<Show: NIGHTLY BUSINESS REPORT> <Date: June 17, 2013> <Time: 18:30:00> <Tran: 061701cb.

118> <Type: SHOW> <Head: NIGHTLY BUSINESS REPORT for June 17, 2013, PBS> <Sect: News; International> <Byline: Susie Gharib, Tyler Mathisen, Hampton Pearson, Steve Sedgwick, Eamon Javers, Phil LeBeau, Julia Boorstin> <Guest: Paul Auslander> <Spec: Business; Economy; Federal Reserve; Stock Markets; Consumers; Health and Medicine; Policies; Supreme Court; Elderly; Insurance; Medicare and Medicaid; Texas> <Time: 18:30:00>

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

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TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Just how nervous is the stock market? Well, put the words "Bernanke" and "taper" in an article, as a journalist did today, and a 191-point Dow gain turns into a white knuckle ride for investors.

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Price of your prescriptions. The Supreme Court hands down a ruling on generic drugs that touches the medicine cabinets and wallets of most Americans.

MATHISEN: And cashing out. Texas tells older Americans they can sell their life insurance policies to pay for long term care. But do the risks outweigh the rewards?

All that and more tonight on NIGHTLY BUSINESS REPORT for Monday, June 17th.

GHARIB: Good morning, everyone.

Confusion and volatility in the stock market today, and once again it has to do with the Federal Reserve. And what policy makers will decide to do when they meet tomorrow in Washington.

Stocks opened sharply higher on hopes that Fed Chairman Ben Bernanke would reassure investors about the fed`s plans for scaling back on economic stimulus. But by midday, things seemingly changed on a report from Robin Harding. He`s the economics editor from "The Financial Times". He suggested the Fed would start tapering its bond purchases at this week`s meeting. And so, stocks sold off, wiping out triple digit gains.

Later, tweets from that same writer confused and encouraged investors. "Glad people are reading my Fed preview," he said. I`ve been in the September taper camp for a while, and I`d stick with that." Adding, "People need to chill out. The Fed does not leak anything to any journalist to steer markets -- especially during blackouts."

And so, markets reverse course as investors turn confidence and snapped up shares. By the close, the Dow rose 109 points. The NASDAQ was up 28. The S&P added 12.

MATHISEN: It has been called pay for delay in some of the nation`s pharmaceutical giants. They`ve been doing it for years, costing consumers millions. But a ruling today from the Supreme Court may change the way drugmakers do business.

Hampton Pearson has our story.

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HAMPTON PEARSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voiceover): The Supreme Court says profit-sharing settlements where brand name drug manufacturers pay their competitors to delay the availability of cheaper generic drugs can be challenged in federal court as anti-competitive. The Federal Trade Commission claims these settlements cost consumers $3.5 billion a year in the form of higher drug prices. A statement reads from Edith Ramirez reads in part, "The Supreme Court`s decision is a significant victory for American consumers, taxpayers and free markets."

And from Congressman Henry Waxman, the architect of the law paving the way for these settlements: "I will continue to vigilantly watch to ensure the Waxman-Hatch patent settlements are pro-competitive and pro- consumer in the future."

The high court case focuses on an FTC challenge to a multimillion dollar deal made by the pharmaceutical firm Actavis to extend a patent for its popular drug AndroGel, which raises testosterone levels in men. Actavis CEO Paul Bisaro says the court`s ruling places an additional and unnecessary administrative burden on our industry. Legal experts say today`s ruling raises the bar for both sides.

JEFFERY BRENNAN, MCDERMOTT, WILL & EMORY LAW PARTNER: The Supreme Court certainly didn`t put out a road map that`s showing that the FTC is going to win all these cases. If there`s arguments -- well, is this payment so large that some inference should be drawn from it? What`s large? You know, they have to win on those kinds of issues.

SCOTT NELSON, PUBLIC CITIZEN LITIGATION GROUP: The Supreme Court hoped that these agreements aren`t necessarily unlawful. But it`s better than being out of court entirely.

