Nightly Business Report - Thursday May 23 2013

7/30/2019 Nightly Business Report - Thursday May 23 2013

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ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen andSusie Gharib, brought to you by --

(COMMERCIAL AD)

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Nerve-wrackingday.


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Investors dump stocks and then bought them back. Amid all the volatility, what should you do,if anything?

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: A bright spot? Sharesof Hewlett-Packard (NYSE:HPQ) have their best day since 2001. But you may not want to callit a comeback just yet.

MATHISEN: And hurricane warning. Are businesses prepared for what`s predicted tobe another active storm season?

All of that and more tonight on NIGHTLY BUSINESS REPORT for Thursday, May 23.

GHARIB: Well, volatility was the word of the day. Investors were pessimistic right fromthe opening bell, rattled by a big stock sell-off in Japan, a weak economic report in China andlingering jitters about Federal Reserve policies undermining U.S. markets.

The Dow tumbled triple digits, then rebounded, thanks to encouraging news abouthousing and the job market. By the closing bell, the Dow lost only 12 points. The NASDAQslipped about four, and the S&P was down by five points.

Here`s Bob Pisani with a tick-by-tick look at what drove today`s wild swings in themarket.

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): Itstarted out wild and it ended on the quiet side. The Dow dropped as much as 115 points rightafter the open but rallied in the next two hours and went positive on several occasions beforeending fractionally in the red.


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With worries about higher interest rates down the road, interest rates sensitive groups likeutilities and REITs, real estate investment trusts, were weak again today.

Another problem, weakness in manufacturing in China caused the Japanese stock marketto drop 7 percent, its biggest drop since the tsunami two years ago.

China is a critical market for many U.S. multinationals.

One big help for the Dow? Hewlett-Packard (NYSE:HPQ), up 17 percent to 52-weekhigh as the company implied business was stabilizing. They raised guidance.

(on camera): There was heavy volume at the open for the second day in a row. Butheavy selling was met with an almost equal amount of buying interest -- a sign that despiteworries the Fed may end its bond-buying program, there`s plenty of people who don`t think itwill happen anytime soon.

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

(END VIDEOTAPE)

MATHISEN: As Bob said, one of the fears hanging over stocks is that the FederalReserve, sensing an improving economy, may slow its bond-buying program. So, the questionnow is, is good economic news suddenly bad for the markets?

Kelly Evans takes a look.

(BEGIN VIDEOTAPE)


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KELLY EVANS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):The U.S. labor market is improving. New claims for unemployment benefits fell by 23,000 lastweek. And the total number of Americans on jobless roles is back below 3 million for the firsttime in five years. Good news, right?

Not so fast. Stock market futures took a hit this morning after that report. New homesales and prices beat expectations, but the market shrugs it off.

These are just the latest examples of what`s become the new normal behavior on WallStreet. Stocks now seem to sell often every time we get better-than-expected reports on the U.S.economy, instead of cheering the news.

So what`s going on? Shouldn`t investors bid up stocks on the prospect of better futureearnings than revenue growth?

(on camera): Not right now, because there`s more concern about how the economy willdo if the Fed begins to taper its $85 billion a month in support. In fact, markets tumble globallyyesterday after Fed chairman Ben Bernanke told Congress the Fed could begin to dial back assoon as this summer if the labor market improves.

BEN BERNANKE, FEDERAL RESERVE BANK CHAIRMAN: We`re trying to makean assessment of whether or not we have seen real and sustainable progress in the labor marketoutlook. And this is a judgment that the committee will have to make. If we see continuedimprovement and we have confidence that that is going to be sustained, then we could -- in thenext few meetings, we could take a step down in our pace of purchases.

EVANS (voice-over): After those comments, U.S. markets turned negative and it was asea of red across Asia and Europe as well. For one, investors are worried that the U.S. economy

isn`t strong enough on its own to justify stock market prices this high.

For another, the prospect of higher interest rates without the Fed`s bond-buying isspooking concern, as well.


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Still, some investors saw the early-selloff Thursday as a buying opportunity, and thathelped the Dow rebound from triple-digit early morning losses. Perhaps, it also helped that thegauge (ph) of U.S.

manufacturing activities separately fell to an eight-month low.

