Nightly Business Report - Monday May 6 2013

7/30/2019 Nightly Business Report - Monday May 6 2013

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ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and

Susie Gharib, brought to you by --

(COMMERCIAL AD)

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Long road back. The

NASDAQ hits a 12-year high. What`s driving it?


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And are there reasons to buy unloved old tech?

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Housing hot water.

Why two big banks are being targeted by the New York state attorney general

for not doing enough to help troubled borrowers.

GHARIB: A Berkshire bear. Did the lone short seller at Warren

Buffett`s weekend shareholder meeting convince any of the loyalists to dump

the stocks?

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

6th.

Good evening, everyone.

Well, Tyler, not a whole lot of drama in the market today compared to

what we saw last week.

MATHISEN: A little bit refreshing in its quiet. Now, it was really

not a big trading day and no big swings, in fact. The Dow traded in the

narrowest range in more than eight months today. The major averages ended

mixed. The Dow closed just five points lower.

A different story, though, with the S&P 500. It was up three point,

just enough to extend the record-setting gains made on Friday following the


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stronger than expected April jobs report.

Take a look at the NASDAQ which rose 14 points today and that landed

it at a fresh 12 1/2-year high on the renewed strength of technology stocks

like Apple (NASDAQ:AAPL), up nearly 2.5 percent today.

But as Seema Mody tells us, Apple (NASDAQ:AAPL) isn`t the only big

name tech company helping drive this year`s run-up in the markets.

(BEGIN VIDEOTAPE)

SEEMA MODY, NIGHTLY BUSINESS REPORT CORRESPONDENT: TheNASDAQ is

trading at levels we haven`t seen since AOL (NYSE:AOL) bought Time Warner

(NYSE:TWX). That was in 2001. It`s been a long road back.

For the first three month of 2013, defensive sectors like health care

and consumer staples led the S&P 500 and Dow Jones Industrials to new

highs. However, as defensive stocks like Johnson & Johnson (NYSE:JNJ) get

more expensive, we`re seeing this rotation of capital into cyclical sectors

like technology which make ups a large component of the NASDAQ composite.

Now, better-than-expected earnings from technology, corporations have

also helped tech outperform. According to Thomson Reuters (NYSE:TRI), of

the tech companies that have reported thus far, 69 percent have beat their

estimates.


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Lastly, the positive economic data from GDP to jobs, that`s a big plus

for tech. Analyst Brian Marshall at ISI group telling me, as companies

feel better about their business outlook, they will in turn hire more

people which ultimately should lead to more spending on IT. Among the tech

stocks fueling the NASDAQ over the past month, Apple (NASDAQ:AAPL) shares

staging a major comeback, although shares still trading below the September

2012 high of $705 a share.

Other NASDAQ winners include hard disk drive players Seagate Tech and

biotech heavy weights, Regeneron Pharmaceuticals (NASDAQ:REGN).

For NIGHTLY BUSINESS REPORT, I`m Seema Mody.

(END VIDEOTAPE)

GHARIB: Microsoft (NASDAQ:MSFT) closed at a new 52-week high today,

$33.75. And shares are up 25 percent so far this year. Also today,

Microsoft (NASDAQ:MSFT) founder Bill Gates took a swipe at rival Apple

(NASDAQ:AAPL), touting his company`s Windows 8 software, saying it works

with tablets like the iPad and the P.C., which is still a big driver for

revenue.

(BEGIN VIDEO CLIP)


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BILL GATES, MICROSOFT FOUNDER & CHAIRMAN: The Windows 8 really is

revolutionary in that it takes the benefits of the tablet and benefits of

the P.C. and it`s able to support both of those. So, if you have surface,

surface pro, you`ve got that portability of the tablet, but the richness in

terms of the keyboard and Microsoft (NASDAQ:MSFT) Office of the P.C.

So, you say P.C.s are a big market. It will be harder and harder to

distinguish products whether they`re tablets or P.C.s. With Windows 8,

Microsoft (NASDAQ:MSFT) is trying to gain share in what has been dominated

by the iPad-type device.

(END VIDEO CLIP)

MATHISEN: And now for more on the Microsoft (NASDAQ:MSFT) and the

health of the technology sector, let`s welcome Daniel Ives. He`s with

senior analyst at FBR Capital Markets (NASDAQ:FBCM).

