Nightly Business Report - Friday March 22 2013.pdf

7/29/2019 Nightly Business Report - Friday March 22 2013.pdf

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ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and

Susie Gharib.

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Moving higher.

Stocks finish on an up note, still on track for the best quarter in 15

years despite small losses for the week.

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Water, water not


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everywhere. How the ongoing drought is hitting Texas especially hard and

how it may get worse.

MATHISEN: And too late or not? Why there is still time to refinance

your mortgage but you may not want to wait much longer.

All that and more coming up right now.

Good evening, everyone. And welcome to our public television viewers.

Susie, you know, stocks put their worries back on the shelf at least

for today.

GHARIB: Yes, that`s the way it looked.

Investors were back in the buying mood as stocks bounced back today,

but still closed lower for the week. The Dow snapped its streak of four

straight winning weeks and the S&P 500 logging just its second losing week

in 2013.

Now, the markets got a lift on optimism out of Cyprus, combined with a

batch of stronger than expected earnings report. Here are the closing

numbers. The Dow shot up 90 points, gaining back all of yesterday`s

losses. The NASDAQ roses 22, and the S&P added 11 points. Nevertheless,

the S&P ended the week with a small loss.


3/28

MATHISEN: And that good news coming out of Cyprus is that the nation

may be edging towards a deal to avoid its banks from going bankrupt. The

president of Cyprus will meet tomorrow with European Union officials in

Brussels tomorrow in order to beat a Monday deadline, which cuts off cash

to the banks unless a bailout deal is reached.

Well, stocks have had a great quarter so far. The Dow is up nearly 11

percent. In any year, that would be a good return.

But our market guest says there may not be upside from here. He is

Stephen Wood, chief investments strategist, Russell Investments.

Mr. Wood, welcome. Good to have you with us.

STEPHEN WOOD, RUSSELL INVESTMENTS CHIEF MARKET STRATEGIST:Good to

see you again. How are you?

MATHISEN: You have -- I`m great. Thank you.

You have a year end target on the S&P 500 of 1,550. That`s actually

five points or so lower than it is today.

WOOD: Yes.


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MATHISEN: Where do you see the trouble coming from or we just made

all of our year`s gains in the first 10 weeks?

WOOD: I don t think that is a troublesome number. We have had a very

good year. You mentioned very robust. You know, markets tend to have very

choppy, very volatile patterns of returns. Some years, you know, you`ll

get a run up and a pullback, and then the run up, like we had last year.

This year, we`ve had a very good first quarter. But even if we just

hit the books and closed them right now, it`d still be a good year. We

think it`s going to be volatile between now and the end of the year. But

our numbers are based upon fundamentals and the fundamentals haven`t

changed a lot. Sentiment, however, has.

So, we are seeing investors become more confident in equities. But

that said, we do like equity markets, globally, diversified multi-asset

portfolios. Our clients are going to have to look, extend out that time

horizon and hit a portfolio that really, really meets the goal that they

are trying to accomplish over the next --

MATHISEN: I didn`t hear you mention the word Cyprus once in that

first paragraph or two of your thinking. Do you think that the worries

over Cyprus are overblown or not?

WOOD: Cyprus as a specific entity, it s going to be overblown. It


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means very, very small. It`s 0.2 percent of the E.U. You know, forget the

global markets, just to the E.U. So, it`s very, very small.

Cyprus has the potential to represent contagion. So, if Cyprus, like

Greece before, and it`s much smaller than Greece, by the way, if that were

to infect let`s say Spain or Italy, then it would become an issue. If it

doesn`t, it becomes very localized.

I think the big issue in Cyprus that`s very troublesome is they have

their version of the FDIC which is deposit insurance, if you got less

100,000 euros. Now, that`s rule of law. If they were to break that for

financing purposes that would be very, very different.

So, Cyprus, right now, when you compare that to what`s happening in

the U.S. housing, which is positive, which may be offsetting what`s

happening in terms of what Washington has taken away by the tax increases

and sequestration, it`s very, very small episode in the scope of things.

MATHISEN: So, let me just probe a little deeper as to why you think

the market would be flat through the end of the year. Do you think that

the level of profit growth just will not justify any real further expansion

of the price earnings multiple or what?

