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118> <Type: SHOW> <Head: NIGHTLY BUSINESS REPORT for July 23, 2013, PBS> <Sect: News; Domestic> <Byline: Susie Gharib, Tyler Mathisen, Seema Mody, Julia Boorstin, Bertha Coombs, Sharon Epperson> <Guest: Max Wolff, Gregg Abella, Bob Nightengale> <Spec: Apple (NASDAQ:AAPL); Business; Electronics; Products; Abuse; Insurance; Policies; Economy; Labor; Lifestyle> <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: Apple (NASDAQ:AAPL) of your eye. The company that was once the darling of Wall Street said strong iPhone sales helped boost results. Is this the catalyst that will
turn the stock around?
SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Health care scams. Critics say the new exchanges are right for abuse. So, what are officials going to get out in front of the fraudsters?
MATHISEN: Working longer. More Americans are doing it so they don`t outlive their money. Tonight, we`ll meet one woman who`s doing it on her terms -- in the second part of our series, "How to Not Outlive Your Money."
All that and more on NIGHTLY BUSINESS REPORT for Tuesday, July 23rd.
GHARIB: Good evening, everyone.
Apple (NASDAQ:AAPL) got some of its shine back late today. It surprised investors with stronger than expected earnings after the bell, and that`s thanks to massive sales of its iPhones over the past three months. But sales of iPads and Macs came in below forecast.
Seema Mody has been tracking all of this. She has more on the results from the NASDAQ exchange.
Seema, over to you.
SEEMA MODY, NIGHTLY BUSINESS REPORT: Hi, Susie.
Well, technology earnings have not been off to a strong start, expectations coming into Apple`s report quite low. However, Apple (NASDAQ:AAPL) did beat the street expectations on its top and bottom line. But the big number that is getting Wall Street really excited, iPhone shipments of 31.2 million came in much higher than what Wall Street was expecting.
Now, CEO Tim Cook says, quote, "We`re especially proud of the iPhone sales of 31 million and the strong growth of revenue from iTunes, software and services."
Now, on Apple`s product pipeline, Cook says we are laser-focused and working hard on some amazing new products, that we will introduce in the fall and across 2014.
Now, Apple (NASDAQ:AAPL) did return $18.8 billion in cash to shareholders through dividends -- excuse me, through share repurchases this quarter. Morningstar (NASDAQ:MORN) analyst Brian Colello says what caught his was apple`s massive $16 billion stock buy back this quarter.
Lastly, Apple`s upbeat results are helping many suppliers like Qualcomm (NASDAQ:QCOM) and Texas Instruments (NYSE:TXN) move to the upside.
Tyler, back to you.
MATHISEN: Seema, thank you very much.
Here now with their thoughts on Apple`s earnings and the prospects overall, Max Wolff, senior analyst at Greencrest Capital, and, Gregg Abella, portfolio manager at Investment Partners Asset Management.
Welcome to you both.
Max, let me begin with you. These numbers on certainly the bottom line were a positive surprise here, but there were some worries on market share in the iPhone -- in the marketplace and also on gross margins. Take us through those.
MAX WOLFF, GREENCREAST CAPITAL SENIOR ANALYST: Sure. Well, thanks for having me. Always a pleasure to join you and to be with you, Tyler.
I think the big story in the handset and tablet space. And the tablet space was quite disappointing. So, they came in about 3 1/2 million below our expectation. But a good quote here, credit where it`s due, a good pushback against the sort of irrational bears who think the company is washed up or finished, which is, of course, not the case. In fact, the company`s chief and it has great prospects, 31 million phones sold, excellent, although, a lot of them looked like they were the 4 and 4S, hence the high offshore portion of the phone sales that they made.
But this is really a story first and foremost, the headset business, about two things: margin and market share. They are the stories a little bit less good.
So, Android is the dominating operating system. That`s not about to change. It didn`t change this quarter. And the margins came down albeit from 43 percent to about 36 percent. Still the best margins in the business and Apple (NASDAQ:AAPL) takes home more than half the total profit in the mobile space.
GHARIB: Well, what is -- Gregg, let`s get you in the conversation.
GREGG ABELLA, INVESTMENT PARTNERS ASSET MANAGEMENT : Sure.
