<Show: NIGHTLY BUSINESS REPORT> <Date: March 20, 2013> <Time: 18:30:00> <Tran: 032001cb.

118> <Type: SHOW> <Head: NIGHTLY BUSINESS REPORT for March 20, 2013, PBS> <Sect: News; International> <Byline: Susie Gharib, Tyler Mathisen, Steve Liesman, Michelle Caruso- Cabrera, Kayla Tausche, Phil LeBeau, Diana Olick> <Guest: Jan Hatzius, Sally Smith> <Spec: Economy; Federal Reserve; Policies; Business; Stock Markets; Housing> <Time: 18:30:00>

ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and Susie Gharib.

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: No change. The Federal Reserve leaves interest rates where they are and stocks move higher.

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Coming up short. Oracle (NASDAQ:ORCL) and FedEx (NYSE:FDX), two corporate bellwethers report disappointing earnings. We`ll ask Goldman Sachs` chief economist what the numbers say about the economy.

GHARIB: And hot houses. More good news on housing sends home building stocks higher. We`ll look at whether there`s a thaw in the mortgage market as we continue our spring guide to housing.

All that and more, ahead on NIGHTLY BUSINESS REPORT.

So, Tyler, all about the Federal Reserve, the economy and earnings -- those were the headlines today.

MATHISEN: And Cyprus in there for good measure. It was a very busy news day. We`re here to tell you all about it.

The Federal Reserve did it again, says it`s going to keep interest rates where they are, near zero percent at the short end. And it also says it`s going to keep up its bond-buying program in order to hold down longer term rates. The markets like what they heard from the Fed, along with a pledge from the new head of Japan Central Bank about its own bold, easing measures to be unveiled on Thursday. As a result, stocks moved higher here about. The Dow touching an all-time intraday high before easing back.

Nevertheless, the blue chips did close 56 points higher, to end at 14,511. NASDAQ up by 25 and the S&P 500 rose for the first time in four sessions, adding 10 points and taking us to within a few of an all-time high.

Steve Liesman tells us where we go from here.


STEVE LIESMAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: The Federal Reserve voting 11 to one to keep its policy in place and purchasing $85 billion a month in treasuries and mortgage-backed securities in an effort to drive down long-term interest rates and kick-start economic growth in the United States.

But the Federal Reserve Chairman Ben Bernanke in the press conference after the statement came out, suggested that the Fed may, in fact, reduce the amount of monthly purchases if he sees sustained improvement in the economy, and specifically, when asked, he said he`s looking for sustained improvement in the job market.

BEN BERNANKE, FEDERAL RESERVE CHAIRMAN: We are seeing improvement. I think one thing we would need is to make sure that this is not a temporary improvement. So we`ve seen periods before where we had as many as 300,000 jobs for a couple of months and then things weaken again. So, I think an important criterion would be sustained not just the improvement that we`ve seen, but is it going to be sustained for a number of months?

LIESMAN: Significantly, to go along with that, the Federal Reserve did reduce its outlook for unemployment in the United States, the Fed saying that it sees unemployment falling to 6.85 percent in 2014. That`s the first time since the Fed has been forecasting and making those public that it`s been below 7 percent, a quicker pace of improvement in the unemployment rate could bring a near end to the Fed`s effort to stimulate the economy.

And the Fed chairman as well for the first time made remarks about what`s going on in Cyprus and the economic and financial difficulties in that small country.

BERNANKE: So a lot of uncertainties and difficulties and these questions about how the way Cyprus has created, what implications it might have for other countries and the like. So, it does have some consequence. But having said that, you know, the vote failed and the markets are up today. And I don`t think that the impact has been enormous.

LIESMAN: Finally, the Federal Reserve in its statement for the first time made mention of fiscal restraint, which is another way of saying the sequestration that many analysts thought the Fed did not think was going to happen. And Fed chairman in the press conference did say that he has concerns that reducing federal spending could reduce economic growth.

Back to you guys.


GHARIB: That`s Steve Liesman reporting from Washington.

Well, two big companies that could be considered bellwethers to the economy had two big misses today. Oracle (NASDAQ:ORCL), the world`s third largest software maker, came in shy of Wall Street`s earnings and revenue target as new software sales fell. On the numbers, Oracle (NASDAQ:ORCL) shares took a big hit in afterhours.

