<Show: NIGHTLY BUSINESS REPORT> <Date: July 9, 2013> <Time: 18:30:00> <Tran: 070901cb.

118> <Type: SHOW> <Head: NIGHTLY BUSINESS REPORT for July 9, 2013, PBS> <Sect: News; Domestic> <Byline: Susie Gharib, Tyler Mathisen, Courtney Reagan, Hampton Pearson, Kayla Tausche, Diana Olick> <Guest: Joe Feldman> <Spec: Barnes & Noble (NYSE:NE) (NYSE:BKS); Business; Internet; Retail Industry; Economy; Housing; Financial Services; Banking; Government; Policies> <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: Turning the page. A day after Barnes & Noble (NYSE:NE) (NYSE:BKS) CEO quits, the question remains: can the big box bookseller survive? And will Amazon (NASDAQ:AMZN) eventually rule the world of retail?

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Own versus rent. It`s an age-old debate when shopping for a new home. But will rising mortgage rates push potential buyers into the arms of landlords?

MATHISEN: And new rules. Regulators get tough with the nation`s eight biggest banks. But will the tighter requirements make them safer?

All that and more tonight on NIGHTLY BUSINESS REPORT for Tuesday, July 9th.

GHARIB: Good evening, everyone.

A new chapter for Barnes & Noble (NYSE:NE) (NYSE:BKS) today, but how that story plays out is still unwritten. Investors are betting on a happy ending, pushing up Barnes & Noble (NYSE:NE) (NYSE:BKS) shares by 5 percent today. They were reacting to news late yesterday that the CEO is out and the possibility that the big retailer might break up and spin off its moneylosing Nook division. Barnes & Noble (NYSE:NE) (NYSE:BKS) has outlasted a lot of brick and mortar competitors like Borders and Waldenbooks.

So, what`s next for the chain? And can it even survive?

Courtney Reagan picks up that part of the story.


COURTNEY REAGAN, NIGHTLY BUSINESS REPORT CORRESPONDENT (voiceover): Three years ago, Barnes & Noble (NYSE:NE) (NYSE:BKS) made a bet on its Nook e-reader, bringing in a new CEO William Lynch to ignite its e-reader business. But the Nook never caught fire, losing $475 million last year.

And now, William Lynch is the former CEO of Barnes & Noble (NYSE:NE) (NYSE:BKS).

And the company`s problems are bigger than just the Nook division. Nook sales did drop 34 percent in the most recent quarter, but sales in its physical stores and Web site also decreased by 10 percent. Even if Barnes & Noble (NYSE:NE) (NYSE:BKS) gets rid of its Nook business, the outlook for the company as a stand alone retailer is hazy. Amazon (NASDAQ:AMZN) and other web retailers are tough competition in the book business as more people are reading books on their Kindles and iPads.

(on camera): According to IBIS World, over the past five years, sales at U.S. bookstores have fallen by nearly 3 percent, but Janney analyst David Strasser isn`t dismissing Barnes & Noble`s retail presence yet, acknowledging that sales have struggled but believes the retailer still meets the demand.

DAVID STRASSER, JANNEY CAPITAL MARKET: I go in there. I take my kids in there to look at the games, the toys, the kids stuff. It`s a great store with a lot of traffic. The college bookstore business has a lot of value.

UNIDENTIFIED MALE: I`m old-school fashioned. I like the feel of a book.

UNIDENTIFIED MALE: I like having the portability of having a Kindle or an iPad. I like reading wherever I go.

UNIDENTIFIED FEMALE: In Barnes & Noble (NYSE:NE) (NYSE:BKS), we come with the kids to play upstairs in the kids section.

UNIDENTIFIED FEMALE: I have e-books on my iPad and I still prefer a book in my hand.

REAGAN (voice-over): There will always be people that want to go to a bookstore and browse before buying. But the question for Barnes & Noble

(NYSE:NE) (NYSE:BKS) is, will there be enough people doing that to keep their stores alive?



MATHISEN: And joining us now to talk more about the nation`s changing retail landscape is Joe Feldman is retail analyst at Telsey Advisory Group.

Mr. Feldman, good to have you with us.


