. >> 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 afford greece and maybe portugal. but not spain and maybe a fall in italy. they're

. >> 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 underwriter

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, "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

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 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 vice 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, before

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

so we should welcome them back. >> reporter: erika miller, "n.b.r.", new york. >> susie: if you missed any of this week's coverage on jobs and veterans, tune in monday, memorial day for an n.b.r. special edition. from troops to teachers to special job fairs and training programs, we look at the employment picture for the military men and women who've served our country. i also talk with two vets who are now senior executives working as consultants at mckinsey and company. they tell us why more companies are interested in hiring military personnel. >> for a year and a half i worked as general petreas' speech writer in iraq. you can liken him to a ceo with seven different boards of directors and a hugely complex mission and dispersed organization, when he was commanding the search forces and being able to see him and work with him and support him in that situation i think has served me very well, as i now help companies navigate complex challenges, and complex situations, and think about change. >> susie: you can hear the rest of elizabeth mcnallly's s

erika miller reports from new york. >> reporter: lots of shouting... ( shouting ) ...and lots of selling in the gold options pit today. the yellow metal has fallen about 3% this week alone. the steep declines seem surprising given gold is the ultimate safe haven and investors are growing more nervous about europe. so what gives? >> it's definitely correlated to strengthening of the u.s. dollar. if you look at the price movements today, it's almost the gold price moving in exact lock- step to strengthening in the u.s. dollar. >> reporter: but there may be more to it. >> what's going on is, we've breached some very important technical levels. the obvious technical level was $1,600. we broke that. >> reporter: and when that happens, it tends to signal further declines. the question traders and investors are asking is whether the pullback in gold is temporary or the start of something more severe. after going up for years, the price of gold has struggled since august. to some, gold is like a wad of chewing gum waiting to burst. anthony neglia disagrees. >> i am still holding on to the though

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 has a closer look at the potential fallout for j.p. morgan. >> reporter: j.p. morgan's $2 billion trading loss may bring back memories of the 2008 financial crisis. but this time, most analysts think the damage will be contained. the situation today is quite different than 2008, when most big banks were massively overleveraged and had far less reserves. for that reason, there's less risk to the banking system. let's be clear: a $2 billion loss is nothing to sneeze at, but it's less than 1% of last year's pre-tax profit. so the embarrassment will likely last longer than the damage to its balance sheet. >> it's a financial hit and it's a reputational hit. the financial hit is about $2 billion and the reputational hit may linger for years. >> reporter: j.p. morgan stock got slammed today. and its rivals citigroup, morgan stanley, and goldman sachs also fell sharply. >> investors are worried about what other banks are doing in terms of their hedging strategies. they're going to have to disclose their hedges as well and there's a lot of uncertainty out there. >> rep

erika miller, "n.b.r.", new york. >> susie: more turmoil at the top for best buy, the struggling electronics retailer says founder richard schulze will step down as chairman next month. the reason-- he failed to tell the board about a former c.e.o.'s romantic relationship with a female employee. >> susie: california's budget woes just got bigger, a lot bigger. governor jerry brown announced today the golden state's expected budget shortfall has ballooned to nearly $16 billion. that's almost double the budget gap at the beginning of the year. the governor is proposing $8 billion in spending cuts, including across the board pay cuts for state workers. but he says cost reductions alone won't balance the budget. he also wants a temporary tax on high income residents. fixing california is key for the u.s. economic recovery: the state represents almost 13% of the u.s. gross domestic product. while agriculture accounts for a small percentage of our g.d.p., it has a big impact on the global economy. all this week

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