Nightly Business Report - Tuesday July 16 2013

7/28/2019 Nightly Business Report - Tuesday July 16 2013

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<Show: NIGHTLY BUSINESS REPORT>

<Date: July 16, 2013>

<Time: 18:30:00>

<Tran: 071601cb.118>

<Type: SHOW>

<Head: NIGHTLY BUSINESS REPORT for July 16, 2013, PBS>

<Sect: News; Domestic>

<Byline: Susie Gharib, Bill Griffeth, Seema Mody, Diana Olick, Julia Boorstin, CourtneyReagan>

<Guest: Matthew Dodds>

<Spec: Yahoo (NASDAQ:YHOO); Business; Internet; Stock Markets; Housing; Economy;Environment; Food and Beverages; Products>

<Time: 18:30:00>

ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and

Susie Gharib, brought to you by --

(COMMERCIAL AD)

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Nothing to shout about.

Why Yahoo`s earning outlook may give investors reason for concern.



BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: Rising home prices.

Falling inventory, bidding wars -- sound like a housing bubble? We`ll tell

you why that may not be the case.

GHARIB: And the business of hot. Who wins and who loses as the worst

heat wave of the summer grips the Northeast.

We have all that and more tonight on NIGHTLY BUSINESS REPORT for

Tuesday, July 16th.

GRIFFETH: Good evening, everybody. I`m Bill Griffeth, in for Tyler

Mathisen, along with Susie Gharib.

There may not be a lot of celebrating at Yahoo (NASDAQ:YHOO) this

evening. It is the one anniversary of Marissa Mayer taking over the top

job at the Internet giant. And after the close, the company posted a beat

on second quarter earnings.

However, they did miss on revenues. And the big concern turned out to

be the warning for the third quarter.

Seema Mody has more from the NASDAQ tonight -- Seema.

SEEMA MODY, NIGHTLY BUSINESS REPORT CORRESPONDENT: Bill, well,

Yahoo`s second quarter revenue came in short of expectations at $1.07



billion, and that`s primarily due to a drop in its display advertising

revenue. Yahoo`s earning, though, up 35 cents a share beat street

expectations by 5 cents. Yahoo`s third quarter outlook disappointed the

street. That`s when we saw shares move to the downside after-hours.

BGC Partners (NASDAQ:BGCP) analyst Colin Gillis telling me that Yahoo

(NASDAQ:YHOO) is still facing challenges as its core business and search is

struggling.

Now, a couple of points made on Yahoo`s conference call. On the

Tumblr acquisition, Yahoo (NASDAQ:YHOO) says the combination of Tumblr and

Yahoo (NASDAQ:YHOO) is expected to grow Yahoo`s audience to more than 1

billion monthly visitors. Marissa Mayer says, I`m, quote, "encouraged by

Yahoo`s performance in the second quarter. Our business saw continued

stability and we launched more products than before."

Shares of Yahoo (NASDAQ:YHOO) are down after-hours. However, Yahoo

(NASDAQ:YHOO) has gained roughly 70 percent since Marissa Mayer took the

job as CEO of Yahoo (NASDAQ:YHOO) one year back.

Bill, back to you.

GRIFFETH: All right. Seema Mody, thanks very much.

GHARIB: On Wall Street today, a mixed bag of earnings pulled down



stocks ending three days in a row of record highs in the Dow and S&P 500.

Volume was also light with investors in a sort of holding pattern, waiting

to hear comments from Federal Reserve Chairman Ben Bernanke. He`s on

Capitol Hill tomorrow and then again on Thursday, speaking to lawmakers on

the state of the economy.

Ahead of all that, the blue chip Dow lost 32 points, the NASDAQ was

down about nine, and the S&P off by six points.

GRIFFETH: And shares of Coca-Cola (NYSE:KO) were the biggest

decliners in the Dow today, falling nearly 2 percent after reporting lower

quarterly profits last quarter. Coke earned 63 cents a share that matched

expectations, but sales and the volume of cases shipped were both below

estimates. Coke`s CEO is laying a lot of blame for the slowing soda sales

over the last three months on wet and cool spring weather.