MATHISEN: Let`s talk first about Barnes & Noble (NYSE:NE) (NYSE:BKS). Can it survive, will it survive and what must it do to survive?

FELDMAN: Well, I think it can survive if it creates an engaging experience. As we heard in the prior segment, that, you know, people like to go to the bookstore. People still want to browse.

Barnes & Noble (NYSE:NE) (NYSE:BKS) -- sorry, Amazon (NASDAQ:AMZN) is not really great for browsing. Amazon (NASDAQ:AMZN) is good for buying and maybe having something shipped to you. But how do you walk into the book store or how do you go to the Web site and just start browsing around? It`s a very different experience in the bookstore.

And I think really for all brick and mortar retail, there is a reason for brick and mortar retail and I think there`s a reason to exist and to drive people into the stores.

GHARIB: Joe, I`m with you. I like to browse and touch and feel and all of that. But, you know, Amazon (NASDAQ:AMZN) is so dominant in this whole retail space. There was a story in "Time" magazine not long ago with the headline, "Will Amazon (NASDAQ:AMZN) take over the world?" And it sounded like an exaggeration. But really, it looks like they are taking over this retail space.

Can anybody top what Amazon (NASDAQ:AMZN) is doing?

FELDMAN: Well, Amazon (NASDAQ:AMZN) has done a phenomenal job in categories, like books. Music, they`ve done. Obviously, electronics has been a pressure point.

But why couldn`t Walmart out-Amazon (NASDAQ:AMZN) Amazon (NASDAQ:AMZN)? I mean, Walmart has 4,000 stores in the United States. They have value pricing. They`re a logistics retailer really, or a logistics-based company, I should say, that happens to sell stuff very much like Amazon (NASDAQ:AMZN).

Why couldn`t they be able to leverage that need? The customer wants to pick up the goods in the store that day. They want to ship to their house, however they want to buy that item, that`s really what Walmart could provide it.

And if you notice, Amazon (NASDAQ:AMZN) needs to get closer to the customer. They`re trying to open more distribution centers so that they can be closer for same-day delivery.

So, I think, you know, you also get service, you get private label at stores. There`s other reasons to go to the store beyond just, you know, getting the item delivered to your house.

MATHISEN: Yes, you raise an interesting point there, Joe, and I`m beginning (ph) to think of Apple (NASDAQ:AAPL) and the way Samsung has come to them. And they haven`t out-Appled Apple (NASDAQ:AAPL), but they made a good run. Somebody will try and compete and effectively, eventually with Amazon (NASDAQ:AMZN).

Let me turn to the whole viability of the big box format, which is really Barnes & Noble`s thing. Do they have a real estate problem in the much the same way that lots of analysts believe Best Buy (NYSE:BBY) has or had a real estate problem? They`ve got stores that are just too big, too costly and have too many people in them?

FELDMAN: I do think there is an issue on that front, that the stores are quite large. They do, you know -- generally they are in very good locations, though. That`s the one big strength Barnes & Noble (NYSE:NE) (NYSE:BKS) does have. They have prime location.

So, I don`t think that they would have great difficulty if they needed to get out of some stores, but the forum factor of the book hasn`t really changed. What`s interesting with Best Buy (NYSE:BBY) is, the forum factor of the TV changed, and a lot of the products, they got smaller, thinner, you didn`t need that much space to house it.

But for books, maybe you don`t want to house as many books that you used to. But there are other things you can do, like, whether it`s games, toys. There is other -- the cafes within the stores. There`s ways to use that space.

MATHISEN: Look, there is no question this whole business model is changing and it`s influx, but look out a couple of years, who`s going to make it, who`s not going to make it?

I know Macy`s (NYSE:M) and Nordstrom (NYSE:JWN) are spending millions of dollars to have an e-commerce site and there are lots of other retailers. But who makes it and who doesn`t?

FELDMAN: Well, I think Walmart makes it. I think Home Depot (NYSE:HD) and Lowe`s is really not at risk from the Internet.

I think Best Buy (NYSE:BBY) makes it. I think Best Buy (NYSE:BBY) is going to make a very good go of it and be a good stock over the next few years.