And the other miss, FedEx (NYSE:FDX), the company reported weakness in international market, as well as customers choosing cheaper, slower delivery options. FedEx (NYSE:FDX) shares up nearly 7 percent on the news.

With us now, more analysis of the Fed decision and on the outlook for the economy, especially in light of those numbers from Oracle (NASDAQ:ORCL) and FedEx (NYSE:FDX).

Jan Hatzius, chief economist at Goldman Sachs (NYSE:GS).

Jan, let me just ask you, I mean, between those FedEx (NYSE:FDX) numbers and what the Federal Reserve Chairman Ben Bernanke said today about the economy, that they are still downside risks to the economy. Do you think that policies made the right move today, made the right decision? What do you think?

JAN HATZIUS, GOLDMAN SACHS CHIEF ECONOMIST: I think so. I think, in general, the moves that we`ve seen over the past six months have been quite helpful. The further move in the direction of trying to get the economy back onto a stronger trajectory for the labor market, more rapid labor market improvement, and I think the message from what they did today is, you know, for the time being, stay the course.

Of course, he`s not willing to commit what, you know, what`s going to happen in the future as far as the quantitative easing programs are concerned. So, there`s still quite a lot of uncertainty around how long that`s going to continue for. But our expectation is that it`s still going to continue through this year and then will wind down in 2014. But, yes, we do expect to support the Federal Reserve.

MATHISEN: And that, Jan, is what I wanted to ask you about. Did you divine any hints in the press conference or the statement today about when the Federal Reserve might take its foot off the gas pedal and begin to taper off those $85 billion a month of bond purchases?

HATZIUS: I don`t think there was a strong signal. I mean, he was obviously asked several times to opine on that. And he didn`t really provide a lot of additional information. I mean, I think if the economy continues to add, you know, the sort of job growth that we`ve seen in the last report, then probably they would taper earlier than in our forecast.

But we would expect them to keep going for longer because we don`t expect that pace of growth in the light of the slow down that we`re likely to see from the tightening of fiscal policies that they also report to. So it does depend on the economic outlook a lot. They will be responsive to economic conditions and the pace of job and GOP growth. But I don`t think he really volunteered a lot of additional information here.

GHARIB: Jan, bring this home to our viewers. I mean, what is the message of the Fed today and what it means for home buyers, business owners, home sellers, investors?

HATZIUS: So, I think the broad message is that the Fed`s view is that they`re still failing on the employment side of the mandate in terms of the level of employment and the level of the unemployment rate. And they want to get back to full employment more quickly. So, they will be supportive as far as, you know, housing as one important sector in the economy is concerned, as, you know, business investment and business spending is concerned.

So, I think it`s a broadly supportive message.

GHARIB: All right.

HATZIUS: They`re also saying that they`re not particularly concerned about the neutral inflation pressures. That will come further down the road that they`re not expecting it in the short term, and I would agree with that.

GHARIB: We`ll continue to monitor it with you. Thank you so much. Jan Hatzius, chief economist at Goldman Sachs (NYSE:GS) -- Tyler.

MATHISEN: And now, to the latest on the financial crisis in Cyprus.

All banks there will remain closed until at least next Tuesday.

Michelle Caruso-Cabrera is on the ground in Nicosia, Cyprus, with the latest efforts to overt the threat of a banking system collapse.

So, Michelle, the first question, obviously, is -- why are the banks still closed and why won`t they open before Tuesday?

MICHELLE CARUSO-CABRERA, NIGHTLY BUSINESS REPORT CORRESPONDENT: Well, the reason they`re still closed is if they`re afraid they reopen them, the banks will collapse because everyone will try to take their money out. What they`re going to do is they`re going to extend the banking holiday through the weekend. That`s going to give the government, they hope, time to come up with some kind of plan to recapitalize the bank. That`s a long- winded way to say pitch the banks, put a lot more money in them so they are stronger.

Not until Tuesday because it happens to be a holiday here. So, it gives the government a lot of breathing room, Tyler.

GHARIB: Michelle, this is Susie. What do you think could happen on Tuesday? I mean, there`s been so much pent-up anxiety over this whole crisis. What happens when those banks open?

CARUSO-CABRERA: Well, it all depends on what happens over the next four days. So Cyprus rejected the first idea, which was to tax deposits, and they try to perhaps raid a pension fund to come up with money that they need in order to meet the requirements of the bail out from their European partners.

