. >> reporter: i'm erika miller in new york. still ahead, we look at mother nature's impact on april's retail sales. >> susie: a cautious day on wall street as investors continue to worry about political stalemate in greece. once again, political leaders there failed to agree on a coalition government. tom, that means greek voters will head back to the polls next month. >> tom: susie, the continuing greek drama has u.s. investors on edge. the dow fell 63 points. the nasdaq lost, nearly nine. the s&p lost seven. >> tom: as we told you earlier, some j.p. morgan shareholders are asking the bank to "claw back" salary and bonuses paid to top executives following the $2 billion trading loss. one such shareholder is new york city comptroller, john liu. he spoke with suzanne pratt earlier today, and she asked him how jamie dimon was doing as j.p. morgan's ceo and chairman. >> >> the industry, and even in his own words, this was an egregious mistake, to lose $2 billion. on behalf of our new york city pension fund where we have close to $

. >> reporter: still ahead, i'm erika miller at qvc headquarters in pennsylvania. i'll take you behind the scenes and show you how the network knows what you want to buy. "nightly business report" is brought to you by: captioning sponsored by wpbt >> tom: what is important for u.s. investors and companies. nicole is with nick colas from convergeex. nick, is greece anymore of a risk tonight for u.s. investors a week ago or say a year ago? >> it is not that much more of a risk in terms of what it will do to stock prices here. with a risk lies is not in greece but the next country to fall which is likely spain. we have bigger fish to fry than greece. unfortunately they are heading towards us. >> wolfgang to that point we saw the spanish government bail out or move as elgts from a troubled spanish bank. is spain a bigger fish to fry. can the global economy and european government handle it? >> yes. it's a bigger fish. that's why they're kicking the can down the street on greece. they can affordgree anmae portugal. but not spain and maybe a fall in italy. they're trying

erika miller. >> tom: morgan stanley c.e.o. james gorman says the firm followed all the rules when it brought facebook to the public. a morgan stanley spokesperson confirmed gorman told employees today speculation of "nefarious activity" is untrue.fnjj-xó a lot of cash. >> i think what we are going to find is that the disclosures were not false or misleading. and then you start getting into shades of gray. >> reporter: gray, because securities regulations allow companies going public to give institutional investors more information than is provided to retail investors, says columbia law professor john coffee. >> there is a lot of reason to believe selective disclosure occurred and that should embarrass facebook and morgan stanley. but embarrassment is not the same as legal liability. >> reporter: because big investors were reportedly warned about revenue problems at facebook, they won't be able to sue claiming they weren't warned. law professor david lipton says institutional investors may also be wary of suing the underwriters

erika miller, "n.b.r.," new york. >> rogers is the ceo of the c.f.a. institute, the global association of charter financial analysts. with us tonight at the nasdaq. john, celebrating an anniversary with the institute. what a year and a month for individual investmentors. j.p. morgan with the debacle, and the facebook ipo. is there something structurally wrong with the u.s. stock market that investors uta to be worried about? >> not if they have a long term be perspective. >> it's interesting the markets have rebounded toward the post lehman levels and investor confidence is at a low crisis level. so there is a crisis of confidence going on, and the real damage that that's causing down the road is to retirees, people who are chronically underinvestmenting in appropriated long term assets. >> tom: do you think it's just a u.s. situation? is it just americans unconfident in the stock market? >> no, members in 80 countries around the world. i was in asia last week, and investors there are putting their mon nedeposits and property. and property is a fairly

erika miller reports. >> reporter: dozens of occupy wall street protestors did come to the goldman sachs annual meeting in jersey city, new jersey. but most were forced to seek shelter from torrential rains. inside, the event was also subdued. shareholders approved all ten nominated directors, including michele burns, who came under fire for her role on wal-mart's audit committee. despite the controversies around goldman sachs, a larger percentage of shareholders supported the bank's pay plan for c.e.o. lloyd blankfein, and other executives. >> goldman sachs is not the only big bank holding it's meeting outside of new york city this year. j.p. morgan's was in tampa, citigroup's in dallas and morgan stanley's in purchase, new york. goldman says this year's location was not an attempt to dodge protestors, simply a sign it's as committed to new jersey as it is to new york. erika miller, "n.b.r.," jersey city, new jersey. >> tom: even before today's meeting, goldman sachs persuaded shareholders to drop two controversial proposals. we'll have those with maquarie banking analyst ed ditmire in

erika miller reports. >> reporter: the earnings at hewlett-packard were better than many on wall street expected, but profits are still down over 20% from last year. the company's consumer products are struggling to compete against apple's. it's not just about the device itself, it's about the ecosystem around it. and apple has such an effective ecosystem, whereby if you buy one device you can connect and have interrelated features and functionality. >> reporter: but h.p.'s earnings news was overshadowed by an expected massive layoff announcement. 27,000 employees will be cut within the next two years. that's about 8% of its workforce, as the company combines two business units. often stocks surge on restructurings, but h.p. shares are now trading at levels not seen since last september. investors are concerned that h.p. has been restructuring for the past decade and axing low has done little to boost profits. erika miller, "n.b.r.," new york. >> tom: still ahead, we continue our look at veterans and jobs, with one program in the mid-west training service members for civilian jobs, befo

