Nightly Business Report (PBS) - 2005-09-08

Channel: malgent

Transcript

Language: English (YouTube automatic captions)

[0:04] The cost of crude and the level of crude

[0:06] supply take center stage in the New York

[0:09] as traders send oil prices on a roller

[0:11] coaster ride. First up, then down, then

[0:13] up again. All due to the aftermath of

[0:15] Katrina.

[0:17] >> It was back to school for thousands of

[0:19] young hurricane evacuees in Houston.

[0:21] Things are in high gear to get lives

[0:23] back to normal in a city swollen by

[0:26] refugees. We'll have a special report

[0:28] from Houston. The latest from Labor

[0:30] Secretary Ela Chow about what her

[0:32] department is doing to get jobs for

[0:34] Katrina's evacuees. The government has

[0:36] set up a couple of ways for storm

[0:38] victims to start the process of getting

[0:40] back to work. Also tonight, Texas

[0:42] Instruments looks into the future and

[0:44] rolls out a new computer chip with lots

[0:46] of bells and whistles. We'll get details

[0:49] from TI's CEO.

[0:51] >> I'm Paul Kangas.

[0:52] >> And I'm Susie Garov. This is Nightly

[0:54] Business Report for Thursday, September

[0:56] 8th. Nightly Business Report is made

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[1:47] Good evening everyone. A volatile day in

[1:49] the oil markets. Oil prices dropped in

[1:52] reaction to new data showing Hurricane

[1:54] Katrina's impact on the nation's

[1:56] petroleum supplies was not as bad as

[1:58] many had feared. But crude futures

[2:00] bounced back by the close, edging up 12

[2:03] cents to $6449.

[2:05] As Erica Miller reports, there's

[2:07] considerable debate about where prices

[2:09] head from here. Shouldertosh shoulder,

[2:11] traders shouted, jumped, and waved,

[2:14] eager to trade crude oil in reaction to

[2:16] the government's inventory data. The

[2:18] report showed Patrina's damage to energy

[2:20] supplies was not nearly as bad as

[2:22] expected. The October crude contract

[2:24] fell as low as $6310

[2:27] before recovering.

[2:28] >> We were expecting large stock declines.

[2:30] We did get big stock declines, but not

[2:32] as bad as we had hoped as as we had

[2:34] feared.

[2:35] >> Crude oil inventories fell by 6.4

[2:38] million barrels last week and gasoline

[2:40] supply shrank by 4.3 million barrels.

[2:43] Distillate inventories, which include

[2:45] heating oil, drop by 800,000 barrels.

[2:48] There's wild disagreement about where

[2:49] crude prices head from here.

[2:51] >> I think many traders would say they

[2:54] wouldn't be surprised if we go to $55,

[2:56] but they certainly wouldn't be surprised

[2:57] if we went to $75.

[2:59] >> Those in the $55 camp say there has been

[3:02] major progress in rebuilding Gulf Coast

[3:04] oil production and refining operations

[3:06] after Hurricane Katrina. Plus, members

[3:08] of the International Energy Agency will

[3:10] release about 2 million barrels of

[3:12] petroleum products a day to ease

[3:14] shortages. Now that the summer driving

[3:17] season is ending, there could be a

[3:18] decline in demand for gasoline and a

[3:20] decline in demand for crude. But some

[3:23] traders expect demand for crude could

[3:25] actually increase in the coming weeks,

[3:26] pushing prices higher. They predict high

[3:29] natural gas prices will force many power

[3:31] plants to use residual fuel, a crude

[3:33] derivative, for their power generation.

[3:36] But there is one thing traders seem to

[3:38] agree on. Crude prices are likely to be

[3:40] especially volatile in coming weeks.

[3:42] >> This market has never been more

[3:44] vulnerable to another hiccup,

[3:46] disruption, geopolitical event than it

[3:49] is now. We're already tense. We were

[3:51] tense before Katrina and things are just

[3:54] been made worse by that event.