PEARSON (on camera): Now, thanks to the Supreme Court, the Federal Trade Commission has more ammunition to challenge so-called "Pay for Delay" deals on a case by case basis.

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

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GHARIB: President Obama joined G8 leaders from the world`s largest industrialized nations at the start of a two-day summit on international trade, tax havens, transparency issues, as well as the unrest in Syria.

Steve Sedgwick has more from Northern Ireland on the kickoff of the meeting today.

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STEVE SEDGWICK, NIGHTLY BUSINESS REPORT CORRESPONDENT: Here in Northern Ireland, leaders representing around half of the $72 trillion global economy are meeting to discuss a whole array of issues, as set by the agenda of David Cameron, who hosts the presidency of the G8. Key nations such as the United States, Russia and Japan, and the United Kingdom are all here to discuss trade issues, there are great hopes of a big trade deal between Europe and indeed the United States that could be worth up to $100 billion to both the United States and indeed the European Union economic bloc.

They`re also going to be talking over the next 24 hours about tax avoidance issues which could have ramifications for companies such as Amazon (NASDAQ:AMZN) and Google (NASDAQ:GOOG), who have been accused by certain countries, including the U.K., of not paying their full rate of tax, although those companies say we are abiding by the laws of those countries.

Elsewhere the whole Syrian issue overriding a lot of talks. There`s a big dispute between President Putin of Russia and the rest of the G8 nations about what to do in the escalating crisis in Syria. President Obama said to me earlier today, the talks had been excellent between himself and Russia. And yet, there still appears to be a gulf of opinion about how to resolve this crisis.

For NIGHTLY BUSINESS REPORT, I`m Steve Sedgwick in Enniskillen.

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MATHISEN: In another bit of international diplomacy. Antitrust officials at the European Union are said to be likely to approve the intercontinental exchanges planned buyout of NYSE Euronext (NYSE:NYX) without any conditions. The $10 billion deal would combine the owner of the New York Stock Exchange with the ICE, that`s the Atlanta-based company that not only regulates stock exchanges and trading platforms, but has a few of them, plus stock clearinghouses.

GHARIB: A nervous day in the oil markets today, due to rising tensions in the Middle East. Crude topped a nine-month high in intraday trading before ending the day flat. Traders are concerned that the worsening civil war in Syria, Iran`s plans to send troops into that complex, and the unrest in Istanbul could disrupt oil supplies out of that region.

In the end, July crude futures lost 8 cents to $97.77.

MATHISEN: Susie, the United Kingdom has been hit with its own spying scandal. Britain`s "Guardian" newspaper reports that during the 2009 G20 Summit in London, British spies secretly gathered information from participating leaders and diplomats, hacking their phones and e-mails, and even using satellites to eavesdrop on conversations.

GHARIB: Meanwhile, the fallout continues here at home over reports that our own National Security Agency has been spying on U.S. citizens. The leaker who broke the story, Edward Snowden, is talking again.

Eamon Javers joins us now from Washington with more.

Eamon, this story just keeps on growing, what`s the latest?

EAMON JAVERS, NIGHTLY BUSINESS REPORT CORRESPONDENT: You know, it`s pretty stunning. Edward Snowden may be on the run from the United States. He was last spotted in Hong Kong, but he was able to take some time out of his busy schedule to give an online chat to "The Guardian" newspaper today. And in that chat, he had a range of things to say, including he`s disappointed in some of the media coverage focusing on him, rather than his revelations. But he also had something to say about the technology companies that are involved here, and how they responded.

Take a look at this statement from Snowden earlier today about the tech companies, Facebook (NASDAQ:FB), Google (NASDAQ:GOOG) and Microsoft (NASDAQ:MSFT). He said, their denials went through several revisions and it became more and more clear they were misleading and including identical specific language across companies. He also had some thoughts here on his own possible next steps. He said, all I can say right now is the U.S. government is not going to be able to cover this up by jailing or murdering me. Truth is coming, and it cannot be stopped.

