. >> jef the obama administrati said today it's confident general moto will emerge from nkruptcy by the end of the month yesterday, a fedal judge gave the automaker the ahead to sell its assets to a new mpany. in exchange for a $50 billio investment in m., the u.s. govement will hold a 60% stake. the government's auto ta force predicts the new.m. could sell ares by the first half of ne ar.

. >> jef it's google vs. crosoft. as the web search giant delops a computer orating system. and the softwa giant goes aftethe web search market. >> susieanother nasty quarter for alcoa, as the alinum giant kicks off earnin season. the metals maker says it facing the most serious downrn in the history of the uminum dustry. >> susie: tonighs "street critiq" guest says he's not sure there ever were any economic green shos. he's paul lars, equities stratest at morningstar. i'm susie gharib. this is "nightlyusiness report" r wednesday, july 8. "nightly business port" is madpossible by: this program was madpossible by ctributions to your pbs station from viewersike you. thanyou. >> susie: good evening everyone. more funng today for president obama'ambitious healthcare reform plan. the nation's hospitals agrd to give up $155illion in medicare and medicaid paymentover the next ten years to lp pay for the pl. vice preside joe biden announcethe agreement at the white house,aying the administration's orhaul of health ce is "on track, it is coming." thadministration is pushing for a com

. >> jef and the symbol.s..e next one, norfolk souther >> yesthat's arailroad company having somewt of a slow ar because auto production is way do and so is general manucturing. but i thk that i can see from-- th they're improvi, as demand increase asactories art up again. and i think that's a good value stock. it's notxpensive, and again pays a nic dividend. jeff: and your final pi, raytheon, yr a defense pick. >> thas right. it's notopular one rig now. they don make heavy hardware likeattleships and airplanes but they're in a sorts o programs globally, big, foreign, business it patz a dividend and nice earnings. >> jef do you have any disclosures to make with the fournew stocks? >> own each and every one rough the woo aet pofolio. >> jeff: wll see how it goes as we look forward here. bob, tha you for coming on the program. >> thanks for aing me again. always good to be with you. >> jeff: same here, our guest robert stovall. >> suzanne: recapping today' market action:he blue chips close the month onn up note. t

pete harvey,9, accud of acting and -- attackg jef wateruse and a salt and other peoples at the same timetensions are rising again in the chinese neighborhood of chi, with bloody clhes between muslims and han chese. we maned to film some the unrest and the official response. he sent us this report. >> mosqu were ordered to close, and the gornment expected trble. with tensions running high, we were not taking any chances. slims' demands justice. innocent men,hey cry. >> there have been group o meand women raising the voices in ange so far, authorities have done nothing, but they are moving and to find control for th situation. >> they quickly surrod a group. look close. on the left, an ficer runs in. next, his hands areeld. anherfficer punche him repeatedly. at this time, we had to stop filming. lice began rounding up journasts. therareore intense than ever. thhave flooded across the cotry. the state media is full of pictures of their bloody bdies, many demanding rribution. shortl aer this, they ar under curfew. they fear for the safety and want to know what happened. we're iwestern china.

. >> jef pat, thank you for cong back on to the program. >> thank you, jeff. >>eff: our guest, pat o'hare, briefing dot com. >> sus: tomorrow, we'll see if investors go ga- for google's latest earnings. we'll analyze the numbs and e outlook. >> susie: a former cdit suisse broker turned fugitive h been captured. julianzolov was picked up in spain today, aer going missing in june. tomorrow, a hearg is set to determine what iact the capture will have on his upcoming trial. it's seto begin next week. tzolov is arged with fraud and conspiracy f buying auction rate securities when h clients thought they were purcsing federally-backed student lns. >> jeff: coxommunications is sending the travel channeln a trip to a neowner. reuters is reporting an ction for thcable channel is expected tbegin in the next few days. poible bidders include scripps tworks interactive and time waer. the travel channels valued at up to a billion dollar cobought it in 2007. >> sus: here's a look at wh's happening tomorrow: wely jobless claims are out and the natial association of home builds

. >> jef the obama administrati said today it's confident general moto will emerge from nkruptcy by the end of the month yesterday, a fedal judge gave the automaker the ahead to sell its assets to a new mpany. in exchange for a $50 billio investment in m., the u.s. govement will hold a 60% stake. the government's auto ta force predicts the new.m. could sell ares by the first half of ne ar. >> susie: night's commentator wishes china and indiaontinued economic succe. he's jtin fox, business and economics columnisat time magazi and author of "the mh of the rational market." >> only two of the wors 15 biggest economies are likelyo grow i2009: china's and india' meanwhil of course, the rest of the globe is going throug the worst downrn since the 1930s. is juxtaposition means that the obal balance of economic power may be shiing faster than almost anyone expted. withheir billion-plus populatis, china and india now seemestined to become the worlds biggest enomies, ahead of the u.s., sooner rath than later. that's scary prospect for many amicans. the polical ramifications, and the environmental