GHARIB: What does this mean for Apple (NASDAQ:AAPL) stock? So many investors are not sure, should I be buying at $419 or sell into the rally perhaps?
ABELLA: Well, this is really a stock of inflection points. If you look back one year ago, this is a company that couldn`t do anything wrong. The earnings estimates were 50 percent higher than they are now.
And, you know, they set the bar so low, I think this time, that they couldn`t help but beat the phone count as Max put it, certainly exceeded
and I think that`s going to boost sort of a relief in the shares. But, you know, I don`t think this is a stock that`s going to mark its way straight back to $700 any time soon.
But it would look very washed out to me. It`s six to seven times forward earnings, x cash --
MATHISEN: Let`s get both of your views on where you think the stock can go.
Max, let`s start with you. Where do you think this stock is, let`s say, a year from now?
WOLFF: It depends a little bit to the other point there that it really has to do with the iOS7, the new operating system, works out. And what we see for a broader range of iPhone 5S or iPhone 6 coming.
That being said, this is a $475 to $525 share price. That`s where it should be given the cash, given the buybacks, given its market share. Unless it falls flat on it`s face, there`s no reason to expect that. It`s still cheap with the $11 shares have spiked up in the aftermarket trade since the 5:00 conference call began.
GHARIB: Gregg, you`re nodding your head --
ABELLA: Absolutely. If you look just -- forget just earnings but, you know, Tim Cook mentioned that there is going to be amazing products --
MATHISEN: Where are they? Where are they?
GHARIB: Everybody is looking for these cool products. Right.
ABELLA: The stock price really is discounting any of those sort of products coming out. This is a company that it takes its time and it comes out with a product that resonates with consumers, as opposed to competitors that put something out, and I won`t name names and write a billion dollars of them off a couple of quarters later. They don`t tend to do that.
GHARIB: But can Apple (NASDAQ:AAPL) and Tim Cook come out with that cool next gadget? Whether it`s a phone or a TV or a watch, whatever it is, it seems like, has it lost its mojo?
ABELLA: I don`t think they had a couple of -- they had their time in the barrel and every tech stock gets that way. And thank goodness, because that`s a good opportunity for us.
But in terms of what they are looking forward to, I imagine there will be penetration to the living room, there really has to be. There just isn`t a battle for eyeballs to deliver content after you wake up --
MATHISEN: Final thought, Max, what should they do with all that cash? Buy back more stock, pay a higher dividend? What?
WOLFF: Well, we`ve seen them try to do some things. I think we ought to be honest, too. Their last major product, to some extent, was a major flop, too. There was the whole maps fiasco. They can`t have that again.
Very quietly, in the last two weeks, they bought two other mapping companies. It looks they`re taking another bite at the Apple (NASDAQ:AAPL). I really think the go-forward story for Apple (NASDAQ:AAPL) has to be: can they hold what they are good at? And that`s a lot of things, with a lot of revenue behind them, and can they get iOS7 right? If they really get this right, we`re going to be talking about a $500 to $600 story in six to 12 months. If they don`t, they`re going to have trouble depending $425.
MATHISEN: All right. Got to leave there, guys. Max Wolff of Greencrest Capital, Gregg Abella, thanks very much, Investment Partners Asset Management.
ABELLA: Terrific, thanks.
WOLFF: Thank you.
GHARIB: Turning now to what happened in Wall Street today. Investors
focused on the bash of pretty solid earnings and some conflicting economic data. The Federal Reserve Bank of Richmond reporting that manufacturing in the central Atlantic region declined this month, while the federal government says home prices in May rose more than 7 percent from a year ago.
Still, the Dow managed to close at a new record high. Those blue chips added 22 points, ending at 15,567. The NASDAQ, though, was down 21, and the S&P 500 lost three points.
MATHISEN: The computer networking company and Dow component Cisco (NASDAQ:CSCO) agreed to buy cyber security services company Sourcefire (NASDAQ:FIRE) for $2.7 billion in cash. Cisco (NASDAQ:CSCO) shares ended a bit lower. Shares of Sourcefire (NASDAQ:FIRE) red hot up nearly 28 percent.
