Nightly Business Report - Friday May 17 2013

7/30/2019 Nightly Business Report - Friday May 17 2013

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ANNOUNCER: This is on NIGHTLY BUSINESS REPORT with Tyler Mathisen and

Susie Gharib, brought to you by --

(COMMERCIAL AD)

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Taxing hearing.

Denials, apologies and heated exchanges between IRS officials and lawmakers

at today`s hearing on Capitol Hill. But did we get any answers?


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SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: What a finish. Another

record for stocks, logging four straight weeks of gains. But are things

about to get volatile for investors?

MATHISEN: And speaking of volatility, Six Flags has climbed to great

heights and fallen to great depths. And in the end, it made the ultimate

comeback.

All that and more tonight on NIGHTLY BUSINESS REPORT for Friday, May

17th.

GHARIB: Good evening, everyone.

Our top story tonight, another banner week for the stock market and

new record closes for the Dow and the S&P 500, and it was a stunning rally.

Eight blue chips hit all-time highs. More than 140 stocks in the S&P

closed at all-time highs.

And strategist at JPMorgan (NYSE:JPM) added to the optimism by raising

their year end price target on the S&P to 1,750. Now, if they are right,

the S&P would finish 2013 with a gain of 20 percent.

Here`s a look at today`s closing numbers. The Dow surged to 121

points, to 15,354. As we said, a new record. The S&P added 15 points to


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1,666, and the NASDAQ jumped at 33 points.

Bob Pisani takes a closer look at this record-setting week on Wall

Street.

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: Another day,

another record. The Dow closed at another historic high. In fact, all the

major indices except for the NASDAQ closed at historic highs, including the

mid-cap and small-cap indices. There was help early on in a form of

better-than-expected read on consumer sentiment in May. This was the first

positive data point we`d all week after disappointing numbers on housing

starts and industrial production.

Cyclical stocks have been leaders for the past couple of weeks -- once

again, energy, materials, industrial, and tech sectors all rose for the

week. But the rally broadens out to even defensive groups, like health

care, were up 1.8 percent for the week.

The other major story for the week was the continuing strength in the

dollar which hurt gold and silver. For the week, Dow up about 1 1/2

percent.

For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock


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Exchange.

(END VIDEOTAPE)

MATHISEN: And now to Washington where things got heated quickly.

Acting IRS commissioner Steven Miller was grilled on Capitol Hill in the

first of a series of investigative hearings about the agency`s targeting of

conservative interest groups. There were accusations, denials, but few

answers to who knew what and when.

Eamon Javers has been following the hearing from Washington -- Eamon.

EAMON JAVERS, NIGHTLY BUSINESS REPORT CORRESPONDENT: Goodevening,

Tyler.

You`re right.

There were a few answers there. A lot of questions still unanswered

now, even after Miller testimony today. He testified for just about four

hours. All told, Republicans, very eager to get answers to some of their

questions, producing a number of very uncomfortable moments for Miller.

Take a look.

(BEGIN VIDEO CLIPS)


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STEVEN MILLER, ACTING IRS COMMISSIONER: So that was a lot of

questions, sir.

REP. PAUL RYAN (R), WISCONSIN: It`s one. How can we conclude that

you did not mislead this committee?

MILLER: I did not mislead the committee.

UNIDENTIFIED MALE: You are a law enforcement agency for crying out

loud. I was a cop for 33 years. Now, you raised your right hand today.

Did this committee have the right to know what you knew? Yes or no?

MILLER: I answered all questions truthfully, I also will tell you

that it was --

UNIDENTIFIED MALE: Let me ask you --

MILLER: I didn`t have all the facts.

UNIDENTIFIED MALE: I`m going to go to Mr. George because my time --

you`re not going to cooperate with me, Mr. Miller, and you`ve been

uncooperative during this hearing.

UNIDENTIFIED MALE: What day did the conversation take place?


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MILLER: I would have to look back at my notes on that, sir.

UNIDENTIFIED MALE: You`ve got notes on that?

MILLER: I`d have to try to find them.

UNIDENTIFIED MALE: Why did you say you have notes if you don`t think

you have notes?

MILLER: Sir, please.

