<Show: NIGHTLY BUSINESS REPORT> <Date: May 15, 2013> <Time: 18:30:00> <Tran: 051501cb.

118> <Type: SHOW> <Head: NIGHTLY BUSINESS REPORT for May 15, 2013, PBS> <Sect: News; Domestic> <Byline: Susie Gharib, Tyler Mathisen, Seema Mody, Jon Fortt, Phil LeBeau, Mary Thompson, Robert Frank, Hampton Pearson> <Guest: Ben Schachter, Paul La Monica, Steven Murphy> <Spec: Google (NASDAQ:GOOG); Business; Economy; Technology; Stock Markets; Aviation; Consumers; Powerball, Gambling> <Time: 18:30:00>

ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and Susie Gharib, brought to you by --


TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Go go Google (NASDAQ:GOOG). It`s one of the hottest blue chips of the year. Should you own it? Will it be the first tech company to hit $1,000 a share?

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Flying high. Why airline stocks are taking off along with customer complaints.

MATHISEN: And hitting the jackpot. Powerball fever spreading across the country, and there are 360 million reasons to buy a ticket for tonight`s drawing.

All that and more tonight on NIGHTLY BUSINESS REPORT for Wednesday, May 15th.

Good evening, everybody.

A lot of tech news, sort of topping our program tonight.

GHARIB: Yes. And some of it very encouraging news from a tech titan tonight.

Cisco (NASDAQ:CSCO) Systems reported solid quarterly earnings and revenues after the market closed. The numbers topped analyst estimates and they bought up the stock in after hours. Cisco (NASDAQ:CSCO) rose as much as 4 percent.

Seema Mody is standing by at the NASDAQ with all the details -- Seema.

SEEMA MODY, NIGHTLY BUSINESS REPORT CORRESPONDENT: Susie, it was big (ph) for Cisco (NASDAQ:CSCO) Systems on -- Cisco (NASDAQ:CSCO) Systems on its top and the bottom line, earning 51 cents a share on revenue, up $12.2 billion for the third quarter.

Now, CEO John Chambers says, "Cisco (NASDAQ:CSCO) is executing at a very high level and a slow but steady economic environment. We are especially pleased with our ninth consecutive record revenue quarter."

Now, Chambers seemed upbeat about the economy, saying, "We`re starting to see some good signs in the U.S. and other parts of the world which are encouraging."

Now, shares of Cisco (NASDAQ:CSCO) are up after-hours but climbed even higher after the company reported an upbeat outlook for the current quarter.

Susie and Tyler, back to you.

GHARIB: Thanks a lot, Seema. Seema Mody reporting from the NASDAQ.


MATHISEN: And before those Cisco (NASDAQ:CSCO) numbers, Google (NASDAQ:GOOG) was all the talk on Wall Street today. The stock breaking

through $900 a share and the company tried to add to the optimism by rolling out a line of new products at its annual conference for developers.

Jon Fortt is covering the event for us from San Francisco -- Jon.

JON FORTT, NIGHTLY BUSINESS REPORT CORRESPONDENT: Yes, Tyler. Big, big day for Google (NASDAQ:GOOG). Stock up better than 3 percent. On the other hand, some rivals, Apple (NASDAQ:AAPL), down more than 3 percent.

Part of the reason why perhaps, one of the big announcements from Google (NASDAQ:GOOG) out of its I/O conference here was a new music service, Google (NASDAQ:GOOG) Play Music All Access. The pitch here similar to services like Spotify is all the music in Google`s catalog. App users` disposal for $9.99 per month. Rolling out in the U.S. first starting June 30th.

What`s -- well, if you sign up by June 30th, you get the service for a little bit cheaper. What`s interesting about this, too, is there`s a radio component to it which competes with folks like Spotify, taking -- and Pandora.

Taking a step back, there was more than just music announced here. Google (NASDAQ:GOOG) also talked about the service that they want to expand, Google (NASDAQ:GOOG) Plus, lots of new photo and video sharing features in that.

And overall, this was not about hardware as much as it was last year. Last year, Google (NASDAQ:GOOG) talked a lot more about streaming music through a little device that they actually pull from the market soon after announcing it. They talked more about tablets.

