Nightly Business Report - Thursday March 21 2013.pdf

7/29/2019 Nightly Business Report - Thursday March 21 2013.pdf

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ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and

Susie Gharib.

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Stocks taken on the

chin. Hit by a one-two punch of weak technology and ongoing drama over a

bailout in Cyprus.

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: A growing health


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issue. CVS (NYSE:CVS), the latest company asking for more medical

information from employees. How much should your employer really know

about you?

GHARIB: And a tough decision. The housing market seems to be on the

mend. So, it`s time to ask the age-old question: should you rent or buy?

All that and more coming up.

Good evening, everyone.

Well, Tyler, another down day on Wall Street and it seems like

investors are starting to pay attention to bad news.

MATHISEN: Certainly this week, and certainly again today, Susie.

After spending much of the year blissfully gliding over whatever

troubling news there was, stocks today succumbed to a dose of reality. It

came in two forms: earnings worries and Cyprus, where a banking crisis

shows few signs of abating and the country`s credit rating was cut. The

Dow, though closing well off the lows of the session, nevertheless ended 90

points lower at 14,421, the NASDAQ down 31, and the S&P 500 falling further

from its record high off 14 points today.

Now, stocks got little help from more good news about housing. Sales


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of existing homes last month hit a three-year high, while average home

prices in January shot up 6.5 percent from a year ago.

On the labor front, first time jobless claims rose by only 2,000 last

week. But it was enough to send the monthly average to a fresh five-year

low.

No matter, today, stock investors did what they haven`t done much of

this year at all. Find trouble in the news.

(BEGIN VIDEOTAPE)

MATHISEN (voice-over): Until this week, stocks have led a charmed

life in 2013. Day after day, the Dow played past the headlines. Its worst

losing streak of the year: two. And it`s closed higher seven out of every

10 trading days this year.

But this week, after nearly three months of gains that would make for

a pretty good year of returns, investors woke up. Those banking woes in

Cyprus were a first jolt, a reminder that Europe`s problems are far from

solved. Then, came earnings issues at three bellwethers, FedEx (NYSE:FDX),

Caterpillar (NYSE:CAT), and Oracle (NASDAQ:ORCL), a transport, an

industrial, a tech.

MATTHEW CHESLOCK, VIRTU FINANCIAL: This market is not really ready to


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take off. The economy is not ready to take off. It does give us a little

pause, maybe across the board. Economy is slowing down, at least

temporarily.

MATHISEN: Ben Bernanke did calm the markets yesterday.

BEN BERNANKE, FEDERAL RESERVE CHAIRMAN: At this meeting, the

committee judged that no adjustment was warranted.

MATHISEN: Today, though, as investors look east to Europe and ahead

to an earnings season promising little profit growth, 2013`s charmed life

for stocks seems so yesterday.

(END VIDEOTAPE)

GHARIB: More now on the financial troubles in Cyprus where the

government is trying to come up with a plan to reorganize its banks by

Monday. That`s the deadline set by the European Union officials. If they

don`t, it could mean collapse of the entire banking sector.

As Michelle Caruso-Cabrera tells us, that fear is being felt on the

streets.

(BEGIN VIDEOTAPE)


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MICHELLE CARUSO-CABRERA, NIGHTLY BUSINESS REPORTCORRESPONDENT:

Cyprus, yet another country in Europe where the devastation from the

financial crisis is being felt throughout the population.

Throughout Cyprus, lines could be seen all day long at the ATMs of the

country`s weakest bank, Laiki. The bank`s customers desperate to take out

cash of rumors the banks was on the verge of failure.

CHRIS SOFRONIOU, BANK DEPOSITOR: This is not solidarity. We`re being

treated like third-class citizens and we`re very, very angry.

CARUSO-CABRERA: How much money did you take out?

SOFRONIOU: I just took 1,000. I`ve been taking 1,000 every day. And

personally, I`m taking this money and cash with me to the U.K. tonight.

CARUSO-CABRERA: Because?

SOFRONIOU: Because we don`t know what the future of our country

holds.

CARUSO-CABRERA: The reason they`re using the ATM? The banks have

been closed nearly a week and won`t open until Tuesday, earliest.

Business owners deeply affected by the bank closures. The head of


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this fruit import business is worried about making payroll.