UNIDENTIFIED MALE: I just think the American people have seen what`s

going on right now in their government. This is absolutely an overreach

and this is an outrage for all of America. I yield back.

UNIDENTIFIED MALE: All right.

(APPLAUSE)

(END VIDEO CLIPS)

JAVERS: Now, Tyler, Miller, of course, is the recently ousted acting

chief of the IRS. The new acting chief of the IRS, or the incoming acting

chief was brought into the meeting room with Jack Lew today, the treasury

secretary, who directed him to find a way to restore America`s confidence


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in the IRS. But, of course, we`re going to see a continuing series of

hearings going forward next week. We`re also going to hear from the number

two official at Treasury, Neal Wolin, who`ll be testifying before the House

Oversight Committee next week, and we might get more answers at that point,

Tyler.

MATHISEN: Eamon, setting aside what happened in this case, as we try

to get to the bottom of it, is it a legitimate function for the IRS to look

into whether a group with a political interest qualifies for tax exempt

status?

JAVERS: Absolutely it is. But the criticism here against what the

IRS did, is that they weren`t looking at all political groups in the same

way. They were screening for names like Tea Party, patriot group, 9/12

group, conservative leaning names were given an undue degree of scrutiny

that liberal-leaning names were not given.

And that`s the crux of the argument here, that`s why this was so

unfair.

But you`re right. The IRS does have a role to play here in figuring

out whether these groups are deserving of that nonprofit status or instead

are political groups masquerading as nonprofits.

GHARIB: You know, Eamon, you talked about restoring the public trust.


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So, there`s going to be a lot of digging to figure out what went wrong

here. As they go through all of this, to what extent could this, you know,

open up more scrutiny by the IRS in looking at returns for everything? Not

just audits, but sort of a Pandora`s box?

JAVERS: Well, it`s an interesting question. I actually think that

one of the effects here might be the opposite. It might intimidate the IRS

ironically to not go after some of these groups as much. But a lot of

questions were asked today, and one big unknown here that we`re still left

with at the end of this day is, who was the IRS official who actually

approved this conduct? Who put this political screen in place going after

the conservative groups more so than the liberal groups?

Now, Miller was asked that question several times today and he never

produced a name, he said he simply doesn`t have it. So, that`s one thing

that investigators both on the Hill and over at the FBI are going to want

to know at the end of all this.

MATHISEN: Eamon Javers reporting for us from Capitol Hill tonight.

Thanks, Eamon.

JAVERS: Thanks.

GHARIB: Simplifying the tax code is a big priority for Apple

(NASDAQ:AAPL) CEO Tim Cook. He`ll be testifying on Capitol Hill next week


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and is expected to propose a dramatic simplification of the nation`s

corporate tax laws.

Mary Thompson joins us now with more.

Mary, so what he`s expected to ask for?

MARY THOMPSON, NIGHTLY BUSINESS REPORT CORRESPONDENT: Well,first of

all, he is expected to say corporate taxes are too high. He told "The

Washington Post (NYSE:WPO)," you know, I don`t think they should go to

zero, but they need to be reasonable.

And second, as you mentioned, Susie, he`s looking to simplify and

restructure the tax code to make it a little bit more competitive.

MATHISEN: What would he like to see changed, specifically, or has he

said?

THOMPSON: He hasn`t said. Apple (NASDAQ:AAPL) won`t give any

details. But we`ve spoken with people who have spoken with Apple

(NASDAQ:AAPL) about developing this policy. So, I think you can glean a

couple of things.

First of all, wants lower rates. Make them competitive with the rest

of the world. Second, he wants it changed to probably a market-based


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system, meaning that if you make money in, let`s say, Singapore, you get

taxed at the Singapore rate on those profits. You don`t get taxed again

when you bring that money back to the United States.

Third, he could say something about improving the R&D tax credit, make

it more competitive, make it better to incent innovation here in the United

States.

GHARIB: And why is Tim Cook being asked to testify? We know that

Apple (NASDAQ:AAPL) has $100 billion overseas.

THOMPSON: A hundred and two billion to be exact, actually.

GHARIB: Why Tim Cook?

THOMPSON: Well, the Senate has been looking into whether or not a

number of U.S. companies shelter U.S. profits overseas to avoid taxes.