The deal comes a day after a survey was released that said cybercrimes like identity theft and hackings cost the U.S. economy a half a million jobs and as much as $100 billion each year.
GHARIB: Turning now to our market focus. Four Dow components reported earnings today.
Let`s begin with United Technologies (NYSE:UTX). Profits surged 17 percent in the quarter, benefiting from a big increase in orders in the
engine division and Otis elevator. The company also raised its earnings outlook for the year. Investors bid the stock up to a new all-time high. United Technologies (NYSE:UTX) rose 3 percent to $105.
DuPont also touched a new high after profits came in above just above estimates, but revenues were shy of what Wall Street expected. DuPont said it was exploring alternatives for its performance chemicals unit. After the early high, DuPont shares dwindled a bit as investors sold off at twice the usual volume. DuPont closed at $57.12, down slightly on the day.
And disappointing results after the bell today from AT&T (NYSE:T). The Dow component reported higher revenues than expected, as it added more than half a million wireless subscribers, but profits slid 2 percent as operating expenses jumped. Shares at AT&T (NYSE:T) were slightly higher during the regular session, closing at $35.81 before losing a fraction on the earnings news in after-hours.
MATHISEN: Travelers was in the Dow basement today after saying it would cut auto insurance prices to compete with rivals and would cost to maintain margins after loss of customers. So, despite profits well above estimates, investors lost interest in the stock and travelers closed down nearly 4 percent on triple the usual volume $82.21 the close.
UPS profits met lowered estimates today after the company warned last week. The CFO said results were below expectation because a disappointing
performance in freight forwarding. UPS does expect growth in earnings. Shares dropped a dime on the day. They finished at $87.51, down a fraction.
GHARIB: Netflix (NASDAQ:NFLX) shares fell 4.5 percent today. Investors got a chance to react to the news that we told you about last night that quarterly earnings were better than expected but the number of new subscribers came in lower than analyst estimate. Still, Netflix (NASDAQ:NFLX) shares are up more than 180 percent from a year ago. So what`s next for the streaming video giant? And where does CEO Reed Hastings see growth for the industry?
Julia Boorstin gets answers.
JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Netflix`s Reed Hastings dismissed concerns about stocks declines and subscriber growth, pointing to the company`s total turnaround.
REED HASTINGS, NETFLIX CEO: There is always ups and downs in the short term of the stock price but the big picture is great. A year ago, we are at $80. Now, we`re at $250. Five years ago, we`re at $30. So, we`re feeling great about the long term.
BOORSTIN: Netflix (NASDAQ:NFLX) has undergone a transformation from renting DVDs by mail, to having 37 1/2 million subscribers to its streaming business, dwarfing its DVD by mail business, which has just 7 1/2 million.
HASTINGS: I used to spend my time on postal equipment, looking at bending stresses, and trying to figure out the right polycarbonate to use. And now, it`s all streaming.
But you think about the next thing, it`s probably a very long time away, because streaming is going to be around for a long time.
BOORSTIN: Hasting says he`s not interested in having Netflix (NASDAQ:NFLX) offer live program or selling video on demand downloads like Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) do, but rather, he wants to stick with what Netflix (NASDAQ:NFLX) does best.
UNIDENTIFIED MALE: I don`t trust anyone.
BOORSTIN: The Netflix` expertise is no longer hit movies and TV shows, but now also, original content. Four of the company`s five originals including "House of Cards and "Orange is the New Black" were so popular they`ve been picked up for a second season. While "Arrested Development" drove an uptick in subscribers.
MARK MAHANEY, ANALYST: They are giving Netflix (NASDAQ:NFLX)
subscribers a reason to stick with the service that they never had before, this proprietary original content on the site that will work it`s way through the model stock that should go higher.
BOORSTIN: Netflix (NASDAQ:NFLX) faces growing competition from Amazon (NASDAQ:AMZN) and Hulu, ramping up their spending on original shows and exclusive content.
But Hastings says he`s not concerned.
HASTINGS: They are really just like two different channels, ABC and CBS (NYSE:CBS). I mean, they compete a little bit for viewing and time but it`s not direct competition. People watch shows from both us and Hulu and Amazon (NASDAQ:AMZN). And, by the way, the one with the most content is cable and satellite, and they`re continuing to get watched.
