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COPYRIGHT 2005 Voxant Inc.
Original Source: NIGHTLY BUSINESS REPORT
PAUL KANGAS, NIGHTLY BUSINESS REPORT ANCHOR: John Roberts is sworn in as chief justice of the United States Supreme Court. The 50-year-old jurist is the youngest person to hold that post in more than 200 years, and will help shape the American way of life for decades to come.
SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Online broker E*TRADE (ET) beefs up again. For the second time in as many months, the company makes a big acquisition. We`ll talk to E*TRADE`s CEO about why he`s on a buying binge.
KANGAS: Shares of the maker of Blackberries gets skinned in trading on Wall Street today. We`ll tell you why Research In Motion (RIMM) stock is now worrying investors and analysts.
GHARIB: Also tonight, this performer is in the forefront of a new drive to give consumers more bang for their music buck.
KANGAS: I`m Paul Kangas.
GHARIB: And I`m Susie Gharib. This is NIGHTLY BUSINESS REPORT for Thursday, September 29th.
Good evening, everyone.
The new chief justice of the U.S. Supreme Court was confirmed by the Senate this morning, and sworn into office this afternoon. John Roberts will be on the bench when the court begins its session on Monday.
As Stephanie Dhue reports, the new chief justice will hear cases this term that will have a significant impact on business.
STEPHANIE DHUE, NIGHTLY BUSINESS REPORT CORRESPONDENT: In the East Room of the White House, John Roberts was sworn in as the 17th chief justice of the United States Supreme Court by Justice John Paul Stevens. Roberts promised to support and defend the Constitution.
CHIEF JUSTICE JOHN ROBERTS, SUPREME COURT: I will try to ensure in the discharge of my responsibilities that, with help of my colleges, I can pass on to my children`s generation a charter of self-government as strong and as vibrant as the one that Chief Justice Rehnquist passed on to us.
DHUE: During this session, the court will hear two cases of special significance for business. One case involves Merrill Lynch (MER). The court will decide whether investors who hold onto stocks after fraud has been uncovered, can sue their broker in state court.
GENE SCHAERR, LITIGATION PARTNER, WINSTON & STRAWN: Every company that issues stock, that is, every company that sells stock in itself in the financial markets is potentially open to these kinds of lawsuits in state court.
DHUE: The second case involves a $280 billion tax break given to DaimlerChrysler (DCX) by the state of Ohio to encourage it to build a Jeep plant in Toledo. Critics charge the tax breaks are corporate welfare at the expense of taxpayers. A lower court found that the tax breaks unconstitutionally interfere with interstate commerce. Manufacturers worry if that ruling stands, they`ll be at a competitive disadvantage.
DAVID GOSSETT, PARTNER, MAYER, BROWN, ROWE & MAW: When they`re deciding whether or not to build a plant in Mississippi, they`re not just deciding between building a plant in Mississippi and South Carolina, they`re also deciding between Mississippi and Canada or Mississippi and Korea.
DHUE: The departure of Justice Sandra Day O`Connor will also reshape the Supreme Court, the president could name her successor as early as tomorrow.
Stephanie Dhue, NIGHTLY BUSINESS REPORT, Washington.
KANGAS: Stocks spent the morning in lower ground as oil prices rose. And that overshadowed a bigger-than-expected decline of 79,000 in new jobless benefit claims and news of 3.3 percent second-quarter GDP growth. Just before noontime, the Dow was off 43 points, NASDAQ down 3. As oil prices eased, tech stocks led a solid afternoon rally, helped along by short covering purchases. The Dow Industrial Average closed up 79.69 points at 10,552.78. The NASDAQ Composite vaulted 25.82 points to 2,141.22. While the Standard & Poor`s 500 Index gained 10.79 , ending at 1,227.68. Over in the bond market, the...
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