ANDREAS AGROTIS, AMALTHIA TRADING COMPANY: We are doing our best to

expedite the cash collecting process in order to be able to pay our

employees next week. Most shipping lines require that you pay in cash. So

if you want to get some important goods out of (INAUDIBLE), you have to pay

in cash.

CARUSO-CABRERA: Bank employees likely to be on the losing end as well

and they know it, showing up in front of parliament to protest in fear that

their bank will be shut down.

UNIDENTIFIED FEMALE: (INAUDIBLE). It`s not their family. E.U., it`s

Germany and other countries, they are not our friends, because their

members of family don`t do this.

CARUSO-CABRERA: Many people here are so angry, they feel they have

been treated unfairly by the Europeans, particularly the Germans and

they`re angry with the politicians they say have led them astray.

For NIGHTLY BUSINESS REPORT, I`m Michelle Caruso-Cabrera, Cyprus.

(END VIDEOTAPE)

GHARIB: Our market guest tonight says investors should be concerned


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about what`s going on in Cyprus and its impact on Europe. He`s Andres

Garcia-Amaya, global market strategist at JPMorgan (NYSE:JPM) Funds.

You know, Andres, tell us why U.S. investors should be concerned about

what`s going on in Cyprus. A lot of them think that there`s no spillover

effect over here.

ANDRES GARCIA-AMAYA, J.P. MORGAN FUNDS GLOBAL MARKETSTRATEGIST:

Right. I think it s really important to look at Cyprus and not blow it out

of proportion, but at the same time, don`t underestimate its risk. And its

risk is that it does create question marks around the safety of deposits

around the European Union. The whole point of creating a banking union is

that a Cyprus bank is as safe as a German bank. And this does create a

question mark.

MATHISEN: Andres, is Europe for investors simply too hot to touch

right now?

GARCIA-AMAYA: I think if you look at individual companies, if you

look at their balance sheets and you try to understand what is their

drivers of growth, there are still opportunities, especially large

corporations that have access to the emerging markets, and that`s really

where their growth is coming from.

But overall, at the macro level, I do expect some headlines -- some


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headline risks this year. Let`s not forget, this is a German election

year, right? In September, Merkel has to convince her voters that she

should be re-elected. And I wouldn`t put that past what`s happening in

Cyprus and what other headlines we come up during the duration of this

year.

GHARIB: Let`s talk a little bit about things closer to home --

earnings. You heard in Tyler`s report we`ve had disappointing earnings

recently. You know, we`re going to get a lot of reports over the next

couple weeks. Are they going to shape the direction of the markets?

GARCIA-AMAYA: Well, first off, we had a weak market today and I think

it`s important to take it in stride. We had a great run, but it is

concerning when the markets move up in a straight line up or down. So,

some consolidation is actually healthy.

Two, when it comes to earnings, we do expect earnings not to be too

strong in the second quarter. Let`s remember what just happened. We have

the payroll tax going away. We have the sequester that`s really going to

start hitting in April. Therefore, the second quarter.

So, earnings in the short term might seem weak, but we do believe over

the next couple years, the earnings story could be strong, especially when

you look at the economy and the fundamental story what`s happening with

housing and slowly what`s happening to jobs.


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MATHISEN: So where should I put my money, Andres? If I want to be a

broadly diversified global investor, what percentage of it right now of my

equity holdings should be in the U.S. market and what percentage in foreign

markets, what percentage in emerging markets?

GARCIA-AMAYA: So first off, we are overweight in the U.S. equity

markets over, for instance, other developed economies like Europe. I think

a lot of the headline risk is going to actually send a lot of dollars back

into the United States. And fundamentally, the U.S. economic story is

improving.

But just a comment on emerging markets. You hit on something that I

think is important. I think most investors globally are structurally

underweight emerging markets. They might hold maybe 4 percent or 5 percent

of emerging markets throughout the whole portfolio. Yet if you look at

this share out of whole world market cap, it`s 13 percent.

So, I do believe that people structurally are underweight and they

need a little bit more exposure to emerging markets which right now there`s

a lot of volatility there, but I think there`s also a lot of upside.

GHARIB: Andres, you used to always hear: buy on the dips. I don t

know if this is one of those times.


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Should people start picking up stocks if they haven`t been involved in

this market rally or is a serious pullback close by?