. >> jef meanwhile, just four days out of bankruptcy a the new general motorss getting down tbusiness. m.'s working with a private equity firm to buy key aets from delphi, helping itsormer parts maki division get out of chapter 11. if approve the deal could save the parts maker from liquidation. g. would get delphi's steering business and four her plants that me parts. california-basedlatinum equity wod take the rest of delphi's operations. the price ta almost $4 billio >> susie: delphi's prediment is one emple of how the meltdown in the auto iustry has spreado parts makers. some suppliers are survivingy looking for new business, ile others areetting back to bacs. johnson controls idoing just that. for two dedes it's been one of the largt makers of auto seats and interiors. t, it's also been keeping buildings warmnd cool for more an a century. diane eastabrook explains wh the milwaukee-bad firm is turninup the heat on that buness. >> reporter: johnson ctrol's 42-yeaold headquarters has become the company's hotte marketing ol for what it cl its building eiciency business c.e.o. stephen

. >> jef employees of social networng site facebook are tting a chance to cash in on their success. russn investment firm digital sky technologies h started buying empyees' common shares in facebook. the price: $147 per share. but there's a catch. employees can on sell part of thr shares to the russian firm, since facebook isn't expected to go publianytime soon. >> susiehere's a look at at's happening tomorrow: tonight's commentator sayshis is t right time for health care reform. she's alice rivlin, senior fellow at broongs and former vi chair of the federa reserve. >> with the economy in dee receion and the budget deficit off the arts, should the president postpo his ambitious qut for health reform? absolutely not: hehould push harder tget comprehensive reform enacted now. millio of workers are losing health cerage along with their jobs a many more fear this will happen to them. bunesses are reducing health coveragend workers with diminished incomes are struggling to pay eir doctor bills. how could weave a more dramaticllustration of why we need basicealth coverage for evyone that

. >> s jef it looked all and we good in the piecewe saw. telecommuting great and everyone is motivated sp get more done it can't be that way for everyone. >> therere times that it is that way, and then therere timeyou have to work through situations. so that exale has great camaraderie and chemiry among e organition it'smportant you foster that and have that ging on, because people don'tlike teleworking and people who don't want to move away from thehive. people want to be in a that corporate envinment. teleworking should be a voluntary tuation. they're a great ample of a company that made telerking work for them. >> someone who is not -- pple may do now for cost reasons or he their workers telecommute. if you have a worker who lis an ideof a community a likes to go to work, what do you do >>t's going to be tough to get them out of t fice. they want be there a couple ys aweek. at the least have weekly meetings for that persn. as manager you're no longer able tdo the management walking aroun you kno you he to be much re proactive with people

this is the real story, jef, to watch. gets down to $18.50, $19, jump in. >> you look at bank of america stock, this has been going up, up, up while the other big names are pulling back. interesting thing about bank of america they'll write off about $40 billion. right now they presently -- normally they trade around 11 times earnings. they're trading five times next year earnings if this analyst is right. this analyst just like meredith whitney a year ago went cautionary on the financials. you got to like what's going on right now for bank of america. write-offs are huge but going forward -- >> all my buddies are texting me today, they were talking about that offering, ten-year offering, the coupon. maybe it's also look at debt side. >>> let's go outside stock. lease demand in the five-year auction, it was a "d" for dog. put a tail on that auction and call it lasscy! >> it is all about indirect bidders. we nedden is tral banks to step forward. we talked about the this before the show. august 7th you'll get unemployment. w

this is the real story, jef, to watch. you don't want to own it here. gets down to $18.50, $19, jump in. >> you look at bank of america stock, this has been going up, up, up while the rest of the big names are starting to pull back. you see goldman sachs, morgan stanley. interesting thing about bank of america they'll write off about $40 billion. right now they presently -- normally they trade around 11 times earnings. they're trading about five times next year's earnings if this analyst is right. by the way, this analyst, just like meredith whitney, a year ago went cautionary on the financials. she said they went to an attractive back in map you've got to like what's going on right now for bank of america. write-offs are huge but going forward -- >> i'm with you. i'll tell you why i'm with you. all my buddies are texting me today, they were talking about that offering, ten-year offering, 6.75 coupe okay. if you kind of like the stock, it's also maybe let's look at the debt side. speaking of the debt side, let's go outside stocks. weak demand in the fiv

might get a cluee in some of f the openingg statents from the senenorsn the repepublica side,e, the jefons, a and linay aham. thosose are opening statementso the republicans siide that i am mo cuurious about. you will g the h hints tthe lineof questioning that they ght do. wh parts of her backound thatathey bng up in their own openin statements to give asense of where theyightgo ththat wou be intereststg. anand then there one side show part of thiis, and this is s th rst ti we willl see al anken, the u.s. senator toy, as far as the senate publicics concerned. will get a openg statement ke everyther memberer of th committee. anand the ironyy i it's not his first time doing this, bebeg on the sesenate judiciary committe. he did soso onaturday night live, p pying the roleef simon, d questioningng clarence thomas. >> yeah, ththere could be no better p preparion than having played a senator at a confmationearing at a previoious c comedian skit.. is therere any nse that beyond the thater, whether it a franken n ther aspecects that sotomamayor's nominatioion any thing short of a suree thing fo