Now that all of those things have happened, they face two choices. They need to shut down some banks that are very, very weak. Or they`re going to have to leave the euro. That`s the choice they face. And depending on which one they make, that`s what`s going to happen on Tuesday.

MATHISEN: Michelle, how did the banks in Cyprus get so bloody vague? Is it really traceable basically to the fact that it`s a kind of "don`t ask, don`t tell" kind of banking culture?

CARUSO-CABRERA: Well, certainly, this is a place that advertised discretion and what they call "tax optimization". They did have lower corporate tax rates. So, there are legitimate reasons to put your money here.

But, also, previous governments than the current one, they very much wanted to be an international financial center. They worked very hard to attract capital from all over the world. It is the business model of this country. But it`s not going to be very for long. They just can`t do it anymore.

One statistic to leave you with. The banking system is so much larger here in Cyprus, that if we wanted to have a banking system in the United States that was as large equivalent to our economy, we would need 45 more JPMorgans. That`s how much bigger we would have to get to match the size that they`ve done here relative to the size of this place.

MATHISEN: Michelle Caruso-Cabrera reporting from Nicosia tonight -- thank you very much.

Well, a big bipartisan vote at the Capitol, the Senate overwhelmingly passed a massive stop-gap spending bill that will keep Washington up and running through the end of September, but leaves in automatic federal spending cuts in place. But that could mean job furloughs for hundreds of thousands of federal workers between now and that point.

And the measure moves now to the House on Thursday where it is expected to pass.

GHARIB: America`s biggest bank has had a bad year, a huge trading loss, a congressional scolding, and today, comes news of more than a half a billion dollar settlement related to the bankruptcy of MF Financial.

Kayla Tausche on the tough times at JPMorgan (NYSE:JPM).


KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT: It`s big -and so is the target on JPMorgan`s back.

Just this week, mortgage giant Freddie Mac named JPMorgan (NYSE:JPM) in a lawsuit. The charge? That it helps manipulate interest rates, which Freddie Mac, has it cost billions.

JON CORZINE, FORMER MF GLOBAL CHIEF: I simply do not know where the money is.

TAUSCHE: MF Global, the firm Jon Corzine ran into bankruptcy settling with the bank, making it pony up $100 million amid criticism it withheld emergency cash as the brokerage teetered on the edge of collapse.

If that wasn`t enough, the bank has also come under fire for assisting harmful payday lenders, sometimes charging interest rates upwards of 500 percent. Also, in focus: foreclosing on homes of members of the military while they`re on active duty.

The costs are starting to add up. CEO Jamie Dimon saw his pay slashed in half in January and the bank disclosed 17,000 layoffs in February.

The floodgate of bad news first opened last year when JPMorgan`s European arms made a giant trade on the global economy. Dubbed the "London whale" for its sheer size, the trade was foolhardy and cost the bank $6 billion.

SEN. CARL LEVIN (D), MICHIGAN: The rules need to be revamped.

TAUSCHE: Grilled over that very trade last week on Capitol Hill, Senator Carl Levin took executives and the bank`s regulators to task for letting the situation go awry.

LEVIN: The OCC has issued a cease-and-desist order. But I believe that, Mr. Curry (ph), you and your colleagues have a challenge to get America`s biggest bank back on the straight and narrow.

TAUSCHE (on camera): For now, JPMorgan (NYSE:JPM) is taking strides to right its wrong. When Dimon discovered the payday practices, he called them horrible. The bank on Wednesday announced new rules to reform them.

(voice-over): Though suffering a bit of tarnish, JPMorgan`s sterling reputation is not in long-term jeopardy. Even amid the missteps, the bank posted record profits. Its stocks up 50 percent from last summer.



MATHISEN: Meantime, banks are gearing up for a busy spring real estate season. But today, the Mortgage Bankers Association reports that applications for home mortgages dipped more than 7 percent last week. The main reason: rising interest rates which did climb to a sevenmonth high. But it`s still pretty low.

Lenders have been making more loans lately. Even the kinds of loans we haven`t seen in some time.

Coming up: Diana Olick reports on why lenders are loosening up in the second part of our series on housing, the credit thaw.