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

DANIEL IVES, FBR CAPITAL MARKETS SENIOR ANALYST: Good to be here.

MATHISEN: You heard Mr. Gates just say Windows 8 is revolutionary.

Is it revolutionary, and if it is why isn`t it selling better?

IVES: Yes, I think that s -- you know, he might be getting ahead of


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itself. I mean, it`s obviously -- you know, it s definitely a very strong

potential product. It`s obviously a big product cycle for Microsoft

(NASDAQ:MSFT).

But again, at this point, it`s pretty underwhelming at the gauge, and

I`d say it`s kind of come out more like a snail rather than a rocket ship

in terms of, you know, expectations since the launch in October.

MATHISEN: But Microsoft s business is really business, isn`t it, Mr.

Ives? It`s not so much the consumer as it is dependent on enterprises

buying its software or buying new products for computers?

IVES: That`s fundamentally it. I mean, remember, about 90 percent of

profits come from core Windows Office. Enterprise is the core competency

for Microsoft (NASDAQ:MSFT). And again, they`re definitely the slower

option out of the gate for Windows 8 in terms of these upgrade cycles.

So, even though Microsoft`s stock has done well, a lot of the optimism

in terms of how it`s going to perform. And we are so are far from, you

know, what we`ve seen, it`s definitely been slow out of the gate and I

think that`s been disappointing to some of the bulls at Microsoft

(NASDAQ:MSFT).

MATHISEN: And yet as you point out the stock is up by 25 percent or

so, so far this year. Do you like the stock at these prices? Would you


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buy it? Are you buying it?

IVES: Well, OK, I think there`s a few things. I mean, there`s

definitely, you know, more sense that, you know, hoping that there`s some

activism in the name, and I think that helped drive shares in terms of

something strategically that could happen. Again, that point in the near-

term, you know, I wouldn`t hold my breath, I don`t think anything is really

going to happen in the near-term.

You know, personally, look, Microsoft (NASDAQ:MSFT), I think the run-

up here and I think we have a price target, I think it`s got a little ahead

of itself and now, they talk the talk and they need to walk the walk in

terms of Windows 8 sales and in our survey work and all of the anecdotal

data, so far, definitely, they`re hitting a single when most people

expected a home run for Windows 8.

MATHISEN: Let`s talk a little bit about the broader P.C. market or

the market for desktops and laptops that run the Windows operating system

and extend out to that Microsoft (NASDAQ:MSFT) ecosystem which includes or

traditionally has included such companies as Intel (NASDAQ:INTC) and Dell

(NASDAQ:DELL) and Hewlett-Packard (NYSE:HPQ).

What do you make for the overall demand for computers as opposed to

tablets?


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IVES: It`s pretty dark days for P.C.s, right? I mean, it s the first

time in a decade when P.C.s declined and we were modeling a high single

digit decline this year. You know, part of it is there`s a huge

cannibalization effect on tablets. And again, you know, the best days for

P.C. in the rear-view mirror.

And, again, this gets into the whole, you know, sort of old tech

versus new tech and when you talk about the companies that are attached to

P.C.s, that`s kind of been the anchor on the ship in terms of, you know,

where spending is, just given the cannibalization in a negative P.C.

environment.

Windows 8 was supposed to be the catalyst to stop that. So far, it

hasn`t.

MATHISEN: We`ve heard this story before, haven`t we, Mr. Ives when

Microsoft (NASDAQ:MSFT) comes out with a new operating system. It was

Windows 7 not long ago and before that, other iterations of Windows.

Do they bank on Windows for too much and have you always been hearing

how the Windows phone was going to be a big transformational product. But

apart from Nokia (NYSE:NOK), which is a distant player in the U.S. market,

it hasn`t been a big hit either, has it?

IVES: There`s always been the optimism, but fundamentally, if you


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look back, they`ve been pretty disappointing product cycles. I mean, part

of it is some of the functionality, part of it`s the enterprise adoption

and it`s -- you know, a lot of -- they put a lot of cards into Windows 8.

Windows 8 was supposed to be the end all/be all.

At least so far from what we`ve seen on the Enterprise, for on

surface, it`s in been very slow and I think to see a stock move meaningful

higher, you need to see sales accelerate and that`s really what investors

are going to be focused on over the coming quarters.

