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Nightly Business Report - Monday April 8 2013

Nightly Business Report - Monday April 8 2013

Ratings: (0)|Views: 464 |Likes:
Tonight on Nightly Business Report - Alcoa kicks off earnings season. CEO Klaus Kleinfeld discusses the results and shares his outlook for the company.
And, NBR will show you how to protect your nest egg as some big tax changes take effect.
Tonight on Nightly Business Report - Alcoa kicks off earnings season. CEO Klaus Kleinfeld discusses the results and shares his outlook for the company.
And, NBR will show you how to protect your nest egg as some big tax changes take effect.

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Published by: Nightly Business Report by CNBC on Apr 09, 2013
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 <Show: NIGHTLY BUSINESS REPORT><Date: April 8, 2013><Time: 18:30:00><Tran: 040801cb.118><Type: SHOW><Head: NIGHTLY BUSINESS REPORT for April 8, 2013, PBS><Sect: News; International><Byline: Susie Gharib, Tyler Mathisen, Courtney Reagan, Phil LeBeau, SharonEpperson, Julia Boorstin><Guest: Klaus Kleinfeld, Jonathan Golub><Spec: Business; J.C. Penney; Alcoa (NYSE:AA); Economy; Taxes; Policies><Time: 18:30:00>ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen andSusie Gharib, brought to you by --(COMMERCIAL AD)TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: J.C. Penney CEO out.A big shake-up happening late today at the struggling retailer.SUSIE GHARIB, NIGHTLY BUSINESS REPORT: Alcoa (NYSE:AA) kicks off earnings season with better than expect results. We talked with thecompany`s CEO about the numbers and the outlook.MATHISEN: Building your nest egg. Some new strategies to protectyour retirement savings from those coming tax changes.GHARIB: We have all that and more, coming up on NIGHTLY BUSINESSREPORT.MATHISEN: And good evening and welcome to our public televisionviewers.A big management shake-up late in the day today at J.C. Penney.GHARIB: Yes. Right after the market closed, Tyler, the CEO, RonJohnson, is out after just a year and a half in the job. Now, Mike Ullman,a former J.C. Penney CEO, has been named interim CEO.
 
 Johnson, a former Apple (NASDAQ:AAPL) executive, has been under  pressure for failing to turn around the fortunes of the strugglingretailer. J.C. Penney`s sales dropped 25 percent in Johnson`s first year at the helm. And then during his tenure, the stock tumbled 50 percent.MATHISEN: In after hours trading, the stocks surge as much as 11 1/2 percent on word of Johnson`s ouster.Joining us now with more on what happened and what`s next for thecompany, our Courtney Reagan, who follows that company very closely --Courtney.COURTNEY REAGAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Hi. Goodevening to you both, Tyler and Susie.I`m actually standing here outside the New York courthouse becauseearlier today, the trial resumed between Macy`s (NYSE:M), Martha Stewartand J.C. Penney over dispute over product. Ron Johnson has been embattledfor quite sometime because his turn around plan frankly just hasn`t takenhold. Susie ran through some of the states. They haven`t been good.Sales down precipitously.And now it appears that Johnson is stepping down. That is the wordingthat was used in the press release. And interim CEO will be Mike Ullman.He was the CEO before Ron Johnson. Now, during the time that he was CEO, the stock price fell 17 percentand earnings were relatively flat.As far as where the company goes from here, a lot of questions stillunanswered at this hour as to what this interim CEO will change, if anything, as they make the transition and search for a prominentreplacement to J.C. Penney CEO Ron Johnson -- Tyler and Susie.MATHISEN: So there`s no likelihood that Mr. Ullman will be the permanent successor to Ron Johnson whatsoever?REAGAN: At this point, we don`t know. It is possible. However, weknow that the board moved him out and moved Johnson in. It`s possible hecould stay, but at this point, J.C. Penney is using the words "interimCEO". It has happened in the past in companies that these interims become permanent.But as with Best Buy (NYSE:BBY), the new interim CEO did not actually become the new CEO. And that was just recently.
 
 GHARIB: You know, Courtney, I think the $1 million question here is,is J.C. Penney fixable, no matter who`s the CEO? What`s your sense onthat?REAGAN: You know, Susie, I think that it is fixable. I think the bigquestion is how and how long it will take. They are in the middle of avery big turnaround plan. For lack of a better description, they`ve tornout the guts of the old J.C. Penney and they`re building a brand-new model.So what do they do now? Do they stop? Do they do something new? Andthose questions will need to be asked when we look at if it`s fixable. Anumber of analysts think it is fixable.In fact, the previous CEO to Ullman, Allen Questrom, telling CNBC`sScott Wapner that he believes it is fixable. So, we`ll see. It`sdefinitely a split camp.I don`t exactly know what`s going to happen. This is late-breakingnews and we`re still asking a lot of questions ourselves.MATHISEN: All right. More questions than answers at this hour.Courtney Reagan, thanks very much.GHARIB: Also in the news tonight, a better than expected earningsfrom Alcoa (NYSE:AA). But shares slipped a bit in after hours trading.The aluminum giant is the first Dow component to turn in quarterly resultsand its solid profits could be a positive kickoff for earning seasons.Here are the numbers: Alcoa (NYSE:AA) earned 11 cents a share. Thatwas 3 cents more than estimates. But revenues came in below expectations,down 3 percent to $5.8 billion. Now, Alcoa (NYSE:AA) also said it expects global demand for aluminumto rise by 7 percent this year and sales of aluminum products to the auto,aerospace and construction industries did very, very well.When I talked with Alcoa (NYSE:AA) CEO Klaus Kleinfeld a short whileago, I asked him about the outlook for those sectors for the rest of thisyear.(BEGIN VIDEOTAPE)KLAUS KLEINFELD, ALCOA CEO: We`re seeing that there`s very strongdemand in some of the end markets that we cater to. When we look ataerospace, we believe that in the (INAUDIBLE) commercial aircraft is

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