GHARIB: Shares of investment Goldman Sachs (NYSE:GS) were also down,

even though it reported profits doubled last quarter. It benefited from

the rising stock market as fees from stock market underwriting and trading

rose sharply. Goldman earned $3.77 a share. That was well-above estimates

of $2.82. Revenue surged 30 percent, also beating consensus.

And CEO Lloyd Blankfein said improving economic conditions drove

client activity.



But today, investors focused on new banking regulations that will

limit how much of it`s money the firm can risk, raising concerns that

Goldman won`t be able to repeat the gains made in that quarter.

GRIFFETH: Earnings at Johnson & Johnson (NYSE:JNJ) more than doubled

in the quarter, but that stock was unchanged today. The company earned

$1.48 a share. That was nine cents more than estimates. Revenues also

came in better than expected, up 8 1/2 percent, to $17.9 billion, thanks to

strong sales of new drugs for arthritis, psoriasis and prostate cancer.

Shares didn`t budge in the news. But so far this year, that stock has

soared by 30 percent.

GHARIB: And our guest tonight has a buy rating on Johnson & Johnson

(NYSE:JNJ) stock. He`s Matthew Dodds, healthcare analyst at Citigroup

(NYSE:C).

Matthew, thanks for joining us tonight.

MATTHEW DODDS, CITIGROUP HEALTHCARE ANALYST: Thanks for havingme.

GHARIB: All right. So, you have a buyer on the stock. It`s up to 30

percent. I mean, what else is going to drive this stock higher? Is it

time to take profit?



DODDS: I don`t think so. The reason I say that is because the last

four quarters, they`ve actually shown improving trends and the beat this

quarter was the biggest in several quarters. You could go back even three,

four years. And what`s driving it is the pharmaceutical business.

I think what`s being underappreciated is that division has much higher

margins in the corporate average, so you`re seeing the whole PNL up shift

with that group outperforming as it is.

GRIFFETH: The underperformers, the consumer division and the medical

devices -- do you expect those to play catch up, or can pharmaceutical

still drive the engine?

DODDS: So, I don`t think they`re going to play catch-up in the near

term. The device business is facing a lot of issues with utilizations,

healthcare pressure, much more germane to med tech and then, in consumer,

it`s recovering from some FDA issues. But the profitability is still below

where it was and that will time take to fix.

So, my bet here is that the pharmaceutical business still drives the

bus the next at least two quarters, if not longer.

GHARIB: So, those pharmaceutical issues, we know there are a lot of

recalls about Tylenol and Motrin, not to worry about those anymore?



DODDS: Well, it looks like they`re behind them. They are in consent

with the FDA. The important thing about consumers, it`s only 12 percent of

their profit. So, it doesn`t really drive the earnings. And even if it

comes back to its old levels, it`s still well-below MDMD and pharma. So,

those two businesses are much more important in the overall picture, and

pharma being the most important.

GRIFFETH: It`s an international concern. What about the business

overseas, the currency fluctuations and the impact that can have on its

earnings down the road? What`s your forecast there?

DODDS: So, they raised guidance and about 4 cents was taken out of

the guidance for foreign exchange for the back half of the year, so not

that big. We`re talking about a number in the 540s, 547 range.

And then the other thing is they had a very strong quarter in BRIC.

They grew 19 percent, which was consistent with the first quarter. I think

that`s important because there`s a lot of concerns that some of the markets

might be slowing, but at least for healthcare, and J&J as a barometer, it

didn`t appear that way.

GHARIB: All right. So, you`re giving me a very upbeat and positive

forecast for this company. Anything that concerns you? Any wild card?

DODDS: Well, the evaluation is a premium. It went from a discount to



premium at this big run. So, you do have to bet that the company`s

pharmaceutical business deserves a good-sized premium to its peers to make

the math work. So, I would say that s̀ the most important thing.

There is some concern now about China, with getting more aggressive

with the pharma companies. Again, I think that`s marginal for J&J s̀ size.

So, there are things out there. But I feel that it s̀ their best recent

trend in a long time.

GRIFFETH: Quickly, near all time highs at $90, how much higher can

this stock go, do you think?

DODDS: I went up to $101 today. I`m going for three digits.

GRIFFETH: Wow.

GHARIB: OK, new target.

Good thing you asked that, Bill. Most important question.

