. >> susie: good evening, i'm susie gharib. solid earnings from j.p. morgan, but the bank says its loss on risky trades ballooned to nearly $6 billion. >> tom: i'm tom hudson. banking analyst fred cannon tells us why he's still recommending j.p. morgan stock and what to expect in the second half of the year. >> susie: and you may be one of millions of americans getting a health care rebate. we'll tell you why. >> tom: that and more tonight on "n.b.r.!" >> tom: j.p. morgan's trading mess lost much more money than first thought-- nearly $6 billion. that's almost triple the original estimate. still, the nation's biggest bank still managed to post a $5 billion profit in the second quarter. including items, earnings per share were $1.21, while down from a year ago, that's well above wall street estimates. suzanne pratt has the story. >> reporter: j.p. morgan had so much news to explain to wall street it held a two-hour analysts meeting here at company headquarters today after it released its earnings report. here's what c.e.o. jamie dimon had to say about t

hard to judge that. >> susie: and more rules to come. the one thing that people at home want to know is has the way of dog business in the banks and the financial institutions khiefrjed? as the culture changed? what is the attitude toward taking risk? has that changed? what's your sense? what are you hearing? has the culture changed? >> that's a great question. here's what i was told today. banks when they look at making investments and decisions they start to think about regulations. some say good, they're being more careful. they're thinking about what they can and can't do, and maybe after what we've been through, we want banking to be a quiet boring business again. other people say no, like the ceos are saying it's innovation. the real challenge is striking a balance between risk taking, safety, and you know, a vibrant economy. hard to do. >> this debate is going to go on for a while, darren, and you're going to be covering it for us. thanks so much. >> many more birthdays. >> the terrible 2s. darren gersh reporting from washington.

. >> susie: good evening, i'm susie gharib. tom is off tonight. a hit and a miss for ibm, big blue's earnings top forecasts, while revenues fall short. tech analyst david garrity joins us to talk ibm, and preview what to expect from google and microsoft. and ben bernanke says he still has tools to boost the economy, we look at just what's in the fed's tool kit. that and more tonight on "n.b.r.!" "nightly business report" is brought to you by: captioning sponsored by wpbt >> susie: ibm boosted its outlook for the rest of the year, after second quarter earnings topped focasts. ibm earned $3.51 a share, well above last year, and $0.09 above analyst estimates, but at just under $26 billion revenues fell short of expectations. >> ebay posted better than expected. earning a penny above estimates. revenues jumped 23% to almost $3.5 billion. enthusiasm about tech earnings helped wall street make strong gains earlier in the day. the dow rose 103 points and the nasdaq 32, and the s&p up 9 points. for more, david garrity joins us. the tech analyst. david, it

. >> susie: good evening, everyone. i'm susie gharib. tom will be along later in the program. gm and chrysler post their best monthly sales gains in years, and even japanese automakers are revved up. states are facing a big decision on health care spending. they face tempting but difficult choices. we'll explain what's at stake. and we look at restaurant costs, how price and palate impact what's on the menu, as we continue our series on the foodie craze. that and more tonight on "nightly business report." some early fireworks in detroit today, as american automakers celebrate strong monthly auto sales. looks like americans shook off worries about the economy, and went shopping for new cars and trucks in june. general motors sales surged almost 16%; nearly half came from fleet sales. ford posted a gain of 7%. and chrysler was the u.s. star, sales jumped 20%, on strong sales of its jeep and fiat brands. toyota, honda, and nissan also firing on all cylinders, the trio posting double-digit sales gains. only a year ago, they had few cars to sell, as inventories were hobbled by japa

tell us why. >> we think so, susie. if you think of the last year, the company has had i think four ceos. it's really astounding. and actually haven't decided on a permanent ceo. the krntd acting ceo is ross levinson has been in the company two years. we think the company would be best suited to put him in that chair. we think he has brought a lot of the stability that you refer to to the company. he has a steady hand. he has experience, and he's well likeed and respected across the industry. in addition, they've done a number of content partnerships as of late, and announced that they're actually moving forward on selling part of a stake in the chinese internet conglomerate. >> susie: you know, since you brought up the subject of management and ross levinson. put up a graphic to remind everybody how many ceos they've had going back to terry simmel, and then the founder jerry wang who was in that spot for a little bit, and then carol barts. you know, and scott thompson who left just a few months ago, and now ross levins