[3:56] >> Analysts say it could be several weeks

[3:58] before they have an accurate read of

[4:00] Katrina's impact on oil inventories.

[4:02] That's because there's often a lag time

[4:04] before a significant supply disruption

[4:06] shows up in the government's data. Erica

[4:09] Miller, Nightly Business Report, New

[4:11] York.

[4:12] >> Stocks headed lower this morning in

[4:14] response to that bounce in oil prices at

[4:16] midm morning. The Dow was down 36

[4:18] points. NASDAQ off three. The market

[4:20] firmed up as oil eased during midday,

[4:22] but the rally was hindered when crude

[4:24] went on to close higher. So, the Dow

[4:26] industrial average came in with a loss

[4:27] of 37 12 points at 10,595.93.

[4:31] NASDAQ composite fell six points to

[4:33] 2166.03

[4:35] standard and pores 500 down 4.69 at

[4:39] 1231.67

[4:41] in the bond market the 10-year note fell

[4:43] 232s to par in 2632 lifting the yield to

[4:46] 4.15%.

[5:09] While the cleanup continues along the

[5:11] Gulf Coast tonight, new efforts are

[5:12] underway to rebuild the lives of

[5:14] Katrina's refugees. For the thousands of

[5:16] people who now call Houston, Texas home,

[5:19] that means finding food, shelter, and

[5:21] jobs. As we continue our ongoing series

[5:24] recovering from Katrina, Washington

[5:26] bureau chief Darren Gersh is in Houston

[5:28] tonight looking at how its newest

[5:29] residents are starting new lives.

[5:32] >> Crater Dennis Lions came to the shelter

[5:34] at the Houston Convention Center with a

[5:36] mandate from his boss. Find electricians

[5:39] to help repair the destruction left by

[5:41] Katrina.

[5:42] >> Are you willing to go to the Gulf Coast?

[5:44] Sean

[5:44] >> Lions is one of the many employers

[5:46] bringing much needed work to survivors

[5:49] of Hurricane Katrina. Our job board is

[5:51] to get 30 to 40 people on our job site

[5:55] start next week.

[5:56] >> The first to interview is Ray Sers from

[5:58] New Orleans.

[6:00] >> Even though you work as electricians.

[6:01] >> Yeah. As a marine and industrial

[6:04] >> if his tests and paperwork check out. Ry

[6:07] will be on the job Monday.

[6:09] >> As soon as I get my electrical license

[6:12] from the state of Texas. So hopefully

[6:14] sometime next week. In Houston, the

[6:16] mission of the hurricane shelters has

[6:18] shifted from survival to social

[6:20] services. This morning, buses rolled

[6:24] from downtown, taking newly registered

[6:26] students to school. For the adults, the

[6:29] job now is to look for work. State

[6:31] Representative Rick Noriega is in charge

[6:33] of the aid effort at the Houston

[6:35] Convention Center. He says there's no

[6:37] shortage of demand for skilled labor.

[6:40] >> We always have a teacher shortage. We

[6:42] always have a nursing shortage. We

[6:44] always have some paraprofessional kind

[6:46] of needs. Those things are are clear.

[6:48] >> This is the line to register for FEMA

[6:50] benefits. And the front of the line

[6:52] stretches another 100 yards or so in

[6:54] that direction and stretches back

[6:57] perhaps two city blocks. Now, the

[6:59] officials here in Houston believe the

[7:01] number of people who actually register

[7:02] for FEMA benefits here in Houston will

[7:04] be the best indication of the potential

[7:06] workforce coming into this city. There's

[7:09] just one problem. The FEMA servers are

[7:11] crashing so frequently, it's delaying

[7:13] the registration process and making it

[7:16] difficult to get an accurate count. This

[7:18] isn't the first time Texas has absorbed

[7:20] an exodus of workers from the Gulf

[7:22] Coast. Pauline Gallion is managing the

[7:25] convention center job site for the Texas

[7:27] Workforce Commission. Gallion herself

[7:30] came to Houston as part of what the

[7:32] Louisiana newspapers called the brain

[7:34] drain of the 1980s and 90s when educated

[7:38] workers left the Gulf Coast for jobs in

[7:40] the booming Texas economy. Gallion says

[7:43] it's happening again because of Katrina.