This was squarely about services, which is very much Google`s strong suit. They also rolled out a new version of maps that will have later in the summer.

Back to you.

MATHISEN: All right. Jon Fortt, thank you very much.

GHARIB: Well, Google (NASDAQ:GOOG) stock is up almost 30 percent this year and is on the verge of becoming the first tech company to hit $1,000 a share.

So, the question for many investors time to buy or sell the stock?

Joining us now to answer that: Paul La Monica. He`s assistant managing editor for CNN Money.

And Ben Schachter, technology analyst at Macquarie Research.

So, gentlemen, I mean, the question here is, should investors buy, sell or hold?

Ben, you have a target of $925 on shares of Google (NASDAQ:GOOG). It`s almost there. What would you tell your clients now -- buy, sell or hold?

BEN SCHACHTER, MACQUARIE TECHNOLOGY: We actually still like the stock and there`s a lot of momentum behind it. They continue to sort of push the envelope in the different things that they`re able to do. The core business of advertising is working well. And they all have the other services and the software and the hardware on top of that.

So, we think the shares can go higher from there.

MATHISEN: Paul, answer what Ben just said. I know you don`t dislike the stock, but you don`t see it as a bargain at, what, $915 a share. And, of course, the history of companies that grow so far, so fast, particularly in the tech business, is that they sometimes slip and fall later.

PAUL LA MONICA, CNN MONEY: That`s definitely true. I do agree with Ben 100 percent that Google (NASDAQ:GOOG) dominates online advertising right now.

But in some respect, think investors need to be a little worried that

Google (NASDAQ:GOOG) right now is eerily like Apple (NASDAQ:AAPL) back in September of last year. Just before the iPhone 5 came out, everyone thought Apple (NASDAQ:AAPL) could do no wrong. It has been a very bloody sell-off.

I think part of that could be attributed to the fact that just so many big money hedge funds and institutions owned Apple (NASDAQ:AAPL) and once they soured on it, so to speak, it was just long and winding. And now, Google (NASDAQ:GOOG) is a popular hedge fund stock, too.

I just think it`s something investors need to be aware of. Although it`s not predicting any sort of massive sell-off from Google (NASDAQ:GOOG) any time soon.

GHARIB: Well, Ben, what do you say to that? Is Google (NASDAQ:GOOG) over-owned? Too much of a love affair with the stock? Same thing that happened with Apple (NASDAQ:AAPL) a year ago?

What do you say to that?

SCHACHTER: Well, you know, listen, I always get concerned when a stock runs this far, this fast. No real change to the fundamentals.

However, in this situation I think what is happening is that people are realizing that beyond the advertising, beyond search, beyond display

ads, there`s a whole another part of this business that`s just developing now, around services, around hardware, around Google (NASDAQ:GOOG) X. And we think a marketplace that`s going to compete directly with eBay (NASDAQ:EBAY) and Amazon (NASDAQ:AMZN) is also coming.

So, a lot of very big things are still to come for Google (NASDAQ:GOOG).

MATHISEN: This is a very big business, Paul. And it obviously -they`re dominant in search, they`re dominant in online advertising, they have the number one cell phone operating system in the Android platform. Now, they`re getting into the music business. They have got a tablet.

It feels like the business is clicking on all cylinders. You point out the growth rate is something like 15 percent in profit. The P/E on 2013 is something like 19.

So, therein lies a little bit of the rub. But this is a successful, succeeding company, isn`t it, Paul?

LA MONICA: Without question. What I really love and admire about Google (NASDAQ:GOOG) is that it is not a company that`s resting on its laurels. It recognizes that there is tough competition from Apple (NASDAQ:AAPL), from Amazon (NASDAQ:AMZN). As Ben mentioned that`s coming. Facebook (NASDAQ:FB) obviously as well.

It would be very easy for Google (NASDAQ:GOOG) to just sit back and relax and say, yay, we`re at, you know, $900 a share, $300 billion market value. Obviously, Wall Street loves what we`re doing, so we don`t really need to change that.

