A big bounce back for stocks and the nasdaq close as a record. But we begin with what some are calling the world cup of fraud. A scandal rocking the worlds most popular sport, soccer. The u. S. Department of sport saying some of fifa participated in bribes Money Laundering and racketeering and authorities in switzerld has launched a separa probe. Soccer isnt just a sport, it is a business a big one, that brings in billions in retch from tv and sponsorship rights for the world cup, the most popular single sporting event in the world. Aiman javers has the story on the big corruption investigation in soccer. The day began with a dramatic Early Morning raid at the luxury Baur Au Lac Hotel in zurich the staff holding sheets to protect those arrested from the glare. On the top leadership of a sport that dominates the short like no other. A billion people watched the 2014 world cup in brazil and adidas cocacola, emirates and sony paid 25 million to 50 million per year to sponsor the governing body known as fifa n. Brooklyn the fbi said the u. S. Is reacting because some of the alleged action occurred in the united states. If you used our world class Financial System you will be hild accountable accountable. A lynch said this case comes down to greed, including up to 150 million in bribes. They were expected to uphold the rules to keep soccer honest and to pro the integri of the game instead they corrupted the business of soccer to enrich themselves. The u. S. Side of the scam was Simple MarketingCompanies Paying kickbacks and bribes in terms to bribes for lower level soccer tournaments but officials are looking into what role bribes may have played in the awarding of the world cup to russia in 2018 and qatar in 2022. And tyler, as the day ends there are two Big Questions facing world soccer one of them is the fate of sepp blatter, he was not named in the indictment today and Big Questions surrounding his leadership and what will the corporate sponsors of global soccer do now, continue to pump the billions of dollars into fifa and global soccer. And you mentioned, aiman, several. Names involved in supporting fifa but a major Sportswear Company has been implicated in the scandal and the company was not named but what do we know. They were not named in the indictment or by the attorney general Loretta Lynch who said today that a major u. S. Sports Apparel Company was allegedly involved in improcomply irts with the Brazilian Soccer Team and we do know nike was a sponsor of the soccer team and we saw a big movement of nike down as investors saying it was nike being referenced but the department of e not saying which company it was talking about in the indictment. And no u. S. Company has been indicted or charged in this . These charges came against individuals who officials with or formerly officialed with fifa correct . No major u. S. Companies. There were indicts against small sports companies, so there were u. S. Corporate indicts but this is globe spanning companies from uruguay to argentina, brazil and miami and arrests in zurich at that hotel. Fascinating story. Aiman javers thank you very much. And here are sponsors. Adidas we encourage transparence standards in everything they do. Coke said we expect fifa to continue to address the issues thoroughly. Mcdonalds said they take such matters seriously and monitoring the situation closely. And budweiser is closely monitoring the fifa situation. Well the bounce back in stocks drove the nasdaq to a record close today and the blue chip dow index saw a tripledigit move. By the close the dow jones indust gain to 18,162. Strength in tell nogales helps and the s p was up 19 points. Mary thompson up with more on the gains from the floorp of the new york stom exchange. The markets respond to tuesdays tripledigit decline with a tripledigit gain on wednesday. Stoc were up from the opening bell thanks to the European Market and helped by strong earnings reports from retailers including tiffanys and designer shoe warehouse to offset a disciplining forecas from michael kors which weighed on shares of coach on wednesdays ar midday there was a boost that reports that greece and the e. U. Are reaching preliminary steps to take an agreement for the company to pay the creditors and adding to the market gains later in the session reports that avago is in talks to buy broad com which could be the biggest tech deals this year and that lifted the Semiconductor Products and the biggest were in the tech space, including microsoft, cisco and apple. And as the u. S. Dollar strengths and that put pressure on commodities and the only lagers were within the s p 500. So again a tripledigit gain for the dow in the session. Im mary thps from the new york stocexchange. As investors watch possible developments out of greece a potential debt deal is being talked at the group of seven meeting in germany where bankers from across the globe are gathering. Steve sedgewick has our story. G7 finance ministers are meeting in dresden, german representatives from japan, canada and in a summit hosted by germany. They have gone on the offensive ahead of the summit saying critics of germany are misplaced in the accusations and in the diagnosis of how to get out of the european debt crisis. Once again greece is grabbing way too much head lines and it is not on the agenda and they may be on the path to an agreement so it doesnt default on loans in june and beyond as rl. Elsewhere there are big concerns about Global Growth of course and when the timing of the first u. S. Iernt Interest Rate hike will be and the Foreign Exchange market. Other concerns are when japan will put it out of a flat inflation with a two year time line to get to a 2 growth. And here in dresden it is greece dominating the agenda. Steve sedgewick for nightly business in dresden, germany. A massive study by the federal reserv finds average americans are feeling better about the economy and the recover but many are still under Financial Stress when it comes to jobs homes and retirement. A survey finds 40 of individus feels better or much better about the economy compared to 31 who said the same last year. Now to one of the most wellknown