And guys, I have to tell you, the companies themselves all put out new information within the past 24 hours or, so all of them saying, they`ve gone to the U.S. government and asked for permission to release more details of how often they`re getting some of these intelligence requests. And what they`ve said, they`ve been forced to bundle all this together, both law enforcement and intelligence requests.

But here`s some numbers from the companies, starting with Facebook (NASDAQ:FB), saying that for the sixth month ending December 31st, 2012, Facebook (NASDAQ:FB) saying they got between 9,000 and 10,000 requests for information from U.S. government entities.

Now, Microsoft (NASDAQ:MSFT) also over that same time frame for six months ending December 31st, 2012, saying it`s received between 6,000 and

7,000 requests and Apple (NASDAQ:AAPL) saying, between 4,000 and 5,000 requests to that company from December 1st, 2012 to May 31st, 2013. So, guys, the companies saying they would like to put a little more disclosure out there on exactly what they`re turning over to the U.S. government.

But they`re being forced by the government to combine things like law enforcement requests to go after search for missing children, and things that are more in line with the NSA whistle blower and what he had been saying as well, guys.

GHARIB: Well, I mean, this is a very complicated situation. I mean, on the one hand you`re dealing with secret information, trade information. And on the other hand, you know, transparency issues. So should tech companies be granted legal immunity in order to participate into all of these programs?

JAVERS: Yes, that`s been one of the keys here, the tech companies themselves and U.S. officials say they would like to have these companies to have some kind of immunity. It`s been debated up on Capitol, others who are critics of that say, hey, wait a second, if that happens, individuals are going to have no recourse if their information is leaked or if their information goes out there in a broader public way that they`re not happy with.

MATHISEN: Thousands of requests to each of these companies in the six months ending at the first of the year. But those -- each of those individual requests must be covering thousands of phone records or thousands of e-mails or posts.

Am I not right about that?

JAVERS: Yes, presumably we`re talking about a lot of information that`s being turned over. But what we don`t know, Tyler, is how much of this is being done in a national security or intelligence context, or how much is done in an old fashioned law enforcement context where they`re looking for a mugger or criminal or something like that. Also interesting to me, that Facebook (NASDAQ:FB) seemed to have the highest number here, obviously the value of Facebook (NASDAQ:FB) in terms of who knows who, and who`s in touch with who, is pretty enormous for intelligence and for law enforcement.

MATHISEN: Eamon Javers, thank you very much. Eamon reporting from Washington tonight.

And still ahead, selling your life insurance to pay for long term care. Texas is encouraging older Americans to do just that. But is it a smart move?

First, though, a look at some stocks that hit all time highs today.

JAVERS: A massive recall now expanded to nearly half a million SUVs. General Motors (NYSE:GM) says it needs to fix an electrical short that could cause a fire even when the vehicle is not in use. The SUVs being recalled include the 2006 Chevy Trailblazer EXT and the GMC Envoy XL. And for model year 2007, the Trailblazer and Envoy again, as well as the Buick Rainier, the SAAB 8-7x a, and the Isuzu Ascender. For more details, log on to our Web site, NBR.com.

MATHISEN: There were no recalls at the start of the Paris Air Show today. Boeing (NYSE:BA) showed off its 787 Dreamliner, despite the jet being grounded for four months earlier this year. Airbus meanwhile unveiled its new A-380 jumbo jet, the new version of that one.

But the show was all about business. As aircraft makers took in billions of dollars worth of orders for new planes.

Phil LeBeau was there, and filed this report.

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PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT: Here`s at the Paris Air Show, a lot of attention being given to the battle between Boeing (NYSE:BA) and Airbus, when it comes to supremacy and wide-bodied planes.

Boeing (NYSE:BA) has long dominated the market for twin aisle commercial airlines. It has about 60 percent of that market.

But with the first flight of the A-350 here in France on Friday, a lot of people are questioning, how much can the A-350 help Airbus cut into Boeing`s lead?

Well, the CEO of Airbus tells us, he believes they can get at least half the wide body market.