WOOD: Well, I would say, with the first part -- yes. If you look at

profits right now, they are very, very strong and they have been for a


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while. But it is a maturing earnings cycle.

And also in this environment, you know, the U.S. economy is growing

more like 2 percent and a lot less like 4 percent. In that environment,

pricing is going to be challenged, and also the top line sales is not going

to be universal for all firms. It will be balance sheet by balance sheet

and case by case.

So, security collection becomes far more important.

MATHISEN: Right.

WOOD: So, we -- I m sorry. Go ahead.

MATHISEN: I was going to say, as you point, out the profit growth

picture has been pretty good but I -- as you say, we are sort of getting at

the mature point in that cycle and I think the forecast for the first

quarter is about 1 percent or 2 percent overall growth. But there are

always ways that you can make more money than the index or you can lose

more money than the index tracking would lead you to believe.

Where do you think the pockets of possible better-than-average profits

would be between now and year end?

WOOD: Sure. So we do like equities and when you compare that to


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fixed income, which we find unattractive right now, certainly in government

space, government bond space. So we do like equities. We like global

equities. And again, it`s going to have to be a multi-asset strategy which

is kind of all of the above, looking at commodities, emerging markets, both

debt and equities, also looking in great and -- companies in Europe, you

know, north of Alps probably.

But there are good companies with strong balance sheets in Europe, as

well. Looking into BRIM, Brazil, Russia, Indonesia, Malaysia. So, stock

by stock is grinding it out. So, the yards are available, we just think

they`re going to be tougher yards. It`s not going to be so much a risk

on/risk off.

But if I can jump off an earlier point you have which is fantastic,

which is the expansion of the P.E. or the multiple. What we`ve seen is

that the fundamentals have not changed a lot. That allows us to be a

little more, you know, flat from here until the end of the year. But

sentiment is a very powerful thing. Sentiment as momentum picks up people,

become more confident and they like stocks and are willing to pay off for

stocks, that could be rather strong. And we are looking at that right now.

MATHISEN: Right.

WOOD: So, if bonds are being sold to finance equities, that would

change the dynamic and we`d have to revisit our estimates between now and


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the end of the year.

MATHISEN: Stephen Wood, chief markets strategist for Russell

Investments -- thanks so much.

WOOD: Thank you.

MATHISEN: And coming up, we will get more specific and find out which

stocks this week`s market monitor likes.

GHARIB: Meanwhile, more warnings today that investors should get out

of bonds.

Billionaire investor Wilbur Ross says they`re too risky.

(BEGIN VIDEO CLIP)

WILBUR ROSS, WL ROSS & CO. CHMN. AND CEO: We`re recommending to

people not be in long-term debt of any kind and instead, we are urging our

portfolio companies to borrow as much long-term fixed rate money as they

can.

(END VIDEO CLIP)

GHARIB: So, many investors feel safer with bonds, not stocks, in


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their portfolios. But, now, there is reason to think twice about bonds.

Here is why.

(BEGIN VIDEOTAPE)

GHARIB (voice-over): Buy low and sell high. Sounds easy, right?

But it`s tricky if you own bonds. When interest rates go up, the

prices of your bonds go down. Not good if you are trying to sell them.

Rates on the 10-year U.S. treasury at record lows last July are now up

more than half a point and are expected to go much higher, driving prices

much lower -- a scary thought for bond holders.

ROSS: If the 10-year treasury reverts back just to its average yield

from 2000 through 2010, you know how much it will go down? Twenty-three

percent.

GHARIB: What happens next with rates and bonds depends on the U.S.

economy getting stronger. And this man has been dropping hints on when

that could happen.

BEN BERNANKE, FEDERAL RESERVE CHAIRMAN: Obviously, there has been

improvement, let me say that.


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GHARIB: More improvement depends on the direction of unemployment and

inflation.

BERNANKE: As we make progress towards our objective, we may adjust

the flow rate of purchases month to month.

GHARIB: For now, the Fed chairman says interest rates will likely

stay very low into next year.

But Bill Gross, who runs the world`s biggest bond fund, tweeted

otherwise.

So, the clock is ticking and many experts say it`s time to move away

from bonds, especially the longer term ones, because the longer you hold

them, the more you stand to lose.