GHARIB: Well, another industry on the rise, airlines, that expects its profits to climb higher. The International Air Transport Associations says the world`s airlines will make $2 billion more this year than previously forecast. And that`s on growing confidence in the global economy and a boost in cargo shipments.

Meanwhile, some of the biggest U.S. carriers have found new ways to squeeze out higher profits by offering few receipts, but focusing on high- end fliers.

Phil LeBeau explains.


This is all about the airlines getting more out of those very lucrative business-class seats. And the reason why is because when you look at these transcontinental flights, whether it`s from San Francisco or Los Angeles, to New York or Boston and Washington, D.C., on average, the fares are about 50 percent higher than in coach fares. And this represents about 11 percent of the seats on those transcontinental routes.

This week, United Airlines started changing out the business class on some of those transcontinental flights, putting in lie flat business class seats. There will be fewer in business class.

And, by the way, the question becomes, why are they doing this? It`s all about selling a higher percentage of business class flights on these flights. In other words: having fewer that are unsold or could be open for upgrades with frequent fliers.

And what United has started, we`re seeing now with other airlines following. Later this month, we`ll see the same from Delta. Later this year, American will follow. And then, you have JetBlue today announcing that it will upgrade its transcontinental service with premium service next year.

What do frequent fliers think about all of this? Generally speaking, they like it.


UNIDENTIFIED MALE: It`s great, because a lot of times, you have very, very long days. You can get rested up on these flights.

UNIDENTIFIED MALE: I think it`s nice if you can get the upgrade, you know? But for most people, it`s going to be tougher with the airlines consolidating.


LEBEAU: And it will be tougher because there will be fewer seats in business class once these conversions take place. The airline index today hit a six-year high and is up 51 percent this year.

Susie, we saw something rare in the first quarter with the airlines reporting a profit. Expect that to be continued in the second quarter.

Susie, back to you.

GHARIB: Well, you know, it`s really -- those seats look comfy in business class, but what can we expect on some of the shorter flights around the U.S.? Will we be seeing any of these kind of services being offered?

LEBEAU: Susie, its` a little hard to hear with our IFB, I think what you`re asking is will we see this with other routes certainly in the domestic area --

GHARIB: Absolutely.

LEBEAU: -- other than the transcontinental flights.

And the answer is probably not. For the most part, what we can expect is that the longer flights where they can get the people to pay for those seats, those higher-priced seats. And you`re not going to see this on a flight from, say, New York to Chicago or Los Angeles to Denver, or to Dallas. It`s likely not going to happen.

GHARIB: All right, thanks a lot, Phil -- Phil reporting from Chicago.

And coming up, so, how do they really feel? Some of the country`s lowest-paid workers weigh in about their jobs and their future.

Now, let`s take a look at some more big winners on the S&P -- including, First Solar (NASDAQ:FSLR), Dollar General (NYSE:DG) and Best Buy (NYSE:BBY), as you see there.

And on the losing end: Cintas (NASDAQ:CTAS), Occidental Petroleum (NYSE:OXY), and Windstream (NASDAQ:WIN).

And also, here`s a look at how the international markets closed today.


MATHISEN: In our "Market Focus", machinery companies Caterpillar (NYSE:CAT) and Deere both hitting some rocks in the road. Cat reporting weakening sales in Asia, down 26 percent, and North America, down 12 percent in the three months through February.

Caterpillar (NYSE:CAT) was the biggest drag on the Dow, down 1.5 percent, as you see.

Deere was cut because Wells Fargo (NYSE:WFC) from market-perform to underperform because Wells expects demand for farm equipment to weaken. Deere shares off more than 3 percent today to $87.74.

Anadarko and ConocoPhillips (NYSE:COP) announced a big oil find in an area considered to be one of the last places for undiscovered oil deposits in the Gulf of Mexico. Anadarko spiking early, was up 3 3/4 percent to close at $86.40. Its partner ConocoPhillips (NYSE:COP) up as well, rising almost 2 percent to $60.44.

GHARIB: General Mills (NYSE:GIS) feeling its Cheerios this morning. It reported earnings above analyst estimates. And it also raised its yearly forecast saying the business environment is improving. Shares of General Mills (NYSE:GIS) rose more than 2.5 percent to $47.61.