[7:46] I got a feeling we got a big brain

[7:48] drain. We got a a massive drain. Yeah.

[7:49] In the 80s and 90s a lot of us left the

[7:51] state of Louisiana to come to the land

[7:53] of better opportunity in Texas. And um

[7:56] I'll tell you, I would say 40 to 50% of

[7:59] the people I personally have spoken to

[8:00] don't plan to go back home. They want to

[8:02] work here.

[8:03] >> Job growth has been slow in Houston.

[8:05] Over the last year, the city has added

[8:07] roughly 30,000 jobs. But that's still

[8:10] better than the job market Satie Hepern

[8:12] left behind in St. Bernard, Louisiana.

[8:15] >> St. Bernard, it was very, very scarce.

[8:19] You lucky if you could if you got a job

[8:21] within 2 days after you applied. It was

[8:24] maybe three months after you would

[8:26] apply, they would call you back

[8:27] sometimes.

[8:28] >> There are no good estimates, but it's

[8:30] possible the Houston area may see

[8:32] another 100,000 workers join its post

[8:36] Katrina ranks. That means more CPAs,

[8:38] lawyers, and computer techs like Taran

[8:41] Gillery.

[8:42] >> It's a nice place. I think I want to

[8:43] just relocate here and eventually open

[8:46] up a small business of my own.

[8:48] >> But Gillery is willing to take other

[8:50] jobs, too. Work is work, he says. Darren

[8:54] Gershch, Nightly Business Report,

[8:55] Houston.

[8:56] >> Getting evacuees working again in

[8:58] Houston and around the country is job

[9:00] one for the Labor Department. 10,000 new

[9:03] unemployment claims were filed last week

[9:05] in the Gulf States that Katrina hit.

[9:07] Stephanie D talked with Labor Secretary

[9:09] Ela Chow today and began by asking how

[9:12] many job losses are expected in coming

[9:15] weeks.

[9:16] It's really going to be hard to tell

[9:18] because um these numbers will take some

[9:21] time to gel and given the current uh

[9:24] breakdown in infrastructure, it is very

[9:26] hard for us to collect uh unemployment

[9:28] numbers and also initial claims filed.

[9:30] So, we'll have to see.

[9:31] >> How many people work in the hurricane

[9:33] region and what kind of job loss are you

[9:35] expecting?

[9:36] >> In the whole Gulf area, there were

[9:38] approximately 960,000

[9:40] uh workers jobs. So, we're looking at

[9:43] obviously significant regional

[9:45] devastation, but as for whether that's

[9:47] going to translate into a national uh

[9:49] impact, I think that's a little too

[9:51] early to tell. As well, we actually saw

[9:53] a reduced number of people filing

[9:55] firsttime unemployment claims because

[9:57] they couldn't get there to file. How are

[9:59] you going to help people file their

[10:00] claims?

[10:01] >> The reduced number of claims for this

[10:03] past week is also due to the fact that

[10:05] the states were unable to file their

[10:07] reports with us. So it will take several

[10:09] weeks, a couple of weeks for us to get

[10:12] uh more definite numbers. We're

[10:13] obviously very concerned about providing

[10:16] assistance uh immediate income

[10:19] assistance to people who are now out of

[10:21] work. There are many people who cannot

[10:22] work because their place of employment

[10:24] is underwater or completely devastated.