FABRICE BREGIER, AIRBUS CEO: We will get at least 50 percent of the market of 6,000 aircraft over the next 20 years. Our family is in better position. And we have three members. And A-350, that`s 1,000. The biggest one which enter service in 2017, forces Boeing (NYSE:BA) to launch the greater version of its own 777.

So I think that the battle will be tough, I have a lot of respect for our competitors. But we`ll no longer be pulled away (ph).

LEBEAU: Boeing (NYSE:BA) is not sitting still when it comes to wide bodies. In fact, here at the Paris Air Show, it will be announcing the launch of the 787-10X. This is the largest version of the Dreamliner.

And Boeing (NYSE:BA) CEO Jim McNerney says there`s plenty of interest already for this large Dreamliner. Here`s his assessment of the battle between Boeing (NYSE:BA) and Airbus when it comes to wide bodies.

JAMES MCNERNEY, BOEING CHAIRMAN & CEO: Boeing (NYSE:BA) is competing with a very broad product line, 787s and up above the 787s, the triple 777s, and Airbus is with some new products that they`re bringing to the market, trying to sort of find a position in between us at the high end and the low end. It`s going to be an interesting fight.

LEBEAU: Bottom line, we are seeing growth in the largest commercial airplanes and optimism about wide bodies that we haven`t seen in a number of years.

That`s the story from here at the Paris Air Show, Phil LeBeau, NIGHTLY BUSINESS REPORT.

(END VIDEOTAPE)

GHARIB: Well, no matter what plane you`re flying, there`s one airline that proving loyalty to your favorite carrier can last forever. JetBlue announced today that members of its True Blue frequent flyer program will be able to earn and keep points that will never expire, even if you haven`t flown on the airline in years.

MATHISEN: The National Association of Homebuilders repots for the first time in seven years, the majority of U.S. home builders are more optimistic about new home sales. Rising home prices, more customer traffic also lifted May`s homebuilder sentiment by the most in a single month since 2002. Home builder shares benefited from that rise in sentiment today, as you see there.

Pulte Homes, D.R. Horton (NYSE:DHI), Toll Brothers (NYSE:TOL) each gained more than 2 percent.

Meanwhile, a new wrinkle in Shuanghui International`s deal to buy Smithfield Foods (NYSE:SFD). That`s the world`s largest pork producer, for nearly $5 billion. While regulatory authorities work on whether to OK the deal, one of Smithfield`s largest shareholders says the company would be worth a lot more if it was sold off piece by piece, or maybe slice by slice.

Investment firm Starboard Value estimates that the company could be worth nearly $11 billion if it was split up and divided into divisions like hog production, international pork sales and other units. Let`s take a look at shares of Smithfield. They were nearly a percent higher today.

Turning to our "Market Focus" now, lots of stocks hitting new 52-week highs, thanks to that broad-based market rally we told you about. Cisco

(NASDAQ:CSCO) led the Dow stocks a day ahead of its analyst conference call with Deutsche Bank tomorrow. The company will talk about new trends in router software as Mobil video use explodes.

Cisco (NASDAQ:CSCO) shares hit their highest level in nearly three years, $24.70. Gaining more than 2.5 percent.

Lockheed Martin (NYSE:LMT) also hitting a new high, as investors reacted to Standard & Poor`s boost in the defense contractor`s credit outlook. S&P also sighting Lockheed`s ability to generate free cash flow even as U.S. defense spending declines. Lockheed shares rose slightly to $108 and change.

At the other end of the curve, Terex (NYSE:TEX) shares dropped as the company lowered guidance for the year. The CEO saying the firm is facing a softer marketplace for construction and materials handling. Terex (NYSE:TEX) tumbles more than 7 1/2 percent to $29.29.

MATHISEN: And Johnson & Johnson (NYSE:JNJ) will pay up to a billion for Aragon Pharma and its experimental prostate cancer treatment. That move drove shares of Medivation (NASDAQ:MDVN) down sharply. Medivation (NASDAQ:MDVN) has an approved prostate cancer treatment but lost nearly 7 percent on seven times its normal volume today. Meanwhile, Johnson & Johnson (NYSE:JNJ) was up almost 1 percent to finish at $85.63.

