back to you. >> certainly here in silicon valley. thank you very much, seema. >> it is on all day long, and so is the weather. christina loren here to tell us about friday and the weekend. i like saying the weekend. >> and i like saying good weather in the silicon valley. we've got a good-looking day shaping up. wherever you're headed, you have a good-looking forecast for this morning. it actually feels kind of crisp out there. it's the coolest start we've had all week. and when you walk out your front door, you will be greeted by really comfortable conditions. but now, i will say it's going to be a little bit cold. if you're spending any more than an hour outside this morning, you will need that jacket. as we head throughout the day, though, by noon, temperatures climbing into the 60s and 70s and then we're going to round out the day with a couple of 80s on the temperature map. one thing that has improved overnight, much calmer winds to contend with this morning. we had really gusty conditions overnight. high pressure building in an

let me say i am happy to be here in silicon valley. i know the relationship with san francisco, the valley, san jose, is extremely important. i wanted to be down here to join these electors panel of guests as well. the payroll tax in san francisco had been one -- i was here about a year ago explaining twitter. as everybody knows, they were not only threatening, they were planning to leave the city of san francisco. they had already identified a building. they said, we are about to grow to about 2000 employees and we are quick to get taxed for that. we think that is not going to be our business model. so we fought through it, david chiu, jane kim and i, we started to discuss with them, met with them. the key thing was job growth for our city, coming out of the economic challenges. so we started a good conversation, started the central market tax exemption. we got something out of it, which was to potentially relocate. they responded by signing the lease and we gave them a six- year exemption. we also said that we would have dialogue, con

the confidence they just need the cash the plan to build it amounts to a floating city of the silicon valley. >>> the and the king we reported on the new bay area crime wave thieves stealing people smart phones but in all those stories would never heard of anything like this. the berkeley police chief orden ##this officers to work overtime to find one teenagers still in iphone and is kept tells us that teenager is the police chief's son. >>> into the project isn't one to give police the benefit of the doubts that she was cautiously optimistic when police chief michael meighen was once office. we hope that should be more effective administrator because it came from outside of berkeley but when she learned she order for detectives to track down his sons missing cellphone and worked two hours of overtime when he seems you bring with them is a practice of privilege that he is the chief. according to the berkeley police department officers regularly search for stolen electronics these investigations involve a supervisor in multiple officers depending on circumstances of the case and the location

the silicon valley leadership group did a soft launch in january of something we call start-up silicon valley. it is for innovation economy, ceo's in this region to join at the leadership group basically for free. because we want to capture in the them to the dna that david packard, our founder had, which was a balance of running, brilliance, dynamic companies while, at the same time, being deeply engaged in your communities and in the quality of life of your employees. that is the scale that we want to raise up in these incredibly innovative young entrepreneurs. we have about 20 of them here in the audience today. i want to just mention three of them and embarrass them. they do not know i am going to do this. all of these at this in common. they have less than 40 employees currently. their business has been around for less than four years. and, like me, they are younger than 40 years old. [laughter] why are you laughing? [laughter] let me introduce the ceo of snoozie. stand. [applause] the ceo of good joe. [applause] and the ceo of sylvantex. [applause] a lot of these start-ups doing

we have abc 7 reporters live in silicon valley. start us off karina. >> may not have been a thrilling ride for every day investors but analysts say it was priced right and perhaps investment bankers kept the stock from falling below $38 a share. >> it would be hard to live up to the ipo opening bell hype at facebook. the social media giant daib you'd on the nasdaq with $100 kblinl at a price of $38 lynn jumped in. >> i put in a preorder. i only got a fraction of the share at that price then an order this morning when it opened and but i waited for it to go down. >> the stock did fluctuate then stayed flat closing 23 krebts cents above the ipo price. not surprising to investors on the side line autos boy watch it and after six months seven months, you know figure out if you're going to get it or not. see what business model they bring to the table. >> facebook has a community of 1 billion users. gm pulled ads this week. >> i ti the company set a high barre for what they want to achieve. a lot is going come from ads. >> this serial e

i should be able to live adequately in silicon valley. >> work hard for your money. now, i know there's some conflict over whether this increase is going to go through. you gather signatures, students at san jose state went out and gathered thousands of signatures to get it on the ballot. what's going to happen to this initiative? >> 35,000 signatures were gathered. the registrar certified we had 19,161 is what we needed to get on the ballot, but we collected 35,000. so well beyond what we needed. and i think the reason is that people in san jose understand how hard it is to live in silicon valley. and you know, people were anxious to sign the petition. between these students and i think a lot of families having compelling stories, think how many families we know kids are moving back in after they have gone to school or go to college, can't afford to live on or near campus, they're spending their home, they have gone to get a job, and what they can get are minimum wage jobs. >> $8 an hour, who can live off that. do you get a lot of stories like elisha saying we have