The message: the U.S. still isn`t strong enough to stand on its own two legs. And thatbad news, for now, is seen as good news on Wall Street.

For NIGHTLY BUSINESS REPORT, I`m Kelly Evans from the New York StockExchange.

(END VIDEOTAPE)

MATHISEN: So, is now the time to change your long-term investment strategy as theday to talk one way and then the other? We`ll chat about that in just a few moments.

GHARIB: Hewlett-Packard (NYSE:HPQ) knows about good and bad. Profits plunged32 percent last quarter but shares surged 17 percent today. The legendary company has endured

management shakeups, restructurings, and financial ups and downs for the past three years.Now, CEO Meg Whitman says HP is right where it`s supposed to be.

Jon Fortt has more.

(BEGIN VIDEOTAPE)

JON FORTT, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): HPstock today reached 52-week highs after earnings showed a turnaround at the tech giant might becloser that critics thought.

(on camera): So a happy day is here again?


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Not so fast. These results are more a testament to CEO Meg Whitman`s skill atmanaging expectations. Revenue actually missed consensus by half a billion dollars, as PCgroup sales came in especially week. But, investors are focused on non-GAAP earnings pershare, which beat by 5 cents.

(voice-over): Beneath those headline numbers, it was a mixed bag. PC units fell awhopping 21 percent, with laptops faring worst.

In that department, HP made the opposite decision from Dell (NASDAQ:DELL). HPchose to sell fewer low-end PCs in the quarter to boost profit margins. The server businesssuffered, down 12 percent. Printing, networking and technology services held their own.

MEG WHITMAN, HP CEO: There are huge tectonic plate shifts about the way thetechnology is consumed, the way it`s bought, the way it`s paid for, the way software is writtenand delivered, the way end users engage with technology. So, there`s a lot going on in ourworld. But we are growing businesses that power a new style of IT. We`ve got decliningbusinesses that powered the old style of IT. So, we`re in that, not hole, but one has to getthrough. But I feel good about -- I feel good about the growth prospects for 2014.

FORTT: And growth is where all of this hinges. PCs and printers now make up less thanhalf of HP revenue for the first time in quite a while.

If Whitman is going to deliver growth next year, she`ll have to either figure out asuccessful tablet and smartphone strategy or a way to turbo- charge the data center.

ROB CIHRA, EVERCORE PARTNERS ANALYST: I think it s more likely that they

have the upside and the data center because I do think that`s where more of HP strength why atthis stage, and, frankly, in the consumer side, they really haven`t shown much to make oneexpect a lot of upside there any time soon.


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FORTT (on camera): So it`s not a turnaround yet. But it is disciplined from HPC Suitewhen it comes to managing earnings. Given HP`s recent history, discipline alone, it`s worth alittle excitement.

For NIGHTLY BUSINESS REPORT, I`m Jon Fortt.

(END VIDEOTAPE)

MATHISEN: Retailers earnings, that`s our "Market Focus" tonight.

Let`s begin by minding the Gap (NYSE:GPS).

Gap (NYSE:GPS) stores reporting a 43 percent increase in profits, beating estimateswhile revenues were in line. The company`s Gap

(NYSE:GPS) and Old Navy brands did particularly well. But same-store sales were flat atBanana Republic. So shares did not jump on that profit news.

After trading less than a percent higher during the day, they close at $41.36.

Sears (NASDAQ:SHLD) also reporting after the close today and posting a loss of a buck29 a share. That`s more than double Wall Street estimates.

Declining same-store sales at both Sears (NASDAQ:SHLD) and K-Mart locations right now oncooler spring weather.

Sears (NASDAQ:SHLD) shares have been up on the rebound -- have been on therebound, up more than 30 percent for the year. But flat today, closing at $58.17, before droppingmore than 10 percent later on that earnings news.


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GHARIB: Dollar Tree (NASDAQ:DLTR) was the top gaining retailer, reporting a 15percent jump in profits and raising its earnings outlook for this year. The discount also increasedprivate label products and added frozen foods at some locations. Shares of Dollar Tree(NASDAQ:DLTR) rose almost 4 percent to $50.19.

