<Show: NIGHTLY BUSINESS REPORT> <Date: July 15, 2013> <Time: 18:30:00> <Tran: 071501cb.

118> <Type: SHOW> <Head: NIGHTLY BUSINESS REPORT for July 15, 2013, PBS> <Sect: News; Domestic> <Byline: Susie Gharib, Bill Griffeth, Jane Wells, Kayla Tausche, Jon Fortt, Courtney Reagan> <Guest: Scott Wren, Katie Libbe> <Spec: Consumers; Economy; Retail Industry; Citibank; Banking; Business; Policies; Stock Markets; Lifestyle; Women> <Time: 18:30:00>

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

(COMMERCIAL AD)

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: Sales sag. If people weren`t buying cars, they weren`t buying much as all. Last month`s retail sales disappointment has economists worried about a slowdown in economic

growth.

So, how do you invest in a slow growth world?

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Citi strategy -- it seems to be paying off. We`ll tell you what one of the world`s biggest banks and most widely-held stocks is doing to put the past behind them.

GRIFFETH: Closing the gap. Why the Great Recession prompted an increase in the number of women to take control of their money and become more financially secure.

All that and more tonight on NIGHTLY BUSINESS REPORT for Monday, July the 15th.

GHARIB: Good evening, everyone. I`m Susie Gharib. I`m here along with my colleague Bill Griffeth. Tyler is off tonight.

Fresh worries today about consumer spending and the outlook for the U.S. economy. Retail sales in June were a big disappointment. They notched up just a fraction, much less than forecast.

Sales of gasoline, clothing, furniture, new cars and trucks were strong, but sales of building materials, computer and other electronics disappointed And Americans dined out a lot less often. That`s a troubling

sign that consumers are getting stingy about spending.

Adding to the worries: new reports showing a slowdown in China`s economy.

So, it`s no wonder economists are now recalculating growth numbers for the U.S. economy over the last quarter. One of them is calling for skimpy GDP growth of less than 1 percent.

GRIFFETH: And there are more indicators of economic growth that saw a lot of movement today, oil and gasoline prices both moving higher again. Crude closed above $106 a barrel today, with no sign of letting up any time soon. But the CEO of one of the world`s biggest oil companies said today, that by the end of this year, the oil price should be half what it is today.

Gulf Oil`s Joe Petrowski credits the record number of oil and natural gas being produced here in the U.S. and in Canada, along with higher supplies coming from OPEC nations. But he also said that does not mean prices at the pump will see a sharp decline any time soon.

(BEGIN VIDEO CLIP)

JOE PETROWSKI, GULF OIL: The fact that we`re relying on railroads and trucks to move product from refinery markets to consumption markets, rather

than pipelines is adding another 35 cents to 40 scents, if you do the math, with $50 oil does not translate into $2 gasoline, because we still have to refine it and we have to move it.

(END VIDEO CLIP)

GRIFFETH: Well, if you filled up your gas tank over the weekend, you`ve likely seen a big jump in prices and the pain is getting worse.

Jane Wells tells us why gasoline costs are on the rise and how long we might be paying for more at the pump.

(BEGIN VIDEOTAPE)

JANE WELLS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): The U.S. is in the middle of an oil boom. You wouldn`t know it looking at gas prices.

JAMES MACKINLEY, COMMUTER: Gas is more expensive than milk is right now, and it`s a little crazy.

JASMIN MARTINEZ, COMMUTER: It sucks, but it is what it is.

WELLS: What it is, it`s a 14 cent a gallon jump in just one week, according to AAA, to an average of $3.61 a gallon, about 20 cents higher

than a year ago, with more to come.

AVERY ASH, AAA: Gas prices in pretty much every state except for three are moving higher right now over the last week. And with crude oil prices and wholesale gasoline prices increasing as well, it`s likely gasoline prices may continue to increase over the next several days and possibly the next couple weeks.

WELLS: Why? Two main reasons: first, uncertainty in Egypt. Second, a jump in demand -- even more than usual for the summer driving season.