she could probably have any job she wanted in silicon valley. she could probably be ceo of any company she wanted in silicon valley. do we expect she'll stay at facebook in the long-term. i know some of her compensation is tied to staying there a few more years. >> it is. she's got plenty of money. i doubt it's because of money for her. it's interesting, i was talking to david kirk patrick i saw in the piece, the facebook effect. he knows inside out, knows mark zuckerberg and sheryl sandberg very well. he told me he doesn't believe he would take it public without knowing sheryl sandberg would be by his side for not only a year or two years but a period of time. it's interesting their relationship worked so well as number one and two of the company, because she doesn't aspire to be ceo. she's fine being mark's deputy because she doesn't think there's anything more important. that's key, someone in that role not aspiring to take the ceo spot. >> jessie covered facebook for seven years. >> seven. >> written about it extensively, which is a lifetime

some saying that are from silicon valley. that's kind of ironic. i'm eric schurenberg >> tom: speaking of silicon valley, most start ups there have a common goal: be the next break-out company. in tonight's "made in america," mike hegedus introduces us to three brothers who are on that path. millions already know their products, and their success is nothing to cough at. >> reporter: meet the brothers smith? nate, ben and tom. and if the smith brothers has a certain ring to it, well, it's because they are related to the other ones-of cough drop and elixir fame? but, what these smith brothers are known for are, video games- cordy, cordy sky, and sleepy jack-three of the most popular game apps in the digital universe, millions, multi- millions of downloads across all platforms. >> try to i have good experiences across all those. >> the ability to go from here to there, to there is a huge deal. >> yes, yeah, and that's the thing that i think we're ahead of the kufb there in terms of all of our designs. they are the principles in eight year old silvertr

a silicon valley executive accused of faking putting fake bar codes on lego sets. he used these two by the toys at the steep discount and then resell them on-line canfor much more. he faces five years in jail. a boy in china riding a toy bike in china surveillance footage captures this scene in downtown buses and cars drove past the boy local police officers bought the kit and let him down the save the boy went missing of the tie and his grandfather went to the restroom and there he goes. anyone would cringe at this >>> you would think one of the cars would stop and say let me help you >>> sometimes people get too busy but thank goodness he is ok >>> an eviction fight in san francisco the winds >>> were the gold dust lounges moving to francisco the winds >>> were the gold dust lounges moving to >>> a baseball,,,,,,,,, [ creaking ] [ male announcer ] trophies and awards lift you up. but they can also hold you back. unless you ask, what's next? [ zapping ] [ clang ] this is the next level of performance. the next level of innovation. the next rx. the all-new f sport.

because one of the things we are trying to do is expand silicon valley beyond just its hot centers. again, i just referred to a company in indianapolis. it's exciting to see the kinds of entrepreneurial activity in a city like that. but there are really two things that i think need to take from -- particularly the jobs act that i worked so closely with dick on and number one, we need to continue the collaborative conversation we have with entrepreneurs around that act. steve is a really big part of it. a the entrepreneurs look to him as a success entrepreneur himself and they really began to have a positive dialogue. >> the last time they had a success enconversation with washington was around -- and in this case, it was a very engaged conversation. i think we need as policymakers, putting my washington hat on, to think more actively about keeping that conversation going. the second thing came up on the last panel. it was the phrase, risktaking. there is a normal high failure rate of start-up companies. and it's one of the reasons when i go around the country or i go around the worl

you look at the companies based in silicon valley. they have offices, you want to expand your business, think about those young people in colorado. everything -- stated say the same thing. that money would get spent over the country very rapidly. >> thank you. governor brown. >> it is a good idea to bring back that $1 trillion sitting out there. how to do that, it remains to be seen. but then that will require some other tax. that would be my big request like everybody else. get america's finances under control and that will take both parties. it will take taxes and it will take reduction in commitments that have been made. it now can be validated. let's get this but do it in a way that exacerbates the uncertain economy. the second -- we have to happen through innovation. whether it is the space program or tax credits for renewable energy. all that is important. we have to keep that going. that will get hard because we will face is demographics. that is my 74th birthday on april 7. i am aware of the and aging population which i have b

to house high tech companies on the high seas outside the reach of government so it's called silicon valleyvisa free offshore start a community take a look. it's creating a visa free technology contributor for startups twelve miles outside of the coast of silicon valley on a ship it is a place where entrepreneurs will be able to come from any part of the world and connect into silicon valley's ecosystem and create the companies and create the technologies of tomorrow. i love that idea it's i mean i don't really know if it's going to work they say one hundred eighty one companies have already basically shown their interest why has nobody thought of this before well pirate bay thought of just having all the road in this guy so that they could be so you know subjected to any laws of the land but. it is i don't know how well it's going to work because what you've got or this is these a focused and you're just right off the shore and you're still doing business you would still have to work within silicon valley so you don't sit on a minimum wage in california these are tons of things shall i say

