Race wall street was expecting looks to be set. Hillary clinton has clinched the democratic president ial nomination, becoming the first woman to lead the president ial ticket of a major party. Much of the focus today was on the Presumptive Republican nominee, donald trump. The two highestranking republican members of congress, paul ryan and mitch mcconnell, have come out against trumps attacks on a hispanic judge presiding over the Trump University case, calling him pilesed because hes of mexican descent. I disavow those comments, i regret those comments he made. Claiming a person cant do the job because of their race is the textbook definition of a racist comment. I think that should be absolutely disavowed, its absolutely unacceptable. Senator mcconnell expressed frustration saying it is time to quit attacking various people that you competed with or various minority groups in the country and get on message. Late today in a statement, trump said his comments about the judge had been miscontrued. John harwood is with us in studio. John, its always good to have you here. How damaging is this particular stint to mr. Trump, if at all . I think its very damaging to mr. Trump and you see that in the strength of that statement that paul ryan made today. Even after donald trump issued his statement late in the day saying hed been misconstrued, jeb bush put out a statement saying donald trump should not defend that statement because some people interpreted his same as doing that. He should retract it. You had mark kirk, republican senator from a blue state of illinois, running for reelection, one of the people who seats republicans need to keep a hold of, disavowed his endorsement saying hed concluded donald trump is not fit to be commander in chief. That is not a good day for the Republican Party in general or donald trump as republican nominee. Kelly ayotte, susan colins, lindsey graham, all coming out strongly against what mr. Trump has been saying. And saying repeatedly with respect to judge curiel. How did we get to the point in this campaign where on this day where Hillary Clinton is clinching to become the first female to lead a major party ticket, that shes not the top political story of the day . Tyler, it is an indication of how different donald trump is from what weve seen in politics before that he galvanizes our attention even on this day. Last night, of course, the ap having counted up superdelegate votes put Hillary Clinton over the top. She didnt want to claim it, she wants to have that happen tonight after california, new jersey, and four other states vote. And she will have the requisite number of delegates. Shes going to claim that nomination tonight. Soon thereafter, president obama will endorse. Even so, donald trump sort of blocks out the sun. Now from a democratic perspective, its not a bad way to block out the sun because it helps Hillary Clinton make her argument that donald trump should not be president. Wow. John, thank you so much. Its great to have you with us in studio. Love being here. On wall street a rally in the price of crude oil to above 50 a barrel sent Energy Shares higher. That in turn pushed the s p 500 to a tenmonth high. The Dow Jones Industrial average, which had briefly crossed 18,000 earlier in the day, rose 17 points to 17,938. Nasdaq lost about 7 points. The s p 500 added 2. Verizon reportedly plans to submit a secondround bid of about 3 billion for yahoo s internet business. According to the wall street journal the Telecom Company is seen as a leading contend tore buy the assets. A third round of bidding is also expected in the monthslong confidential auction process. Shares of yahoo fell while verizon shares rose. General motors ceo says the automaker will continue to focus on the profitability of each vehicle even if it comes at the cost of market share. At a meeting of shareholders today, chief executive mary barra said this years profit will improve from last years record and that she believes the stock price will fol we will also work to continue to deliver superior results. Were growing margins. Having record ebit margins improving across the board. Were going to continue to do what we say were going to do, and we believe over time that will be reflected in the share price. Shares of General Motors down 13 over the past year amid record profits and they sit just below the ipo price of a few years ago. Rough day for ralph lauren. The iconic upscale Apparel Company is forecasting a plunge in its sales this year. The stock fell 2 today. But its down more than 30 over the past year. But the retailer says it has a plan to revive sales growth at the Luxury Fashion brand. And as Courtney Reagan reports it making taking page from the old navy playbook. Reporter its a new era for ralph lauren. Ceo Stefan Larsen led the companys firstever investor day announcing major changes to reinvigorate the 50yearold global brand. Larsen left old navy to take over eight months ago as the namesake founder moved to executive chairman and creative director. Ralph lauren sales, profit and stock price have slumped in recent quarters. Some external factors like weak shopper foot traffic and the strong dollar have dented performance. Other issues have been selfinflicted. Larsens plan with focus on reining in expenses. Brands and stores amounting to a 400 million restructuring of the company this year. All the initiatives we are driving are simple, straightforward ways of strengthening the brand, drive profitable sales growth. What we mean with profitable sales growth is drive sustainable sales, expand the margin, to ultimately drive to a Strong Shareholder return. Reporter ralph lauren will focus on three main brands. Ralph lauren, polo, and