Matthew Dodds, healthcare analyst at Citigroup (NYSE:C) -- thanks a

lot.

DODDS: Thanks for having me.



GRIFFETH: Well, get ready for more pain at the pump, unfortunately.

The government`s Energy Information Administration said today the gasoline

prices could soon rise an additional 15 cents a gallon because of the

recent spike in crude oil costs. The EIA says that gas has already risen

15 cents a gallon in just the past week and is now averaging $3.64 a gallon

nationwide.

GHARIB: Top Senate lawmakers unveiled a plan today to bolster the

finances of the Federal Housing Administration. It`s facing huge loses

this year from default on mortgages that it guaranteed during the housing

crisis. The new bipartisan draft bill would help stabilize the U.S. market

by strengthening the finances of the FHA, which ensures about one third of

all U.S. mortgages.

Now, just last week, House Republicans released their fix-it proposal

for overhauling the FHA.

GRIFFETH: And there was some good news in the housing market today,

though. Homebuilders sentiment rose by six points this month, reaching the

highest level we`ve seen in 7.5 years. Builders are feeling more confident

about new home sales, despite rising mortgage rates.

GHARIB: But those rising rates, along with skyrocketing home prices,

and a shrinking supply of homes for sale, are raising concerns that we may

not have learned from the mistakes of the past. And as Diana Olick



reports, there are new worries about another housing bubble.

(BEGIN VIDEOTAPE)

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

nation`s homebuilders are more confident than they have been in seven

years. Supplies of existing homes for sale are near-record lows and real

estate agents are reporting bidding wars at open houses. Home prices are

up over 12 percent from where they were just a year ago.

Sounds like the perfect recipe for another housing bubble, or is it?

MARK FLEMING, CORELOGIC CHIEF ECONOMIST: No, we`re not in another

housing bubble. There is plenty of room to grow before we get into

irrational levels.

OLICK: Fleming points to still near record high affordability. Home

prices are up but still well off their peaks of the housing bubble.

Mortgage rates are higher but still historically low. He says prices would

have to rise an additional 45 percent or rates would have to hit 6.75

percent for a bubble to be possible.

FLEMING: But it`s not out of the realm of possibility a year or so

from now. A lot of it will depend upon how mortgage rates respond to

changes in the quantitative easing program that the Fed is doing and how



much further appreciation we get.

OLICK: Rising mortgage rates should temper the big home price spikes,

especially among home builders. They have been jacking up prices recently

in order to offset higher costs for land, labor and materials.

TED WILSON, RESIDENTIAL STRATEGIES PRINCIPAL: There have been pretty

wide-spread reporting of price increases from the builders and normally

that would tend to curve the market with the big decrease that we saw in

mortgage rates over the past few years. You know, that really has allowed

the builder to pass those prices onto the consumer without much notice.

OLICK: The recent rise in mortgage rates has taken away a good chunk

of purchasing power for those on the margin of homeownership, perhaps for

first-time buyers but not for the majority of homebuyers. A bigger issue

continues to be negative equity. Potential move up buyers stuck in place

because they owe more than their homes are worth. But rising home prices

are slowly unlocking that equity and potentially opening the doors to more

supply and more home sales.

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

(END VIDEOTAPE)

GRIFFETH: Still ahead, shopping without leaving your couch. Believe



it or not, you can buy a product that you see on television and all you

need is your remote control. We`ll explain.

But, first, a look at how the international market finished today.

(MUSIC)

GRIFFETH: You don`t need a weather man to tell you how hot it is in

much of the country right now. Just one year after the worst Midwest

drought in more than half a century, forecasters are now calling for

another dry and hot summer and that prediction for increased heat and

reduced rainfall sent corn and soybean prices soaring today.

GHARIB: Well, this week`s heat wave with its triple digit

temperatures is affecting millions of Americans and it`s changing the daily

routine for commuters, shoppers, workers, just everyone. And in any heat

wave, some businesses come out on the losing end, while others come out way

ahead.

So, who is benefiting from the business of this heat?

Hampton Pearson has our story.

(BEGIN VIDEOTAPE)



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

From Boston to Washington, D.C., the hottest week of the summer has made

for utility companies predicting near record air conditioning use and fuel

demand from gas fired electricity but no plans for discounts on customer

utility bills.