the two met at a christmas party at another silicon valley executive's home and history was made.dberg there in white jacket, mark there in the middle wearing the hoodie, of course, as you see live pictures. close-up of mark. just genuine excitement there. that's just terrific. that's an official from the nasdaq there raising his hand, as well. now, facebook is going to bring $14 billion worth of wealth into california. a live picture outside the nasdaq in time square, as well. $14 billion, that's 20% of the income growth in california just occurred right now. jon, you talked about it being a super bowl and, indeed, it is. we're going to have live coverage throughout the day as we wait for the nasdaq trades, those should come we were originally thinking about 7:00, now we're thinking about 8:00, nasdaq omx saying it'll release to traders then. jon? >> thank you very much. we'll be checking back with you to continue to get the insight on this. >>> of course, everybody is talking about facebook, why wouldn't they be? but the question is, how many people will actually be buying share

later on this week we'll look what the facebook stock sale could mean for silicon valley economy. >> are we saving american jobs or just overcharging consumers. "nightly business report" is brought to you by: captioning sponsored by wpbt >> stocks fell today despite good week for the job market, actually. fewer americans filed for unploimghtd insurance for the first -- unemployment insurance for the first time in the past week. new claims fell by 27,000 down 365,000. still investors are pretty worried about the april job numbers due out tomorrow. worried those could come in weak. the dow idustrials fell 62 points, the nasdaq losing 35, the s&p 500 500. down fend. a slow down for some of the nation's retailers. the es americans are still shopping but not at the pace we have been. april sales are disappointing. some blame early easter but there may be more to it than that. erika miller is in new york. >> shoppers flocked to costco for low prices and vast selections. >> we buy everything from household cleaners, clorox, barbecue sauce, tissues. >> for many cheap gas is also a draw but i

they believe he was rolled by silicon valley. facebook and google on the issue of online piracy. president obama as a result of his had comments yesterday was able to change the subject. in los angeles, conan nolan, nbc news. >> security was especially tight, guests went through two check points before reaching the valet station. once they dropped off cars, they rode to golf carts at the party to george clooney's home. the president kidded mr. clooney about his basketball court on the property saying he's been tuking a big me. president obama is back in california on may 23rd right here in the bay area. three fund-raisers in one day. redwood city, palo alto ager -- atherton. his had dinner in atherton is sold out. $38,800 per person. >>> new at 11:00 -- last night we showed you this fire in santa clara. tonight, the big question, what sparked it? we're live on more. >> reporter: fooir fighters are still out here for the second night because it's still smoking in certain areas. they've been putting out hot spots throughout the evening. this white building you see right here with t

>> you know, i'd say the rule of government in sitting in silicon valley, most entrepreneurs kind of think, government? i mean, honestly. so focused on creating their company, and most if they care about government, it's the local government's taxation scheme that matters the most. talk about all government is local. but i'd say you know, as ron suggested, you know, entrepreneurs clearly over the last decade have come to understand the importance of policy, immigration policy. if want to get to a hot button with entrepreneurs. 50% of students are educated in engineering done or our tax dollars and we ask them to go home. one of the biggest hot buttons. health care, things that karen's been referring to are all really important. when i think about having spent time now between silicon valley and washington, i sort of have two comments about the way washington can work with, and when i say silicon valley, by the way, i mean that euphemistically. wee trying to sdpand beyond its hot centers. i referred to a company in indianapolis. exciting to see the kinds of entrepreneurial activity in

scott mcneal ee founded a major silicon valley company when he was mark zuckerberg's age talking about how hard it is on executives. >> it is going to be a challenge. it will be a challenge when you come out at $100 billion market cap and it spikes to 50, which would be given the revenue is stunning, they'll say mark, you lost your touch. >> there's mcnealy. if you want to buy it, there are a couple ways to do it. buy it at market. literally, you see someone buying on charles schwab, paying the price the stock is now. there are other ways of doing it, something called the limit there that will control the price that you actually execute at. there's the one i would recommend as it controls and stops the amount, the top limits of what you'll pay. lots of people trying out facebook for the first time and buying shares in facebook for the first time this morning. back to you. >> scott, thank you. >>> one of the questions we're asking, what does the average investor think about facebook's ipo? the average joe. we surveyed a few people and got positive feedback. >> facebook is facebook, it i