And Ross Stores (NASDAQ:ROST) reported a 12 percent jump in profits and raised itsguidance for the full year. Ahead of the report, this discount apparel and house wares chainannounced a dividend of 17 cent.

Shares were flat during the regular trading session, closing at $65 and change, but rose about 1percent in after-hours on that profit news.

MATHISEN: So how should you invest in a market suddenly prone to wild mood

swings?

Here with advice is John Manley. He`s chief equity strategist for Wells Fargo(NYSE:WFC) Funds Management.

Great to see you again, John. How are you?

JOHN MANLEY, WELLS FARGO FUNDS MANAGEMENT: Very well. Thank you,Tyler. Good to see you.

MATHISEN: Terrific.

Is this what we`re seeing in the last couple of days, the beginning of the widely expectedcorrection that so many have been predicting for so long?

MANLEY: I`d never seen a wildly expected correction actually occur.

I think this is a buying opportunity. I can`t give you guarantees about 1 percent or 2 percent.


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But there`s still a lot of money waiting to get in. The market still goes down very quicklyon minor bad news which says to me people are still itchy.

GHARIB: They are feeling itchy and they`re also very nervous. They don`t like thisvolatility. So, what should investors do or not do during this phase of volatility?

MANLEY: I think not pay attention to the volatility is the best thing. Decide where youwant to be in a year or two years, or how you want to retire? Set your portfolio up so can affordto fund it. I think that`s really important.

Yield is a very, very important commodity going forward.

MATHISEN: One of the things I noticed, John, in your sort of model portfolio is thatgenerally, as a baseline, you think 65 percent in equities is a good place to start, given the growthpotential there. But as I understand, as you`ve got 5 percent in cash, and nothing, nothing inbonds with the remaining 30 percent or so in what you describe as alternatives.

Why no bonds? And what do you mean by alternatives?

MANLEY: Well, we`re in the process of moving in that direction. We still have somebonds.

But again, we`re not going to focus on high quality stuff. We`re not going to focus ontreasuries, there`s just no value there. We think the spread is very interesting at this point intime. But even that`s not as cheap as it used to be.

I think you need something to offset some of the volatilities and stocks. I think more andmore alternative investments do that. And we try to look at funds, for example, that actually dothat sort of thing, to try and balance off the volatility equity market (ph) with a non-correlatedasset that is not in the bond market.


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GHARIB: Like what? Like what, John?

MANLEY: Well, there are a lot of things. You can do long short. I think that`s ratherinteresting. You can look at some commodities, both long and short again.

There are all sorts of different little strategies that you can look at to try to get a littlemore than GDP, a little more than CPI (NYSE:CPY) for your return. And you get lower volatilein that part of portfolio, you get lower returns. That allows you to stay more comfortable in theequity market.

MATHISEN: Are there enough alternatives in that alternative space?

Susie just asking, like what? You mentioned long short funds and some commodities. Are thereenough alternatives out there, either in the form of ETFs or mutual funds that are broadlyavailable to individuals, as opposed to hedge funds that require that people be accreditedinvestors?

MANLEY: They`re out there. They`re out there and they are available to individualinvestors. I think you have to look a little bit, but they are there. I think one of the things that`shappened has been the democratization of investing to a certain degree.

It doesn`t mean higher volatility. Hedge funds is there to hedge.

Hedge funds are there offset volatility, not create it.

GHARIB: John, you said that you`re still a big believer in stock.

Tell us a little bit more of where investors should be putting their money, what kinds of stocks,and stocks that can withstand volatility?

MANLEY: I think that -- well, first of all, we`ve been focusing almost exclusively onlarge cap for the last five or six months, and it`s been recently good. I still focus on large cap,but I would be less strict about it, because I think you`re going to see more M&A activity.That`s going to favor the mid cap. They`ve been passed over to a certain degree.


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When it comes to sectors, I still think we`re going to start rotating down towards morecyclical names. We`ll hold onto health care stocks for a while because we think they do havedecent value and they do have some growth. But it`s more economically sensitive.

MATHISEN: John, terrific. Thanks for stopping by. We appreciate it.