PATRICK DEEHAN, PETROLEUM ANALYST: So, what we`re seeing right now certainly is not the norm for the summer driving season. But then, again, in recent years, there really hasn`t been much of a norm when it comes to prices in the summer anyway. They`ve really been all over the place.

WELLS: But like housing, gas is all about location, location, location, and a so-called heat map from GasBuddy.com sizzles red where prices are getting close to $4 a gallon. Pictures tweeted from across America show how much the price varies from South Carolina to Illinois, California and Hawaii.

(on camera): The price also reflects gas taxes. And in California, they`ve reached a record 72 cents a gallon. In fact, they went up this month because Californians are either driving less or driving more fuel

efficient cars and the state`s not making enough money.

(voice-over): Which especially hurts when you own a car service, like Danny Akopian. He says he`s spending as much as $600 a week on gas, while cutting his own rates to stay competitive.

DANNY AKOPIAN, DANNY`S LIMO SERVICE: Sometimes I don`t want to drive because of the gas prices.

WELLS (on camera): But you drive for a live something.

AKOPIAN: Yes, I have no choice.

JOHN JARROOUS, GAS STATION OWNER: They say in the gas business, it climbs like a rocket and drops like a feather.

WELLS (voice-over): The good news: down like a feather is supposed to happen, we just don`t know when prices will fall or by how much.

For NIGHTLY BUSINESS REPORT, Jane Wells, Los Angeles.

(END VIDEOTAPE)

GRIFFETH: So, what do all of these economic cross currents mean for the stock market and your investments?

Joining us right now is Scott Wren. He`s senior equity strategist at Wells Fargo (NYSE:WFC) Advisors.

Good to see you again, Scott.

SCOTT WREN, WELLS FARGO ADVISORS SENIOR EQUITY STRATEGIST: Hi, Bill.

GRIFFETH: On a day where we saw really pretty poor retail sales figures for June. The stock market continued higher. Why the disconnect right now, do you think?

WREN: Bill, I think right now, for some of this data, what`s bad is good, and what I mean by that, is bad economic data means the Fed is less likely to taper, which I don`t think they`re going to do anyway, until 2014, probably. But that`s the way the market`s reading some of these indicators now, bad economic news is good, because the Fed`s not going to make too many moves, at least soon, to reduce the amount of QE they`re doing every month.

GHARIB: You know, what`s not surprising, is that we`re having slow growth, we`ve known that all along. I think the concern is how slow is this growth going to be, and in some cases, what if it is negative, it goes to zero growth? Would that derail the stock rally that we`ve been seeing?

WREN: Well, Susie, certainly based on our projections, if we saw negative GDP growth, that would -- our target would be in question. Our earnings growth would be in question.

So, I mean, we`re expecting modest. I`ve used that word a zillion times over the last year -- 5 percent to 6 percent earnings growth. We had been looking for about 2.5 percent GDP growth last year. That may sound a little optimistic right now, though.

But I think the market has priced in the slow growth. As I said before, I think the market right now is taking it as a positive that the Fed`s going to be in here, because let`s admit what`s going on here -- I mean, much of this rally, much of this move we`ve seen over the last few years has been due to the Fed`s --

GRIFFETH: All right.

WREN: -- Fed`s easy money policies and all these central banks around the world. So, that`s what the market wants. I think we`re going to continue to see very easy monetary policy out of the Fed for a long, long time.

GRIFFETH: Lately, Scott, if you think the economy`s going to grow, you buy cyclical stocks. If you`re worried about the economy, you buy defensive stocks. Here you are talking about maybe being a little too

optimistic about the economy and its growth rate, but yet you`re still going with the cyclical stocks.

Why?

WREN: I think so, Bill, because in my opinion, we`re going do see a continuation, despite what we saw out of China here, a little disappointing numbers, I don`t think they`ll get lower than this. But I think the global recovery is going to continue at a modest pace, I think our recovery is going to continue at a modest pace, and I think you want to be in those sectors that are going to benefit thins like consumer discretionary sector which has done all along, really, this entire recovery.

Technology which has been up and down, I think that will do better if I look forward for a year. And also, I think industrials are looking better as well.