but as erika miller, explains, traditional television has some significant competition for that money this year. >> reporter: gone are the days when you had to watch t.v. on television. many teens and young adults are trading the small screen, for an even smaller one. >> i usually spend about two hours on my computer on my iphone watching a t.v. show or something. usually i'm on moving around the city, so i get it anywhere i can. >> i watch probably about 95%-- maybe even more, of the stuff that i watch online, on my computer, or on my phone. >> reporter: men aged 18-34 spend more time streaming video than watching live tv. youtube has grown from a place to watch quirky home videos, to one of the biggest media companies in the world. offering its own unique content. >> here at the beacon theater, youtube will be trying to woo advertisers tonight by giving them the first-look at new original programming. >> reporter: for the first time, you tube, hulu, a.o.l., google and microsoft have teamed up to court advertisers in a digital version of upfronts. that's television's annual ritual of

erika miller on the potential fallout for the worlds second largest stock exchange. >> reporter: since its start nasdaq has tried to build a reputation as the most technologically advanced stock exchange, it scored a big victory over the rival new york stock exchange by landing the facebook listing, but now it must defend its ability to handle large offerings. >> going forward the concern is how active will potential issuers of ipo's use nasdaq as their listing company. >> reporter: the other big question now is whether nasdaq's blunder is to blame for facebook's dud of a debut. >> it traded flat on the first day may more be an indication that it was direct -- correctly priced. >> reporter: trading problems on exchanges are relatively rare, although they often get a lot of attention. in march, the third largest stock exchange had a systems meltdown that led to the embarrassing cancellation of its own ipo. but even under the best circumstances, investors should be wary about new issues. >> these stocks often are overhyped early on and then if they do disappoint they can fall very quickl

erika miller, "nightly business report," new york. energy prices continued to weaken today, weighing on chesapeake, as the broad market had a choppy session. but bank stocks could pressure the market tomorrow after the late news about j.p. morgan's trading loss. for the first time in a week, the s&p 500 ended in the green. the session's highest point came in the first hour of trading, as worries about europe seems to cool down for the moment. volume slipped-- 783 million shares on the big board; nasdaq came in at two billion shares. it was a day made for defensive buying. traditional dividend-paying sectors led the way-- utilities, telecommunications, and health care gained about 1% each. the market is likely to take its tone tomorrow from the banking sector, and it looks to be a sour note. after ending with a small gain, the financial sector exchange traded fund was down 2% in after-hours action. the j.p. morgan admission of trading losses in a specialized credit portfolio rattled the markets. bank of america shed 2.5% in after the b

erika miller reports. >> reporter: toby cosgrove wears a suit these days as the c.e.o. of the cleveland clinic, but, during the vietnam war, he was surgeon in the airforce, earning a bronze star for heroism. >> it helped me a great deal in running this hospital. one of the things that i saw was troops being moved from the battle site to forward hospitals to back line hospitals and subsequently out of the country. and we've adopted that same sort of thing. >> reporter: so it has a fleet of aircraft and ambulances to move patients to the best facility for their needs. the hospital also actively recruits veterans, and not just for patriotic reasons. >> we know that the military has probably thought more about leadership over hundreds of years than probably any other organization, and they do a great job of it. they do a lot of training. they have a very right criteria of how they promote people. >> welcome to the clinic. how may i help you? >> reporter: antwon peterson is the first person many patients meet when they come for emergency treatment. >> i love it! i love it! h

erika miller, "n.b.r.," new york. >> tom: the fallout from j.p. morgan's big trading loss continues, as the loss may be worse than first thought. two senators have sent a letter to the nation's top financial regulators, and the bank's c.e.o. has been called to testify. sylvia hall has the latest from washingt. >> reporter: j.p. morgan's trading loss could total $3 billion. $1 billion more than announced last week. the losses are mounting as corporate credit weakens and competitors take advantage of j.p. morgan's position in the trade. the impact of the bank's bad bet continues spreading in washington. c.e.o. jamie dimon has accepted an invitation to testify to the senate banking committee. the white house is pushing regulators to beef up the "volcker rule," a controversial piece of the 2010 dodd-frank financial reform. it's aimed at preventing banks from making risky bets for their own profits. but the banking industry maintains the rule could limit the trades they can make for their clients. today, the trade group american bankers association sai

erika miller, "nightly business report," new york. >> tom: the federal reserve issued what amounted to a warning to congress and the white house; that if lawmakers don't forge a deal over expiring tax cuts and mandatory spending cuts due to take effect next year, it presents a sizable risk to the economy. tonight's "street critique" guest is looking at how this fiscal cliff could impact corporate profits. adam parker, the chief u.s. equity strategist at morgan stanley. so adam, what is the impact on the corporate profit outlook for next year? >> well, the analyst estimates are for 12.5% earnings growth for the s&p in 2013, and accelerating and improving set of engs that they arele beding, despite the fact that the way the law is written now that fiscal cliff could be 5% impact on gdp so, we think that's inconsistent and the risk is negative to those estimates. >> tom: so you're saying that wall street is too optimistic that corporations and their profits, their bottom lines can with stand the fiscal cliff. so what's the likely jut come? >> we think the earnings estimates have to come d

erika miller reports from new york. >> reporter: this is ross levinsohn, the seasoned ad exec who is in charge at yahoo!, at least for now. but let's be clear, even though scott thompson is out, the firm still faces big credibility hurdles. >> when you look at character and reputation, they are as important today as they are capital issues. and we can't have a company of any size, regardless of the size as yahoo that it plays in our economy and our culture when the ceo is falsifying information. >> reporter: the media giant's share price is now about half what it was in may 2008, when yahoo! turned down a bid from microsoft. revenues have fallen, as the company struggles to keep up with google and facebook in attracting online advertising. and now that thompson is out, his turnaround plan is called into question. >> there's a reorganization plan in place. what happens to that reorganization plan? what are the marching orders going forward at the same time? >> reporter: the company was able to reach a truce with dissident shareholder daniel loeb, adding three of his proposed nominees