MATHISEN: All right. Dan Ives, thank you very much. Dan is with FBR

Capital Markets (NASDAQ:FBCM).

IVES: Great to be here.

MATHISEN: Terrific.

And even after all the market records this year, including today`s for

the S&P 500, there are still some stocks that many consider to be

undervalued.

Jackie DeAngelis takes a close look at some bargain shares that may be

ready for their own rally.

(BEGIN VIDEOTAPE)


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

A bull run on Wall Street, the Dow recently above 15,000 and the S&P 500

trading above 1,600. Some investors want to continue to ride this rally,

others wondering if it`s too late to get in, but the fear that some stocks

might have run too far, too fast.

RAKESH AGRAWAL, REDESIGN MOBILE PRINCIPAL ANALYST: I think what

investors are worried about is that we`re at all-time highs in the stock

market and there`s still a lot of uncertainty about the overall economy and

consumers who sometimes invest are feeling the uncertainty in their own

situation and they`re looking at it and they`re not sure what to do.

DEANGELIS: So, where can investors find value?

The good news is that, there are some hidden gems in the S&P, names

that are poised to move higher even in this market and they were found

among the worst-performing S&P large-cap sectors since November market

lows, technology and energy.

(on camera): What makes these names desirable? Well, they look

relatively cheap and are poised for growth and that`s based on a metric

that Wall Street calls the price-to-earnings ratio.

AGRAWAL: So, P/E essentially helps you judge how the company is


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valued. Companies with high P/Es, they`re expected to grow a lot.

DEANGELIS (voice-over): The S&P gems have current P/Es sitting below

their five-year averages. They also have forward P/Es that show growth

potential. Tech gems include Apple (NASDAQ:AAPL), Intel (NASDAQ:INTC) and

Yahoo (NASDAQ:YHOO). Gems in the energy space, Exxon Mobil (NYSE:XOM) and

Hess (NYSE:HES).

With respect to the technology name, growth and future performance

lies heavily on the shoulders of their CEOs. Apple`s Tim Cook and Yahoo`s

Marissa Mayer both have taken center stage as they look to execute a new

vision.

And Intel (NASDAQ:INTC) recently announced that Brian Krzanich will be

taking the helm on May 16th.

For NIGHTLY BUSINESS REPORT, I`m Jackie DeAngelis.

(END VIDEOTAPE)

GHARIB: When it comes to finding bargain stocks, there`s no one like

Warren Buffett. The billionaire investor is the driving force behind the

success of Berkshire Hathaway (NYSE:BRK.A) and its shares hit a new record

high today at $164,000. Berkshire`s stock was just one of many topics that

Buffett talked about at his company`s annual meeting this weekend, where


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some 40,000 shareholders converged on Omaha to hear from the Oracle

(NASDAQ:ORCL) of Omaha.

(BEGIN VIDEOTAPE)

GHARIB (voice-over): This is Warren Buffett at 82, just a year after

his cancer diagnosis. He still made the rounds at the Berkshire Hathaway

(NYSE:BRK.A) meeting.

WARREN BUFFETT, BERKSHIRE HATHAWAY CHAIRMAN & CEO: That waslike a

perfect fit for me.

GHARIB: And with excellent energy and enthusiasm.

UNIDENTIFIED MALE: I`m not sure if I`m allowed to shake your hand or

not.

BUFFETT: You shake my hand.

UNIDENTIFIED MALE: Thank you. It`s so nice meeting you.

BUFFETT: No charge in fact.

GHARIB: Making time for fun with billionaire buddy Bill Gates.


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GATES: He`s doing it slightly better than I am.

GHARIB (on camera): Warren, what`s your favorite part of all this?

BUFFETT: I like it all.

GHARIB (voice-over): Not only did Buffett have the stamina for all

this, he also took questions from shareholders for an amazing six hours.

(on camera): Buffett was asked how the Fed will unwind his massive

stimulus. He says it`s a huge experiment, but the world won t come to an

end.

On fixing health care, he said it`s the single most important thing to

keep the U.S. competitive.

And on the big coin craze, he`s not buying it.

BUFFETT: And what do we sell these for?

UNIDENTIFIED FEMALE: Two bucks.

