<Show: NIGHTLY BUSINESS REPORT>

<Date: June 11, 2013>

<Time: 18:30:00>

<Tran: 061101cb.118>

<Type: SHOW>

<Head: NIGHTLY BUSINESS REPORT for June 11, 2013, PBS>

<Sect: News; Domestic>

<Byline: Susie Gharib, Tyler Mathisen, Kayla Tausche, Julia Boorstin, Jackie DeAngelis >

<Guest: Gary Loveman, Karen Finerman>

<Spec: Business; Economy; Stock Markets; Banking; Consumers; Policies; DSW (NYSE:DSW);

Retail Industry>

<Time: 18:30:00>

ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and

Susie Gharib, brought to you by --

(COMMERCIAL AD)

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Hold on to your

hats.

The summer heats up and so does stock market volatility. The Dow posted

seven triple-digit swing in the past 11 sessions. And market watchers,

they get ready for more.

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: The heat turns turned

up on the banks and the hundreds of dollars in overdraft fees, you may be

racking up each year.

MATHISEN: And putting your money where your foot is. The hot stop

that was once anything but. What`s behind the 1,000 percent run up in

shares of a big box shoe retailer.

All that and more tonight on NIGHTLY BUSINESS REPORT for Tuesday, June

11th.

GHARIB: Good evening, everyone.

Volatility was the word on Wall Street and on the streets of Istanbul.

Concerns about the world`s central banks, including our own Federal Reserve

pulling back on stimulus plans caused wild swings in stock markets all

around the globe. U.S. stocks fell sharply right at the open. The Dow was

down 150 points after the yield on the 10-year treasury spiked to a 14-year

high following the Bank of Japan`s decision to make no changes in monetary

policy, but investors swooped in on those early dips, even sending the Dow

into positive territory for a time.

Now, Wall Street`s attention later fixated on violent protests in

Turkey as police used tear gas and water cannons to clear demonstrators in

Istanbul, rallying against Turkey`s conservative government. U.S. stocks

fluctuated as the scenes played out on television.

By the close, the Dow tumbles 116 points, the NASDAQ fell 36, the S&P

lost 16 points.

MATHISEN: And later in the program, we`ll speak with Karen Finerman,

president of Metropolitan Capital and author of the book "Finerman`s Rules"

about today`s markets and more.

Well, the U.S. Senate today voted 82-15 to begin clearing the way for

formal debate on a massive 900-page measure overhauling the nation`s

immigration laws.

President Obama, surrounded by business leaders among others, sounded

optimistic about Congress passing the controversial bill soon.

(BEGIN VIDEO CLIP)

BARACK OBAMA, PRESIDENT OF THE UNITED STATES: Smarter enforcement, a

path way to earn citizenship, improvements to our legal system. They are

all common sense steps. They`ve got bipartisan support. They`ve got the

support of a broad cross-section of leaders from every walk of life. So,

there`s no reason Congress can`t get this done by the end of the summer.

(END VIDEO CLIP)

MATHISEN: One of the business leaders attending the White House event

was Steve Case, former chairman of AOL (NYSE:AOL)-Time Warner (NYSE:TWX)

and a strong supporter of immigration reform.

(BEGIN VIDEO CLIP)

STEVE CASE, AOL (NYSE:AOL) FORMER CHAIRMAN & CEO: It`s very important

that we continue to be a magnet for talent, that we really become the place

that people want to start companies and start industries because that`s the

best way to drive our economy, best way do drive our economic growth, best

way to drive down our unemployment. We`ve got to make sure we are able to

attract those risk takers, the pioneers who really believe in America as

the most entrepreneurial nation in the world.

(END VIDEO CLIP)

GHARIB: Our guest tonight was also at that White House event with

President Obama. Gary Loveman is the CEO of Caesars Entertainment and a

member of the Business Roundtable, which has been lobbying for immigration

reform.

Gary, so nice to have you back on the program.

GARY LOVEMAN, CAESARS ENTERTAINMENT CHAIRMAN & CEO: Pleased to

be

here, Susie.

GHARIB: All right. So, there has been a lot of anxiety, as you know,

about immigration reform. Why are you in the Business Roundtable, such big

supporters?

LOVEMAN: Well, because we think it`s good for those that are affected

by the current broken immigration system and it`s certainly good for

business.

The president`s proposal and what the Senate is considering has three

central features. The first is to enhance border security very

meaningfully. The second is to deal with the 11 million undocumented

immigrants and their children who live in the United States today, whose

circumstances are ill-defined and certainly not functional for anyone. And

the third is to rationalize the immigration system prospectively so as

Steve Case pointed out, we access the world`s greatest talent and bring

them here for their best work.

And I think for all the simple reasons that these three ideas suggest,

it`s good for everybody.