MANLEY: Great. Great to see you.

MATHISEN: John Manley with Wells Fargo (NYSE:WFC).

GHARIB: And late this evening, NBC is reporting that the IRS`s Lois Lerner, this is thewoman who headed the unit at the heart of the scandal and who appeared in front of Congressyesterday, has been placed on administrative leave.

MATHISEN: Coming up, a warning today that this year`s hurricane season could be aquite active one. Are businesses prepared for what may be ahead?

First, though, how the international markets closed today.

(MUSIC)

MATHISEN: Some of today`s stock selloff was due to weak economic data out ofChina. The fear of a slowdown there has money coming here.

Despite negative headlines about Chinese investment in the United States revolvingaround security concerns, investment by Chinese companies in the U.S. is now at a record highand growing.


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Michelle Caruso-Cabrera has the story.

(BEGIN VIDEOTAPE)

MICHELLE CARUSO-CABRERA, NIGHTLY BUSINESS REPORTCORRESPONDENT (voice-

over): Vitamins of every shape, size and solubility manufactured at this New Jersey-basedcompany but owned by Chinese investors. Next time you go to the movies, it may be a theaterowned by a huge Chinese entertainment company. Driving over this bridge in New York state?It was rehabbed by a Chinese firm.

Chinese companies spent $6 billion buying American last year, a record amount. Thebiggest investment so far? AMC Theatres. A Beijing firm called Dalian Wanda bought themlast year for $2.6 billion.

AMC CEO Gerry Lopez has gone from answering to American owners to answering toChinese owners.

He says regardless of nationality, the goals are the same.

GERRY LOPEZ, AMC THEATRES CEO: They have expectations. As you wouldthink, of net profit delivery and returns on investment and attendance growth. But those are notunexpected, nor are they frankly different than we would sought on ourselves.

CARUSO-CABRERA: The chairman of Wanda, Jianlin Wang, tells me he`s just gettingstarted. He plans to spend another $7 billion in the U.S.

before the end of the decade.

He tells me the U.S. market is his top choice for investing not only because it`s thebiggest movie market in the world, but also because the U.S. has the best environment forinvestors. The legal system here he says is more dependable than in any other parts of the world.


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Echoing that statement, Steven Dai, CEO of International Vitamin Corporation in NewJersey, a firm he and several other investors bought in 2010.

STEVE DAI, NATIONAL VITAMIN CORPORATION: So many good things. Iencourage people to invest here.

CARUSO-CABRERA: They poured hundreds of millions of dollars into IVC forexpanding its IT system, warehouse and nearly doubling the number of employees, all from theU.S. Dai also likes that corruption is nearly nonexistent in the U.S. and he`s never been askedfor a bribe.

DAI: You just put down what you are doing and you`re hard work will be rewarded.You don`t have to deal with many other things like connections or relationships. This is a purelybusiness relationship.

CARUSO-CABRERA: Nearly every Chinese executive told us the same thing.

Ning Yuan is the CEO of China Construction America, building roads in New York stateand schools in South Carolina.

NING YUAN, CHINA CONSTRUCTION AMERICA CEO: Investment, environmentis very good here.

CARUSO-CABRERA: It`s one of the key reasons why Chinese investment in the U.S. isexpected to hit another record level this year.

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

(END VIDEOTAPE)


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GHARIB: And AIG is waiting to hear if it would be allowed to sell its aircraft leasingbusiness to a group of Chinese investors. If so, it would become the largest Chinese acquisitionin the U.S.

MATHISEN: Hurricane season starts June 1st. And, today, government forecasterspredict a stormy six months ahead. Insurance companies and businesses are already gettingprepared and the big question is, are you?

Mary Thompson has more now.

(BEGIN VIDEOTAPE)

MARY THOMPSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):

Batten down the hatches, the National Oceanic and Atmospheric Administration warning that2013 hurricane season could be a big one.

KATHRYN SULLIVAN, NOAA ACTING ADMINISTRATOR: For the six-monthhurricane season which will start June 1st, NOAA predicts an above normal and possibly anextremely active hurricane season.

THOMPSON: Warmer-than-average sea surface temperatures in the tropical AtlanticOcean and Caribbean Sea, along with near-normal sea temperatures in the Pacific behind thatrough forecast.