[10:26] So for them, we have unemployment

[10:28] insurance. And we have a nationwide

[10:30] network of 3,500 what's called one-stop

[10:33] career centers. And for people who are

[10:35] uh away from the devastated areas and

[10:38] the majority of people are, they do not

[10:40] have to return to their home community

[10:42] to file for these claims. Second, uh we

[10:45] also have programs available, income

[10:47] assistance programs available for people

[10:49] who are usually not eligible for

[10:52] unemployment insurance like the newly

[10:54] employed or the self-employed. And so

[10:57] for them, we have set up a different

[10:59] kind of program. It's called disaster

[11:00] unemployment assistance. So, one way or

[11:03] the other, we're going to make sure that

[11:05] uh dislocated workers have some um

[11:08] income support so that they can make

[11:10] decisions for themselves as to what they

[11:12] want to do next. And then lastly, I've

[11:15] just signed off within the last 6 days

[11:17] uh $191 million in national emergency

[11:21] grants that will create about 47,500

[11:25] temporary jobs to help uh this

[11:28] devastated area. Uh these jobs will be

[11:31] involved in cleanup and recovery and

[11:33] they're also going to put a paycheck in

[11:36] uh workers hands.

[11:37] >> How do people get the help they need? Do

[11:39] they call FEMA or do they have to go to

[11:41] each different agency?

[11:42] >> We are very focused on the

[11:45] practicalities of accessing aid for

[11:48] these uh dislocated workers and for

[11:50] other people in the area. So for

[11:52] example, we have uh teams of people

[11:54] canvasing neighborhood by neighborhood

[11:56] as the waters recede. We um go to

[11:59] churches, relief centers, evacuee

[12:01] centers uh armed with laptops and we

[12:04] sign people up. But we also have a um

[12:07] toll-free number and we say to people if

[12:09] you have access to a telephone, please

[12:12] call the toll-free number. It's um

[12:15] operational throughout the country. It's

[12:17] 18664USA

[12:21] D. And once they call that number,

[12:24] there'll be caring and compassionate

[12:26] professionals who are working 24/7 who

[12:29] are able to uh advise them on which

[12:31] program best fits their needs.

[12:33] >> You're going to be traveling to the Gulf

[12:35] region. Tell us about what you'll be

[12:36] doing there.

[12:37] >> Well, I'm going to be visiting the

[12:38] evacuee centers and um places where um

[12:42] dislocated workers can be found. We have

[12:44] a mobile unit right outside of the

[12:46] Astrodome in Houston, Texas. So, I will

[12:48] be visiting there. We also have a uh job

[12:51] fair in Dallas, Texas right today and a

[12:54] job fair in Houston um next week. So I

[12:57] want to go and see uh how these job

[12:59] fairs are coming along. Employers have

[13:00] been so forthcoming in participating in

[13:03] these job fairs and I want them to

[13:04] continue to participate.

[13:06] >> Labor Secretary Ela Chow, thank you.

[13:08] >> Thank you.

[13:40] Now, let's take a look at some stocks in

[13:42] the news tonight.

[13:46] The most active New York exchange issue

[13:48] on 16.4 million shares. Kalpine moving

[13:50] up 16 cents. The company is forming a

[13:53] joint venture with Bear Sterns to trade

[13:54] and do deals in the natural gas and

[13:57] power markets. Fiser moved up 21 cents.

[14:00] An FDA panel is favoring the company new

[14:03] inhalable drug to treat diabetes. It's

[14:05] called Exubera

[14:08] or Exuber I guess it's pronounced. EMC

[14:10] down 44 cents. Time Warner a 6-cent drop

[14:14] there. Huelet Packard 39 gain. That was

[14:16] fifth in big board volume. General

[14:18] Electric dropped 16 cents. And then

[14:20] Coca-Cola Enterprises falling $211. The

[14:22] company says European volume is below

[14:24] expectations and it sees third quarter

[14:26] earnings below the 51 cent per share

[14:28] Wall Street consensus. Lucent dropped a

[14:31] nickel and then Taiwan Semiconductor

[14:32] moving up 14 cents. It's the world's

[14:35] largest contract maker of microchips and

[14:37] Taiwan had a smaller thanex expected

[14:39] decline in August sales. Stock moved up.