. >> susie: good evening, everyone. i'm susie gharib. tom's off tonight. worries about corporate earnings heat up as two chip makers warn sales are cooling down. from cheerios to spam, how rising food prices could take a bite out of profits at some of the nation's biggest food companies. we talk with the c.e.o.s of general mills and hormel. and with more than $200 million in missing client money, another financial firm lands in hot water with regulators. we'll tell you who it is this time. that and more tonight on nbr! pessimism about corporate profits triggered a fourth day of selling here on wall street. the dow fell 83 points after posting a triple-digit gain earlier in the day. the nasdaq lost 29 points and the s&p slipped 11. a sales warning from engine maker cummins added to nervousness about earnings season. and, as suzanne pratt reports, investors have reason to fret. >> reporter: wall street could certainly use another topic to focus on, what with europe dominating headlines for weeks. earnings season is likely to provide that distraction. but it'

. >> susie: good evening. i'm susie gharib. tom is off tonight. ben bernanke tells lawmakers the fed is ready to take action to jumpstart the economy, but he won't say when. millions of investors could be hit with higher taxes on dividends. we look at what's at stake. and how immigrants are helping save jobs in one missouri town. as we continue our series, "immigration and the economy." that and more tonight on "n.b.r." ben bernanke told congress today the u.s. economy is weak and the federal reserve is ready to take action to change that. but speaking to the senate banking committee, the fed chairman didn't give any clues on when policymakers would do something. darren gersh reports. >> reporter: here's ben bernanke's take on the economy: progress on unemployment-- frustratingly slow. consumer spending, business investment and manufacturing-- all slowing. but the slowdown isn't deep enough yet to convince the fed to apply more monetary medicine. >> we haven't really come to a specific choice at this int, but we are looking for ways to address the

we do not own ibm. >> susie: david, thank you zch. david garrity, tech analyst at gva research. >> susie: "modest to moderate"; that's how the federal reserve describes the pace of the economy's growth in june. the fed released its so-called "beige book report" with anecdotal evidence of the economy's performance around the country. meanwhile, fed chairman ben bernanke delivered the same message to lawmakers on his second day of testimony on capitol hill. once again he said it is "possible" the fed could take new steps to boost the economy, but offered few details on when the fed would act, and what exactly it can do. darren gersh reports. >> reporter: ben bernanke's favorite options for fixing the economy would be for europe to get its act together followed by congress removing the uncertainty over expiring tax breaks and looming spending cuts. but that's not going to happen. and that's why bernanke is exploring other options, like communication. the fed now promises to keep interest rates low through 2014. it could extend that to mi

see you then, susie. have a great weekend. >> susie: lolts coming up. that's it for nightly business report. for friday the 13. have a great weekend everyone. we'll see you online at nbr.com and back here on monday. "nightly business report" is brought to you by: captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org >> 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. also follows us on our facebook page at bizrpt. and on twitter @bizrpt. captioning by vitac, underwritten by fireman's fund >>> too big to fail? city college of san francisco, the largest community college is facing closure. the california high speed rail project gets funding approval. legal roadblocks remain. >>> federal agents step up and force doctors to overpre-criber

. >> susie: good evening. i'm susie gharib. tom is off tonight. a big pickup in the number of homes entering foreclosure, setting off fresh worries about the housing recovery. yahoo gets tough questions from shareholders at the company's annual meeting. we look at what's next for the web giant with scott kessler of s&p. and the big cost of outfitting your little slugger. we look at the rising costs of playing team sports. that and more tonight on "n.b.r.!" >> susie: new worries about the u.s. economy today: news of a big surge in foreclosures. 311,000 homes started the foreclosure process in the second quarter, that's a 9% increase from the beginning of the year. erika miller has a closer look on what a new foreclosure wave could mean to the housing recovery. >> reporter: the surge in new foreclosures is not just bad for homeowners facing eviction. it's bad for the neighborhood. when distressed properties hit the market, they tend to drag down prices of other homes for sale. fortunately, this time, there are also offsetting factors, like an improv

. >> susie: good evening. i'm susie gharib, tom is off. wall street kicks off the second half with nearly $20 billion in deals, on this merger monday. a historic fraud settlement today: glaxo-smith-kline will pay $3 billion to settle drug safety charges. and americans spend billions of dollars a year dining out. we look at restaurants, as we continue our "foodie craze" series. that and more tonight on "n.b.r."! it's starting to look like "merger monday" is back again. today over $17 billion in deals were announced, a strong start on this first day of the third quarter. bristol-meyers squbb is buying amylin for about $7 billion. germany's linde agreed to acquire home health firm acquire home health firm lincare for nearly $5 billion. chipmaker micron technology is buying a japanese rival; dell is buying quest software, and ever- bank is picking up one of g.e.'s business lending units. with all these deals on tap, erika miller gets the outlook for mergers over the next six months. >> reporter: conditions in much of u.s. have been hot and dry