BUFFETT: Two bucks.

GHARIB (voice-over): But at this love fest that Buffett calls


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Woodstock for capitalists --

BUFFETT: If you have any left over and you mark them down, call me

and I`ll buy one.

GHARIB: -- not everyone was feeling so warm and fuzzy.

DOUG KASS, MONEY MANAGER: Berkshire is too big to prosper.

GHARIB: Doug Kass is a money manager who is shorting Berkshire stock.

Hand picked by Buffett to be the bear at the meeting, to ask the tough

questions and in Buffett`s words, to spice things up.

KASS: He used to hunt gazelles, like GEICO, which had huge growth

ahead. Now, he`s hunting elephants that are mature and pricier.

GHARIB: It`s unusual to invite a short seller to a shareholders`

meeting, but Buffett is hardly the typical CEO.

BUFFETT: Sure. We wanted to get softball questions. I could get my

kids to ask me questions or something.

GHARIB: But even Buffett is a bit worried about Berkshire`s stock,

particularly because he`s had such a nice run-up this year, gaining more

than 20 percent. He told shareholders if the markets continue to rally,


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Berkshire shares would be likely to trail the S&P 500?

(on camera): How do you feel about it?

BUFFETT: I wish we didn`t, but, you know, it`s going to happen

particularly if you get five straight-up years, including what looks like a

pretty strong year this year.

GHARIB: But money managers at the meeting were positive about Buffett

and Berkshire.

WHITNEY TILSON, KASE CAPITAL: I think he and Charlie are pinching

themselves. They are so excited about how well many of Berkshire`s major

businesses are doing and, you know, it`s beyond their wildest dreams.

DAVID ROLFE, WEDGEWOOD PARTNERS: I still think that Buffett and

Munger are at the top of their game. I love it that they have that

elephant gun (ph) tucked with cash. The businesses are doing fine and,

quite frankly, we just don`t think the valuation is stretched here.

ROBERT HAGSTROM, LEGG MASON INVESTMENT COUNSEL: Berkshire is still

the monster cash flow machine that it`s always been -- decentralized and

bubbling up cash from the bottom, and it looks perfect to me.

GHARIB: Still, there`s been a course of criticism about the ample


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cash in Berkshire`s war chest. Almost $50 billion of untapped money and

Heinz was the only large acquisition this year. No wonder there`s so much

talk about a dividend, but Buffett is reluctant.

BUFFETT: Basically, we think that reinvesting a dollar creates more

than a dollar value and as long as that`s the case, people can do better

since it sells at significant premiums of those dollars we invest.

GHARIB: That`s OK with shareholders. They own Berkshire because they

believe in the Oracle (NASDAQ:ORCL) of Omaha.

UNIDENTIFIED MALE: We`ve done it for 60 years. Can`t argue with

success.

UNIDENTIFIED FEMALE: I am very impressed with warren. I like his

down to earth style.

GHARIB: But as for Doug Kass, he`s still bearish on Berkshire.

KASS: No, there was nothing at all. There was nothing incremental

that would make me more positive and less concerned, less cautious.

GHARIB: His biggest worry, who will run Berkshire after Buffett is

gone?


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Buffett knows the answer, but won`t reveal the name to the public.

And for now, he`s calling the shots and has no plans to slow down.

(on camera): No second thoughts about making it easy a little bit?

BUFFETT: Oh, no. No. No. I`m having fun every day.

(END VIDEOTAPE)

GHARIB: He`s really amazing, Tyler, and as you can see from that

story, it`s like a carnival atmosphere and it`s also like getting an MBA

degree. You learn a lot.

BUFFETT: How did he parry with Doug Kass when he was on stage, the

short seller`s questions?

GHARIB: Well, you know, the questions were tougher than were asked in

the past. But at one point he said, you haven`t convinced me to short the

stock, Doug. Keep trying.

MATHISEN: It`s about $100 billion worth of ping-pong at that table

there, Susie. Welcome home. Welcome back.

All right. Coming up, why the New York attorney general is taking aim

at two big banks for not doing enough to help troubled borrowers?


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But, first, a look at some selected stocks that hit all-time highs

today, and a check on the international markets.

(MUSIC)

MATHISEN: Two very different energy companies lead our "Market Focus"

tonight.