NOAA is predicting 13 to 20 named storms from June through November.

It predicts seven to 11 will be hurricanes, and three to six of those could be a category three orabove. This year`s forecast, above the average of 12-named storms and six hurricanes a year.


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As for insurers, despite spiking claims expected from the thunderstorms and tornadoeshammering the Midwest over the last week and a half, analyst Randy Binner saying theinsurance industry can handle an above-average hurricane season without a big Katrina-likestorm.

RANDY BINNER, FBR CAPITAL MARKETS: The capital adequacy of the industry isstrong and it`s very well-positioned to absorb -- you know, anything but the very largest event.

So, a few hurricanes this summer really wouldn`t make a lot of difference relative to theoverall capital base of the industry.

THOMPSON: As for homeowners, the Insurance Information Institute reminds you tomake sure you have adequate insurance for your home, food insurance from the nationalprogram as flooding isn`t covered by most homeowners` policies and an inventory of yourvaluables.

(on camera): Lastly, for your own safety, have an evacuation route in mind if a hurricaneis bearing down on your area.

For NIGHTLY BUSINESS REPORT, I`m Mary Thompson.

(END VIDEOTAPE)

GHARIB: And for more on the business impact, we turn to Evan Gold.

He`s a senior vice president at Planalytic.

Evan, I want to start by asking you that question that Tyler posed.

Are we better prepared for this hurricane season -- individuals and businesses?


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EVAN GOLD, PLANALYSTICS: Hi, Susie.

Yes. You know, I believe that individuals, as consumers, we are, and there`s a couplereasons for that. First and foremost, certainly, the tragic events earlier this week in Oklahomaare a stark reminder that people need to be prepared for severe weather. And then, certainly, youknow, the heels of Sandy last year that hit so many population centers that I`m sure on June 1st,you know, the first day of the hurricane season, it would be a good reminder that folks need tostock up and get prepared.

Next week is National Hurricane Preparedness Week. So hopefully, people will be outthere.

From a business perspective, absolutely they`re prepared. They`ve been preparing for awhile. And, you know, the clients that we`re working with are constantly prepared, right? Thesetype of events, whether they`re hurricanes, snowstorms, tornadoes, hail, you name it, they`vecome at us fast and furious over the last several years. So volatility is the word of the day.

MATHISEN: We seem to get better forecasts of exactly where and when storms aregoing to hit and with what force. Comment on that, if you would, and how that helps peopleprepare better? And, number two, are you expecting the kind of hurricane season, an active one,that NOAA is?

GOLD: Sure, Tyler.

So, from a forecasting perspective -- absolutely, it`s gotten better.

Not only better in terms of accuracy, but over a time period, right?

Today, in looking at a three-or-five-day outlook is a lot more reliable than it was justseveral years ago. So, people have a lot more certainty. That doesn`t mean that you should getcomplacent at all.

People still need to watch this and keep track and tabs of this event because, you know, a littlebit of wiggle, so to speak, for a specific track of a storm can mean significant impact of the largepopulation centers.


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In terms of the activity this year, you just mention that NOAA is looking up to 20 storms.We`re looking for an above season as well, maybe not that active, but certainly, above normal.

Now, again, on the heels of what happened last year, we only have a couple of majorhurricanes. But everybody remembered Sandy, and really, it only takes one of them to have asignificant impact.

GHARIB: You`re absolutely right with that. So, go over with some of the mistakes thatbusinesses make. What are some of the dos and don`ts for the companies that maybe are not soprepared?

GOLD: Sure. First and foremost is, absolutely, be prepared, right?

You`ve got to have a plan in place long before June 1st, including staging inventory, planningoperations, planning logistics, you know, all of those things have to be in place.

I think the other thing to kind of keep in mind, especially from a business perspective,consumers buy on the forecast. Not necessarily what actually happens.

So, if the news is out there saying that, you know, five days in advance, there`s going tobe a major event hitting, say, south Florida, right, which is an area that`s always under the gunand is again this year, consumers are going to be out there buying specific products. Whetherthat storm actually goes there or not, in some respects is immaterial because the consumers arealready out there looking for it. And the businesses need to be prepared and service value-addedmembers to those communities.