[14:41] Motorola was 10th in volume, up 30 cents

[14:43] a share. National Semiconductor gained a

[14:46] $144. First quarter earnings were down

[14:48] 24 cents versus 31 last year, but 3

[14:50] cents better than the street estimate.

[14:52] Company also plans to buy back up to

[14:54] $400 million of its own stock.

[14:57] Aero Electronics up $149. Morgan Stanley

[15:00] upgraded it from underweight to equal

[15:02] weight. Then the homebuilders Hovanian

[15:04] Enterprises off $410. Third quarter

[15:07] earnings sharply higher $1.76 versus

[15:09] last year's 133. but two cents below the

[15:11] street consensus. The company did back

[15:13] at $7 per share 2005 earnings guidance,

[15:16] but that's 24 cents below the street

[15:18] estimate. This had an impact on many

[15:20] other the housing home building stocks.

[15:22] Beaser down over $2 and losses in LAR of

[15:25] K and KBO of over $1 per share. Bar

[15:29] Pharmaceuticals up $38. Uh fourth

[15:32] quarter earnings out today 77 cents a

[15:34] nickel above the street estimate way up

[15:35] from 13 cents last year. Standard and

[15:37] pores repeated a buy recommendation.

[15:39] Then the major loser down over 68%.

[15:42] Whiteall Jewelers Company tarnished by

[15:45] the news that it needs extra capital to

[15:47] support itself. Also, its newly

[15:49] appointed chief executive officer

[15:51] resigned before even starting her job.

[15:54] Charles River Labs down $449. Company

[15:57] sees third quarter earnings at the low

[15:58] end of its 58 to 60 cent per share

[16:00] guidance, maybe even below that because

[16:02] of delays in clinical studies. That's

[16:05] what the company cited. Lafarge in the

[16:07] American depository share just one of

[16:09] the world's largest cement makers and a

[16:11] reported first half profits were down

[16:12] 18%. The company blamed a construction

[16:15] slump in Germany and some other European

[16:17] countries. Google topped the active list

[16:19] on NASDAQ up 52 cents. Microsoft 24cent

[16:22] loss. Intel up 43 cents. The company in

[16:24] its mid-carter forecast narrowed third

[16:26] quarter revenue estimates from about

[16:28] 10.2 billion at best to 10 billion at

[16:31] best. Sears Holdings down $74. Second

[16:34] quarter earnings a$133 cents below the

[16:37] street estimate. Sales declined a bit

[16:38] too. Apple computer moving up a$110.

[16:41] That was fifth in dollar volume. eBay

[16:43] off a $153. Wall Street Journal today

[16:46] said the company's in talks to acquire

[16:47] Swedish internet uh telefano telefan

[16:50] company. It's called Skype technologies

[16:53] and the price going to be 2 to3 billion

[16:55] according to that speculation. Dell

[16:57] 55cent loss 3cent drop in Cisco. Amgen

[17:00] up 63 cents. Qualcomm down $114. And

[17:03] finally, Rambus up $23. Takeover

[17:05] speculation there. Samsung Electronics

[17:07] mentioned as a possible suitor. Those

[17:10] are the stocks in the news tonight.

[17:12] Susie

[17:12] >> Paul. Texas Instruments raised his third

[17:14] quarter revenue and profit forecast

[17:16] after the bell today. The world's

[17:17] biggest maker of cell phone computer

[17:19] chips said it now sees revenues of $3.4

[17:22] billion to 3.6 billion and earnings per

[17:25] share of 36 to 38 cents. This afternoon,

[17:28] I talked to the company's CEO, Rich

[17:30] Templeton, and asked why he's so

[17:33] positive about the outlook

[17:34] >> in the right spaces. Uh the whole

[17:36] communications world is growing fast.