BOORSTIN: So, what will the clouded landscape mean for Netflix`s stock down the line?
HASTINGS: That`s hard to tell. I have to go see my crystal ball.
BOORSTIN: For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin, in Silicon Valley.
MATHISEN: Still ahead, will the new health exchanges be a boom for identity thieves? Find out what officials are doing to prevent potential fraud and abuse.
But, first, a look at how the international markets closed today.
MATHISEN: We told you yesterday, Golden Sachs, Morgan Stanley (NASDAQ:NBXH) (NYSE:MS), JPMorgan (NYSE:JPM) made an estimated $4 billion in commodity-related revenues last year. Today, a Senate Banking Committee hearing questioned whether big commercial banks should also be allowed to control warehouses where metals are stored, and whether that`s harming consumers and businesses.
At today`s hearing, an executive from Miller Coors described the impact on his company.
(BEGIN VIDEO CLIP)
TIMOTHY WEINER, MILLERCOORS GLOBAL RISK MANAGER: The banks being incented because they receive rent each day the aluminum stays in the warehouse. This makes it harder and more expensive for Miller Coors and other aluminum consumers to get the aluminum we need to make the fine
products we sell, to keep our employees working.
(END VIDEO CLIP)
MATHISEN: Added cost of aluminum cans alone is estimated to be another $15 billion passed on to consumers over the past three years.
GHARIB: A survey of corporate chief financial officers finds a majority of them gave the U.S. economy the highest score in five years and showed confidence about even more growth in 2013. But, when they were asked about the potential negative impacts on the economy this year, an overwhelming number of them cited healthcare costs, and the changes facing companies complying with changes in the Affordable Care Act.
MATHISEN: And as part of that Affordable Care Act, dozens of states are now preparing to open health insurance exchanges, new competitive marketplaces for healthcare, by October`s deadline. But the rush to open them up is raising concerns about fraud and privacy issues for those applying for coverage.
Bertha Coombs has the story.
AD NARRATOR: At Connect for Health Colorado, you can shop, compare,
pick and purchase the health plan --
BERTHA COOMBS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voiceover): States are starting to roll education campaigns about signing up for coverage under the Affordable Care Act.
But with controversy and confusion still surrounding the program, the former executive director of Massachusetts exchange says a key task for officials this fall will be building trust in the system.
JON KINGSDALE, MASS. HEALTH CONNECTOR FORMER EXEC. DIR.: Trust is a critical element because people in general are confused. Go back five years ago, they are confused about health insurance. And this is a very complex, comprehensive set of changes.
COOMBS: Americans will be asked for Social Security and income data when they sign up for coverage on the exchanges this fall. Last week, members of the House grilled Obama health officials about whether they will be able to trust that their data will be safe on the exchanges.
REP. SCOTT DESJARLAIS (R), TENNESSEE: Are you 100 percent finished establishing appropriate privacy protections?
HENRY CHAO, CMS DEPUTY CHIEF INFORMATION OFFICER: No, we are not.
DESLARLAIS: OK. If not, how much and when will you be?
CHAO: We`re probably and this is a very kind of hot, ballpark, generalized, roll-it-up kind of figure, I would say, with regards to privacy and security, we`re probably about 80 percent.
COOMBS: In California, the state`s exchange is set to hire 21,000 socalled navigators to help residents with the enrollment process.
Insurance commissioner Dave Jones worries there aren`t enough safeguards in place to weed out identity thieves.
DAVE JONES, CALIFORNIA INSURANCE COMMISSIONER: We`re (ph) convinced Covered California, our health benefits exchange, to adopt a system of fingerprinting, background checks, some minimal training and certification, but we believe they should go further.
COOMBS: Eva Velasquez of Identity Theft Resource Center agrees, officials need to get out in front of fraudsters.
EVA VELASQUEZ, IDENTITY THIEF RESOURCE CTR. PRES. & CEO: They tend to be 10 steps ahead of law enforcement.
COOMBS: Velasquez sees the biggest potential for fraud happening online, through imposter exchange web sites and official looking e-mails.
VELASQUEZ: This is going to be a situation where consumers are going to feel compelled to respond to e-mails because it is a law and we want to make sure they realize that that could get them into trouble.