Now, saying that, if you looked at the sectors that performed last week, when we had a great move up in the market. I mean, the S&P 500 moved up 3 percent.

GRIFFETH: Right.

WREN: You know, it was -- it was a defensive sector that led. I don`t think that`s going to be the pattern going forward, but certainly

last week, you see anomalies like that. So, the markets are in a state of flux here. I don`t think we`re going to go much higher this year, but I do think over the course of the next 18 months, the upside looks good.

GRIFFETH: Scott Wren, senior equities strategist for Wells Fargo (NYSE:WFC) Advisors, good do see you again. Thank you for joining us.

WREN: Have a good evening, guys.

GRIFFETH: You too.

GHARIB: On Wall Street today, strong quarterly earnings from Citigroup (NYSE:C), along with the big boost from Boeing (NYSE:BA), helped offset those jitters about the economy and the weak retail spending data we told you about. We`re going to have more about Citi and Boeing (NYSE:BA) in just a moment.

Well, the Dow and S&P 500 kicked off the week with new records, making it eight straight days of gains for S&P 500, only the second such winning streak since November of 2004. The blue chip Dow added 20 points, closing at 15,484. That`s a new record. The NASDAQ rose 7, the S&P up two points.

GRIFFETH: Citigroup (NYSE:C), the nation`s third largest bank, is back, apparently. After posting a 42 percent increase in profit last quarter, the bank is in far better shape than it was back in 2008, when it

required the first of three government bailouts and was removed from the Dow Jones Industrial Average.

So, what does Citigroup`s latest quarterly result tell us and why does Citi matter so much to investors?

Kayla Tausche explains.

(BEGIN VIDEOTAPE)

KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT: Citigroup (NYSE:C) isn`t the nation`s biggest bank these days, but it is the most widely owned by stockholding Americans. With today`s earnings, shareholders got a 2 percent boost to their investment. And CEO Mike Corbat got a vote of confidence.

JASON GOLDBERG, BARCLAYS SENIOR EQUITY ANALYST: Certainly some of the actions that were taken in the back half of last year are showing benefits today.

TAUSCHE: When former CEO Vikram Pandit was ousted last October, Corbat took the reins, focusing squarely on making over the bank and executing on that plan.

On his watch, Citi Holdings, the bad bank with all of Citi`s toxic

loans, has now dwindled to 7 percent of assets and not counting legal cost, broke even for the first time. Completing the sale of brokerage Smith Barney, pumped up the bank`s capital, too. That capital level is already on track with regulator`s rules years before required. And the bank is a stones throw from other benchmarks it has set for 2015.

Add to that the $1.2 billion in annual cost savings it laid out last year, and even critical analysts like CLSA`s Mike Mayo say the bank may finally be on a path to consistent revenue growth.

MIKE MAYO, CLSA BANK ANALYST: And if Citigroup (NYSE:C) can become boring, then I think the stock goes much higher. The big issue at Citigroup (NYSE:C) for the last two decades is when they swing for the fences and they just need a lot of singles.

TAUSCHE: As U.S. consumers keep shedding debt and balking at rising interest rates, there`s continued concern that Citigroup (NYSE:C) could rely too heavily on the emerging markets for growth. About 42 percent of the revenue from the good bank, Citicorp, comes from emerging markets. Management today acknowledged some weakness there.

The bank has high exposure to home builders in Mexico where bad loans ticked up in the quarters.

Korea remains a weight on earnings. And the CFO John Gerspach said

problems there could continue for a year. Even so, Corbat said any fear of a slowdown, especially given recent data that show lower GDP growth in China has not caused the bank to rethink its strategy.

For NIGHTLY BUSINESS REPORT, I`m Kayla Tausche.

(END VIDEOTAPE)

GHARIB: And now to Boeing (NYSE:BA), shares of Boeing (NYSE:BA) were flying high today. Leading all the Dow gainers, Boeing (NYSE:BA) soared nearly 4 percent. That`s after investigators found that its lithium ion battery system was not the cause of a fire on board one of its 787 Dreamliners in London on Friday.