[17:38] The entertainment world's growing fast,

[17:40] cell phones, be it uh digital TVs. Uh so

[17:43] we think that's got uh good signs.

[17:46] Forecasting in this business is always

[17:48] questionable in terms of the

[17:49] intermediate term. So we pay attention

[17:51] to being in the right spaces and good

[17:52] things usually come uh from doing that.

[17:55] >> Mr. Hamilton, one of the uh concerns uh

[17:57] for investors is about potential

[18:00] inventory uh buildup and the impact that

[18:02] that might have on your profitability.

[18:04] What can you tell us about that?

[18:05] >> Well, if you look at the inventory

[18:06] situation at the close of second

[18:08] quarter, uh in general, inventories look

[18:10] good and good means uh distributors were

[18:13] down. Uh most of the end customers,

[18:16] contract manufacturers down. Our own

[18:17] inventories were actually down in that

[18:19] quarter as well. And if you look at the

[18:21] semiconductor world, when inventories

[18:23] are low, there's usually better things

[18:25] ahead.

[18:25] >> Texas Instruments name is synonymous

[18:27] with cell phones. How is demand for cell

[18:30] phones?

[18:30] >> Well, if you look at the demand

[18:31] environment, a lot of people are talking

[18:33] cell phones at 750 million phones this

[18:35] year. Uh to put that in perspective,

[18:38] that's probably four times the size of

[18:39] the PC market. Uh so the market so far

[18:42] looks pretty good, looks strong. uh

[18:44] great growth in high-end, great growth

[18:46] in low-end as emerging economies like

[18:48] India or China are buying more phones

[18:50] and going deeper into their uh into

[18:52] their populations.

[18:53] >> Well, certainly while demand is strong,

[18:56] pricing is an issue because these cell

[18:57] phones are getting cheaper and cheaper.

[18:59] So, what are the ramifications of that

[19:01] for Texas Instruments uh uh profits and

[19:04] margins?

[19:04] >> Well, we think it's great ramifications

[19:06] because in our business, being able to

[19:08] deliver more at a lower price lets

[19:10] market grow, let a market grow very

[19:12] fast. And so we think that's been the

[19:13] secret on cell phones and we engineer

[19:15] our platforms to be lower cost for lower

[19:18] cost phones. So as a result we can uh we

[19:20] can hold and deliver the right type of

[19:22] margins even with prices coming down in

[19:24] these handsets.

[19:25] >> Now I understand that traditionally

[19:27] October, November and December are

[19:28] seasonably slower months for Texas

[19:31] Instruments. So how are things looking

[19:33] for the rest of the year?

[19:34] >> We clearly have a large uh Christmas

[19:36] season which is a stronger second half

[19:39] compared to first half. Uh, and if you

[19:41] take a look, that's TV buying. Uh,

[19:43] things we're doing in the HD TV space

[19:45] with DLP. Uh, cell phones are very

[19:47] popular items that time of year. So, uh,

[19:49] those things look, uh, you know,

[19:51] continue to look like the right spaces

[19:52] to be in.

[19:53] >> Today, you introduced a whole new line

[19:56] of chips and software for consumer to be

[19:59] using consumer products like uh, uh,

[20:01] video phones and digital cameras. Why

[20:03] are you moving into this area?

[20:05] >> Well, because video is the future. Uh,

[20:06] voice has had a big impact. If you look

[20:08] at cell phones and our DSPs have been at

[20:10] the heart of that and video is going to

[20:12] be at the heart of a lot of the

[20:14] electronics and personal electronics in

[20:16] the future.

[20:16] >> Do you see this as the next big platform

[20:19] for growth?

[20:20] >> I think you're going to find uh you come

[20:22] interview in 5 years or 10 years. Uh

[20:24] video is going to be integral to most of

[20:26] the uh most of the electronics that are

[20:28] going on in the industry and that's the

[20:30] importance of today's platform

[20:31] announcement.