(END VIDEOTAPE)

GHARIB: Tyler, it`s all about interest rates and we know the interest

rates are important, not only for bonds but also for mortgage rates, right?

MATHISEN: That`s exactly the case.

You know, falling interest rates for home mortgages has led to a


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recent boom in refinancing. But with rates bouncing just a little bit off

their historic lows lately, many homeowners maybe wondering if it`s too

late to get into the game.

Sharon Epperson has some answers.

(BEGIN VIDEOTAPE)

SHARON EPPERSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):

Fed up with the amount of paperwork and time it can take to process an

application to refinance a mortgage many homeowners don`t even try and the

Federal Reserve`s continued promise to keep short term rates near zero

hasn`t provided much incentive.

BOB MOULTON, AMERICANA MORTGAGE GROUP: I think there was an

understanding by homeowners as well, why do I have to do it now and get all

that documentation together if rates are going to move? If rates are going

to stay flat for the next two to three years, I think there`s an

opportunity for them to refinance at a later date.

EPPERSON: This may be part of the reason for the drop in the share of

refinancing applications in the mortgage market, now at the lowest levels

since last spring.

But many homeowners may not realize how much money they could save.


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Homeowner who could qualify but had not apply for lower refinancing rates

are overpaying an average of $471 a month on their mortgages, based on an

analysis by Credit Sesame, a consumer mortgage credit and loan company.

That means, on average, household are potentially foregoing more than

$56,000 in savings over 10 years.

ADRIAN NAZARI, CREDIT SESAME CEO: Our analysis shows that in 2013,

over 17 million households would qualify for refinancing at a lower rate.

Over 4 million households are expected to refinance. That means one out of

four people are going to miss out on refinancing opportunity.

EPPERSON: To find out if you could refinance, check your credit

score. If it`s improved in the last few months, you could qualify for a

better interest rate, especially if your score is 740 or higher.

Even if you lost equity in your home, you still maybe eligible for the

government`s home affordable refinance program, as long as there`s no

second mortgage in your current loan backed by Freddie Mac or Fannie Mae,

it`s less than 80 percent of the value of your home.

Has your income dropped? As long as you have some income and you`ve

managed to stay current on your loan, you also may qualify for a HARP loan.

(on camera): But to be sure, refinancing makes sense, you need to


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figure out how long it will take you to break even, how long it will take

your total monthly savings to exceed the closing costs. If you plan to

stay in the house at least that long, then refinancing likely makes sense.

For NIGHTLY BUSINESS REPORT, I`m Sharon Epperson.

(END VIDEOTAPE)

GHARIB: Turning now to our "Market Focus".

We begin with BlackBerry. Well, no champagne rally for the rollout of

BlackBerry Z10 smartphone. Despite all the hype, consumers and investors

didn`t buy in. Early in the day, shares were up by 4 percent. But as

investors got word of no lines in AT&T (NYSE:T) stores and no first day

buzz about the phone, the make-or-break day broke. BlackBerry tumbles

almost 8 percent to $14.91.

Well, a much different day for Nike (NYSE:NKE). Shares soared,

touching an all-time high. Nike (NYSE:NKE) was the best performer in the

S&P today. Investor snapped up shares reacting to a 55 percent jump in net

income that we told you about last night. Nike (NYSE:NKE) ended at $59.53,

up more than 11 percent.

Well, after Nike (NYSE:NKE), Micron Technology (NASDAQ:MU) was the

second best performer in the S&P. It reported a huge jump in sales of


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memory chips that are used in computers and sale phones. And the company

is expecting another double-digit revenue increase in the current quarter.

Micron shares closed at $10, up more than 10 1/2 percent.

MATHISEN: And Tiffany (NYSE:TIF) shares rose even though earnings

grew very modestly, less than 1 percent. But that was better than most

analysts had expected. Tiffany (NYSE:TIF) maintained its full year

guidance, saying pace of growth would pick up again this year with Asia

leading the increases. Shares closed up more than 1 1/2 percent at $69.23.

At the other end of the spending scale, Darden Restaurants (NYSE:DRI

(NASDAQ:TBUS)), a barometer of consumer spending, Darden reported earnings

in line with analysts reduced estimates. Darden operates Olive Garden, Red

Lobster, said customers were impacted by higher gasoline prices and by that

payroll tax hikes. Still, shares closed at $49.62. And that was a gain of

about 1 1/3 percent.

