ruben ramirez, nbr, new york >> tom: tomorrow on nbr, was the federal reserve thinking about doing more to boost the economy in its last meeting? we'll find out tomorrow when the central bank releases its notes from that meeting. we will talk about it with first trust advisors' brian wesbury. also on the calendar, housing-- the latest report on existing home sales, and earnings from major home builder, toll brothers. >> susie: the recent recession was hardest for those with the least amount of education. that's why tonight's commentator believes the key to a lasting recovery is focusing on those who need help the most. here's jamie merisotis, c.e.o. of the lumina foundation. the recession that bank in late 2007 exposed how important post high school education has become, to individual success and our national economy. nearly four out of every five jobs destroyed by the recent recession were held by workers with a high school diploma or less. and throughout our so-called recovery, this group has lost another 230,000 jobs. by comparison workers with a bachelor's degree have led the way wi

>> this is nbr. >> susie: good evening. i'm susie gharib. spain puts investors around the globe on edge as the country rethinks its decision to seek a bailout. >> tom: i'm tom hudson. it's mitt romney's big night. he officially accepts the nomination as the republican candidate for president. >> susie: and when it comes to presidential politics, we'll learn what this dentist and small business owner wants to hear from the candidates. >> tom: that and more tonight on nbr! captioning sponsored by wpbt >> tom: it has been a relatively quiet month for the european debt crisis, but today, the european worries returned with the spanish prime minister saying his country may delay asking for a bailout. that comment helped push european stock indices down about 1%. losses were more modest here in the u.s., but it was wall street's biggest drop in a week. the dow fell 106 points, the nasdaq lost 32, and the s&p down 11. it has been a month since the head of the european central bank, mario draghi, pledged to do whatever it takes to save the euro, but

>> this is nbr. captioning sponsored by wpbt >> susie: good evening. i'm susie gharib. tom is off tonight. facebook losing face with investors. shares tumbled to a new low as many early investors were freed up to sell. germany's merkel talks and investors listen-- encouraging words help markets perk up from europe to wall street. and corn farmers aren't the only ones hurting from the midwest drought. now, cattle ranchers are feeling the heat. that and more tonight on nbr! investors can thank germany's angela merkel for today's market rally. speaking in canada, the german chancellor said she's committed to defending the euro. her comments come just two weeks after european central bank president mario draghi said he'd do whatever it takes to preserve the euro. merkel repeated that commitment, saying, "we feel committed to do everything we can in order to maintain the common currency." she went on to say that draghi's promises "are completely in line with what we've said all along." investors were encouraged, and stocks rose in europe and here in the u.s. the dow gained 8

"nightly business report" is brought to you by: >> this is nbr. >> americans are earning more and spending less. >> what he think that is means for the economic recovery. >> i'm susie gharib. a day of no electricity for india. why the problem could continue even when all the power comes back. >> and from occupy wall street to the big bank fees. how smaller banks are benefitting as we continue our series looking at regionsal banks. >> susie: that and more tonight on nbr. >> tom: worries about the consumers appetite to spend rose today. we're worried about saving more money so we're not spending it. it was changed again, the second month of no growth. less spending and disappointing profits for coach. is this a summer slowdown or something more serious? erika miller reports. >> reporter: what do coach customers like more than the handbags and accessories. discounts on those items, as much as 30% off at the company's outlet store. coach is going to bring back coupeons in june after eliminating them earlier. >> discounts were needed to get the traffic which was down, and they had trouble conve

diane eastabrook, nbr, chicago. >> susie: tomorrow on nbr, a popular back-to-school trend-- why more and more school districts are outsourcing those big yellow buses. and cisco, the maker of routers and gear that power the internet, reports quarterly results. we get the outlook for tech earnings and the global economy from c.e.o. john chambers. and finally tonight, an olympic moment here at the new york stock exchange. as the fierce five take the podium to ring the closing bell. there they are, the olympic gold medal winning u.s. gymnastics team-- mckayla maroney, kyla ross, allie raisman, gabby douglas, and jordyn weiber. all told, the ladies brought home five medals in london. in tonight's beyond the scoreboard, translating those medals into advertising dollars. here's rick horrow. >> reporter: the most valuable gold medal is the one worn by gymnast gabby douglas. she's poised to be the biggest marketing winner from the olympics. she could expect to earn up to $12 million over the next four years. procter and gamble may have gotten a relative bargain. the company signed douglas to