(on camera): Make no mistake about it, when a heat wave hits, there

are winners and losers.

(voice-over): Dining al fresco, even along the Potomac River or any

waterfront, not a high priority.

Ditto for vendors operating on those popular curb side food trucks.

SHAWN LEIS: A lot of people don`t want to go out and stand in line

out a food truck, stand in the hot sun. It`s just not -- it`s just not the

best thing to do for them, especially when it gets -- with the heat index

over 100, they want to stay inside.

PEARSON: And if you`re in the ice cream or frozen yogurt business,

this is your time.

SABER RAHIM, ICE CREAM SHOP OWNER: Actually, because I have an ice

cream shop and we sell cold drinks like smoothies and everything, which is

good for me when it`s hot.



PEARSON: Coca-Cola (NYSE:KO), the world`s largest beverage maker,

blamed cool weather worldwide for less consumption of its soft drinks and

shrinking products. Nothing like a good heat wave to help boost the bottom

line.

BILL SCHMITZ, DEUTSCHE BANK: It is a very strong correlation between,

you know, weather and Coke`s volume. So, you know, if -- Coke`s job is to

market people when they`re thirsty. If they`re not thirsty because it`s

raining all the time, you`re not going to have volume.

PEARSON: As shoppers beat the heat at the mall, retailers are

recovering from a cold spring and record rainfall in many parts of the

country in June. Heat waves however, do end eventually.

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

(END VIDEOTAPE)

GRIFFETH: A downgrade for Ford in tonight s̀ "Market Focus".

Goldman Sachs (NYSE:GS) took Ford off of its convection bio list,

pointing to a lack of near term catalyst to drive gains. Investors seem to

agree. Ford dropped more than 3 percent. It closed at $16.60 on heavy

volume.



Meanwhile, CSX (NYSE:CSX) reported profits and revenues above

expectations after the bell tonight, saying that growth in merchandise and

intermodal volumes more than offset declines in coal shipments. CSX

(NYSE:CSX) expects profit growth of 10 percent to 15 percent through 2015

of this year`s base.

Shares of CSX (NYSE:CSX) had risen more than 1 percent in anticipation

of that report and then popped in after-hours trade. CSX (NYSE:CSX) closed

at $24.64.

GHARIB: A shot in the arm for investors in HCA Holdings. This

hospital operator issued a strong preview of its second quarter based on

increased hospital admissions. It reports results on August 1st.

Now, HCA`s news spread to other hospital operators like Tenet

Healthcare (NYSE:THC). HCA gained nearly 4 1/2 percent in heavy trading

today, closing at $38.86. And Tenet up almost 3 1/2 percent.

Take over talk boosted Onyx Pharmaceuticals today. Investors are

speculating the company will go for a deal with Amgen (NASDAQ:AMGN) at more

than $130 a share. Onyx rejected a $120 offer two weeks ago.

And now, Dow Jones reports Amgen (NASDAQ:AMGN) and Pfizer (NYSE:PFE)

are among firms interested in buying Onyx for its blood cancer treatment.



Shares rose of Onyx rose more than 1 percent to $132.71, and have surged 50

percent in the past two weeks.

Profits at discount broker Charles Schwab dropped 7 percent as expense

has climbed on higher cost. The firm reported a quarter million new

brokerage accounts over the last three months. The stock, though, fell

more than 3 percent on heavy volume, to close at $21 a share. But it`s up

45 percent year to date.

GRIFFETH: Reports say that Dell`s long expected shareholder vote on

the future of that company, which has been slated to take place on

Thursday, may now be delayed. Founder Michael Dell (NASDAQ:DELL), along

with private equity backers Silver Lake Partners, is looking to take that

computer maker private for $24.4 billion. But some of Dell s̀ biggest

shareholders like T. Rowe Price and Blackrock have come out saying they

would vote against that offer, saying it under values the company. They

say shareholders should instead consider a competing proposal from activist

investor from Carl Icahn, that offers more money per share and would still

keep part of the company publicly traded.

GHARIB: Smartphone wars are heating up. AT&T (NYSE:T) will now let

customers upgrade their phones every year. This is instead of the

customary two years, as long as they pay full prices for those devices in

monthly installments with no interest charges. It`s called the AT&T

(NYSE:T) next plan.