GHARIB: Our market monitor guest tells investors to circle July on

their calendars. That`s when he says stocks will pick up big time.

Phil Orlando, chief equity strategist at Federated Investors

(NYSE:FII).

So, Phil, let`s start out talking about July. I mean, what`s the

catalyst for a pickup in the markets?


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PHIL ORLANDO, FEDERATED INVESTORS CIHEF EQUITY STRATEGIST: Well,from

an economic standpoint the economy has been relatively sluggish last couple

of quarters. Fourth quarter was barely positive. First quarter is going

to be sluggish is well.

To some degree, hurricane Sandy has been, in our view, taking half a

percent or so out of growth. But as we get into the spring months, that s

going to result in an economic pick up based upon the rebuilding. We think

a lot of the noise relating to Washington is starting to fade, the fiscal

cliff, sequester, the debt ceiling, all of those issues seem to be moving

out later into the year.

So as a result, the impediments that were slowing the economy down

over the last couple of quarters we think is going to result in better

economic growth in the back half of the year.

Now, the equity market has a forward-looking discounting mechanisms,

is starting to sense that. And I think to some degree, that`s one of the

reasons why the markets ignored Washington and ignored Sandy so far this

year and is up 10 percent or so in the first quarter.

GHARIB: And that`s why you have such a bullish forecast for the S&P.

You are calling for it to end the year at 1,660. Right now, it`s at 1,555.

So, it`s all going to play out pretty strongly through the end of the year,


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right?

ORLANDO: Well, and we think corporate earnings will chug along, mid-

single increase, maybe about $108 full year for the S&P. We think we`ll

get a little bit of multiple expansion, maybe from 14 to 15 times as

treasury yields continue to work higher. That will drive some distance to

mediation (ph), out of bounds and into stocks.

And we think the equity market ends up sort of 15 percent to 20

percent positive return for the year.

GHARIB: OK. That`s a really good way now turn to some of the stocks

that you think are going to perform well over the next couple of months.

You have Lennar (NYSE:LEN), LEN on the big board, as your top pick

here. It reported these blowout earnings this week. The stock has been on

a tear. Is there still room to grow?

ORLANDO: Well, the stock has tripled over the last 18 months or so.

But we are in the early stages, maybe year two of what we think is going to

be a six, seven-year recovery in housing.

We`ve got a lot of ground to recapture, a huge hole to dig out. We

think Lennar (NYSE:LEN) is one of the companies that`s best positions.

When it reported earnings the other day, they reported an 80 percent


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backlog for the next year. That`s well-above what anyone was forecasting.

GHARIB: Let`s get you other picks. Ford, tell us what`s the

attraction there?

ORLANDO: Well, we think the auto market, like the housing market, has

a lot of catch up to play. Now, Ford is an interesting play because not

only is it going to recover based upon the rebuilding of the restocking of

the auto fleet in this country, but it`s also a quasi-housing play. The

area that is most attractive within Ford is their pick up division, the

sort of cars that the contractors are buying.

So, if we are right that the housing market is going to do well and if

we`re right that the auto market is going to recover, then Ford and their

pickup division is one that`s going to work.

GHARIB: All right. Let`s get your next pick. Oracle (NASDAQ:ORCL),

a real surprise because that stock got hammered last week. You were buying

shares yesterday.

Tell us what are you seeing that other people are not.

ORLANDO: Well, very controversial pick. The stock is down 10 percent

or so since the earnings report earlier in the week. We think the software

portion of the technology cycle is sound. What`s going on at Oracle


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(NASDAQ:ORCL) from a fundamental standpoint we think is fine as well.

Margins are fine.

The issue exclusively was the fact that they missed on revenues. And

the problem was that a lot of the sales that management expected to hit in

the third quarter slipped into the fourth quarter. We think that they are

going to get back on strength by the end of the fourth quarter. We are

expecting a good quarter.

And as we look over the next year we think the stock is still going to

trade into the upper 30s. So, with the stock down 10 percent here over the

last couple of days, we thought that was an attractive entry spot.

GHARIB: All right. Phil, great information. Any disclosures to

make?

ORLANDO: We own all of those three stocks in our funds.

GHARIB: All right. Fair enough.