Now, the tech industry has come under a lot of criticism, because they do

put, have a lot of money, cash overseas.

Apple (NASDAQ:AAPL) says it doesn`t do this. It reminds people that

it has 66 percent of its sales generated overseas, it keeps the money it

generates overseas, because bringing it back, it would be taxed at a higher

rate. So why bring it back and be penalized like that.


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But they want to make sure they don`t funnel U.S. profits overseas.

They do pay taxes.

So, he`s been asked to come before them, Susie, over 1$102 billion

overseas, so I think he`s going to present a way, if you want that money

back in the States, this is how you could allow us to bring it back.

MATHISEN: What would, they, presumably do with that money? They, not

only Apple (NASDAQ:AAPL), but corporations do with the money, if they did

bring it back?

THOMPSON: The theory being is that if you bring down the barriers to

bringing money back in the United States, companies would be more apt to

start manufacturing here, build research and development facilities, et

cetera. We have become more advantageous on a labor perspective, with

wages, et cetera. So, now, there is more reasons to bring this money back.

They might pay out a dividend again.

But if you ask anyone, there is no guarantee that they would do this

and that`s the big question.

MATHISEN: All right. Mary Thompson, thank you very much. Appreciate

it.

THOMPSON: Sure.


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MATHISEN: Well, we start tonight`s "Market Focus" with shareholders

having their final say.

Transocean (NYSE:RIG) shareholders have voted out the drilling

company`s chairman and backed a director of nominee of activist, Carl

Icahn`s board of nominees. Transocean (NYSE:RIG) owned the Deepwater

Horizon drilling rig, which exploded in the Gulf of Mexico in 2010 and

causing that massive and memorable oil spill.

Shares closed down more than 1 percent today to $54.04, but are up

more than 25 percent over the past year.

GHARIB: Shares of refiner Tesoro were the biggest gainer on the S&P,

riding the wave of generally strong energy sector. Separately, the company

won approval from the federal antitrust regulators to buy one of BP`s

refineries in California for $2 billion. Tesoro shares were up just about

7 percent to $62.24.

Shares of Pandora took a hit today after a pair of analyst remarks.

One downgraded the online music service to hold on fear that it`s too

expensive. While the other brokerage initiated coverage with the cell

rating. Pandora reports earnings next week.

As for today, the stock fell 2.5 percent to $16 and change, but it is


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up 75 percent so far this year.

MATHISEN: And a pair of software companies making strong debuts on

Wall Street today, Tableau software, which converts data individual

presentations, and Marketo, which makes Cloud-based marketing software both

flying high in their first trading. Tableau up 63 percent to $50.75, and

Marketo up 77 percent, to $23.10.

And it was one year ago tomorrow that the highly anticipated Facebook

(NASDAQ:FB) IPO took place. And the public offering was anything but

smooth. Coming up, we`re going to take a look at how the company is making

money one year later.

But, first, we`ll tell you about a stock that`s up 300 percent over

the past three years, and it has been quite a ride.

But, first, how the international markets closed today.

(MUSIC)

MATHISEN: As housing recovers, the fear has been renters would turn

into buyers and an apartment investors would lose out. But that fear may

be unfounded and as Diana Olick tells us, a noted analyst says low supply

and strong demand still point to profits in apartments.


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(BEGIN VIDEOTAPE)

DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):We

are in the calm before the development storm. That`s from analyst Ivy

Zelman, who is best known for calling the housing crash and who recently

said in a television interview --

IVY ZELMAN, HOUSING ANALYST: I think we`re in nirvana for housing.

OLICK: Now, Selman is predicting a boom in apartment construction.

This even after a huge drop in April apartment starts was reported

Thursday.

Other analysts have said that was just one month of noise in a still

strong multifamily market.

RYAN SEVERINO, SENIOR ECONOMIST, RBS: There is still a lot of pent-up

demand, a lot of single 20-something year olds who are, you know, still

living in mom and dad`s basement, they`re really just looking for a job and

an opportunity to move out.

OLICK: Vacancies for apartments fallen faster than any other

commercial real estate sector and they`re now at their lowest since 2001.


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One driver of apartment demand? Home builders. They`re actually

slowing production because home prices rising so fast.