But Google (NASDAQ:GOOG) has been a company that recently they have shifted management taking the long time head of Android, putting him in another position at the company and promoting someone who had been in charge of Chrome and having him now also in charge of Android. And I think that shows that this is a company that isn`t going to just say, yes, we`re doing everything exactly as we should be. It`s a company that recognizes there`s room for improvement, even though they are doing extremely well already.

And I think that`s very good to see.

GHARIB: You know, Ben, there`s no question here that Google (NASDAQ:GOOG) is behaving like an innovation machine. Listening to a report from Jon Fortt from the conference, and you`re there, two, of course -- do you think the new product rollouts that he was talking about, are they game changers? Are these the kinds of things that are going to power Google (NASDAQ:GOOG) stock higher or is Google (NASDAQ:GOOG) getting too much away from its core business of search?

SCHACHTER: Well, I think on first question of today and the conference, there was not a lot really that`s going to move the needle for Google (NASDAQ:GOOG). Music service is a good thing to have. It will certainly help with Android and help with Play. But it`s not really going to change the numbers fundamentally.

Going forward, I think you touch on an interesting point. And that is, they are doing a lot of things that are quite different from advertising and quite different from search. The question remains are the things going to succeed?

So far, we think they have momentum. We think they are on the right track. But it`s going to take some time.

GHARIB: All right. Ben and Paul, thank you so much. Ben Schachter of Macquarie Research, Paul La Monica from CNN Money.

MATHISEN: Well, the rally that just won`t quit. The Dow and the S&P closing at record highs once again. Better-than-expected earnings helping to drive the gains, despite some mixed economic reports. New York`s manufacturing sector unexpectedly contracted to its lowest level in four months, falling to the reading of minus 1.43 in May.

Industrial production fell 0.5 percent in April, more than the expected 0.2 percent decline. But in the end, the Dow finished up 60 to

15,275.69. That`s its 20th record close of the year. The S&P rose eight points to 1,658 and change, and the NASDAQ was up nine points to 3471.62.

GHARIB: Some mixed readings on the housing front today. Let`s start with the good news first.

Confidence among home builders is up. And sales trends are improving. The National Association of Home Builders sentiment index rose to 44 from 41 in the month of April. The increase in May was the first month to month gain since December.

Now, to the not so good news. Applications for mortgages fell 7.3 percent last week. The reason there: rising interest rates. The Mortgage Bankers Association says it`s the first decline in more than a month.

MATHISEN: Airline stocks have been elevating lately, up more than a percent today as a group. But as the shares rise, so do customer complaints.

Phil LeBeau joining us now from Chicago.

Hi, Phil.

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT: Tyler, this is some data that people are going to look at and they`re going to say, hmm,

kind of makes sense and seems to pack planes lately.

Let`s first start with the Department of Transportation reporting complaints about airlines for the first quarter. And, overall, they were up 17.1 percent. This is on top of the DOT seeing higher passenger complaint rates last year.

And then, there`s a question of involuntary denied boardings or bumpings. Well, it was 1.06 per 10,000 passengers in first quarter. But look over the last two years. It`s been steadily increasing.

And then when it comes to baggage, the airlines mishandled 3.01 bags per 1,000 passengers and this is on top of them announcing just a few days ago, they made $3.6 billion on bag fees last year.

And, oh, by the way when it comes to on time arrivals, overall for the industry, it`s slipped slightly in the month of March. But there you see, Hawaiian (NASDAQ:HA), Virgin America, and Alaska all among the top three. This has not stopped the airline stocks.

Overall, the airline index has been off to the races, up 53 percent. And when you look at individual airlines over the last year, Alaska airlines up 96 percent and then you have Southwest, Delta, U.S. Airways, United, they`re all posting fantastic returns.

The bottom line is this, Tyler and Susie, they`re expecting a solid second quarter and that has investors excited.

MATHISEN: All right. Phil LeBeau, thank you very much. Phil reporting from Chicago.

GHARIB: Still ahead on the program, is AIG, which many know as the bailed out insurance giant, on its way to regaining its past glory? We`ll take a look as we continue our series, "Comeback Companies".

But, first, how the international markets closed today.


MATHISEN: We begin tonight`s "Market Focus" with pair of companies reaching new milestones.