brands in america and the world, mcdonalds. The Company Plans to stop reporting Monthly Sales comparisons beginning july 1st. That means investors will not have access to a key measure of progress in turn around efforts. At a Conference Today the ceo steve easter brook said they will focus on the longterm strategy. Shares of mcdonalds up a little bit fractionally today. And as Mary Thompson reports tiffany and michael kors reports different numbers. Price increases helps the bottom line and michael kors reported the slowest quarterly growth since they started reported. Michael kors saw its stock loose almost a quarter of the value. Courtney reagan goes upscale for us. Two higher end retailers given wall street very different reports today. Luxury Jewelry Company tiffany erjs said revenue did fall less than expected but after company lowered guidance for the quarter two months ago. Comparable sales in north and asiapacific declined as a result of a stronger dollar. Europe p to be the bright spot for the company. Weaker currency makes it an attractive destination for tourists spending on Fashion Jewelry like the t collection and other gold jewelry. The company maintained the full year forecast citing continued macro challenges but it is still on the macro track. I think youre seeing tourist flows there and the u. S. Back in positive territory and this is a good sign to give investors confidence. But for Michael Cores it was a slightly different story. Suffering from diffe challenges. It warranted Current Quarter and results would fall well below forecast and turning in the first negative comparable sales result that sent shares plummeting. The handbag sengtor could experience low growth trends. Tourism was a negative impact and watches slowing growth and shipping delays so they revealed different information and we see sand Consumer Retail land a tale of two stories. But others look at michael kors and see Company Specific issues. One of which is the potential soefr saturation of the brand in the u. S. While few expects cores previous trend of high doubledigit comparable sales growth to continue forever, some think the brand is losing the cache among consumers in the biggest market. The good news for kors is most think there is s glo share to be gained. Randall koenig tells investors cors could triple european and grow more than that in asia. For nightly business report, im courtney ragab. Still ahead. A new push to change the way some treatment drugs are prices. Forecasters predict a below sanch hurricane season. Two major hurricanes will affec the suburb is expected to be mild, Small Business as long the coast are close attention because according to fema 40 of businesses never reopen after a disaster. Like when a hurricane strikes. Profits of the nations biggest banks rose nearly 7 in the first quarter. The fdic said strong trad revenue and a decline in delinquent loans contributed to the rise. The chairman of the fdic said there is a gradual and steady improvement in the industry. There was further improvement in asset quality and the number of banks on the problem list declined to the lowest level in more than six years. But according to grudenberg the Interest Rate environment is a challenge for the banks. An update on a story we told you about yesterday. According to cnn, the irs believes the the 100,000 taxpay started in russia. They are leading an investigation on the cyber attack. F is reportedly investigating a surgical device manufactured by johnson and johnson and designed to spread cancer in women. They want to know what j and j knew about the device before pulling it off the market. There is a new push to tie the price of cancer drugs to their performance. Express scripts, a manager for u. S. Employers and ensurers has been aggressively trying to lower the price of drugs. But will this new model work. Meg terrell reports. It sometimes is referred to aspy for performance. The idea that medicines should be reimbursed based on how well they work. Express scripts this the largest pharmacy manager and it has been waging somewhat of a war on the cost of medicines. It started with hepatitis c where they negotiated a discount to provide a regiment from gilead and others and now the focus is cancer drugs for which costs in the u. S. Topped 100 billion last year. Oncology is a hot button topic in terms of the ore all over all cost of drugs steadily rising to the point where were used to seeing drugs well in necessary of 100,000 dollars per patis been along with everything in the drug sector a growing noise around the ever increasing price of drugs. The plan has two parts. The first focuses on how well drugs are shown to work in different cancers. Dr. Steve miller cites a drug called tars eva. It has proven in trials to extend patients lives by months for lung cancer and only a couple of weeks for pancreatic so the plan would reimburse more for the first. How well it works for individual patients and that would require testing and monitoring patients for treatment. They have enlisted outside experts to evaluate it on the drugs and health plans have already signed on. Brian scorny points out a similar system is employed in europe where governments provide Health Coverage and deny use of drugs based on price. Y det whether the benefit of that drug justifies the cost of that drug. And while the u. K. Was the first, the rest of europe is really falling in line with more or less doing the same sort of value based prices for drugs in general. In the u. S. We dont have that market approach at all. That may be starting to change. For nightly business rep im meg terrell. More details now on that possible semiconductor deal. And according to dow jones. Broad come could be brought by avago. Both companies have a market value of around 30 billion. Broad com popped almost 22 to close at 57. 15. Avago finished at 141. 40. And the watch retailers earnings below estimates. But the company was able to overcome that and a weaker retail environment. Shares dropped 4 to 26. 56. Chico reports that first r profit dropped by 20 on restruct charges. They have been Closing Stores and cutting jobs and costs to turn the business around. Shares closed at 16. 