. >> susie: good evening. i'm susie gharib. will the world's economic powers take action to boost the global economy? investors are waiting on key meetings at the federal reserve and european central bank. >> tom: i'm tom hudson. this week we're looking at regional banks. why smaller bank stocks are out- perfoming their bigger competitors. >> susie: and what's it going to take to make a new generation of innovators? we visit a camp teaching teenage girls about engineering. >> tom: that and more tonight on "n.b.r.!" >> tom: there are high expectations this week economic leaders in the u.s. and europe will take action to help their struggling economies. beginning tomorrow, federal reserve policymakers hold a two- day meeting in washington. central bankers in europe meet on thursday. and the important u.s. july jobs report is released on friday. the hope is policymakers will announce new ways to get the world economy growing. darren gersh reports. >> reporter: on wednesday, the federal reserve may give investors a new date to mark

. >> susie: good evening. i'm susie gharib. a day in the hot seat, for treasury secretary timothy geithner. lawmakers grilled him over an international interest rate rigging scandal. >> tom: i'm tom hudson. will the federal reserve soon have some new medicine for the struggling u.s. economy? we talk with former fed vice chair alan blinder. >> susie: and the nation's airlines look to raise ticket prices. bad news for passengers, but will it help profits? >> tom: that and more tonight on "n.b.r."! we begin with some tough questions today for treasury secretary timothy geithner about the bank interest rate-fixing scandal. in 2008, geithner was head of the new york federal reserve. he sounded an early warning with british and u.s. regulators about weaknesses in the bank-to- bank lending rate known as libor. it's a key global interest rate and one which traders and banks are accused of manipulating. darren gersh reports members of congress aren't convinced geithner did enough. >> reporter: back in the spring of 2008, geithner says h

. >> susie: i'm susie gharib. is housing really making a comeback after five brutal years? yes, according to one real estate firm. >> tom: then, the interest rate banking scandal that began in great britain continues expanding. >> susie: that and more tonight on nbr! a sour earnings report tonight for apple. the company reported a big miss after the market close today, and shares tumbled as much as 6% in after-hours trading. apple earned $9.32 a share in its fiscal third quarter, a dollar less than analyst estimates. revenue of $35 billion was also below expectations by more than $2 billion. suzanne pratt takes a look behind the numbers. >> reporter: yes, it is possible for the most valuable company in america to disappoint investors. still, analysts are putting a positive twist on the miss. they say consumers are simply holding back on buying iphones now in order to wait for the next generation. >> no one expects the next iphone, which we're calling the iphone 5, to be the same as the iphone 4 and iphone 4s, at least in the way it looks on the outside. >> reporter: as a re

. >> susie: good evening. i'm susie gharib. tom's off tonight. so much for the summer doldrums- - we look at wall street's mini- rally. that market rally is also pushing a rise in mergers and acquisitions. we get the outlook for m&a in the second half. and saving you big bucks on your student loans-- we tell you about a little-known plan that could help borrowers pay off their loans and still pay the rent. that and more tonight on nbr! a break in the heat wave here on wall street, but investors still warmed up to stocks. the major averages rose again, making it three up days in a row. stocks got support from a string of solid earnings from big-name companies. also, after listening this week to fed chairman bernanke's economic outlook, investors are counting on him to do more to stimulate the economy. the dow added 35 points, the nasdaq rose 23, and the s&p gained nearly four points. suzanne pratt reports. >> reporter: with all the recent noise in the economy and financial markets, you might have missed that stocks are doing pretty well this year.

josh, thank you so much, josh feinman at db advisor. >> susie: josh feinman. >> susie: come january, investors could be in for a rude awakening, a sharply higher tax bill. that's when a bush-era tax break on dividends expires. ruben ramirez reports on what's at stake. >> reporter: the battle over whether to extend the bush-era tax cuts beyond 2012 could hit the pockets of tens of millions of investors. unless congress and the president agree to changes. if not, the dividend tax rate, which stands at 15%, will rise to nearly 40%. add in a new "healthcare law" related tax on dividends, and investors could see their dividend tax bill nearly triple. standard and poor's says that will impact 93% of s&p 500 companies. >> some sectors, however, are impacted even more, such as telecommunications and especially utilities, which are known as dividend payers. this changes who is going to hold it and what their risk/rewards are. >> reporter: a study of recent tax returns shows nearly 13 million americans have some sort of utility company holdings, mostly in mutual funds. the vast majority of tho