Meritage (NYSE:MTH) Homes in its latest earnings report said it was

limiting its sales to, quote, "maximize profit in certain communities".

LESLEY DEUTCH, JOHN BURNS REAL ESTATE CONSULTANT: In a lot of these

markets across the country, prices going up almost monthly, even weekly in

some markets. So the slower they keep absorption, the more price

appreciation they can get from the market.

OLICK: Zelman`s April survey showed that while rising rents are

pushing some tenants to move, just 11.5 percent left in April for that

reason, compared to 17 percent in 2011, and more than half of those who do

move are moving to other rental apartments, about a third are buying homes,

which was a drop from previous reports, while 10 percent are moving to

single family rentals.

(on camera): More than 150,000 new apartments are expected to come

online this year, but that is still far less than were being built during

the housing boom.

And with overall demand now even stronger, it seems that recovery in

both single family housing and apartment rentals can coexist.


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

(END VIDEOTAPE)

MATHISEN: Well, as with single-family home, the recovery in

apartments is local, with markets on the coast seeing the biggest gains.

And while we are seeing a rising demand for apartments, our market monitor

tonight says investors should prepare themselves for, quote, "ongoing

corrections" in the stock market, around 3 percent or so.

He`s Howard Ward, chief investment officer of growth equities at

Gabelli Funds.

So, Howard, are frequent corrections good or bad for the market? And

for investor confidence, as opposed to one solid correction, and you get

the pain over with?

HOWARD WARD, GABELLI FUNDS: Well, I think personally, I`d rather have

a lot of small corrections than the very big ones, especially after what

we`ve been through in the last decade.

And it`s inevitable that we`ll have the 3 percent to 5 percent and

occasional 10 percent correction that`s part of the life of the stock

market. It`s not all bad. And the market does move to, you know, gets a

little bit ahead of itself. It`s probably a little bit ahead of itself


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right now, and we can`t really predict exactly when that correction is

going to start.

MATHISEN: Howard, there`s a lot of chatter from Fed governors and Fed

bank presidents about when the Fed may pull back on its bond purchases.

How worried are you about the effect that could have on the market

broadly?

WARD: Well, Tyler, I wouldn t say I m worried about it. I do -- I

will say when the Fed makes clear that they`re going to taper their bond

purchases, I do expect that to be a catalyst for lower stock prices, and

that will trigger around a profit taking.

Importantly, however, it probably signals that the market is doing

better and so, ultimately, the market should move higher, and I expect it

will.

GHARIB: Howard, let`s go over your stock picks that you are

presenting to investors tonight. At the top of the list is Apple

(NASDAQ:AAPL). It`s one of your biggest holding, it is your biggest

holding, the stock was down today, even though the rest of the market was

up robustly.

Why do you like it? And, you know, what do you think of it at $433?


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Is it a buy?

WARD: I think it`s a strong buy, Susie. I like the valuation at 11

times next year`s earnings, 30 percent to 40 percent discount to the

overall market. I like the $60 billion buyback that the company recently

announced. That`s going to be completed over the next 2 1/2 years. That`s

the equivalent of buying about $87 million of Apple (NASDAQ:AAPL) stock

every day for the next 700 trading sessions, that will help the stock.

And I like the fact that as we move in to the fourth quarter of this

year, we`re going to start to see a new product flow from Apple

(NASDAQ:AAPL) and we`re also going to get positive earnings comparisons.

All things will help.

MATHISEN: Howard, you can get a lot of deals on Priceline, but is

Priceline stock a deal at $113 a share, really near or at an all-time high?

WARD: Well, that`s, of course, is -- that`s a good question, Tyler.

I`d like to point out that the stock has done very well, but the earnings

have done better in recent years. This is the stock that`s been --

earnings have been compounding, more than 20 percent in recent years. We

think it will continue to grow at 20 percent. The P/E is 20 times this

year`s earnings, at 17 times next year`s earnings, at one time, it`s growth

rate. I think it`s a good buy. Jeffery Boyd has been the architect of

this turnaround going back to the early 2000 period.


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We love Priceline as the global leader in online travel.

GHARIB: Let`s see if we can squeeze in one more. EOG Resources

(NYSE:EOG), what`s their attraction here?