lauren. The company will close 10 of its mainly highend stores, strip out three layers of management which means cutting 1,000 jobs or 8 of fulltime staff. Ralph lauren is reducing the amount of inventory it shifts to Department Stores and other wholesale retailers which is 45 of revenue and hopes falling back on discounts and selling more merchandise at full price. Leaping on his strengths from old navy larsen will shorten merchandise production times from 15 months to nine months and start an eightweek product test pipeline to be more reactive to customer preferences. Larsen aims to strengthen its ecommerce business recruiting an executive from ebay. With the right team in place many analysts believe under Ralph Laurens leadership will strengthen. Its important they are trying to regain some of their brand positioning. And get rid of maybe some of the moretier positioning and some of the discounting. But they also have a very big opportunity internationally. Theyre underpenetrated internationally. So i think those are the real big opportunities for them. This was good news overall to hear that this brand is kind of taking the necessarily steps now to make sure that theyll be around for many, many years to come as that strong iconic american brand. All these changes in addition to expectation forth continued weak shopper foot traffic does result in a Sales Guidance cut. While changes will inflict some nearterm pain analysts seem to agree its necessary for longterm still ahead, it is simple. Its not invasive. And it could one day be the super piece of the next frontier in the battle against canc new treatments for cancer werent the only topics of conversation at the Worlds LargestCancer Research confers w w researchers were also focused on new, lessinvasive ways of testing for that disease. Meg te reporter enter the liquid biopsy or a blood test for cancer. A featured study at the conference showed one such test yielded similar results to more invasive tissue biopsies. The concept of the liquid pie yoms is to get all that same information through a simple blood draw. You would totally change the paradigm of how we monitor, detect and treat cancer. Reporter the ceo of gardens health, the maker of that test, it works by detecting bits of dna shed by cancer cells that circulate in the blood. Cancer cells, as they grow rapidly, they start dying rapidly. They shed their unique dna into the blood stream. Take a tube of blood from the patient, there will be small traces of dna that are coming from the cancer cells. Garden is one of comes working to develop new blood tests for cancer. A market estimated to reach 10 billion eventually. The doctors caution its early days. Theres a lot of hope and some hype in precision medicine. The hope is that one day blood tests could be used to diagnose cancer, replacing traditional tissue biopsies which are more invasive and can be more expensive. Dr. Michael thompson of the aurora carry center in milwaukee says right now tissue biopsies are still the gold standard. But blood tests for cancer have their place in helping monitor patients after diagnosis and guiding treatment decisions. And foundation medicine, another competitor in the space, says 10 to 20 of Cancer Patients are ineligible for tradition alibi yopss. Instead of just letting these patients go and saying theres no ability to understand your tumor, we now have the ability in certain cases to use a bloodbased test to assess it. Its just another piece in the puzzle, its another tool in the tool box to help us understand a patients cancer. Work in the area is accelerating. Genetic sequencing giant illumina formed a new company to develop a blood test to eventually diagnose cancer earlier, potentially replacing the tradition alibi yops. Experts say its years away. Illumina name the company grail. Valiant slashes its fullyear outlook again. That is where we begin market focus. The Pharmaceuticals Company delayed firstquarter results came in worse than expected and that led valiant to cut its forecast for the second time since december. The appointed ceo joseph papa attributed the mist to the impact of significant disruption from recent investigations into the company. The company officially filed its socalled 10q form, meaning colt will avoid default on its debt. Valiant shares today down more than 14. 5 to 24. 64. Last august, the stock was more than ten times higher at a 52week high of nearly 264. Pullty green says elliot management has bought a large stake in the home builder saying elliots position is greater than 4 but less than 5 that would require an s. E. C. Filing. Shares of pullti finished at 19. 37. The Online Real Estate Company zillow agreed to pay the move, incorporated, owned by news corps, 130 million to settle claims it allegedly stole trade secrets from that company after it hired two of that companys former employees. Move had been looking for about 2 billion in damages. Shares of zillow up more than 5 at 32. 40. Newspaper publisher gwinnett isnt ready to give up on its proposed takeover of tribune publishing. A day after a regulatory filing revealed lackluster support for tribunes board among its shafrlders, ginette said its unsolicited offer still stands. Shares up a fraction to 15. 38. Shares of tribune up 1 to 13. 16. Medical device maker Zimmer Biomet will buy ldr holding for about 1 billion. That merger is expected to increase zimmers presence in the spinal device market. Zimmer shares were down nearly 2 to 119. 43. Ldr shot up 63 to 36. 99. The food and drug ad is seeking more data from a study conducted for treatment on duchesne muscular dystrophy. Theyre expected to submit the information in the coming weeks and will await fda approval decision. Shares surged more than 22 to 19. 