GARCIA-AMAYA: I think if you have to look at your options, right?

So, if you have a new dollar, what are you going to do with it? Are you

going to put it on fixed income? Are you going to put it on cash or in

equities?

I think, even at these levels, equities still more look appealing than

the other options. So if you see some weakness, I would actually put that

new dollar into equities. Why? Because everything else just looks so

expensive.

GHARIB: All right. Lots of good information. Thank you so much,

Andres.

Andres Garcia-Amaya, global market strategist at JPMorgan (NYSE:JPM)

Funds.

MATHISEN: Well, Susie, first, the Senate voted for it, and now, the

House passing a stopgap spending bill with broad bipartisan support and

sending it to the president`s desk for his signature. The measure will

keep the federal government up and running until the end of September,

while lawmakers get back to work on a more comprehensive long-term budget

for fiscal 2014 and beyond.


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GHARIB: And after the bill, earnings surprise starts us off in

"Market Focus" tonight.

Nike (NYSE:NKE) reported a 55 percent jump in quarterly net income to

73 cents a share. That was 6 cents more than analysts` estimates. Nike

(NYSE:NKE) said worldwide future demand for its apparel and shoes rose 6

percent compared to the same period last year.

Looking at the stock, it closed at $53.60, down more than 2 percent.

That was during the regular session, and then it surged in after hours.

Cisco (NASDAQ:CSCO) Systems was the biggest loser in the Dow. Shares

fell on an analyst downgrade from a market perform to underperform. The

analyst predicts a decline in routers, and Cisco (NASDAQ:CSCO) could be

challenged to transition to a software and service business model.

Cisco (NASDAQ:CSCO) lost almost 4 percent, closing at $20.84.

And Oracle (NASDAQ:ORCL) was the biggest NASDAQ loser. Investors

reacted to that warning that we told you about last night that Oracle`s

hardware revenue would shrink. The company also said on its earnings

called today that its sales staff didn`t do a good job on selling on the

software side.


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Oracle (NASDAQ:ORCL) shares have fell on heavy volume, closing at

$32.30, down more than 9.5 percent.

MATHISEN: And Salesforce.com (NYSE:CRM), on Oracle (NASDAQ:ORCL)

competitor in cloud computing and customer relationship services, announced

a four for one stock split after the close today. You don`t see that very

often. Salesforce was up on the day, ending at $172.73, before it spiked

after hours on the news of that split.

And Airgas (NYSE:ARG), a company that makes industrial gases that

other manufacturers use in their processes, warned that it may fall short

in the current quarter because sales fell in February in a key division and

didn`t recover in March. Airgas (NYSE:ARG) down over 5 percent, closing at

$97.96.

One bright spot today, though, was Ross Stores (NASDAQ:ROST). The

discount retailer said its latest quarterly income jumped 23 percent on

higher demand from bargain hunting shoppers. Ross says revenue stores at

least a year up 5 percent. Ross was up $3.35 -- 3.35 percent, excuse me,

to $58.05 at the close.

GHARIB: Here`s another bright spot. This year`s corn crop,

especially in the wake of last year`s devastating Midwest drought. Corn

planting this year are expected to be the highest in decades, and Jane

Wells tells us what that means for farmers and consumers.


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(BEGIN VIDEOTAPE)

JANE WELLS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):

Farming is like housing. It`s all about location, location, location.

JASON KVOLS, NEBRASKA CORN FARMER: I`m a bit nervous.

WELLS: Nebraska corn farmer Jason Kvols should be. He`s coming off a

horrible 2012 due to the drought.

KVOLS: I expected around 150 bushels average year going into the

year. And I ended up with 75 bushel on my corn.

WELLS: Curt Mowery`s Texas operation could not have been more

different.

CURT MOWERY, TEXAS GRAIN FARMER: Our 2012 corn crop was excellent.

It`s probably the best corn crop we`ve ever raised down here.

WELLS: Mowery already has corn coming out of the ground and he`s

optimistic about 2013. Farmers are expected to plant the most acres of

corn in 77 years. And if the crop is good -- corn prices could fall as

much as 40 percent and bring down the cost of everything else, especially

beef.


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America`s cattle herd is the smallest it`s been in decades. Ranchers

have been getting rid of animals because it costs too much to feed them.