But the news was not so good for Honeywell. It makes an emergency locating transmitter on those 787s. Investigators say it could be a possible source for that fire. Honeywell shares fell a fraction today. The company says it is cooperating with the investigation and cautioned that it`s too early to speculate on the cause of the fire.

GRIFFETH: Still ahead, why more women are closing the gap when it comes to making personal finance decisions.

But, first, a look at some of the stocks that hit all time highs today.

(MUSIC)

GHARIB: Is the beleaguered BlackBerry in some real trouble? Just four months after the release of its Z10 smartphone, carriers and retailers are slashing prices by as much as 75 percent. The nation`s two largest wireless carriers, AT&T (NYSE:T) and Verizon (NYSE:VZ), cut the price in half to $99 if you get a two-year contract. At Best Buy (NYSE:BBY) and on Amazon (NASDAQ:AMZN).com, you can pick one up for just $49.

In a statement, BlackBerry says it`s all part of its marketing strategy, to make room for its newer touch screen Q10 device, explaining that, quote, "now is the right time to adjust the price for the BlackBerry Z10."

GRIFFETH: Well, despite those challenges, it`s a big week ahead for some of the top names in technology, as they report their latest quarterly results.

Jon Fortt tells us which companies are reporting and what analysts and investors will be watching for this week.

(BEGIN VIDEOTAPE)

JON FORTT, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): Big

week for tech earnings. The names on deck, Yahoo (NASDAQ:YHOO) tomorrow, eBay (NASDAQ:EBAY), IBM, and Intel (NASDAQ:INTC) on Tuesday. And Nokia (NYSE:NOK), Google (NASDAQ:GOOG), and Microsoft (NASDAQ:MSFT) on Thursday.

Let`s start with Yahoo (NASDAQ:YHOO) -- analysts aren`t expecting much from the quarter, which coincidentally marks CEO Marissa Mayer`s first anniversary at the helm. It`s Mayer`s Q3 guidance, that`s the bigger deal. The street wants $1.12 billion and 34 cents in EPS.

To pull that off, Mayer is probably going to have to produce growth in Yahoo`s core display ad business.

BRIAN MARSHALL, PARTNERS & SENIOR MANAGING DIRECTOR, ISI GROUP: I think tech investing is all about growth. And so, if you can drive, the revenue growth higher, then you`re going to be rewarded by your investment community if that`s coming at appropriate margin levels. You can`t just grow and not focus on the profitability of that growth.

FORTT: On Wednesday, we`ll have Intel (NASDAQ:INTC) CEO Brian Krzanich giving his first earnings call. Given the 11 percent drop in PC sales, it`s going to be another quarter where Intel (NASDAQ:INTC) will have to rely on enterprise and data center sales to pick up the slack.

EBay has a challenging quarter to report, thanks to PayPal, its stock is near all time highs. And revenues would have to come in around $3.9

billion, 34 cents in EPS. That`s the very high end of the guidance range to support analysts` estimates.

(on camera): Then there`s IBM. Big Blue had been a machine when it comes to EPS growth, managing to keep its results deliciously predictable. Until last quarter anyway, CEO Ginni Rometty has been working to rein in expenses, we`ll see if it was enough.

(voice-over): On Thursday, Nokia (NYSE:NOK) reports before the bell, all eyes will be on Lumia sales, we`ll want to see if last quarter`s smartphone numbers add credibility to its survival story. In other words, if Nokia`s experiencing the turnaround that`s evading BlackBerry.

And, finally, Google (NASDAQ:GOOG) and Microsoft (NASDAQ:MSFT), both of these companies trading at or near their highest levels in recent memory, but for drastically different reasons. Google`s core business is strong but it`s taking risks in mobile that might hurt the bottom line. Microsoft`s eroding PC business prompted a reorg last week.

(on camera): Arguably more important than this week`s results, what these companies say about the outlook for the second half, between eBay (NASDAQ:EBAY), IBM, Intel (NASDAQ:INTC) and more, investors should get a pretty broad look.

For NIGHTLY BUSINESS REPORT, I`m Jon Fortt.