64. The iss proxy Advisory Services form urging caterpillar shareholders to reject the executive pay plans for the company ceo and recommend the shareholders vote against the directors. The stock rose a few sts to 87. 92. And unemployment fell as hiring rebounded and nebraska reporting the loezest unemployment at 2. 5 and north at just above 3. 5 and nevada7. 1 followed west at 7 . Despite the falling unemployment rates in many states more than 9 million americ have jobs but Companies Across the country are still having a hard time finding workers, qualified ones. What is going on . Labor experts call it the skills gap and businesses call it the opportunity. Sc cohen has the story from free montd, california. It is no accident that teslas main Vehicle Factory is in fremont, california in the San Francisco bay area this place has it all. A unique place where you have a combination of a manufacturing work force and a High Technology work force at the ready. There are auto workers from the gm and toyota plant that used to be work here and tech talent from Silicon Valley nearby and when they were deciding where to build the new 5 million bat plant and nevada won that competition and it wasnt th 1 bi in incentives from the state that sealed the deal. They work force for you. Were used to building things quickly and fast and we have the work force for you as far as manufacturing jobs. This voracious appetite for people is not lost on the state, at least the most competitive ones. They use taxes and incentives but they are touting the work forces like never before. We analyzed all 50 state Economic Development websites and found for the First Time Since we began keeping track in 2007, work force is the most frequently cited selling point. It used to be business cost like low taxes and sales force. Now the key is matching the work force with the needs of businesses. Work force has traditionally been supply side driven thinking about the individual. And what were doing in the Economic Development profession is saying we need to focus on the demand side. What does the business need and taylor accordingly. Everybody seems to agree on that and last Year Congress agreed to an overhaul of the work develop policy the first update in nearly 20 years. It is badly needed. Even with millions of people out of work. One recent study found half of the employers surveyed found open skilled jobs they couldnt find anyone to fill. Scott cohen, nightly busin fremont, california. To read more head to our webs nbr. Com. Flippers are back as the Housing Market heats up but this time around it is a lot harder to make a fast buck. A recall to tell but. Two of them in fact. Ford issued two of them on more thar 440,000 cars. One for a power steering problem on many of the recent model sedans an cross overs. And the other to fix a heat shielding issue on the new ford mustang. The automaker said the power steering issue has resulted in accidents but no injures. More housing data out today. Mortgage application volume mel by 1. 5 according to the Mortgage Bankers association as the 30 year mixed is slightly above 4 and borrowers are pulling back from refinancing. Toll brothers vorted better than expected. The luxury builder raised the low end as the demand increasing but revenue came in below consensus as the number of homes the company sold declined. Shares fell more than 2 today as you see there. Home prices rise at a national clip that could mean a fast profit for house flippers but it is not as easy as it looks on the tv shows. Tight inventory is upping the competition and the risk. Diana olick has the story. This d. C. Rowhouse is in a transitional neighborhoo on capitol hill. And it just went through quite a transition itself. Thanks to Real Estate Agent and house flipper crystal get. Our goal is to come in and redo the house from top to bottom regut it and remake the house. Tha what she and her contractor husband did after repurchasing the home last aug. It paid off. It sold in five days above asking price with multiple offers and they made a 15 net profit and in this pricing market is not easy. It is like finding the needle in the haystack. You are trying to find the diamond in the rough that is in bad enough condition. House flipping which is defined as buying and selling a home in the same year is making investors a gross profit of 72,000450 dollars the highest of 35 gross profit and higher home prices are helping, even though flippers have to pay more up front. Some of the best market for returns, tampa, pittsburgh memphis, chicago, boston seattle and washington, d. C. Flipping though is more competitive now, with so few listings on the market which is why flippers made up 4 of sales at the start of this year a four year low. There may be fewer sflipers out there but investors in the market are still going strong and in fact buying homes from the flippers because they have management infrastructures structures in place they are helping to boost profits. They are able to buy at a higher price point and still make their maeshlgs and margins and prof side of things. And still any flipper will tell you it is not as easy as it looks. The risk for flippers has increased. A so too have the rewards. Im diana olick for nightly busine for more go to our website at nbr. Com. Finall brand z is out for the most valuable brands and it is no surprise that the top spot is apple and google came in number two. And that is nightly business for tonight. Im tyler mathisen. Thank you for watching. Have a great evening, and we hope to see you right back here tomorrow night. Sethi coming up on quest, a new kind of hybrid hits the streets. Cotter it is electric solar electric and it is incredibly fun. Sethi then, can bugs help to feed our growing population . Man insects are one of the most efficient converters of Raw Materials on the planet. Sethi and a fashion trend is cultivated in a corn field. Man 2 if we use land to grow more fibers, we will have less land to grow food. Announcer major funding for quest is provided by the National Science foundation. Sethi this Invention Lab at the university of california at berkeley