MATHISEN: Talk to me about a path way to citizenship, which is part

of the proposed legislation that would involve those 11 million

undocumented workers or residents finding a way to -- to get legal here in

this country. What should it include in your view?

LOVEMAN: Well, the president`s proposed that it includes making sure

nobody has criminal offenses against them, that they can command English,

that they pay their taxes and they are regularized in the sense in American

life as they petition for inclusion in the queue to move forward towards

citizenship. And I think all those standards make sense.

The president also proposed those folks come in behind the queue that

exists for those pursued legal immigration. So, you can imagine a

feathering of those that are coming into traditional mechanism, along with

those that are moving ahead under the newly proposed mechanism.

GHARIB: Gary, I want to get back to point about the economic impact

of all this. I mean, certainly, immigration is a problem that has to be

fixed. But, you know, what do you say to people who are worried about --

especially Americans who are out of work, who are looking for a job and

can`t find one, and they are worried about the economic impact to the time

that our economy is weak and we have these huge deficits?

LOVEMAN: Well, I think -- that`s a little bit of a false concern. I

think on the one hand, as Steve points out, we`re losing access to great

minds that can help propel entrepreneurship and innovation forward.

There`s a lot of very highly specialized skills where we have an

insufficient supply of people available to work even with today`s high

unemployment rate, and I don`t believe the regularization of existing

undocumented folks would led to a substantial supply that would compete for

those that are seeking work here.

On the other hand and I think more importantly, Susie, having a

regularized immigration system will enhance demand for goods and services,

for companies like mine and many others, and particularly, for the housing

market, which is essential to the restoration of growth in this country,

that would led to a better outcome for everyone, including those that are

seeking work.

MATHISEN: What would immigration reform mean to your business? You

alluded to it just then.

LOVEMAN: Well, I think first of all, it would enhance the demand for

our services by folks who would find their circumstances in this country

predictable. I think it would lead to a greater level of innovation and

entrepreneurship among folks that would be staying in this country because

they like to do as Steve proposes. And I think also in terms of our being

able to find the most talented people to serve our guests and drive our

country forward, we have better prospects for that as well.

So, I think on the supply side and the demand side, it`s a very sound

argument.

GHARIB: Gary, thank you so much for coming on the program. Great to

have you.

LOVEMAN: Glad to be here.

GHARIB: Gary Loveman, chairman and CEO of Caesars Entertainment.

MATHISEN: Well, small business owners would have a lot riding on new

immigration rules, as well and right now, they are feeling a bit more

optimistic about the economy, apart from immigration. The latest survey

from the National Federation of Independent Business shows that small

business owners report improvements in outlooks for job openings, capital

investment and inventory building.

GHARIB: It looks like more American companies plan to hire more

workers next quarter, the largest amount of new hires in one quarter in

nearly five years. That`s according to the manpower group, a global

employment service.

Meanwhile, the Labor Department says advertised job openings fell 3

percent in April and that the number of Americans who quit their jobs

spiked 7 percent that month. But economists see this as a good sign,

workers who quit usually do so to get better jobs.

MATHISEN: A new report from Washington`s financial watchdog agency

says consumers now pay more than half of the charges on their checking

account fees in the form of overdraft fees. Moreover, the study found that

customers who opt in for overdraft protection paid hundreds more in fees

and had their accounts closed more frequently than those who decline it.

Kayla Tausche has more on how banks are raking in those fees and what

you can do about them.

(BEGIN VIDEOTAPE)

KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-

over):

It`s that pit in your stomach when you look at your bank statement, that

check you wrote was cashed early or your deposit hasn`t hit yet. Either

way, that $3 cup of coffee just cost you 38 bucks.

For more than a year, the Consumer Financial Protection Bureau has

been studying this, the way banks charge consumers for overdrawing accounts

and how the banks disclose these practices to customers.

The findings: in a year, someone who overdraws his or her account will

face an average $225 in fees, those who frequently overdraw more than $900.

Those fees hitting those who opt in to so-called overdraft protection

programs themselves rife with red tape.

For customers, it`s a sensitive subject. With banks already charging

high fees and balances to maintain accounts, multiple overdraft charges now

representing 60 percent of account revenues for banks seem like pouring

salt in a wound.

UNIDENTIFIED MALE: If you mismanage your account, you`re charged

accordingly. But if you do it once every blue moon, it`s not a big deal

and they shouldn`t charge you a massive whack for that.

UNIDENTIFIED MALE: It`s a little outrageous. This is just another

reason, another way that banks, you know, kind of stick it to the consumer.

These are nickel and dimes, things that they use to make money and, you

know, that adds up to millions and millions of dollars.