Texas rancher Bob McCan says his herd is 25 percent smaller than it

used to be.

BOB MCCAN, TEXAS RANCHER: Until there`s some really relief in the

drought situation, it`s going to be hard to rebuild the herd.

WELLS: Curt Mowery says what happens next won`t just impact American

food costs but global supply.

MOWERY: If anybody has a marginal or total crop failure, it`s going

to start impacting worldwide the availability of those commodities on the

food shelf. It`s that critical. I`ve never seen it in my lifetime.

WELLS: The national weather service isn`t providing much hope. Its

new spring forecast calls for warmer than normal temperatures with little

relief from the drought.

For NIGHTLY BUSINESS REPORT, Jane Wells, Moorpark, California.

(END VIDEOTAPE)


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MATHISEN: And coming up, first, smoking, then, cholesterol levels.

Now, one company is asking employees to weigh in, or pay up for health

insurance. Is it a motivation to get healthy or an invasion of privacy?

First, though, let`s attack a look at how the international markets

finished the day.

(MUSIC)

GHARIB: We don`t have to tell you that the cost of health care is

skyrocketing, especially for big companies providing coverage for thousands

of workers. But there`s a growing controversy about just how involved

employers should get in the lives and personal information of those

workers.

Hampton Pearson explains.

(BEGIN VIDEOTAPE)

HAMPTON PEARSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):

The CVS (NYSE:CVS) drugstore chain, one of the nation`s largest, is taking

a hard line on weight control in the workplace, telling its 200,000

employees to participate in the company`s health insurance they must reveal

health information, including weight, body fat and blood pressure levels or

pay a $50 a month fine. That`s $600 a year.


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UNIDENTIFIED MALE: It`s a $600 fine. Yes, that seems pretty

unreasonable.

PEARSON: The chief medical officer for the Rhode Island-based firm

says it`s not an invasion of privacy, but an incentive to improve employee

health and reduce health care costs.

DR. TROY BRENNAN, CVS (NYSE:CVS) CHIEF MEDICAL OFFICER: It`s an

incentive one way or the other. The way we see it is that the company

contributes a good deal to people`s health insurance, and people can get an

additional contribution if they undertake this. It seems to make common

sense to us.

PEARSON: Worker rights advocates say there`s nothing really voluntary

about asking workers to pay what could be a $600 a year penalty.

PAULA BRANTNER, WORKPLACE FAIRNESS: If you`re looking at CVS

(NYSE:CVS), you`re looking at a company that has a lot of low-wage workers,

where $50 a month could make a significant difference.

PEARSON: A Kaiser Family Foundation survey finds 94 percent of large

businesses now offer some kind of wellness program, things like free health

club memberships, nutrition counseling, even stop smoking campaigns.

What`s accelerating is the use of financial penalties to motivate behavior.


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Workers are adjusting.

UNIDENTIFIED FEMALE: My job required it, and I need my job -- yes,

I`d would do it. I`ve got nothing to hide.

PEARSON: In a 2009 survey of 500 companies, 8 percent used financial

penalties to motivate healthy behavior. Last year, that number jumped to

30 percent, according to Towers Watson (NYSE:TW), a risk management

consulting firm.

Health care experts also say draft regulations tied to implementing

the Affordable Care Act increased dramatically financial incentives tied to

wellness programs.

CRAIG PALOSKY, KAISER FAMILY FOUNDATION: There really isn`t anything

else that the insurance industry or the employee benefits industry has

shown they can do to control health care costs.

PEARSON (on camera): CVS (NYSE:CVS) said they`re using what some

might consider the stick approach tied to penalties. What`s not yet

apparent is how many firms will follow that trend.

For NIGHTLY BUSINESS REPORT, I`m Hampton Pearson in Washington.

(END VIDEOTAPE)


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GHARIB: We have two different points of view on this subject.

Deborah Peel is the founder of Patients Privacy Rights Foundation, and

Tracy Burns is the director of Northeast Human Resources Association.

I`d like to ask both of you this question. We all want a healthier

work force. You know, how do we get there? Is it through rewards or is it

through penalties?

Deborah, why don`t you start us off?