Thanks so much for all that good advice. Evan Gold of Planalytics.

And still ahead on the program, there`s a hot new job in health care.

And it`s one you probably haven`t heard of. Find out who`s in demand and how they`reimproving health care for everyone.


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But, first, let`s get a check on how commodities, treasuries and currencies fared today.

(MUSIC)

GHARIB: And, finally tonight, hospitals, health insurance and pharma are looking toharness big data and the growth is pushing the demand for new skills, like data scientists andanalysts. One recent study estimates by the year 2018, the U.S. will be short 2 million workerswith the required expertise.

In the last installment of our series on the future of health care, Bertha Coombs takes alook at closing that talent gap.

(BEGIN VIDEOTAPE)

BERTHA COOMBS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): It may not be long before Explorys outgrows its offices in Cleveland. The healthcare bigdate firm has doubled its staff to 100 in the last year as its client list has grown more than

twofold to 200 hospitals and more than a dozen health systems.

STEPHEN MCHALE, EXPLORYS CEO: We`ve done very well in attracting greattalent. I think that our mission and purpose is key. We`ve spent a lot of time really thinkingabout what matters to us. And, you know, our purpose is to really unlock the power of big datato improve health care for everyone.

COOMBS: But Explorys may be an anomaly. Competition for workers with high techanalytics skills has been explosive. In part, fuelled by new digital billing and patient monitoringrequirements for hospitals, doctors and physician groups under the Affordable Care Act.

Employment research firm Burning Glass, found while total online job postings havegrown a tepid 6 percent since 2007 and growth in health care postings has actually slowed to 5percent, healthcare informatics job listings has surged more than 50 percent in the last five years.


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But a PWC survey found two-thirds of hospital executives say after building up their ITinfrastructure, they`re having trouble filling informatics and data science jobs.

DANIEL GARRETT, PWC HEALTH IT PRACTICE LEADER: Fifty percent, 60percent of those CEOs are saying they`re concerned, they don`t have the skills required toexecute the strategy that they just created. And that`s, to me, a signal that there`s a real issuehere.

COOMBS (on camera): But it s not just hospitals. Pharmaceutical companies, insurersand researchers are all on the hunt for data scientists.

(voice-over): A number of health services firms have resorted to buying the talent theyneed. In December, McKesson (NYSE:MCK) acquired population helped specialty firmMedVentive for an undisclosed sum. In January, UnitedHealth Groups subsidiary Optum boughtclinical benchmarking firm Humedica after having acquired customer analytics powerhouseConnexitions in 2011.

Could Explorys, with its growing network of clients, be next?

Steve McHale doesn`t rule it out. But either way, he`s committed to working with othersin the industry to nurture and help develop new talent.

MCHALE: We`re involved in university programs right now that are forming bothundergrad and graduate level informatics programs at a rapid rate.

COOMBS: Long term, that`s the only way the industry will be able to fill the talent gap.

For NIGHTLY BUSINESS REPORT, I`m Bertha Coombs.


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(END VIDEOTAPE)

MATHISEN: You know, Susie in the movie "The Graduate", Dustin Hoffman got theadvice, plastics. The advice now is informatics and analytics, right?

GHARIB: A lot of jobs and people looking for job. I hope the ones who are in collegewill major in things that will prepare them for this.

MATHISEN: And from that data, we may learn new ways of what really works, whatthe best outcomes are and a way to lower costs in the medical care area.

GHARIB: Let`s hope for that.

That`s NIGHTLY BUSINESS REPORT for tonight. I`m Susie Gharib. Have a greatevening.

MATHISEN: And I`m Tyler Mathisen. From me as well, thanks and have a great night.

We`ll see you here tomorrow night.

END

Nightly Business Report transcripts and video are available on-line post broadcast athttp://nbr.com. The program is transcribed by CQRC Transcriptions, LLC. Updates may beposted at a later date. The views of our guests and commentators are their own and do notnecessarily represent the views of Nightly Business Report, or CNBC, Inc. Informationpresented 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 - Thursday May 23 2013