67. Hertz global saw shares pop after a regulatory filing showed activist investor carl icahn r rental company. Ition i icahns recent investment brings his total number of shares above 60 million. Shares up 6 to 11. 40. It is not a good time for hedge funds, basically. Many dealing with poor returns and often theyre the target of tough talk on the campaign trail. Now the industry is faced with a third dilemma. Lack of talent. Kate kelly explains whats being done to attract the next generation of star traders. Reporter in the 80s and 90s, working in finance was a dream job. Today hedge funds, one of the most lucrative parts of the industry, cant find enough qualified workers. The talent according to one of the bestknown figures in the business just isnt there. Frankly, im blown away by the you know, the lack of talent. Its not easy to find great people. Reporter a bunch of things have led to this point. A change in Business Models at the bank who used to train up future hedge fund workers but dont do that type of trading anymore thanks to regulations. A stodgy culture that makes hedge funds tough to penetrate. The siren call of Silicon Valley, the industry of choice for research and data mavens who want to disrupt the world and make money doing it. I think theres a substantial increase in competition for the best talent. So today, for young people, you could go to Silicon Valley, you can go to private equity firms. Its not just you go to the Investment Bank then go to the hedge fund. Reporter the chicagobased Hedge Fund Firm citadel is taking a page out of the Silicon Valley playbook. L. J. Brock, the chief people officer there, describes it. We focus on understanding whats important to their skills, their passions, their experiences . And then we look to build a job around that. Reporter and cohen has a novel approach too. He brings in fresh talent at an earlier stage with a new Trading School called the academy. Late last month a bunch of College Sophomores gathered to hear more. For jennifer young, a university of michigan student, the day was intriguing. I think. 72 is really making effort to teach younger people that hedge funds are a place that we can excel at because theyll teach us many skills that we can learn and can reprogram. Reporter now young is looking to. 72 as a future prospect and isnt concerned about its legal back story which included the indictment of a forerunner firm for Insider Trading charges it settled. For nightly Business Report, kate kelly in new york. From hedge funds to law firms. Associates at a new York Law Firm will get their first pay raise in nearly a decade. Crevasse, swain and moore says firstyear associates will make 20,000 more effective july 1. Since the Great Recession law firms have scaled back significantly. Traditionally when one leading law firm raises pay others tend to follow. General electric is leading the way and rethinking the way it compensates employees. The company is considering replacing its longstanding, muchimitated fivepoint employee Rating System and annual pay raises and replacing them with other forms of compensation. But will others in Corporate America follow . At compensation expert at the Research Firm institute for corporate productivity, what is ge looking at and what would replace the annual raise . What kinds of alternative forms of compensation . Actually, its disconnecting the annual Performance Review from the annual pay review and the merit increases is becoming increasingly common. Employees have been disenchanted with the employee performance appraisal process for a number of years across Corporate America. And as Companies Like ge take a fresh look at this, i think were going to see a lot of innovation in this space. It also goes to corporate culture, does it not . Ge has been trying to change its corporate culture. But also with workforce thats skewing a little bit younger, they want different things. The money is not as important as perhaps flex time and other things like that. Yes, thats a very good assessment. Theres a much larger and comprehensive total basket of rewards that employees today and top talent are really looking for. Everything from paid time off to extended leaves to consea yes or notype benefits at the corporate campus. So its not just about corporate or just about salaries anymore and pay increases once a year. I want to go back to how you began and get you to explain or elaborate a little bit more. If you separate the employee how would it work when you separate the employee evaluation from the Employee Compensation . Are you separating pay from performance . And i thought the evaluation was supposed to be directly tied to what youd make so that the best performers got the best raises. Yeah, good question. My read is that companies are certainly not moving away from a pay for performance strategy. I think this is more about the process of how it gets done and the experience that employees have had in the past historically of just having one conversation with a manager as something of a check the box part of the process for getting a salary increase. I think pay for performance is clearly alive and well. This is more about changing the process and the experience about Corporate America has for many years not been innovative in this space. And i believe the ge is beginning to set a standard that others will follow. Mark, thank you very much. Interesting developments there. The institute for corporate productivity. Coming up, the big question thats hanging over some startups that are trying to change business as we know the chair of the House Financial Services committee is outlining a proposal that would dismantle parts of the 20