WARD: Terrific acreage. This is a big oil producer in the Bakken

Shale in North Dakota as well. It`s down in the Eagle Ford Shale in Texas.

Strong oil production has driven strong earnings growth and that`s driven

the stock higher. We think that will continue.

GHARIB: All right. Howard, thanks so much.

Any disclosures to make on al these recommendations?

WARD: Yes, Susie, I own all of these stocks myself.

GHARIB: All right. Thank you so much. Have a great weekend. Howard

Ward of Gabelli Funds.

MATHISEN: Putting his money where his mouth is.

Now, for the final installment in our week-long series on companies

that have made a big comeback. Tonight, Six Flags, a company that has put

investors on quite the roller coaster ride. The stock had been soaring,


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but three years ago, it fell into bankruptcy.

And Jackie DeAngelis tells us a new strategy and new management got

this company back on track and riding high.

(BEGIN VIDEOTAPE)

UNIDENTIFIED MALE: We enjoy it. Kids have a lot of fun. We come

here for a few hours, we live right in town, so season pass is perfect for

us.

JACKIE DEANGELIS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):

That`s Six Flags ideal customer. The company has been focused on selling

season passes to increase revenue, just one strategy that has helped with

its remarkable turnaround.

JAMES REID-ANDERSON, SIX FLAGS CHAIRMAN & CEO: Now, we`ve seen our

season pass attendance increased up to 44 percent of all of our attendance.

Our total attendance has gone up from 23 million just in 2009 to 26 million

guests now. So, the strategy is really working.

DEANGELIS: James Reid-Anderson, the new CEO, a turnaround specialist,

wants the company to be a regional theme park leader, instead of trying to

be all things to all people. His goal? To boost revenue, to improve

operating efficiency and to reinvigorate the brand.


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New management, new strategies and innovation have been the recipe for

success. And the strategies have worked, after emerging from bankruptcy in

May of 2010, the stock is up more than 300 percent.

One of the things that make Six Flags unique is its appeal to regional

clientele. No air travel or hotel lodging is required, which keeps

consumers costs down.

IAN ZAFFINO, OPPENHEIMER & CO. ANALYST: And the only market where we

face any type of competition for a regional park is in California. But

other than that, they almost have monopolies in every one of their areas.

DEANGELIS: And to drive foot traffic, the company continually invests

in each theme park.

REID-ANDERSON: And we have new attractions, new shows, every single

year at every single park. And we tell our guests about that. They know

to come back to our park on a regular basis.

DEANGELIS (on camera): Six Flags says that this is the largest theme

park in the world. But here, it`s not just about roller coasters.

It`s all about the Safari experience which will soon be integrated as

a ride within the theme park. With 1,200 animals, it s the largest Safari


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outside of Africa.

(voice-over): Six Flags strategy is working. In the first quarter,

revenue was up more than 30 percent year over year, thanks in part to an

early Easter. In addition, the company bought back $404 million shares of

stock last quarter and has a 5.5 percent dividend yield.

Management also announced a 2-for-1 stock split to attract new buyers.

REID-ANDERSON: Even though there is no empirical evidence to suggest

that stock splits are a good or bad thing, we found that they tend to be

very strongly favored by smaller investors.

DEANGELIS: But as with any company, there are risks -- bad weather,

disease scares, tough economic conditions, these all could have an impact

on revenue.

ZAFFINO: Of course, you might see a slowdown in the economy or

slowdown in consumer spending. You know, gas prices coming down. You

know, we`ve done studies and what we`ve seen is that people aren`t really

affected by, you know, gas prices over the high gas prices, they still go

to the park. But if we do see a big spike over a very short period of

time, that typically might put a damper on attendance.

DEANGELIS: Most analysts that cove the stock have a buy, hold, or


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outperform rating on it, and feel even with its roughly 30 percent move

year-to-date, it still has room to run.

For NIGHTLY BUSINESS REPORT, I`m Jackie DeAngelis in Jackson, New

Jersey.

(END VIDEOTAPE)

MATHISEN: Six Flags recently announced a stock split effective June

26th for shareholders of record as of June 12th.

GHARIB: And coming up, one year ago, Facebook`s much hyped IPO turned

into a big fiasco. Today, many people want to know how the social media

giant makes money off you and all your friends.