DEBORAH PEEL, PATIENTS PRIVACY RIGHTS FOUNDATION FOUNDER: Well,

penalties, of course. And these penalties in particular are very coercive,

they`re very hurtful. And most of the people that are working there are

probably working a second job already.

So, it`s cruel. It`s cruel and it`s an insult to dignity.

But worse than that, there are serious privacy problems. First of

all, Americans have the right to health information privacy. The reason

is, is this is very sensitive information, and it`s been clear for decades

that employers and insurers use this information to make decisions about

hiring, firing and promotions.


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So the privacy of health information and the lack of control of data

in electronic systems and wellness programs require the collection of lots

of sensitive data.

GHARIB: Let`s get Tracy in on this.

PEEL: OK.

GHARIB: Rewards or penalties, Tracy?

TRACY BURNS, NORTHEAST HUMAN RESOURCES ASSOCIATION DIRECTOR:Well, I

think it depends on the individual. I think, as you know, health care --

health risk assessments have been around since the `80s. So, this is

really nothing new. It`s really just how it s being packaged.

So, it comes down to the individual and how they`re motivated and what

their financial motivation works for some people. And coercion or

perceived coercion is going to work -- will be the proof in the pudding. I

think, like with a lot of wellness programs, it takes a long time for us to

see the fruits of the labor, but I commend CVS (NYSE:CVS) for being willing

to implement a wellness program, because it`s really not just about the

bottom line. It`s about overall well-being. And when we come to work, we

don`t just bring ourselves, our work selves, we bring our entire selves,

and proven that healthy employees equal productive employees.


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MATHISEN: Ms. Peel, I`m curious why you think the practice of

supplying or having to submit to a test where you would be weighed, have

your body mass index measured, presumably your blood sugar taken and

cholesterol taken --

PEEL: Yes.

MATHISEN: -- is a cruel procedure. I believe that was your word.

I`m not sure I understand. Why you perceive that to be cruel, and

why, on the other hand, someone might not see that as, well, that`s

information that I could use, perhaps, if I didn`t have it already, to live

a more healthy lifestyle?

PEEL: The cruelty is about the financial penalties that most people

can`t afford. The problem with the blood tests are when you get blood

tests, they`re collected by a lab, data is collected about you, personal

data about your body and mind.

The public is very sensitive about this. They know that employers and

insurers and wellness plans and labs and electronic data about health is

not secure, and it`s not private. They believe that these systems are not

ready for prime time. They know that we have no data map of where all this

data goes, who uses it, and what for. But it`s very clear that this

information is used to discriminate against people.


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The most important thing I like to say, though, about health plans is

this month`s "Health Affairs" did a very careful study, and they found that

wellness programs basically don`t work. They`re one-size-fits-all.

These illnesses that we are having, the epidemics of, are happening

because not just of factors within the person, but there are social

factors, cultural factors and corporate factors as well, such as very

addictive, terrible, cheap food.

GHARIB: All right. Can we just get maybe a short explanation from

you --

PEEL: Sure.

GHARIB: -- of what`s the alternative? I mean, the status quo in our

country right now is not working. We have an obesity --

PEEL: You are right.

GHARIB: -- epidemic. We have a heart disease epidemic.

PEEL: You`re right.

GHARIB: And we have a health care cost epidemic. So what do we do?


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Real quickly.

PEEL: Well, first of all, the alternatives are to find the solutions

not only in the individual, by working with individuals, but by looking at

the larger factors in society. We don`t have epidemics because suddenly a

whole bunch of people in this nation are not responsible. These are

complex problems. So they`re going to be -- we have to find the problems

in the individuals, but in our culture, in our food chain, in our

workplaces, to fix his, because wellness programs don`t work.

MATHISEN: Tracy, my employer requires me to submit that I haven`t

used tobacco products over the past year or pay a penalty. And that feels

like a reasonable -- to me, a reasonable use of the expression of the

employer`s interest here.

My question for you, though, are we going to a system where

individuals` health care costs will pay more for insurance if they have

certain personal attributes or certain behaviors or certain habits than

somebody else? Variable pricing?

BURNS: Well, potentially so. And it`s not much different than what`s

been happening for quite some time with the incentives plan. So I think we

have to be very careful about what we`re penalizing people for and what`s

preventative. And a lot of the wellness programs that corporations have

been involved in for quite some time are based on preventative measures,


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and lifestyle things that you can change, things that are within your

control.