I think -- as you said, Nordstrom (NYSE:JWN), Macy`s (NYSE:M), some of these players -- they are investigating a lot now in e-commerce. They also offer good service within the stores. They offer differentiated products. They offer private label in some cases.

I think those are ways that the big brick and mortar are going to need to compete.

MATHISEN: They`ve got to stand for something. That`s my basic bottom line on that.

FELDMAN: That`s right.

MATHISEN: Joe Feldman, thank you very much -- retail analyst at the Telsey Advisory Group.

GHARIB: On Wall Street, stocks rose today on investor hopes that this earning season is going to be OK. Specifically, they reacted to those better-than-expected quarterly earnings and revenues from Alcoa (NYSE:AA) last night.

Right from the opening bell, stocks moved higher. And then, by the close, the Dow was up 75 points, the NASDAQ rose 19, and the S&P 500 added nearly 12 points. And it`s just 17 points away from its all-time closing high.

And the yields on the 10-year at 2.64 percent today.

MATHISEN: Rising interest rates have scared a lot of investors and led to a record outflow of investor money from the world`s largest operator of bond funds. PIMCO suffered a massive outflow of $14.5 billion in June, the largest one-month exodus since recordkeeping began some 20 years ago. Most of that money, nearly $10 billion, came out of the firm`s flagship, PIMCO Total Return Fund, last month. It has lost more than 4 percent of its value so far this year.

GHARIB: Research in Motion (NASDAQ:RIMM) officially changed it`s name to BlackBerry at its annual shareholders meeting today. But that wasn`t the only big change at the struggling smartphone maker. Two long-time board members announced they won`t be seeking reelection and CEO Thorsten Heins told shareholders that he was, quote, "100 percent open to partnerships and alliances," end quote -- not surprising given disappointing sales of its Z10 and Q10 handsets that came out this spring.

Shares of BlackBerry are down about 19 percent so far this year. But today, they rose almost 1 percent.

MATHISEN: The nation`s largest supermarket chain did a little shopping today. Kroger`s is buying Harris (NYSE:HRS) Teeter for about $2.5 billion in cash. This is going to give Kroger (NYSE:KR) a big presence down in the Southeast, Mid-Atlantic regions given a total now of 2,100 supermarkets nationwide.

Shares of Kroger (NYSE:KR) up more than 2.5 percent today. Shares of Harris (NYSE:HRS) Teeter up 1 1/2 percent.

GHARIB: More good news about housing. Foreclosures declined in May from the same month a year ago, while the number of houses also somewhere in the foreclosure process also dropped. That news lifted shares of homebuilder stocks today. The big winner, D.R. Horton (NYSE:DHI) up 7.5 percent, while shares of Toll Brothers (NYSE:TOL) and KB Homes each rose more than 6 percent.

And coming up a little later on the program, we`re going to look at whether rising mortgage rates are turning potential buyers into renters.

MATHISEN: And more good news about jobs, too, today. The Labor Department says the phase of hiring by U.S. companies was higher in May, ticking up 1/10 of a percent that month. Report also showed that advertised job openings in May increased by a fraction from a month before.

GHARIB: But a small business owner`s group sees things a little differently. The National Federation of Independent Business reports that a measure of optimism by small business owners declined in June, following two straight months of gains. More owners reported raising their prices and more even plan to take on some new hires. But many owners say demand for their products and services is still weak.

MATHISEN: In "Market Focus" tonight, FedEx (NYSE:FDX) takes off. FedEx (NYSE:FDX) shares jumped on reports that activist investor William Ackman is contemplating a big FedEx (NYSE:FDX) buy. Ackman asked his clients to commit $1 billion for investment in a company he did not name. There was no comment from FedEx (NYSE:FDX) or Ackman, but the chatter took it from there.

FedEx (NYSE:FDX) shares traded at eight times their normal volume before closing at $103.18. That`s up more than 4 1/3 percent.

And blues for Big Blue as Goldman Sachs (NYSE:GS) cut IBM to neutral from buy, saying pressure on IBM`s growth markets may weaken some of IBM`s earnings and cash flow in coming quarters. Shares of the big company lost almost 2 percent to close at $191.30, essentially flat now for the year-to- date.