First up, Macy`s (NYSE:M). Shares of the department store hitting an all-time high, after the company posted a 20 percent increase at its first quarter net. Macy`s (NYSE:M) earned $217 million, 55 cents a share. That`s 2 cents better than estimates. Sales up 4 percent, to nearly $6.4 billion.

The company also raised its dividend a nickel to 25 cents and said it`s going to buy back $1.5 billion worth of its shares. Shares up 2.5

percent, to close at $48.57.

Meanwhile, shares of Bristol-Myers-Squibb are running up to the 52week high today, ahead of the release of clinical results for an experimental cancer drug. The stock was the performer in the S&P 500 today, up 5 percent to $44.34, and shares on a tear over the past year, up more than 30 percent.

GHARIB: SunPower (NASDAQ:SPWRA) shares were another bright spot today on Wall Street. The nation`s second largest solar panel maker said its profits and sales for the rest of the year would be above Wall Street estimates. SunPower (NASDAQ:SPWRA) rose 8 1/2 percent to close at $20.65, and is up more than 300 percent in the past year.

And that helped lift many of the companies in the solar space, all up strongly with the exception of the biggest one, First Solar (NASDAQ:FSLR).

But a weak outlook overshadowed better than expected numbers from Deere and Company. The world`s largest farm equipment maker earned $1 billion in the second quarter on a 9 percent rise in sales, total revenue came in at nearly $11 billion. But Deere, which also makes construction equipments, cut the full-year sales forecast, blaming cooler, wetter spring weather and weaker global economy. Shares were off about 4 1/2 percent today, to $89.64.

The biggest loser among the S&P 500 companies was Computer Sciences (NYSE:CSC). The information tech company posted a profit in its fiscal fourth quarter, but sales fell 7 percent and were shy of expectations. Shares down about 10 percent today to $44.71, but are up nearly 70 percent over the past year.

GHARIB: And AIG, this was the poster boy for bailed out companies. It received nearly $200 billion from the government during the financial crisis. Today, the company is a slimmer version of what it used to be.

And as Mary Thompson tells us in our "Comeback Company" series, AIG is still working on regaining its past glory.


MARY THOMPSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voiceover): Having put AIG`s turbulent past behind it, CEO Bob Benmosche now aiming for a steadier future for the insurance giant.

ROBERT BENMOSCHE, AIG CEO: I think it`s a simpler company, more focused company. So, therefore, in my mind, easier to manage, and one that I think is much more secure.

THOMPSON: Benmosche engineering a turn around, ridding AIG of government ownership, creating a firm with two core business: a global

property and casualty unit and a domestic life insurer called Sun America. The stocks doubled since 2009.

And while analyst Brian Meredith (NYSE:MDP) admires the turn around, he notes it came at a cost.

BRIAN MEREDITH, UBS: Before the crisis, at least in the property casualty insurance industry and the life industry, AIG was viewed as the global leader on P&C insurance business. And I would say today, it`s viewed as one of the leaders, but not the kind of dominant global leader.

THOMPSON: Better underwriting and higher rates are helping AIG`s P&C business and underpinning a strong first quarter. Still, there`s work to be done on that business`s profitability which lags its peers. Analysts say returning those numbers key to AIG`s future success.

Investors also want dividends and buy backs.

(on camera): Before AIG pays a dividend, it has to satisfy the concerns of some credit rating agencies and then it has to wait and see if the Federal Reserve becomes the regulator, because the Fed will have ultimate approval over any dividend AIG does pay. So the government still has some sway over AIG.

(voice-over): In 2008, the government took a 92 percent stake in the

firm. After AIG`s securities lending and financial products businesses nearly took it down. AIG repaying the $182 billion bailout, selling 27 businesses including an international life insurer and consumer finance units in Russia and Mexico. Stock sales and interest netting the government a profit of more than $22 billion.

Now, it`s AIG`s improving P&C profits key to bigger returns for its citizen investors.



GHARIB: Tomorrow, we`ll take a look at a familiar food company that saw rapid growth, then a rapid decline and is now rolling in dough.

MATHISEN: Coming up, the art of the deal. As prices rise for highend paintings, is a bubble forming that`s about to burst?