And the big jump in shares of BlackBerry -- thanks to a Morgan Stanley

(NASDAQ:NBXH) (NYSE:MS) upgrade from underweight to overweight. Morgan Stanley (NASDAQ:NBXH) (NYSE:MS) saying now there may be room in the smart phone market that`s dominated by Android and the iPhone operating system for BlackBerry. The vote of confidence comes just two days before BlackBerry`s make or break Z10 goes on sale at AT&T (NYSE:T) stores.

Looking at the stock, BlackBerry rose $16. That`s a gain of almost 6.5 percent.

MATHISEN: And, Susie, one of the roadblocks to the housing recovery has been tight mortgage credit. Rates may be low, but they`re only good if you can get them.

As we continue our look at the spring buying season, Diana Olick tell us how lenders are starting to ease up -- not so much on their standards, but on the types of loans they can offer.


DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): After being turned down for a mortgage last year, Leah Harris (NYSE:HRS) has been renting in Washington, D.C. Now, she is finally moving into a home of her own.

LEAH HARRIS, HOME BUYER: I tried last year at about the exact same time and nothing was different than it is now. Same income, same assets, pretty much everything was identical.

OLICK: In time for spring, mortgage credit is beginning to thaw -- specifically the return of the low downpayment loan. Since the housing crash, 20 percent down was the rule. With FHA, the government mortgage insurer, the only exception.

DOUG ENCEP (ph): I think a lot of it has to do with individual banks that have different underwriting standards. Fannie and Freddie have their traditional guidelines. And if you underwrite to those guidelines, many of the people are qualified today.

OLICK: Government-backed Fannie Mae says it has not eased its underwriting but is buying more home purchased loans with between 3 percent and 10 percent down. Why? FHA loans are getting more pensive. Facing a $16 billion shortfall, FHA raised its insurance premiums. Fannie Mae does require mortgage insurance on low downpayment loans, but it is often cheaper than FHA.

Meanwhile, as home prices rise, the private mortgage insurer`s hard- hit by the housing crash are easing some standards.

TERESA BRYCE BEZAMORE: It`s not about the downpayment. It`s about making sure that the borrower has the ability to pay a mortgage after it`s made.

OLICK (on camera): Also, fuelling more loans are more home buyers, especially firsttime home buyers who need that low downpayment mortgage. Until now, they`ve been largely sidelined by either tight or pricey credit.

FRED GLICK, US LOANS MORTGAGE: The low downpayments are necessary for the first-time buyers so we can have the second-time buyers moving out, moving up, moving up.

OLICK (voice-over): Banks are also easing up because as mortgage rates rise, their refinance business is drying up, putting the focus back on home buyers.

For NIGHTLY BUSINESS REPORT, I`m Diana Olick in Washington.


GHARIB: And coming up, chicken wings and basketball, a winning combination. Coming up, the CEO of Buffalo Wild Wings (NASDAQ:BWLD) weighs in on the impact of the NCAA tournament has on business.

But, first, here`s a look at treasuries, currencies and metals closed today.


MATHISEN: A new survey of lower-wage American workers, those taking home $35,000 a year or less, finds perhaps not surprisingly that they`re the most pessimistic about job security, future career prospects and their personal finances. Two-thirds say they see little or no opportunity for advancement at their current jobs. And half say they`re not confident that those jobs would help them achieve their long-term goals. Sixty-five percent of the jobs added to the U.S. economy since the recession officially ended have been lower-wage positions.

GHARIB: Well, March Madness is back. Tomorrow, the field of 65 teams will tipoff the men`s NCAA basketball tournament. And fans around the country are gearing up, and so is Buffalo Wild Wings (NASDAQ:BWLD). In addition to the Super Bowl, the NCAA tournament needs big business for this company.

During last year`s tournament, fans ate nearly -- get this -- 70 million Buffalo Wild Wings (NASDAQ:BWLD).

And here to tell us more about all of that, Sally Smith, she`s president and CEO of Buffalo Wild Wings (NASDAQ:BWLD).

So, Sally, can you top 70 million Buffalo Wings?

SALLY SMITH, BUFFALO WILD WINGS PRESIDENT & CEO: I think we will this year. I think we have close to a hundred more restaurants across the country that will be showing the big games over this weekend and coming. So, my guess is we`ll go well past 70 million this year.

MATHISEN: What are your favorite wings on your menu? I`m just curious. What do you like the most?

SMITH: What do I like the most?


SMITH: Well, I do like -- I do like our Spicy Garlic Wings.