GHARIB: And Aetna (NYSE:AET) will stop selling health policies to individual consumers in California at the end of this year. The health insurance giant announced the move today as the Golden State gears up for the launch of a new state health care exchange through President Obama`s Affordable Care Act. Aetna (NYSE:AET) will offer health coverage to employers, and to Medicare recipients there. But individual policyholders will have to find coverage else where by the end of December.

And lawmakers in several states are encouraging elderly residents to sell their life insurance. Giving up death benefits and then use the cash settlements to pay for long term care.

Governor Rick Perry of Texas signs a law last week to let Medicaid officials in that state tell people they can sell their death benefits to help cover the cost for long term care. The more private money is used, the less state Medicaid money is spent. There are several bills -- similar ones pending in at least seven other states.

Our guest tonight says he likes the idea. He`s Paul Auslander, CEO of American Financial Advisers. He`s also chairman of the Financial Planning Association, the nation`s largest financial planners group.

Mr. Auslander, welcome. Good to see you.

PAUL AUSLANDER, FINANCIAL PLANNING ASSOCIATION CHAIRMAN: Thanks, Tyler. Good to see you.

MATHISEN: So, under these proposals, what would happen is, that you would sell your right or your beneficiaries right to a death benefit to a third party, a settlement company of some sort, but you would take a discount, wouldn`t you, on the amount of cash you would receive for giving up that right. And how much would that discount typically be?

AUSLANDER: Well, that depends, that`s right. You defined it properly. The issue, if you keep in mind for a moment, these are people that are running out of money to pay for their long term care. And so, this is something of a last resort, either by themselves or perhaps their children who are helping to pay for their long term illnesses and are also running out of money to be able to do so.

And so, the idea of a death benefit is less important to them than the amount that they can get up front. And even though the companies that put this together are extracting a rather healthy fee, the fact is that the money that the client winds up with is something that they desperately need, and so, that`s something that will probably have to be worked out if those fees are fair. But I think on balance, the idea is good because it helps the consumer get access to cash that they might not have normally had.

GHARIB: Paul, any risks to this strategy? Any unintended consequences here.

AUSLANDER: Well, I think the main one, and it goes to the issue of full disclosure, is the client needs to know they person needs to know, that they no longer have that death benefit that they`re leaving for their family. And so, if the children are involved and the parents make these decisions together, I think that`s the only down side that I can see. I`ve seen these situations where I would just recommend that someone pay an independent third party to review this, preferably a certified financial planner that has a fiduciary responsibility to their client to at least do an evaluation, to make sure that this is in their best interest.

But assuming it passes that test, I don`t see a lot of down side.

MATHISEN: So, if I have a $100,000 death benefit on for example, a term life policy, and I want to sell that death benefit to a third party, how much would I be likely to receive?

AUSLANDER: The numbers, Tyler, are all over the ranch. It`s not a formula. And that`s one of the areas where I think as this gains more acceptance, you`ll see it more regimented in that fashion. But it could be anywhere from $35,000 to $65,000 depending on the company that`s doing it.

GHARIB: All right. So, a Texas governor is going to sign this into law, presumably. There are a couple other states looking into this, what is your sense of how many states are going to adopt this. Is this going to be standard operating procedure going-forward?

AUSLANDER: Well, I think it will, and the reason being is, all of these states are under the same Medicaid crisis, right? So, the big issue for their legislation, their governors is how do we take some of that expense off the taxpayers of the state and over to the private sector. And this serves that purpose.

So, I think it`s going to do -- surprisingly well in many states as they look at it. Of course, there may be some legal challenges. The insurance industry probably won`t like this on balance.

But in general, I think you`ll see more and more states accept it.

Also, keep in mind that the idea of long term care insurance has been getting harder and harder to get over the last few years. The big name companies have frankly exited the business. The large companies that we all know the names of have decided that that business is not profitable.

So, there are less choices out there, and it`s become more expensive. So, alternatives have be selected and I think this is one of them.

