos. >> that's the way we like them, nice and dead. >> reporter: the difficulty with completely eradicating the mosquito, experts say new options are needed. and they note innovation for control of the bugs has been slow. in part because that market is so much smaller than pesticides for crops. the foundation estimates the market is about 2 to $3 billion per year. the foundation is partnering with industries to develop new methods of mosquito control through a group called the innovative control. it includes many companies. over the last decades it has screened more than 4 million chemical compounds to find three to bring into development. >> >> some ways the chemicals

that are easiest to develop have been developed and now we're getting a smaller and smaller pool of possibilities. >> reporter: dialing new ways of mosquito control are being worked on including again eticily modifying the bugs. as mosquito borne threats persist, officials say we need to respect the dangers those bugs can pose and make sure we protect ourselves. for nightly business report i'm medt . coming up how the growing market for medical marijuana can help your four legged friend

here's a look at what to watch for tomorrow. weekly jobs claims give a look in the labor market and then a snapshot into the manufacturing sector with the release of the philadelphia federal reserves business outlook for that region. more big name earning reports are out. that's what to watch for on thursday. today is april 20th or 4/20, a date of significance for the cannabis culture for reasons you have to be high to understand. as legal marijuana rolls out in more states, entrepreneurs have found a new fast growing segment, medical marijuana for your pet. we explain. >> this is joy. >> reporter: this is the last person you'd expect to see in a medical marijuana dispensary in los angeles, but she didn't come

her for herself, she came for joy. >> basically joy was diagnosed in january with cancer of the bladder. >> reporter: radiation and chemo would cost thousands of dollars, but she had a friend who used medical marijuana to recover from cancer surgery and recommended it. >> i just knew that i wanted to try whatever would help my dog. >> reporter: and that's how she discovered the hottest new field in cannabis. pot for pets. >> that's a good boy. >> reporter: this woman has been giving her dog a cannabis based product to deal with arthritis. >> he started swimming again and running in the park again. >> reporter: this product was given to sunshine to stop her seizures. it worked. >> she's eating her whole meals when she's a picky eater. >> reporter: there isn't a lot research of the effect of cannabis on animals.

also vets cannot legally prescribe it. so to get a pet pot product like this you usually have to go somewhere where they can sell it legally to humans and in california that means you have to have your own medical marijuana card. some vets feel the products can't hurt especially since they have low levels of thc to prevent pets from getting high and one vet started his own line. >> the sky is the limit in this industry because what we're doing is we're using medical marijuana for very common ailments, pain, arthritis, anxiety and these are common ailments that we see every day. >> look at her, she's just looks healthy, she eats well and has a lot of energy. >> reporter: instead of spending thousands of dollars on chemo and radiation, she is spending about $100 a month. finally tonight, alexander

hamilton isn't going anywhere, but jackson. jackson will be replaced on the bill with har yet tubman. the back of the ten will have leaders of movements to give women the right to vote. the $5 bill will honor the civil rights movement and while jackson will not be the face of the 20, he'll be moving to the back of the bill. they hope to release the new designs by 2020. that's nightly business report for tonight. thanks for watching. have a great evening. we'll see you here tomorrow.

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