But, first, let`s take a look at how commodities, treasuries and

currencies fared today.

(MUSIC)

MATHISEN: General Motors (NYSE:GM) shares topped their IPO price of

$33 a piece for the first time in more than two years. The stock is now up

14 percent this year, roughly the market gains, and it comes as the company

gets ready to introduce redesigned full-sized pickup trucks and as the U.S.

Treasury winds down its stake.


24/28

GHARIB: Well, a different story for Facebook (NASDAQ:FB) since its

Wall Street debut. Tomorrow marks the one-year anniversary since the

social media darling became a public company and it`s been one turbulent

year.

After what the Securities and Exchange Commission called a, quote,

"gross mishandling" of the IPO with canceled orders and confusion, the

stock didn`t perform well. Shares are off 31 percent since it became

public, making it the worst performing stock in the NASDAQ 100 over the

past year. But a year later, many people still want to know how Facebook

(NASDAQ:FB) makes money.

Julia Boorstin explains.

(BEGIN VIDEOTAPE)

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT: Facebook (NASDAQ:FB) wants

to keep its over 1.1 billion monthly users, connecting, sharing and

playing, because more time spent on the site means more ads can be

delivered.

Ads like these on the right side of the page or others interspersed

with updates from your friends in the news feed. They`re valuable to

marketers because they uniquely target each individual user, so the ads I


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see are determined by who I am, what I share and the links I click on.

(voice-over): In 2012, Facebook (NASDAQ:FB) generated $5.1 billion in

revenue, vast majority from ads. In the first quarter of this year,

advertising revenue alone grew 43 percent to $1.25 billion.

(on camera): New this year, Facebook (NASDAQ:FB) also delivers

newsfeed ads to mobile devices. In nine months, smartphone ads went from 0

to 30 percent of the social network`s ad revenue.

(voice-over): Just like individuals, companies can set up

communication pages to communicate with fans for free. And Facebook

(NASDAQ:FB) can make money here as well.

(on camera): Take the fans who like Coca-Cola (NYSE:KO). Coke can

pay Facebook (NASDAQ:FB) to make sure fans see its messages and updates.

Even more valuable to a brand is reaching friends of its fans. In Coke`s

case, that`s hundreds of millions of people.

(voice-over): And then there is the record number of people playing

games on Facebook (NASDAQ:FB). Topping the charts, Zynga`s Farmville 2 and

Texas HoldEm Poker. Users can play for free, but there`s big money here,

too. Players can buy virtual goods with Facebook (NASDAQ:FB) credits that

cost real money.


26/28

The growing gaming economy pushed payments revenue to $213 million in

the first quarter.

(on camera): In a much smaller and newer business, the company is

also starting to take the kind of revenue from real gifts. Users can now

buy and send flowers, even Starbucks (NASDAQ:SBUX) gift cards to Facebook

(NASDAQ:FB) friends. It`s all part of one big strategy to keep Facebook

(NASDAQ:FB) as popular as ever and get people to spend more time on the

world`s largest social network.

(voice-over): For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin.

(END VIDEOTAPE)

MATHISEN: And finally tonight, a story that could be straight out of

Hollywood, a million dollars worth of jewelry stolen at the Cannes Film

Festival. The jewels were set to be worn by stars who were there to walk

the red carpet. French police say a thief made off with the Chopard jewels

from a hotel safe last night. The room belonged to a hotel employee of the

Swiss jeweler and, believe it or not, happened on the very same night Sofia

Coppola`s "Bling Ring" was being screened, a movie about teenagers who

break into the homes of stars and steal jewels and watches.

Irony of irony --


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GHARIB: Well, now, she`s got a real, true plot line for the next

movie.

MATHISEN: Maybe it was all PR. Who knows?

We`ll get those jewels back. We`ll figure out.

GHARIB: That`s NIGHTLY BUSINESS REPORT for tonight. I`m Susie

Gharib. Thanks for watching.

MATHISEN: And I`m Tyler Mathisen. Have a great weekend, everybody.

We`ll see you back here on Monday night.

END

Nightly Business Report transcripts and video are available on-line post

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Nightly Business Report - Friday May 17 2013