And Netflix (NASDAQ:NFLX) is a winner today. Its investors took a second look at a licensing deal with CBS (NYSE:CBS), adding "CSI New York" and other titles to Netflix (NASDAQ:NFLX) offerings, and extending access to some older shows.

Netflix (NASDAQ:NFLX) shares gained another 6 percent today, to close at $247.38, up almost 200 percent in a year.

GHARIB: By contrast, Intuitive Surgical (NASDAQ:ISRG) tumbled 16 percent. That`s after the company issued a gloomy earnings and sales warning that led to downgrades by three analysts today. The medical device maker reports its second quarter numbers next Thursday.

Shares touched a 52-week low, finally closing at $419 and change.

Health Management Associates (NYSE:HMA) jumped on a "Reuters" report that this hospital operator is attracting takeover attention from other hospital companies. HMA has been in a dispute with its largest shareholder Glenview Capital over growth strategy and other issues.

Shares have more than doubled in a year and today`s news put shares higher on triple volume to $16.75.

And Alaska Air said traffic and revenue soared in June, pushing up its second quarter numbers. It also announced plans to increase baggage and ticket change fees later this year. The stock took flight up 7.5 percent to $55.93.

MATHISEN: Smokers could get a break when new Obamacare measures go into effect. A computer glitch will limit penalties that new healthcare exchange will be able to charge smokers for coverage. Those penalties could be up to 50 percent of the total premium, but that glitch will reject some of the highest levies and administration says a fix could take at least a year.

GHARIB: A powerful U.S. senator wants to create a new public retirement system. Utah Republican Orrin Hatch is proposing legislation that would let state and city governments turn their pension plans over to private insurance companies.

Under his plan, employers would pay a premium each year to a state licensed insurer. Workers would then receive fixed amount annuity payments after they retire. Hatch says his overhaul would ease financial strains on state and local governments, and public workers would get the type of benefits they want.

MATHISEN: And coming up, the most powerful financial regulators in the country want the biggest banks in the nation to meet tighter requirements. But will the new rules make them safer?

But, first, a look at some of the stocks hitting all-time highs today.


GHARIB: Greece is the word. The struggling Greek government is close to reaching a deal with lenders so it can get its next big bailout payment by Monday. But, first, the eurozone finance ministers will decide whether Greece has made enough public sector job cuts and met other austerity targets in order to receive another loan of more than $3 billion.

MATHISEN: While the International Monetary Fund helps Greece rebound, it did not have good news for the global economy today. The IMF cut its global growth outlook for this year and next.

Hampton Pearson has the details.


HAMPTON PEARSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voiceover): Top economists at the International Monetary Fund are forecasting slower global growth both this year and next. They say the recession in Europe is lasting longer than expected and China is leading the way among developing countries, seeing a slowdown in economic growth.

OLIVIER BLANCHARD, IMF CHIEF ECONOMIST: This means that the focus of policies would increasingly need to turn to boosting potential outward growth in the case of China to achieving a more sustainable and balanced growth.

PEARSON: The IMF now forecasts global growth at 3.1 percent this year, down from 3.3 percent back in April, 3.8 percent is the new 2014 forecast.

The U.S. economy is also weaker. The IMF pegs U.S. growth at 1.7 percent this year and 2.7 percent in 2014, down 0.2 percent overall.

Where the real concern is however is how long the sequester last and the timetable for Ben Bernanke and his fellow monetary policymakers to taper the Federal Reserve`s economic stimulus.

BLANCHARD: Going forward, we think this was very much re-pricing episode and we expect productivity to decrease, maybe not back to the levels of a few months ago but to decrease relative to the highs of the recent past.

But one cannot rule further attacks of nerves along the way.

PEARSON: Leading economists and market watchers say it`s not just volatility that has all eyes on the Feds.

RAY STONE, STONE & MCCARTHY RESEARCH: If the tapering causes slowing or economic activity or increases in interest rates in the United States that would have adverse impacts on foreign exchange rates in other countries, where it might force the hand of other central banks.

PEARSON: Japan and Great Britain are two bright spots, both getting upward provisions to their growth forecast.

(on camera): As far as solutions to sluggish global growth, the IMF wants the U.S. and other wealthy nations to adopt more pro-growth policies and bring down their debt.