Anadarko reported first-quarter profits and revenue above estimates

and the company increased its full-year sales and volume`s guidance.

Anadarko produces oil in the Rocky Mountains, the Gulf of Mexico among

other places. Shares of the company gained more than 1 percent during the

day and then went higher on the earnings report.

GHARIB: Also reporting solid earnings, First Solar (NASDAQ:FSLR)

posted first-quarter profit, turning around a loss from a year ago, but

they still missed estimates. The company credits the improvement on the

strong demand for its power plant projects which it sells to utilities.

Shares of First Solar (NASDAQ:FSLR) gained more than 3 1/2 percent in the

regular session and seesawed in after hours.

MATHISEN: Humana (NYSE:HUM) and UnitedHealthcare were among the top

performers today as a JPMorgan (NYSE:JPM) analyst took advantage of the

Medicare Advantage business through 2015. He rated both companies


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overweight, saying they should be able to grow enrolments despite potential

reimbursement cuts from the government. Investors sent UnitedHealthcare up

almost 2 1/2 percent and Humana (NYSE:HUM) followed with a gain of just

over 2 percent.

GHARIB: Shares of Bank of America (NYSE:BAC) and MBIA (NYSE:MBI)

spiked as the two firms agreed to settle a dispute over faulty mortgage

bonds dating back to the housing boom. MBIA (NYSE:MBI) provides insurance

to the financial services industry. Bank of America (NYSE:BAC) will pay

MBIA (NYSE:MBI) $1.5 billion in cash and provide MBIA (NYSE:MBI) with a

$500 million credit line.

Investors recognized the deal was good for both sides. Bank of

America (NYSE:BAC) gained more than 5 percent, leading the Dow winners.

And MBIA (NYSE:MBI) rose more than 45 percent. In fact, all of the major

banks rallied today in a range from about half a percent to more than 2

percent.

MATHISEN: And speaking of banks, new accusations today against two of

the nation`s biggest for allegedly ignoring last year`s 49-state settlement

to help struggling borrowers by dragging their feet on hundreds of

refinancing requests.

Separately, a new study shows that bad loans still carried on bank`s

books are haunting the housing recovery.


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Diana Olick explains.

(BEGIN VIDEOTAPE)

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

New York today, state New York attorney general Eric Schneiderman accused

two of the nation`s largest bank, Wells Fargo (NYSE:WFC) and Bank of

America (NYSE:BAC), of reneging on a deal to help millions of troubled

borrowers.

ERIC SCHNEIDERMAN, NEW YORK ATTORNEY GENERAL: This enforcement

action, which is the first taken under the settlement, is based on 339

individual complaints from New Yorkers against these two banks in just the

last six months.

OLICK: The charges stem from the $25 billion settlement that came out

of so-called robosigning foreclosure abuses. It directs the banks to

modify loans, forgive mortgage principal and improve significantly the way

they treat or service their customers. Specifically, the banks must

respond to customer applications quickly.

Joyce Harden says she and her husband have been trying to get help

from Wells Fargo (NYSE:WFC) for four years.


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JOYCE HARDEN, WELLS FARGO BORROWER: We hope and pray that they can

open their eyes help us and, you know, help us and help many other people

just like me who are suffering.

OLICK: The lawsuit comes just as mortgage delinquencies are starting

to improve dramatically. Fewer borrowers are falling behind on their

payments for the first time and the number of those already behind is

dropping, too, for several reasons.

HERB BLECHER, LENDER PROCESSING SERVICES: Fewer inflows of new-

problem loans, progressions of loans through the foreclosure process and

since January 2010, over 3 million modifications taking place, all of which

are removing loans from that delinquency pipeline.

OLICK: The number of borrowers who owe more on their mortgages than

their homes are worth also fell down 41 percent from a year ago, to around

9 million according to lender processing services. Still, these underwater

borrowers have a far higher rate of default than those who still have

equity in their homes.

(on camera): So, are we out of the foreclosure woods yet? Not by a

long shot. We are seeing the best number since 2007. But remember, 2007

was a pretty awful year for foreclosures.

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


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(END VIDEOTAPE)

MATHISEN: And here are some of those numbers Diana just referenced.

Today, there are still roughly 5 million borrowers either behind on their

mortgages or in the foreclosure process.