But, first, a look at how commodities, treasuries and currencies fared today.


GHARIB: Not only is the stock market red hot these days, so is the

art market. Collectors from across the globe have been bidding up prices, but there are signs that that may be changing. Leading some to wonder whether the high end art market may be poised for a fall.

Robert Frank reports.


ROBERT FRANK, NIGHTLY BUSINESS REPORT CORRESPONDENT: Prices for the top works of arts at this week`s auction in New York are getting down right surreal. The question now is whether the prices can continue?

UNIDENTIFIED MALE: Twenty-four million dollars, $25 million.

FRANK: Top seller at last night`s Sotheby`s sale was Barnett Newman. His piece called "Onement VI" sold for $43.8 million. The painting is a blue canvas with a simple white line down the middle. That was nearly twice the former record price for a Barnett Newman.

The runner-up was Gerhard Richter`s painting of Milan`s cathedral square. That sold for $37 million.

Now, there were some big losers at the Sotheby`s sale. A Francis Bacon piece that was expected to sell for $20 million to $30 million failed to sell.

Now, these uneven results have some wondering whether the art market has become a latest asset bubble that`s ready to pop.

Mike Novogratz of Fortress Investment Group likened art to gold and said speculation in the art market cannot go on for much longer.

MIKE NOVOGRATZ, FORTRESS PRINCIPAL & DIRECTOR: Art is 100 percent a bubble. I mean, it has all the new markings of a bubble. The Newman painting doubled in price. Prices have gone parabolic.

FRANK (on camera): So where is the money for all the art coming from? Well, much of it is coming from the wealthy who have seen their portfolios soar with the stock market. It`s also coming from the newly rich overseas. Wealthy collectors from Russia and China pouring money into art as a safe and portable store of wealth.

NOVOGRATZ: You also have the illegal money or the dirty money, the money laundering that`s coming out of, you know, vast parts of the world where people don`t want -- they don`t have any place to store the money. And that`s what`s really giving this kind of turbo charge to the art market.

FRANK (voice-over): Sotheby`s said in a statement this morning that the sale is proof of strong global demand. It said collectors bid from 25

countries and one in five of those bidders were new to Sotheby`s or the category.



MATHISEN: Well, tonight brings another high profile art sale, two famous paintings by Jackson Pollock and Jean-Michel Basquiat are up for auction at Christie`s and each is expected to sell for as much as $35 million.

And joining us now to discuss that and more is Christie`s CEO Steven Murphy.

Mr. Murphy, welcome. A very exciting night ahead for you this evening.

STEVEN MURPHY, CHRISTIE`S CEO: Thank you. We`re quite excited.

MATHISEN: I bet you are.

Before we get to the works that are on offer tonight, let -- I want to get your reaction to what we just heard in the piece by Robert Frank.

Turbo charged. All the markings of a bubble. That`s one of the sources said.

MURPHY: Right.

MATHISEN: Do you agree with that? And if not, why not?

MURPHY: Well, with all respect to the gentleman speaking, he`s way off the mark. There`s a proclivity to certain people to draw a trend out of one evening`s sale or one lot being not sold. You know, the art market, if you will, has been on the same curve of growth since before the recession. And during the recession, there was a pause.

After 2008, it paused. It picked up again in 2010. And it`s been growing ever since. And the main reason it`s growing is that that`s a worldwide demand for art.

A bubble is when the demand and the supply is out of whack with each other. It`s been inflated.

It`s quite the other case with us. There`s a scarcity of masterpieces and there`s a huge demand for masterpieces and lesser art as well. We did over $6 billion of art sales last year. And while we had a $400 million sale in November for post-war contemporary art, which gets a lot of the attention, there`s a lot of other art being sold.

GHARIB: Let me ask you this, Mr. Murphy. We know that the stock market has been hitting new highs.

MURPHY: Right.

GHARIB: Does the art market work in tandem with that? What`s the connection between stocks and art?

MURPHY: It`s not very close at all. In fact, that`s part of what I would say to the gentleman on your tape, that, in fact, when the stock market is a bit down and the art market rises, that you people might say that investors are running to the asset of art instead of equities. Well, now that the stock market is up, people are still buying more.