(END VIDEOTAPE)

GHARIB: Another twist in the Dell (NASDAQ:DELL) saga tops our "Market Focus" tonight. T. Rowe Price, Dell`s biggest shareholder, said it will not support the proposed buyout by founder and CEO Michael Dell (NASDAQ:DELL), saying the deal doesn`t reflect the true value of the company. Shareholders will vote this Thursday on the proposal to take Dell (NASDAQ:DELL) private. The stock lost 17 cents today to $13.15.

Shares of Tiffany (NYSE:TIF) glittering today. One Wall Street analyst says the stock will hit $92 a share, suggesting business will improve as consumers start to feel wealthier. He also said gross margins will get a boost from the falling price of precious metals.

Shares of Tiffany (NYSE:TIF) rose more than 3 percent to $79 and change. So far this year, the stock is up 39 percent.

GRIFFETH: Another bright spot today were the solar stocks. According to reports, listen to this -- China wants to more than quadruple solar powered generating capacity over the next two years. And that move is designed to ease the glut in the solar panel industry.

First Solar (NASDAQ:FSLR) finished the day up 5 percent. SunPower (NASDAQ:SPWRA) rose by 4, and Trina Solar was higher by 12 percent today.

On Friday, we told you about AT&T`s proposed takeover of smaller rival Leap Wireless. Well, today, that deal sent shares of U.S. Cellular Company soaring. Citi says that the acquisition makes U.S. Cellular the largest regional wireless provider. The stock finished the day up 8 percent to close at $38 and change.

And late today, Cintas (NASDAQ:CTAS), the maker of corporate uniforms, gave investors a weak outlook for next year. That CEO is blaming economic uncertainty, including President Obama`s new health care law. The stock closed the regular session lower by 12 cents to $47.88, and then fell further after hours.

GHARIB: There`s a silver lining from the financial crisis and the recession. More women feel empowered now to take charge of their money and financial future. According to a new study by Allianz Life, 62 percent of the women surveyed are interested in learning about financial planning, retirement and investing. That`s nearly double from seven years ago.

And here to talk about the data is Katie Libbe. She`s vice president of Consumer Insights at Allianz Life.

Well, Katie, this is good to see this kind of growth. Women for years have had doubts about their ability to invest in financial matters. It kind of stayed outside of that whole area.

Now that they are feeling empowered, do you find -- do you find that - what are they doing differently?

Katie, are you there? Katie, you can`t hear us?

All right. We`ll come back. We`re going to try to get Katie back in just a moment.

Meanwhile, coming up, spy games -- more retailers are watching you shop. Is it smart business or an invasion of privacy?

But, first, here`s a check on how treasuries, commodities and -performed today.

(MUSIC)

GHARIB: Back now with Katie Libbe of Allianz Life, to talk about women and investing.

Katie, before we had the tech problems, I was asking you, now that women are empowered to work on their financial future, how are they handling things? How aggressive are they? You know, what are they doing differently?

KATIE LIBBE, ALLIANZ LIFE, VICE PRESIDENT OF CONSUMER INSIGHTS: Well, they are taking more opportunity to learn? I think the recession in 2008 was a big wakeup call for women. So, they -- instead of delegating as they may have done prior to that to pay more attention to what`s going on with their portfolio, partnering up with their spouse, taking more personal responsibility for making financial decisions and things like that.

GRIFFETH: One stat caught my attention, Katie, that men, when they invest, tend to look for return. That`s their emphasis. They`re interested in what they get on return on that investment.

Whereas, women are looking for protection. How does that translate into a difference in investment style?

LIBBE: Well, yes, that`s a very good point. The men might chase the competitive returns, where the woman is more interested in balance. Very value oriented. So, she`s looking more about lifestyle, and, therefore, protection and certainly guarantees can come into play.

GRIFFETH: So, men take headless risk. Is that the idea?

LIBBE: Oh, no, no, that`s not -- that`s not what I`m saying at all. I`m just saying, men can be very aggressive and women may be more balanced. I`m not saying that women should not take risk. They take a moderate amount of risk and they also balance their portfolio out with some level of

protection guarantee.

GHARIB: But what I always find interesting is women more and more are feeling more confident when it comes to their jobs and, you know, pushing to move up the corporate ladder and things like that. But they`re still a little shy in this financial area for women who are still holding back and feeling a little insecure.