MATHISEN: Very, very quickly. If I hold on to that life insurance policy, does that preclude me from getting coverage under Medicaid for these long term care costs?

AUSLANDER: Well, that`s one of the issues, Tyler. To your point that`s what these bills are trying to do, in effect, is keep people from dropping those policies to qualify for Medicaid, and in fact burdening the system more.

MATHISEN: All right. Paul, thank you very much. Paul Auslander, cofounder and CEO of American Financial Advisers. Still ahead on the program, Netflix (NASDAQ:NFLX) strikes its largest content deal ever with DreamWorks, betting on a new and lucrative fan base, kids.

But, first, a check on commodities, treasuries and currencies.

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MATHISEN: From the battle over smartphones, to the battle for your living room, Netflix (NASDAQ:NFLX), the streaming TV service and the best performing stock, by the way, on the S&P 500 today, made its biggest content deal yet, partnering with the digital animation studio DreamWorks.

Julia Boorstin tells us why Netflix (NASDAQ:NFLX) is betting big on kids.

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SHREK: Next in line.

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT: With DreamWorks animation on board, Netflix (NASDAQ:NFLX) is making a push into a regional, exclusive kids content, a battleground in the streaming video space, as DreamWorks animation builds out its television studio. The deal will give Netflix (NASDAQ:NFLX) 300 hours of new original shows starting in 2014. The show will be based on DreamWorks franchises like "Shrek" and "Kung Fu Panda", plus the classic media library the studio acquired, which includes "Rocky & Bullwinkle" and "Casper the Friendly Ghost".

The programming will be available to all of Netflix`s global subscribers.

Today`s news comes less than two months after Netflix`s allowed its deal with Viacom (NYSE:VIA) for Nickelodeon kids content to expire, pulling popular shows like Dora the Explorer off of Netflix`s service.

MIKE MURPHY: Netflix (NASDAQ:NFLX) got rid of Viacom (NYSE:VIA) to make room for this DreamWorks deal. Who picked up Viacom (NYSE:VIA)? A little company by the name of Amazon (NASDAQ:AMZN). Netflix (NASDAQ:NFLX) does not have the fire power to go head up with Amazon (NASDAQ:AMZN).

BOORSTIN: But Netflix (NASDAQ:NFLX) aims to compete with Amazon`s newer prime streaming service by making this new deal different than Viacom`s agreement. DreamWorks Animation`s new shows will be available only on Netflix (NASDAQ:NFLX), while Nickelodeon shows were available elsewhere, with restrictions on when they could be streamed.

CEO Reed Hastings saying in an interview on May 29th, he was fed up with Viacom`s limits on when it could offer popular shows.

REED HASTINGS, NETFLIX PRESIDENT & CEO: It`s a real problem with some of the shows, when they come off like Blues Clues. You know, if a child is really used to that show

and there`s nothing we can about it because some shows come out of window and some shows come on, this whole windowing system that Hollywood has.

And we are doing our best, because we know the consumer wants which is to be able to get everything and to rely on it. So, we`re definitely working towards that.

BOORSTIN: This is a big move for DreamWorks Animation, becoming a true television studio, rather than licensing its characters to other TV producers. This will help diversify its revenues away from a few films it produces each year. There were no disclosures of the amount of money changing hands, but it is a multiyear deal, which means it will likely be worth hundreds of millions of dollars over time.

For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in Silicon Valley.

(END VIDEOTAPE)

MATHISEN: You can also read about Netflix`s new deal with DreamWorks on our Web site, NBR.com.

GHARIB: And finally tonight, Google (NASDAQ:GOOG) has settled a class action lawsuit by shareholders, clearing the way for the company to issue a batch of new nonvoting stock called class C shares. Google (NASDAQ:GOOG) shares rose more than a percent today to $886.

And that`s NIGHTLY BUSINESS REPORT for tonight. I`m Susie Gharib. Thanks for watching.

MATHISEN: And I`m Tyler Mathisen. Thanks from me as well. Have a great evening, everyone. And we hope to see you back here tomorrow night.

END

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.

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