It comes on the heels of a similar option from a smaller rival, T-

Mobile, which allows customers to upgrade every six months.

GRIFFETH: And if you think you need a smartphone or a tablet or a

desktop computer to do shopping, you`re wrong now. Shop TV is here,

allowing viewers who own certain smart TV sets to click on a product that

they see in a show and buy it.

Julia Boorstin joins us now with more on how Shop TV works, who is

using it, who`s making money from it, all the story -- Julia.

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Bill, that`s

right. Up until now if you wanted to buy products on a TV show, you had to

find it online or go buy it in a store. But now, with your remote control,

you can buy home furnishings or clothing from a TV show, right there on

your TV set -- thanks to a new application unveiled today.

(BEGIN VIDEOTAPE)

BOORSTIN (voice-over): A new app for Internet connected TVs called

Shop TV aims to transform the way you shop.

Here is how it works: viewers launch the app which is preinstalled in

2012 and 2013 Samsung smart TVs, so when they are watching, say, NBC`s the





VICTOR ANTHONY, TOPEKA CAPITAL MARKETS MANAGING DIRECTOR:You have

Amazon (NASDAQ:AMZN), eBay (NASDAQ:EBAY) -- all of those e-commerce

companies tend to have apps of their own. So, you`re essentially competing

with those guys who are essentially behemoths in the space.

BOORSTIN: Shop TV boosts that it doesn t̀ require a device other than

the remote control, but some say that`s not an advantage.

ANTHONY: They are not accustomed to shopping with the particular

remote. And so, I think they would probably need to be some sort of huge

market and push.

BOORSTIN: Shop TV does have the advantage of scale, offering several

hundred thousand products from about 500 top shows, thanks to partnerships

with 55 networks, including CBS (NYSE:CBS), NBC, FOX, HBO and Bravo.

(END VIDEOTAPE)

BOORSTIN: Right now, Apple (NASDAQ:AAPL) works with products within

TV shows, but the company behind it says it plans to expand to TV

commercials, as well. So, pretty soon, you`ll able to click the remote

control to buy a product you see in an ad -- Bill.

GRIFFETH: Maybe they like my tie, I don t̀ know.



How big could this market become? What`s the projection there?

BOORSTIN: Well, there are different estimates. And it`s kind of hard

to tell because it doesn`t exist yet, but one of the analysts we spoke to

compared it to the Home Shopping Network, saying that the markets for like

Home Shopping Network and QVC, that`s roughly $8.5 billion business.

Now, obviously, the business becomes much larger if you expand it to

also looking at the infomercial business. But for now, we`re definitely

looking at billions of dollars if people do indeed want to buy things with

their remote control.

GHARIB: Oh, I`m definitely going to buy things, Julia, with my remote

control.

I`m just wondering what kinds of products will people be able to buy,

mostly clothing, is it TVs, gadgets? What kinds of stuff?

BOORSTIN: Well, clothing, as you can imagine. You see a shirt you

like in a TV show.

GHARIB: Absolutely.

BOORSTIN: You want to buy that shirt that the TV star is wearing.



So, it`s clothing, it`s accessories, it s̀ home furnishings. But it`s

also things like beauty products. So, if you see someone applying a

certain blush in the bath room in a scene in the TV show, that might be up

for sale as well. But, of course, it all has to be coordinated both by the

app and the TV network, to figure out which products they can go ahead and

sell.

GHARIB: It`s an exciting new trend. Thanks a lot, Julia.

And coming up, it`s not easy being an electronics retailer in this day

and age, with big box retailers and Amazon (NASDAQ:AMZN) dominating the

scene. But RadioShack is fighting back with a new strategy. We look if

it`s enough to stay competitive.

But, first, let`s check how commodities, treasuries and currencies

performed today.

(MUSIC)

GHARIB: The Senate has just confirmed Richard Cordray as director of

the Consumer Financial Protection Bureau by a vote of 66-34. Cordray`s

nomination has been held up by Republican opposition for more than a year

while he served as acting director.



GRIFFETH: Mixed bag of news for Chrysler today. For the first time

ever, its Dodge Ram 1500 pickup was "Consumer Reports" magazine`s top pick

for full-sized trucks. That beat out the Toyota (NYSE:TM) Tundra and

Ford`s F-150, which is the top selling in the U.S.