Phil Orlando, chief equity strategist at Federated Investments.

ORLANDO: Thank you, Susie.

MATHISEN: And still ahead, the fallout from the government`s budget


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cuts could be coming to an airport near you.

But, first, take a look at how the international markets closed out

the day.

(MUSIC)

GHARIB: Today is World Water Day, but you wouldn`t know that in many

parts of the U.S. The drought in the nation`s midsection is entering its

third year, and more hotter and drier weather is expected this spring.

Now, one of the hardest hit states is expected to be Texas where rice

farmers who need a lot of water for their crops are feeling high and dry.

Bertha Coombs has more.

(BEGIN VIDEOTAPE)

BERTHA COOMBS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):

Ron Gertson spends more time maintaining his combine than using it for

planting. Rice farmers in Southeast Texas aren`t getting water from state

reservoirs.

RONALD GERTSON, TEXAS RICE FARMER: For the first time in the 72-year

history of our getting water from the Colorado River and from the lakes


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upstream, we have been cut off and it`s two years in a row.

COOMBS: The lower Colorado River Authority has prioritized water for

cities rather than heavy duty irrigation use. With the crippling drought

now in its third year, it`s a problem for farmers statewide.

GERTSON: These are heavily agricultural areas where water problems

are growing and will only get worse especially when we have cities

competing for that same -- those same sources of water.

COOMBS: Part of the reason farmers are lower in the picking order is

that cities pay higher water rates.

(on camera): With 90 percent of the state in extreme, dry or severe

drought conditions, the state climatologist says if there`s no relief this

summer, other industries could also feel the pain of restrictions.

JOHN NIELSEN-GAMMON, TEXAS STATE CLIMATOLOGIST: Most watersupplies

do not have to go to really severe restrictions a couple of years ago

during the drought because we started off with plenty of water. This time

around, we may be hitting some new territory where we start seeing some

stage three or stage four restrictions which would essentially mean only

use water for the stuff you actually need water for. If a plant goes

dormant let it go dormant.


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COOMBS (voice-over): Gertson invested in a new well to source some

water, and crop insurance should offset losses again this year. But

brokers have warned this is the last year.

His plan if the drought continues?

GERTSON: We are praying.

COOMBS: And not just for his farm.

Bertha Coombs for NIGHTLY BUSINESS REPORT.

(END VIDEOTAPE)

MATHISEN: Another crisis, a billion dollar budget short fall has

forced Chicago to shut down 54 public schools at the end of the school

year. The closures would save more than a half billion dollars next --

over the next decade. A final vote by the school board on those closures

will take place in May.

Meantime, the Chicago Teachers Union is planning a protest march over

the proposal next week.

GHARIB: Meanwhile, billions in automatic spending cuts approved by

Congress have prompted the Federal Aviation Administration to cut funding


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to staff air traffic control towers. The cuts impact 149 local airports.

Hampton Pearson is live from one of those airports in Maryland.

Over to you, Hampton.

HAMPTON PEARSON, NIGHTLY BUSINESS REPORT CORRESPONDENT: Hi,Susie.

You know, it took Frederick, Maryland, about 10 years to get federal

money to build the brand new control tower behind me. Now, just 10 months

after it opened, it`s a budget cut casualty.

(BEGIN VIDEOTAPE)

PEARSON (voice-over): Less than a year after it opened, the $85

million air traffic control tower at the Frederick, Maryland airport paid

for in part with federal stimulus dollars is now a casualty of the

automatic sequester budget cuts.

KEVIN DAUGHERTY, FREDERICK MUNICIPAL AIRPORT MANAGER: In 2010,the

federal government awarded us $5.3 million to construct the air traffic

control tower because it was needed for safety. And then fast forward to

2013 and now, they are saying it s not needed for safety. So it truly is

the world of mixed messages.


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PEARSON: The FAA announced today it`s closing 149 airport control

towers as part of an overall plan to save $637 million.

But aviation advocates argue the FAA is putting dollars ahead of

safety.

KEN MEAD, AIRCRAFT OWNERS AND PILOTSD ASSOCIATION GENERALCOUNSEL:

The reason the towers are here was number one, safety, and number two, to

help the efficiency of flight operations.