GHARIB: All right. We have to leave it there. This is obviously a

topic that as a country we`re going to continue to be in a conversation.

Thank you both, Deborah Peel, founder of Patient Privacy Rights

Foundation, and Tracy Burns, director of Northeast Human Resources

Association.

Tyler?

MATHISEN: This one, Susie, really did hit a nerve in lots of people

today around the country.

All right. Coming up, our special series on housing continues with a

look at renting versus buying a home, which could be best for you in

today`s economy?

But, first, let`s take a look at what treasuries -- they were up today

-- currencies and commodities closed.

(MUSIC)

MATHISEN: With home prices on the rise and mortgage rates still near


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historic lows, a lot of would-be home buyers are looking to jump in while

others remain cautious. So, in today`s housing market, is it wiser to rent

or own your home?

Diana Olick looks for some answers.

(BEGIN VIDEOTAPE)

UNIDENTIFIED MALE: So this is e place.

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

Newlyweds Brian and Ali Earle are ready to buy their first home together.

While owning a home seems daunting, renting just doesn`t add up

anymore.

BRIAN EARLE, POTENTIAL HOME BUYER: To be honest, it keeps going up.

I think we`ve seen our rent go up over 20 percent in the last two years.

And you don`t really have control over your property.

OLICK: Rents are rising at an annual rate of 3.5 percent, according

to AXIOMetrics. But home prices are rising faster. So should you buy or

rent?

Analysts at Trulia say it`s 44 percent cheaper to buy, but only if you


25/28

stay in your home for seven years, itemize your deductions and get a 3.5

percent mortgage rate.

ALI EARLE, POTENTIAL HOME BUYER: Right now, with how interest rates

are, they are actually below 4 percent in this area. So it`s the perfect

time for us to do it, especially for good investments for us, for our

future.

OLICK: Still, rental buildings are largely full, partially because so

many potential home buyers now have damaged credit, but also because many

younger Americans want neither the hassle nor the risk.

SUSIE BOGGES, RENTER: It`s low-maintenance. That`s the best thing.

OLICK: Susie Bogges has been renting in D.C. for six years and admits

she would pay more to rent than own.

BOGGES: I have a lot of friends who purchase and they thought it was

a great deal and then ended up losing tens of thousands of dollars just in

a few years.

OLICK: Another barrier to home ownership is lack of supplies. The

realtors today reported a small increase in the number of homes for sale,

but it`s just not enough, especially given the competition from cash-heavy

investors.


26/28

ALI EARLE: Everywhere we`ve looked, there`s at least five or six

offers going in within 48 hour period.

OLICK: That`s why now, even some home builders, like Lennar

(NYSE:LEN), are getting into the multifamily apartment business.

STUART MILLER, LENNAR: We`re bullish both on the rental side of the

business and on the single family side of the business. We have

underserved production for probably seven years now, and as we look ahead,

both on the multifamily side and on the single family side, we`re going to

need a lot more production.

UNIDENTIFIED FEMALE: Yes, this is actually pretty spacious, too.

OLICK: Because at this point in the housing recovery, the rent versus

buy debate still has no winner.

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

(END VIDEOTAPE)

GHARIB: You know, Tyler, my husband and I just went through this

process with our adult children who were going to be in these training

programs for three years, four years, decided to rent rather than buy,


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because it`s that seven-year rule that Diana was talking about.

MATHISEN: More likely to stay there that long.

My rule is whenever Mathisen buys, you sell, because I`ve managed to

top the real estate market I`ve ever been in. I`ll tell you. I`ll give

you a hint. I`m not moving any time soon.

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

tonight. I`m Susie Gharib. Thanks so much for watching.

MATHISEN: And I`m Tyler "Time the Market" Mathisen. Have a great

evening, everybody. We`ll see you back here tomorrow night.

END

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

broadcast at http://nbr.com. The program is transcribed by CQRC

Transcriptions, LLC. Updates may be posted at a later date. The views of

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

the views of Nightly Business Report, or CNBC, Inc. Information presented

on Nightly Business Report is not and should not be considered as

investment advice. (c) 2013 CNBC, Inc.


28/28

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Nightly Business Report - Thursday March 21 2013.pdf