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


GHARIB: Despite that forecast, there is good news about American borrowers.

Thanks to higher home values and rising stock prices, more Americans are able to pay down their debt. Late payments on U.S. credit cards fell to a 22 -year low in the first quarter of this year.

MATHISEN: And if you pay off those cards and are saving more of your money in a credit union, be careful. A research firm reports that credit unions have been raising fees on things like ATM withdrawals, checking accounts, debit card use at a faster phase than banks. The reason: credit unions are looking to offset a decline in overdraft fees.

GHARIB: Federal regulators are proposing strict new rules for the nation`s biggest banks. The Federal Reserve, the FDIC and Office of the Comptroller of the Currency are all teaming up to make sure banks increase their ratio of equity to loans and other assets from the current 3 percent to 5 percent. And they`ve also set aside higher reserves for their deposit holding units.

Kayla Tausche joins us now with more on what this means for the nation`s biggest lenders.

You know, Kayla, people are always worried through all of this financial crisis, are the banks safe? Do these new rules mean that we can sit back and say the banks are not safer?

KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT: It would appear to be so, Suzy. This is one of the tenets of regulations that these policymakers have been alluding to for several years now. It limits the amount that banks can borrow to fund their activities, especially short- term debt.

So, if push comes to shove, they won`t have as much debt outstanding. There won`t be as many investors on the other side of that debt. And also, banks will be able to fund activities from day to day.

The hope is, by eliminating some of that risk in the system, they will make the banking system safer.

GHARIB: This means they have to have basically more capital. They can`t take as much risk. What in turn does that mean to the investment prospects of the banks?

If I`m a stockholder, in one of these banks, are they going to be able to grow as fast as they otherwise would have been able to?

TAUSCHE: I don`t think so, Tyler. A lot of people aren`t talking about the banks like utility stocks. We`ve heard that mentioned for a long time, but regulators specifically want to make sure that the heady days pre-crisis when banks were returning as much as some hedge funds are over, that banks won`t be levering up their balance sheet, i.e., borrowing more to reinvest some of its capital to beef up their returns and make the big profits that they did before the crisis.

Regulators want them to have a very steady earning stream, even if that`s a lower earning stream. They`ll be able to buy back stock. They`ll be able to issue dividends. If you like utility stocks, that`s where the banks are heading.

GHARIB: So, what does this mean for loans? We`ve heard over the last couple of years how difficult it is to get any kind of loan, mortgage, car loan, whatever. What about now?

TAUSCHE: Part of the criticism of the lending environment is that because lending dried up almost entirely during the crisis, it`s taken along time for banks to bounce back. Regulators say one of the leading voices behind this registration actually said that what happened in 2008, 2009, 2010 was a lending implosion. Loans dried up almost entirely and that because you`re now having a bigger capital base, some banks won`t have to stop lending, even though the growth might be a little slower.

GHARIB: That`s good news. Kayla, thanks for coming by -- Kayla Tausche.

TAUSCHE: Thank you.

MATHISEN: Well, Washington is not only tightening up its oversight of banks to prevent another financial crisis, also going after the ratings agencies for that last meltdown. A federal judge has now cleared the way to let the federal government pursue its $5 billion civil suit that accuses the S&P ratings agency of defrauding investors by purposely and falsely deflating the ratings of risky securities just before the global financial crisis.

GHARIB: If you`ve been contacted by a collection agency, you might like this story. A debt collection agency that federal regulators accused of harassing and abusing people who are behind on their payments has agreed to pay $3.2 million self penalty and was ordered to stop calling debtors several times a day. The penalty against Expert Global Solutions, this is the world`s largest debt collection company, is the biggest ever levied by the Federal Trade Commission against a third-party debt collector.

MATHISEN: Two giants of the financial world, both long-time friends, are now involved in a big lawsuit against one another. One of billionaire Ronald O. Perelman`s companies, Harland Clarke Holdings, big check maker, is suing financier Michael Milken for fraud. Remember him from Drexel? Junk bond days?

Harland Clarke executives say they were deceived in acquiring Mr. Milken`s education technology company Global Scholar. But according to "The New York Times (NYSE:NYT)", Pearlman says the lawsuit is only business, nothing personal.