diane eastabrook, nbr, tazewell county, illinois. >> tom: tomorrow on nbr: the 20th anniversary of hurricaneandrew-- how one south florida town is rebuilding after getting hit by a second storm, the housing collapse. our friday "market monitor" guest has four stocks he says are worth holding for a year. he's chase investment counsel's brian lazorishak. and commodities like gold have been surging-- what's behind the buying? >> susie: uncertainty is weighing on businesses, whether it's about health care, expiring tax cuts, regulations, or access to capital. tonight's commentator says the smallest american businesses have collectively pushed the "pause" button on hiring and investment. he's jerry ross, executive director at the national entrepreneur center. >> most small businesses are focusing on survival, and they have developed the attitude that the best long-term strategy for a small business is to just wait and see what happens next. remember, every big business that employs thousands today started as a little one. the next home depot or apple could be sprouting today in a garage near you.

nbr, new york. >> susie: still ahead olt program, we talk to a former inspector general of the tarp bailout. a vocal critic of the government and the banking crisis. nightly business report it brought to you by: : >> tom: consumers were holding back on spending and home prices were rising for the second month. home prices in 20 metropolitan areas rose from may according to the schiller home price index double what was expected. it was a mild day for wall street. investors still on standby waiting to hear what happens when the federal reserve ends its two day meeting tomorrow afternoon. >> the dow jones industrial average fell. and the s&p 500 also down 6. >> susie: the fed meeting. our guest tonight does not expect central bank policy makers to announce a big new plan to jump start the economy. the senior adviser at blackrock. >> bob, why don't you think the fed is going to announce a big stimulus program tomorrow? >> i think, susie that stimulus programs of the size qe 1, qe 2, and potentially qe 3 are for emergencies. and while we have a slow economy, it's hardly an emergency like existed

. >> tom: that and more tonight on nbr. isaac officially became a hurricane this afternoon, bringing heavy rains and high winds to new orleans. finance ministers from the group of seven countries asked oil producing countries to step up production with the storm shutting down most production in the gulf of mexico. isaac is expected to make landfall tonight or early tomorrow morning in southeastern louisiana. while isaac isn't nearly as strong as hurricane katrina, memories of that storm seven years ago tomorrow has louisiana preparing, and evacuating low- lying areas. downtown new orleans is quiet except for those boarding up windows and doors. dwayne conrad was getting his art gallery ready for the storm. >> katrina, i felt it, it was severe. this one, i really don't feel it too well, so i'm like, "okay, i think we're going to do pretty well here, for some reason." >> tom: in the gulf of mexico and onshore, the energy industry also is dealing with isaac. 93% of gulf of mexico oil production has been shut in. on shore, five

sylvia hall, nbr, washington. >> reporter: i'm erika miller in southampton, new yk. coming up, i'll take you behind the scenes at an ice company that makes 225 tons of ice a day! >> susie: relief came to part of the drought-stricken midwest today-- rain drenched iowa through ohio. but some of the southern areas are still scorched. the drought is taking a huge toll on livestock farmers. the heat is stressing animals and the cost to feed them is soaring. as diane eastabrook reports, that will eventually mean much higher meat prices in the future. >> reporter: it's lunch time at the walter farm in ottawa, illinois. but this summer, the cows are dining on hay, instead of pasture grass they normally eat this time of year. >> it's been so dry so long, it's pretty much burnt up. like right here, with the last rain, there's some grass starting to come. but it might take awhile; it might not recover this year. >> reporter: this is yet another cost the drought is dealing u.s. farmers. walter typically doesn't start feeding his cows hay until late fall, but with no grass,e had