COOMBS (voice-over): Officials with New York state`s health benefit exchange say they won`t be launch their campaign until later this summer, but a big component of their outreach will be making sure that residents know they should only sign up tied with insurance with certified and officially recognized navigators, counselors and brokers in order to avoid being scammed.
For NIGHTLY BUSINESS REPORT, I`m Bertha Coombs, New York.
GHARIB: For the first time ever, Major League Baseball suspended a player for more than 50 games, even though he had no prior violations of its drug policy. Milwaukee Brewers outfielder Ryan Braun, a former National League most valuable player, will miss the rest of the 2013 season. Now, he`s not contesting the suspension which comes as baseball deals with lower national TV ratings and falling attendance in some markets.
Here with his take on whether the multibillion-dollar business of baseball could use some performance enhancement is "USA Today`s" sports baseball columnist Bob Nightengale from St. Louis.
So, Bob, is this news a good development for baseball -- the sport and the business?
BOB NIGHTENGALE, USA TODAY SPORTS MLB COLUMNIST: I think it`s good for the future. It`s bad for the immediate impact. I mean, right now, fans are upset. They don`t know what is clean, who is dirty, but Major League Baseball is coming out and saying, hey, if you guys cheat, we`re going to catch you. So, we`re going to make this sport completely clean and you guys can believe in us again.
So, it may affect right now, but they believe 2014 and beyond it will be a better sport and more people will like it.
MATHISEN: Do you think the business of baseball is sick today, Bob, the business?
NIGHTENGALE: No, it`s down. I mean, the weather hasn`t helped. You know, we`ve had, what, 32 postponements. We only had 28 all last year. Some of the big market teams, the New York teams are down.
So that chance is down there, so the TV ratings are way down. I think the TV ratings for the Yankees are down 40 percent, just with the team struggling and losing all the star power.
But the sport is very healthy. It`s going to be $8.5 billion this year in revenue, which is an all-time high.
GHARIB: But here, if you look at this whole incident as sort of crisis management, what does the MLB have to do to restore trust and restore credibility to the sport?
NIGHTENGALE: You know, I think in this case they are saying hey, we`ll go after bigger stars here. We`re not just going after these small fries or guys you haven`t heard of. You`re talking about Ryan Braun. He lives -- he plays for the Milwaukee Brewers, which is Commissioner Bud Selig`s hometown. He was supposed to be the next Derek Jeter. You know, wonderful talent, good looking guy, well-spoken. He`s one of the last guys they want to catch.
So, baseball is saying if we can take him down, we`ll take down anybody for the good of the game.
MATHISEN: You know, you got Braun, a former MVP, A-Rod, a former MVP, and tied to these performance-enhancing drugs, to the biogenesis group, Melky Cabrera, who is the leading contender for the MVP last year, took a
suspension for the Giants, Bartolo Colon, one of this year`s contenders for the Cy Young -- all at one time or another tied or linked to these things.
They`ve got guaranteed contracts. Is the only way, Bob, to clean up the sport to make those contracts not guaranteed, if you cheat, if you use PEDs, you lose the money?
NIGHTENGALE: Yes, that`s very interesting to see if that comes up in the next labor agreement, Tyler, as far as that clause. Right now, I think the union would go ahead and say you can do that but you got to ever sure it`s intentional cheating and not accidental.
So, in the case of Ryan Braun here, he loses $3.4 million in salary this year, but he still has $127 million coming. I guarantee if the Brewers could get the contract, they would do so.
Same with the Yankees who still owe Alex Rodriguez another $98 million.
MATHISEN: What do you mean by accidental cheating, Bob? Quickly.
NIGHTENGALE: Well, if you take something from a store and you didn`t realize it was tainted. You ran in some cases with, you know, GNC product years ago, didn`t know that was tainted. So, something like that, instead of intentionally going through like a biogenesis clinic and deliberately
GHARIB: All right. We`re going to be talking about this for quite awhile. I`m sure this season is not over yet.
Thank you so much, Bob. Bob Nightengale of "USA Today" sports.
And still ahead on the program, we continue our special series on how to not out-live your money. One way to do that is to work longer and we`re going to meet a woman who is doing just that but on her own terms.