GHARIB: Still ahead on the program, is your car a popular target for thieves? We have a list of the automobiles most likely to be stolen.

But before we get to that, let`s get a check on how commodities, treasuries and currencies fared today.


MATHISEN: The Ford F-250 full size pick up truck is a terrific vehicle and a favorite of contractors and people towing boats and mobile homes. And that`s the problem. The insurance

industry`s Highway Lost Data Institute says it is also now the new favorite among car thieves, specifically, it`s the Ford F-250 Super Duty Crew Cab with four-wheel drive that all the bad guys seem to want these days. It has seen nearly seven times the normal of stolen car claims, compared with the average vehicle.

And it is the first time in 10 years that the Cadillac Escalade (NASDAQ:ESCA) was not in the top spot. Apparently, my Prius is safe.

For the complete list of cars popular with thieves this year, log on to our Web site, NBR.com.

GHARIB: We told you a little earlier in the program that foreclosures continue to drop and with housing prices recovering and confidence returning, the thought was that more renters would become buyers. But mortgage rates closing in on 5 percent may be turning that theory on its head.

Diana Olick has more.


DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): In cities across America, apartment buildings are going up. Rental demand took off after the housing crash. Some called it "renter nation" as homeownership fell from a high of over 69 percent in 2004 to just 65 percent at the beginning of this year. The reasons were simple, financing and fear.

EMILY CAMPAGNA, RENTER: I`m a renter because I can`t afford to buy a house now.

CHARLES DESANPEDRO, JR., RENTER: I`m scared in part due to the fact that my father and mother had a lot of problems with mortgage.

OLICK: Just as housing was starting to recover and more renters were considering buying, mortgage rates jumped over a full percentage point in just the past two months. That has some potential buyers even more nervous than they already were.

MARK SADAKA, POTENTIAL BUYER: We`re actually looking for a place to buy, and right now, it seems that the -- from what we understand, the mortgage market was topsyturvy.

OLICK: While rising rates are throwing a wrench in the housing recovery, they are breathing new life into the apartment sector.

ALEXANDER GOLDFARB, SANDLER O`NEILL: Mortgage rates going up by 50 to 100 basis points takes out a lot of the ability for people to afford to buy a home.

OLICK: They are also benefiting the RETS that develop new apartments, names like Essex, Avalon Bay and Camden Property Trust (NYSE:CPT).

GOLDFARB: With rates going up, it curtails development because it makes it more expensive for developers. That bodes well for the RETS because they are the ones with the capital.

OLICK: Apartment rents rose in the second quarter of this year up over 2 percent from a year ago, according to a new report. Rent growth has been slowing but largely due to weak income growth. And these latest numbers were from before the mortgage rate jump.

(on camera): Rising mortgage rates have cut the average buyer`s purchasing power by over 10 percent. While rates are historically low, credit is tight and getting the low right can be tough, not to mention that consumers memories are short and after years of record-low rates, the thought of getting a mortgage of around 5 percent could be a deal breaker.

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


MATHISEN: So, how much would you pay for an original and functioning Apple (NASDAQ:AAPL)-1 computer? Not that much apparently. An online only auction for the rare working computer, along with its original manual ended today with a bidding of nearly $390,000, which was less than Christie`s Auction House forecast and far off a previous auction that fetched $671,000 for a different Apple (NASDAQ:AAPL)-1 desktop model.

GHARIB: And, finally tonight, if you`ve ever thought TV had gone to the dogs, it turns out you have been barking up the right tree. After a successful test run in San Diego, Dog TV will be unleashed to Direct TV subscribers nationwide. For $5 a month, the channel air shows for your dog to watch, three to six-minute clips to get man`s best friend stimulated or make him relaxed or expose him to situations your dog may find himself in one day, like riding in a car with a toddler --

MATHISEN: Dog TV unleashed. All right.

GHARIB: That`s NIGHTLY BUSINESS REPORT for us tonight. I`m Susie Gharib. Thanks for watching.

MATHISEN: Thanks from me, as well. I`m Tyler Mathisen. Have a great evening, everybody. We`ll see you 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.

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