MATHISEN: Spicy Garlic Wings.

SMITH: Spicy Garlic -- it`s -- when they`re done right, they`re hot, steaming, just enough burn. You dip those in a hot ranch or a blue cheese and cuts the burn a little bit. But that`s probably my favorite.

MATHISEN: And you wash them down with a nice, cold beverage of your choice, right?

SMITH: Yes, you do. Absolutely.

MATHISEN: Is there any truth to these stories we heard last year about a shortage of wings?

SMITH: You know, we have faced very high wing prices this last -- this past year. I wouldn`t that there`s a shortage, you just have to be willing to pay for them. It`s something that we`ve managed over the 30 years we`ve been business, this fluctuating wing prices.

But we have great relationships with our suppliers. And they`ve ensured -- they`ve told us and worked with us to make sure that all of our restaurants have fresh wings in to serve those raving fans every day.

GHARIB: Sally, am I getting this wrong? But I thought I saw that the prices on wings have dropped sharply, something like 20 percent. If that`s right, could that mean more business for you?

SMITH: Well, it`s really interesting. We have seen wings come off their high, which was January and February of this year as we approached Super Bowl. And they are down.

I think that our fans come in -- luckily, we`ve been able to take just modest price increases and will make up other ways to ensure that our prices -- although they`re still a great value for our fans -- we think there`s always a great reason to come into Buffalo Wild Wings (NASDAQ:BWLD). And, certainly, March Madness, you can`t beat that. It is the busiest time.

And our team members are ready. They love this time of year, because there`s so much competition and the guests, it`s really a great atmosphere.

MATHISEN: It really is the national sports event. I wonder how closely you do follow those input costs, like grain costs.

You know, last summer, there was all of that concern about corn and feed cost. And that`s obviously going to trickle through in the price of your ultimate commodity, which is chicken wings.

SMITH: It does. And, as I said, traditional wings, they float with the market. So we do feel the input costs. Our other commodity basket, we entered, you know, longer-term yearly contracts with our suppliers. And we try to, you know, moderate that a little bit. Have some items on the menu --

MATHISEN: Well, it looks like we lost Sally Smith -- just before I was going to ask her, Susie, what her pick was. I believe the University of Minnesota, where they are based, is actually in the tournament.

GHARIB: She was saved by the bell.

MATHISEN: She was saved by the bell. She didn`t have to do it. Sometimes you lose the satellite in a middle of a feed like that. We apologize for that.

Let`s take a look at tomorrow. And we were just talking about crops and feed. We`re going to get a report on spring weather and possible flood impact on crops as the planning season gets underway.

Two closely-watched housing reports come out tomorrow, the federal government`s home price index and existing home sales for February.

And the House of Representatives takes up that Senate bill that was passed today to fund the government through September.

GHARIB: And, finally tonight, a fascinating story about a small, ceramic bowl. You see it there. It was purchased for just $3 at a tag sale in New York state a few years ago. And it was on display in a family`s living room.

But then, this week, it sold for more than $2.2 million at Sotheby`s Auction House. It turns out it`s a one thousand-year-old Ding bowl from China`s Song Dynasty. And as far as anyone knows, there`s only one other like it, Tyler, and it`s in the British Museum. It`s only five inches, but, Tyler, since we`re in the sports thing, it`s a super bowl.

MATHISEN: You could put some wings in that bowl, couldn`t you? I`m going up to my attic tonight to see if I`ve got anything.

Susie, great to be with you again tonight.

That will do it tonight for tonight`s edition of NIGHTLY BUSINESS REPORT. I`m Tyler Mathisen. Thanks for watching.

GHARIB: I`m Susie Gharib. Have a great evening. We`ll see you back here tomorrow night.


Nightly Business Report transcripts and video are available on-line post broadcast at http://nbr.com. The program is transcribed by CQRC Transcriptions, LLC. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Nightly Business Report, or CNBC, Inc. Information presented on Nightly Business Report is not and should not be considered as investment advice. (c) 2013 CNBC, Inc.

<Copy: Content and programming copyright 2013 CNBC, Inc. Copyright 2013 CQ- Roll Call, Inc. All materials herein are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of CQ-Roll Call. You may not alter or remove any trademark, copyright or other notice from copies of the content.>

Sign up to vote on this title
UsefulNot useful