it's the you're hired part of nbr. >> and that's it for friday, august 3rd. have a fabulous weekend everyone. and you too, tom. >> tom: thank you, susie. we'll see you right back here next week. >> join us anytime at nbr.com. there, you'll find full episodes of the program, complete show transcripts and all the market stats. also follows us on our facebook page at bizrpt. and on twitter @bizrpt. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org captioning by vitac, underwritten by fireman's fund >>> a $2.5 billion plan for two seismically safe hospitals in san francisco is put on hold until november. >>> as drought grips more than half the country with high temperatures and low rainfall, food prices are on the rise along with concern in california over the impact of climate change. >>> excitement is high over the mars rover "curiosity" on sunday night as nasa braces for the seven minutes of terror during the landing procedure. >>> and on the fifth anniversary of the murder of chauncey bailey by members of your black muslim b

it's the you're hired part of nbr. >> and that's it for friday, august 3rd. have a fabulous weekend everyone. and you too, tom. >> tom: thank you, susie. we'll see you right back here next week. >> join us anytime at nbr.com. there, you'll find full episodes of the program, complete show transcripts and all the market stats. also follows us on our facebook page at bizrpt. and on twitter @bizrpt. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org

. >> tom: i'm tom hudson with an nbr news brief. day after breaking the record for the most valuable company, a stock downgrade sends apple stock sliding. the shares fell $9 as oracle investment research cut it from buy to hold. it thinks the stock is being over-hyped. best buy's stock hits its lowest point in almost a decade, ending the day at $17.91 a share on a 91% drop in second quarter profits. on wall street, investors headed for the sidelines. the dow fell 68 points, the nasdaq slipped nine, and the s&p off almost five points. nike's launching its most expensive shoe-- the lebron 10 will be priced at $315. tomorrow, what's thinking like inside the federal reserve? economist brian wesbury joins us to dissect minutes from the fed's latest policy meeting and look-ahead. for more financial news, tune in to nbr weeknights on this public television station.

b more, "nightly business report" is brought to you by: >> this is nbr. >> americans are earning more and spending less. >> what he think that is means for the economic recovery. >> i'm susie gharib. a day of no electricity for india. why the problem could continue even when all the power comes back. >> and from occupy wall street to the big bank fees. how smaller banks are benefitting as we continue our series looking at regionsal banks. >> susie: that and more tonight on nbr. >> tom: worries about the consumers appetite to spend rose today. we're worried

benefitting as we continue our series looking at regionsal banks. >> susie: that and more tonight on nbr. >> tom: worries about the consumers appetite to spend rose today. we're worried

. >> tom: at a general motors dealership outside of chicago tonight, it is "nbr's" die an estabrook. thanks, diane. >> tom: an update on the hunt for missing money from failed brokerage firm m.f. global. investors might not get all of their money back. james giddens, the bankruptcy trustee in charge of returning customer cash, today told a senate panel he expects to recoup about 90% of the cash. but so far, he's only uncovered about 80% of the funds. there's still about $1.5 billion unaccounted. his outlook is in conflict from the testimony of another trustee, louis freeh, who said he's confident all customers will be made whole. still, giddens warned lawmakers, getting all of the money back won't be easy. >> we very much would like to pay every customer 100%, however, it will be a time- consuming, difficult and uphill battle to be successful in marshaling substantial additional assets, needed to pay commodities customers 100%. >> tom: today's hearing in the senate looked at the bankruptcies of both m.f. global and p.f.g. best. the two futures brokerages failed within nine months of

. >> one of those that fits that characteristic someone su have spoken about before on nbr, ibm, big blue, 200 and change here tonight. what makes you call this one a have. >> i think megacap tech in particular has really outshined in 20126789 ibm is a name i love. up 14% year-to-date, 46% year-over-year. management has increased its dividend by 13% in just this year alone. and being 200 billion in market company they're still focusing on growing, investing a significant amount of cash in their analytics business which is one of their largester growth spaces this could go to 225 which say nice 12.5% upside to where we are right know. >> what kind of time frame for that move from 200 to 225. >> i was looking 6 to 12 months. >> some would consider that short-term trading. in 6 months. >> in today's market when people are doing those quick swing trades. >> that's true, six months could be a lifetime. also high-end retail, michael kors has been a winner, the very few ipo in the past year since december, the share price has more than doubled, just a little over 2-- what is your outlook fo