But, first, here`s a check on today`s action in commodities, treasuries, and currencies.
GHARIB: Ford Motor (NYSE:F) will post earnings tomorrow and today, it posted help wanted signs. The automaker plans to hire more than 3,000 white-collar workers by the end of this year, 30 percent more than earlier estimates. Most of the new hires will be in technical areas, like engineering and software, and will work at Ford`s Dearborn, Michigan, headquarters.
MATHISEN: Well, staying at a job for longer than planned is one sure way to keep money coming in after you reach the retirement age. But the
trick to that may be doing it on your own terms. A lot of baby boomers and would-be retirees say they plan to start their own businesses. And since many of them are already self-employed and turning a profit, they are helping secure their own financial features.
In tonight`s installment of NBR`s week-long series of "How to Not Outlive Your Money", Sharon Epperson takes a look at working longer.
SHARON EPPERSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voiceover): Mary Parker spent more than 30 years navigating two challenging industries before taking the helm of her own firm.
MARY PARKER, ALL(N)1 SECURITY SERVICES CEO: I believe my career in corporate America was very successful, I just believe that any time you work for other people, there are so many limitations.
EPPERSON: After being downsized from her job at an auto manufacturing plant early in her career, Parker saw an opening for a security officer. She took it and started to learn that business from the ground up.
PARKER: What I learned was the security industry is a very, very lucrative industry.
EPPERSON: In 2001, she started All(N)1 security. The 59-year-old entrepreneur now runs a multimillion dollar enterprise based in Atlanta, with more than 200 employees.
PARKER: We integrate our people with technology to afford our clients with a full service, total security solution.
EPPERSON: Parker chose an industry like many self-employed workers focuses on providing a service.
JEAN SETZFAND, AARP VICE PRESIDENT FOR FINANCIAL SECURITY: What we see is most of the individuals who start businesses later in life represent professional services.
EPPERSON (on camera): A recent survey by AARP found 10 percent of workers ages 45 to 74 plan to start a business after they retire. Fifteen percent are already self-employed and the majority of their businesses are successful.
SETZFAND: Once you have life experience, you probably have a shorter pathway to being successful, and that is something else that we`re seeing. So again, the majority of people who responded in survey are saying, again, it`s roughly about 70 percent are profitable in their endeavors.
EPPERSON (voice-over): Parker says owning a security business has
certainly helped her own financial security. And with a diversified portfolio of retirement funds and real estate investments, this CEO says she`ll be ready to chart the next course.
PARKER: Ready to retire in the next three to five years. Financially, I don`t have to worry about what that will look like. I will not have to work, although I know I will continue to work.
EPPERSON: For NIGHTLY BUSINESS REPORT, I`m Sharon Epperson.
MATHISEN: And for more on our story, log on to our Web site, NBR.com. And tomorrow, our series continues at a look at why some investors are considering less conventional retirement strategies to help them avoid outliving their money.
GHARIB: And finally tonight, it doesn`t pay to steal another man`s winning lottery ticket. That`s what happened to a Syracuse, New York, man who was sentenced today to 8 1/3 to 25 years in prison for stealing another man`s winning $5 million scratch off lottery ticket. He stole the ticket seven years from his parents convenience store. The judge imposed the maximum sentence, saying this was, quote, "the most rapacious greed I`ve seen in a long, long time."
MATHISEN: I`ve heard of making your own luck, but that goes beyond.
Let us know which stocks you`d like our market monitor discuss on Friday afternoon/evening. All you have to do is log on our Web site, NBR.com and click on the link there.
GHARIB: And that`s NIGHTLY BUSINESS REPORT for tonight. I`m Susie Gharib. Thanks so much for joining us.
MATHISEN: And I`m Tyler Mathisen. Thanks from me, as well. Have a great evening everybody. We hope to see you back here tomorrow night.
Nightly Business Report transcripts and video are available on-line post broadcast at http://nbr.com. The program is transcribed by CQRC Transcriptions, LLC. Updates may be posted at a later date. The views of our guests and commentators are their own and do not necessarily represent the views of Nightly Business Report, or CNBC, Inc. Information presented on Nightly Business Report is not and should not be considered as investment advice. (c) 2013 CNBC, Inc.
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