So what`s really happening is the interest in art and the demand for art has gone global. It`s buyers from Russia, China, the Emirates, other parts of the Far East and U.S. and Europe growing. Over 25 percent of our buyers last year were brand new to Christie`s. And we have been selling art since 1766.

So I think the idea also comes through in this. At the Metropolitan Museum of Art in November, there was an Andy Warhol exhibit, 500,000 people went through a short period of time visiting that art.

So there`s such a huge surge of interest in art around the world.


MURPHY: That`s what`s driving this demand.

MATHISEN: There`s so much I want to ask you, I know Susie feels the same way, but I don`t want you to leave us without the viewers see the pieces on offer this evening.

MURPHY: Yes. There`s still time to bid.

MATHISEN: Let`s start with the Pollock. Why is it a signal piece and what you expect to get for it?

MURPHY: You know, his is a perfect example. The estimate between $25 million and $35 million. Jackson Pollock is an established and certified master that`s very rare to have a piece like this available. It is a masterpiece among his masterpieces.

And as you know in the art world, it takes an auctioneer and two people to have the bidding go up. And it`s all transparent. It`s right out there in the open.

MATHISEN: All right.

MURPHY: So I believe since we have a great deal of interest, this should do quite well.

MATHISEN: We have to leave it there. Good luck with the sales this evening. Steven Murphy of Christie`s.

MURPHY: Thank you.

GHARIB: And finally, tonight, what would you do with $360 million? Maybe buy some art? A masterpiece. Go to Hawaii? Buy a baseball team? Give it to charity?

The only thing standing between you and your dreams are six numbers that will be drawn at random in tonight`s Powerball game.

And with people lining up for tickets, Hampton Pearson takes a look at lottery fever that`s gripping the nation.


HAMPTON PEARSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voiceover): It`s Powerball fever once again, an estimated $360 million jackpot, third largest in history, has lots of dreamers looking for the magic six numbers that can change their lives.

KIM CORDIA, WOODBRIDGE, VA: I would pay off my house, pay off my father`s house. Send my son to the best school in the country and retire.

PEARSON: Back on March 23rd, a New Jersey resident Pedro Quesada won $300 million -- part of a trend, lottery officials say, of jackpots getting bigger in shorter amounts of time. More than half of the all time jackpot records have been set in the last three years. Among those chasing tonight`s triple digit jackpot, Lisa Walters, mayor of Battle Ground, Washington.

LISA WALTERS, MAYOR, BATTLE GROUND, WA: The deal with the jackpot being so high is more and more people are buying into it so it raises the pot up just a little bit. Odds go down a little bit. But, you know, I could be that one.

PEARSON: Jurisdictions with lotteries continue to cash in. Total U.S. sales last year topped $78 billion. Another $9 billion in Canada.

Marketing the lottery in search of those revenues is a full-time job. This afternoon, inside Union Station, the D.C. lottery staged a promotion tied to this weekend`s running of the Preakness horse race in Maryland.

But the real action was just around the corner at this boutique style lottery location. Powerball sales were brisk, but D.C.`s lottery director

says the industry is concerned about jackpot fatigue.

BUDDY RODGOW, D.C. LOTTERY DIRECTOR: Players get used to the large jackpots and it takes higher and higher levels of jackpot to get the same level of excitement.

PEARSON (on camera): So if there`s no winner tonight, Saturday`s Powerball jackpot can swell to half a billion dollars. Talk about Saturday night fever.

For NIGHTLY BUSINESS REPORT, I`m Hampton Pearson, in Washington.


GHARIB: All right. What would you do with it?

MATHISEN: I would pay off my mortgage and endow NIGHTLY BUSINESS REPORT in perpetuity.

GHARIB: Oh, I love that. I wish I was as generous. I was thinking of moving to Paris.


GHARIB: Anyway, that`s NIGHTLY BUSINESS REPORT for tonight. I`m

Susie Gharib. Thanks for watching.

Go get your Powerball tickets.

MATHISEN: Go get your -- I`m going to get one right now.

I`m Tyler Mathisen. Thanks for watching. Have a great evening. We hope you see you back here a lot richer tomorrow night.


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