GHARIB: And still ahead on the program, a major event rattled Wall

Street exactly three years ago today. Do you remember what it was? The

answer just ahead.

But first, a look at commodities, treasuries and currencies and how

they fared today.

(MUSIC)

GHARIB: The U.S. Treasury said today it plans to settle its remaining

stake in General Motors (NYSE:GM) which it acquired during the government`s

bail out of the U.S. auto sector back in 2009.

Separately, General Motors (NYSE:GM) is recalling 38,000 Chevrolet

Malibu Ecos, Buick LaCrosse and Buick Regal sedans because of a defective

battery control that could stall the engine or cause a fire.

For more details, go to our Web site NBR.com.


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Meanwhile, shares of General Motors (NYSE:GM) were down slightly

today, to $31.82.

MATHISEN: We asked a moment ago, do you remember what rattled Wall

Street three years ago today. The answer is the so-called Flash Crash that

sent the Dow Jones Industrial Average 1,000 points lower in just the blink

of an eye before the markets recovered most of those losses.

Bob Pisani looks at whether anything has changed.

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): It`s

been three years since the Flash Crash and regulators have made several

changes to stop trading. The most important change are new individual

stock circuit breakers that would act like a break on the market during a

period of rapid price drops, but still allow stocks to trade within

predefined trading bands.

For example, if a stock trading at $10 suddenly dropped 5 percent in a

5-minute period to $9.50 that stock would halt trading for five minutes

before trades could be made below that price, but would be permitted to

keep trading above $9.50 or below $10.50. That`s 5 percent above or below

the last price -- essentially establishing a trading band for the stock.


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Another change, the elimination of so-called stub quotes. During the

Flash Crash, some stocks sold for as low as 1 cent because market makers

were allowed to place extreme low-ball bids. That`s all been eliminated.

Now, quotes to buy or sell stock need to be within a certain percentage of

the market.

(on camera): These moves taken together might not prevent another

Flash Crash, but the hope is that it will go a long way toward reducing the

severity of any big price swings. The idea is to make sure you have some

support for the market in times of stress.

No matter if it`s a software glitch, a panic, or just people putting

bad orders, the circuit breakers are designed to help the market catch its

breath.

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

Exchange.

(END VIDEOTAPE)

MATHISEN: So, some steps have been taken to mitigate these kinds of

thing. But as long as the machines keep getting faster and more powerful,

I don`t think we`ve eliminated it. And what it really does is it damages

confidence of the individual investors.


25/27

GHARIB: It`s all about market credibility and as scary and risky as

it all was, you have to look on the other side of the equation. The Dow is

up 42 percent since that --

MATHISEN: Just since that, three years ago.

All righty.

GHARIB: All right. Finally tonight, "Fortune" magazine is out with

the Fortune 500, its annual list of the world`s biggest companies by

revenue.

Walmart has reclaimed the top spot this year from ExxonMobil

(NYSE:XOM), which dropped to number two. Rounding out the top five, two

other oil giants, Chevron (NYSE:CVX) and Phillips 66, and Warren Buffett`s

Berkshire Hathaway (NYSE:BRK.A). We`ve been talking about him.

Apple (NASDAQ:AAPL), the world`s most valuable company cracked the top

10 this year, coming in at number six.

And Facebook (NASDAQ:FB) joined the exclusive club for the first time,

Tyler, at number 482.

MATHISEN: You look at those numbers there and you realize just how


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big Berkshire Hathaway (NYSE:BRK.A) is, bigger in fact in sales than Apple

(NASDAQ:AAPL) which we make so much noise about.

GHARIB: The thing that`s interesting about Apple (NASDAQ:AAPL) here,

this list is by revenue. But if you count it on profits, it`s number two

after Exxon, which is amazing.

MATHISEN: And if you count it by market value, it`s back at number

one.

GHARIB: Absolutely, despite all of the problems it`s been going

through recently with investors.

MATHISEN: All right. That will do it for tonight s edition of

NIGHTLY BUSINESS REPORT. I`m Tyler Mathisen. Thanks so much for watching.

GHARIB: And I`m Susie Gharib. Have a great evening, everyone.

And Tyler and I will be right back here. 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


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our guests and commentators are their own and do not necessarily represent

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Nightly Business Report - Monday May 6 2013