[20:32] >> Now Texas Instrument stock has been a

[20:34] really top performer over the past year.

[20:37] What do you see as the next catalyst to

[20:40] move the stock even higher?

[20:41] >> Well, you know, what we've got to

[20:42] deliver is growth and we've got to turn

[20:44] that growth into good earnings and

[20:46] that's really what we're keeping the

[20:47] place focused on. Uh we believe that our

[20:50] strategy of DSP and analog really is

[20:52] centered in the right place. Uh if you

[20:54] take a look at our second quarter

[20:55] performance, uh we think we started

[20:57] building more confidence out on the

[20:59] street in terms of our ability to

[21:00] convert that into good margins and we've

[21:02] just got to stay focused as a company on

[21:04] those uh those things.

[21:06] >> Mr. Dr. Templeton, thank you very much.

[21:07] We appreciate your time.

[21:08] >> Thanks.

[21:10] >> Tomorrow, our Friday Market Monitor

[21:12] guest is Randall Elely, president of the

[21:14] Edgar Lomax Company.

[21:34] Heat. Heat.

[21:56] Heat. Heat.

[22:35] Heat. Heat.

[22:42] Tonight's

[22:55] commentator says sometimes you can learn

[22:57] some valuable lessons if you're willing

[22:59] to push the envelope. Here's Tom

[23:01] Stewart, editor of the Harvard Business

[23:02] Review.

[23:04] >> Hospitals are enormous enterprises.

[23:07] Massachusetts General Hospital is the

[23:08] largest non-government employer in the

[23:10] city of Boston. In Houston, the Texas

[23:12] Medical Center occupies a campus the

[23:15] size of Chicago's loop. These are the

[23:17] world's biggest, most complex

[23:19] workplaces, doing everything from

[23:21] neurosurgery to laundry. We all know

[23:23] medical care is a mess. So, it stands to

[23:26] reason that hospitals should study other

[23:28] complex work environments for ideas, and

[23:30] some have. They've been studying Toyota.

[23:33] If you've ever been inside an automobile

[23:35] assembly plant, you know how complex

[23:37] they are. Toyota's renowned production

[23:40] system has produced steadily rising

[23:42] quality and steadily lower costs. It

[23:45] turns out that the same management

[23:47] principles make a huge difference in

[23:49] hospitals. In Pittsburgh, hospitals

[23:52] applying Toyota ideas have reduced by

[23:55] 50% the number of infections associated

[23:58] with intravenous catheters called

[24:00] central lines. If that were extrapolated

[24:02] nationwide, we'd save over $3 billion

[24:06] and up to 30,000 lives just from

[24:08] reducing central line infection rates. A

[24:11] lot of this work is being led and

[24:13] documented by Steven Spear, formerly of

[24:15] Harvard Business School and now at the

[24:17] Institute for Healthc Care Improvement

[24:19] in Cambridge, Massachusetts. Spear

[24:21] estimates that the potential savings

[24:23] could reach tens, even hundreds of

[24:26] billions of dollars and hundreds of

[24:28] thousands of lives. Every hospital

[24:31] administrator and board member ought to

[24:33] be learning about Steve Spear's work

[24:35] now. I'm Tom Stewart.

[24:38] >> Recapping today's market action, some

[24:40] profit taking after two days of gains.

[24:42] The Dow falls 37 points, NASDAQ

[24:44] Composite loses six points. To learn

[24:47] more about the stories in tonight's

[24:48] broadcast, go to NBR.com.

[24:52] >> And that's Nightly Business Report for

[24:53] Thursday, September 8th. I'm Susie Gar.

[24:56] Good night, everyone. Good night to you,

[24:57] Paul.

[24:58] >> Good night, Susie. I'm Paul Kagas,

[24:59] wishing all of you the best of good

[25:01] lives.

[25:03] >> Nightly Business Report is made possible

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[25:58] Heat. Heat.

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