But that good news comes the same day the automaker is recalling

46,000 from those Ram pickup model years from 2012 and 2013 to fix a faulty

electronic stability control system that may not turn on when the engine

starts.

GHARIB: When you can buy just about any kind of electronic gadget or

accessory online, it`s getting harder and harder for a small space retailer

like RadioShack to stay competitive. So the chain is changing things up

and trying to lure back more customers lost to big box stores and Internet.

Will it work?

Courtney Reagan gets some answers.

(BEGIN VIDEOTAPE)

COURTNEY REAGAN, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-

over):

Any company that`s been around for more than 90 years needs a little

updating now and then. But with the proliferation of big box retailers

like Walmart and Best Buy (NYSE:BBY), and the convenience of Amazon

(NASDAQ:AMZN), some think it`s too late for RadioShack.



Since 1999, RadioShack has fallen from a company valued at $15 billion

to just over $300 million today. CEO Joe Magnacca acknowledges RadioShack

has work to do to bring back a customer lost to competition.

JOE MAGNACCA, RADIOSHACK CEO: I was brought in to actually help

transform this business and the team that I`m putting in place is really

focused on rebuilding RadioShack. We`re in a great space relative to

technology and it`s a brand that really in the past has kind of lost its

way, and our job is to really reinvigorate the brand and to rebuild

confidence in RadioShack and bring back those lost generation of folks.

REAGAN: This store in New York City is one of RadioShack`s new

concept location. It`s brighter and less cluttered. And while RadioShack

has decreased the number of products available for sale, it says it`s the

ones that are available are more relevant to today`s shopper.

UNIDENTIFIED MALE: Actually, I was just looking for an item that I

couldn`t find in Best Buy`s and other, P.C. Richard. And I just found it,

I`m very concerned. I just purchased it.

UNIDENTIFIED FEMALE: I find it set up more easily for the average

customer who is not technological savvy as myself.

ANTHONY CHUKUMBA, BBGT CAPITAL MKTS: We really do like the new



prototype. It`s just much more exciting, much more inviting. They are de-

emphasizing mobile phones. They`re emphasizing some of the different

brands that they have in their store, like Samsung, like Apple

(NASDAQ:AAPL). But at the end of the day, I`m just not sure if it`s going

to be enough.

REAGAN: One of RadioShack`s strengths is its ubiquity, with 4,300

stores around the country, there`s one in seemingly every neighborhood.

But presence alone isn`t enough to win back shoppers, who have moved on.

For NIGHTLY BUSINESS REPORT, I`m Courtney Reagan in New York City.

(END VIDEOTAPE)

GRIFFETH: More than half a million checks are in the mail today.

They are headed for people who bought so-called toning shoes from Skechers

USA, hoping to lose weight and strengthen and tone of their lower body.

The trouble is they didn`t work that way. The Federal Trade

Commission says the sneaker-maker made unfounded claims, calling it

deceptive advertising. Following a settlement reached last year, $40

million in payouts are now being sent to unhappy customers.

GHARIB: A new study gives credence to the phrase "use it or lose it."

The French government`s health research agency says that retiring at a



later age reduces the chances of getting Alzheimer`s or other types of

dementia. The study found that for each additional year, they do keep

working, the risk goes down more than 3 percent.

GRIFFETH: And finally tonight, "U.S. News and World Report" is out

with its annual list of the nation`s best hospitals. At number three, the

Mayo Clinic in Rochester, Minnesota. In second place, last year`s winner,

that`s Boston`s Mass General and one year after being knocked out of the

top stop, after more than two-decade long run, Baltimore`s Johns Hopkins

Hospital is number one again.

But, you know, I don`t think you can go wrong with any of those three

right there.

GHARIB: You`re absolutely right, Bill.

And for more on the nation`s best hospitals, log on to our Web site,

NBR.com.

And that`s it for us, NIGHTLY BUSINESS REPORT for this July -- what is

it? The 16th?

GRIFFETH: The 16th that is, yes.

GHARIB: I`m Susie Gharib, thanks for watching.



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Nightly Business Report - Tuesday July 16 2013