Any special tips on how to breakthrough all of that? You don`t want to wait for another financial crisis to get that wakeup call?

LIBBE: No, that`s true. I think women can start moving down the path of becoming more knowledgeable by setting goals, understanding how to get on a budget, starting saving early. What we know is that some of its financial knowledge is very powerful, and women that gain it become more successful in investing, buildup portfolios sooner and then, you know, improve their quality of life because of their early start.

GHARIB: All right. And tell them to watch NIGHTLY BUSINESS REPORT, maybe they get some confidence from that, too.

LIBBE: That`s true.

GHARIB: Thank you so much, Katie. Katie Libbe from Allianz Life.

Bill?

GRIFFETH: The nation`s largest public pension fund got a little bigger last year. CalPERS, the California Public Employees Retirement System, reported a 12.5 percent return on its investments for this year, that ended June 30th. That return underperformed the S&P 500, which rose more than 20 percent over that same time frame.

The fund with about $260 billion under management said that its global stock market investments and real estate holdings where its biggest drivers.

GHARIB: Attention shoppers. What you do and what you buy are being tracked. More and more retailers are profiling customers by tracking their movements inside the stores through their cell phones. Is it an invasion of privacy, and are these stores going too far?

Courtney Reagan has the story.

(BEGIN VIDEOTAPE)

COURTNEY REAGAN, NIGHTLY BUSINESS REPORT CORRESPONDENT (voiceover): Technology can be a powerful thing. The rise of big data has opened doors for companies yearning to know more about its consumers. But when big data feels more like big brother, retailers like Nordstrom (NYSE:JWN) could be

turning off its shoppers more than boosting its sales.

While the high end department store is no longer tracking customers` in-store movements, Nordstrom (NYSE:JWN) has used technology enabled through the Wi-Fi signals of smartphones, to learn more about shoppers` behaviors. Gathering everything from the time spent in certain sections, to demographic information stored within the phone itself.

UNIDENTIFIED FEMALE: I want to shop and be able to look around and not feel like someone`s watching me, and watching my every move.

UNIDENTIFIED FEMALE: It`s a little creepy.

UNIDENTIFIED MALE: Tracking me through my phone is extremely weird.

UNIDENTIFIED FEMALE: If they want to see what people buy and what things people like and what they don`t like, that would be fine.

REAGAN: Many retailers have at least experimented with these types of technologies, hoping to gain better insight on who its shoppers are and what those shoppers want. Even before the shoppers have decided for themselves.

DAN HESS, MERCHANT FORECAST, CEO & FOUNDER: A majority of the stores were doing this within five to 10 years, I think it`s going to ultimately

benefit the consumer. When a retailer understands better your preferences as you shop, they`re going to be able to tailor particular discounts for the way you like to buy.

REAGAN (on camera): Using a combination of surveillance videos, signals from smartphone, and apps that I`ve downloaded, data can be pulled together to paint a picture of who I am and what I`ve shopped for. So, if I walk away from the shoe department before buying those boots I`ve been checking out, the retailer knows it and makes sure I get sent a coupon for them before I leave the store.

HESS: Right now, it feels very invasive when a customer realizes they`re being tracked in a physical store. The technology has existed a long time online and there`s a comfort level with that.

Advocates of this practice say it`s no different than the information gleaned from online searches. Retailers know how long you lingered on each product and whether or not you followed through with the purchase. When you don`t, retailers seize the opportunity by blasting you with coupons, either in your e-mail or through banner ads on other Web sites.

But for many, no coupon is worth the creep factor of feeling tracked.

For NIGHTLY BUSINESS REPORT, I`m Courtney Reagan.

(END VIDEOTAPE)

GHARIB: Looking ahead to our market monitor segment, we want to hear from you, tell us which stocks you`d like our market monitor guess to discuss on Friday. Log on to our Web site, NBR.com to submit your question and be sure to tell us where you`re from.

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

GRIFFETH: I`m Bill Griffeth, we promise not to blast you with news here on NBR. Have a great evening, we`ll see you tomorrow.

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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