PEARSON: Airports like this one will remain open, but without its air

traffic controllers, it will be up to the pilots themselves to sequence

their takeoffs and landings.

As for the controllers, they are out of their jobs.

TODD JOHNSON, FREDERICK MUNICIPAL AIRPORT AIR TRAFFIC MANAGER:I have

been working on my resume. I`m looking at some schools to maybe get some

V.A. training. But to start out at the beginning at 51 years old is

daunting. It`s scary.

(END VIDEOTAPE)


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PEARSON: And Todd Johnson and controllers like him nationwide at

those 149 facilities set for shut down have about three weeks to begin to

adjust to their new reality.

Back to you.

GHARIB: Oh, that is a big new reality. Thanks a lot, Hampton.

And if you want to find fought any airports in your area are on the

list, just head to our Web site, NBR.com.

And coming up, could the minivan go the way of the dinosaur. We`ll

tell you why sales have stalled.

But, first, we take a look at where commodities, treasuries and

currencies closed out the day.

(MUSIC)

GHARIB: The makers of minivans need to check their rearview mirror.

Crossover utility vehicles or CVUs like the Subaru Outback or the Honda CRV

are in the passing lane and poised to overtake the family friendly minivan

in sales.

Phil LeBeau tells us why the minivan sales have stalled.


25/28

(BEGIN VIDEOTAPE)

RON HOERING, NAPERVILLE, ILLINOIS: It`s very peppy.

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):Ron

Hoering in Naperville, Illinois, is the new face of America`s growing love

affair with crossover utility vehicles, or CVUs.

HOERING: My wife loves it because it gives her a much higher point of

view than --

LEBEAUS: Hoering recently bought a Ford Escape so his family will

have more room and can carry more things when driving around town.

HOERING: It has the ability to pull cargo. You can fold seats down.

You need to go to Home Depot (NYSE:HD), get a plasma screen. Whatever you

got to do, whatever, it all fits.

LEBEAU: In the past, Hoering and others seeking cargo space might

have bought a minivan, but increasingly, buyers are turning to crossovers

and sports wagon as smaller, better options. This year, minivan sales are

down 10 percent while overall industry sales are up 8.4 percent. And sport

wagon crossover sales are up 15.2 percent.


26/28

(on camera): Why are the sales of crossovers and SUVs continuing to

increase in the United States? Mainly because there are more choices than

ever before, so people who used to be in the market primarily just for a

minivan now have more options when they hit the showroom.

JESSICA CALDWELL, EDMUNDS.COM AUTO ANALYST: Well, I think people

don`t necessarily like the minivan stigma, that they`re not comfortable

saying they can drive a minivan, when in all reality they can get an SUV or

a crossover SUV that suits their needs.

LEBEAU (voice-over): Strange as it sounds, minivans have become niche

vehicles. In 2000, more than 1.3 million were sold and minivans made

almost 8 percent of all auto sales. Now, minivans make up just 3 percent

of the market and just over a half million were sold last year, the big

fall from the late 80s when America fell in love with the minivan.

JOHN KRANJOVICH, FORD DEALER: I think over the last decade, we have

really noticed the big change. Minivans back in the day was the soccer

mom, everybody had to have one. The minivan was such a large segment back

then. Nobody (INAUDIBLE).

LEBEAU: It`s not extinct yet, but the minivan is no longer the only

symbol of suburban America.

Phil LeBeau, NIGHTLY BUSINESS REPORT, Chicago.


27/28

(END VIDEOTAPE)

MATHISEN: My wife, I proposed a minivan to her, I didn`t propose with

a minivan. But I proposed one to he, she would have no part of it.

GHARIB: I`m with your wife. I do like these crossovers. The Ford

Escape, I rented it. And like Phil said, women like to feel like they are

ruling the road. Yes, I like that.

MATHISEN: They`re very convenient. I have a Chevy Traverse, which is

one of those bigger SUV. All right.

GHARIB: Anyway, that`s it for us, NIGHTLY BUSINESS REPORT for

tonight. I`m Susie Gharib. Have a fabulous weekend, everyone.

You, too, Tyler.

MATHISEN: You, too, Susie.

I`m Tyler Mathisen. Thanks for being with us and we ll see you back

here on Monday. Have a great weekend.

END


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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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Nightly Business Report - Friday March 22 2013.pdf