TAUSCHE: Make that billions of dollars. According to Moebs Investor

Services, banks raked in $32 billion in revenues just from overdraft fees,

not surprising considering the majority of banks charged $35 a pop, each

time an account crosses into the negative.

Banks have said they shouldn`t have to pay balances for accounts with

no money coming in. Customers say there are better ways to keep

accountholders honest.

UNIDENTIFIED FEMALE: It should just completely stop it at the point

where it says, you know, you`re not allowed to draw money at this point.

UNIDENTIFIED FEMALE: I think it should depend on how much you

overdraft, like a percentage.

TAUSCHE: The CFPD in its report Tuesday did not say how or whether it

would regulate the practice going forward. It did say the investigation

into overdraft fees is just beginning.

For NIGHTLY BUSINESS REPORT, Kayla Tausche, New York.

(END VIDEOTAPE)

GHARIB: Sweeteners and poison pills lead our "Market Focus" tonight.

Softbank raised its bid for Sprint Nextel (NYSE:S) by $1.5 billion and

added poison pill conditions in an effort to close out rival bidder DISH

network. Shareholders vote on the deal in two weeks. Sprint shares gained

more than 2 percent today and more than 28 percent since last October when

Softbank made its offer.

Another set of shareholders at News Corp (NASDAQ:NWS) voted today to

split the company in two on June 28th. News Corp (NASDAQ:NWS) will become

the name of the publishing asset while 21st Century Fox will be the

umbrella for the TV networks and the film studio. News Corp (NASDAQ:NWS)

has gained more than 66 percent in the year-long run up to the split.

Shares were down a fraction today, closing at $31.67.

Catamaran, the pharmacy benefit manager, landed a 10-year deal with

Cigna to manage prescriptions covered by Cigna`s plans. Catamaran shares

jumped almost 11 percent to $53.99 on heavy volume.

MATHISEN: Questcor Pharma, a big mover today. In a deal with

Novartis, the company acquired a treatment for auto-immune and inflammatory

diseases licensed in 40 countries. Questcor said it plans to seek U.S.

approval for the drug called Synacthen. Questcor shares spiked pre-market

and traded at 10 times normal volume, closing at $42.11. That was a 15

percent or so move.

And yes, he has some bananas, and now 90-year-old David Murdock, CEO

of Dole Foods, wants to buy more of them. He owns 40 percent of the

company and wants to buy the rest for a little more than $1 billion.

Murdock told "The New York Times (NYSE:NYT)" back when he was 88 that he

wanted to live to be 125. Not sure I`d bet against him.

Investors took Murdock very seriously today, bidding Dole shares up

more than 22 percent, as you see there on heavy volume.

And still ahead, the big risk facing some of the biggest media

companies and the lengths they are going to, to fend off the competition.

But, first, how the international markets closed today.

(MUSIC)

GHARIB: The Energy Department said that the world has at least a

decade`s worth of recoverable shale oil reserves underground. The

government estimates there are about 345 billion barrels or roughly 10

percent of the world`s crude supplies. The report found that Russia has

the largest reserve of oil resources in shale formations, followed by the

U.S., China, Argentina and Libya.

Well, the car that doesn`t get any gasoline got just a little less

expensive for buyers. General Motors (NYSE:GM) is lowering the price of

the all electric Chevy Volt by $4,000, hoping to lift stalling sales. If

you combine these new price cuts with the $7,500 federal tax credit for

electric cars, a brand-new Volt will now cost about $29,000. That`s 25

percent below the sticker price.

MATHISEN: Take that Microsoft (NASDAQ:MSFT). Sony (NYSE:SNE) today

unveiled its PlayStation 4, its first new game console in seven years. But

that`s not all, the company said it will be priced at $399 in the U.S.,

$100 less than Microsoft`s Xbox One announced yesterday. What`s more, the

PS4 won`t restrict used games sales or need to be hardwired to the Internet

during games.

GHARIB: The National Cable Show is underway and the big topic is

whether high bills will push consumers to cut the cord or drop their cable

and satellite services in favor of streaming video, and what cable

companies are doing to prevent that trend.

Julia Boorstin has more from Washington.

(BEGIN VIDEOTAPE)

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-

over):

At the heart of concerns are rising cable bills are sports. It`s a rare

type of content people must watch live in real time. That means sports

costs are on the rise and ESPN is the most expensive channel.

Also pushing prices higher: new competition from FOX Sports 1 which

News Corp (NASDAQ:NWS) is launching in more than 90 million homes in

August, and Comcast`s NBC Sports.

Industry analysts Greg Moffett warns that high sports fees are driving

cable bills so high, consumers could cut the cord.

To prove it`s value and keep subscribers hooked, ESPN is offering more

mobile access to live sports to it`s subscribers, even considering paying

mobile carriers to make it cheaper and easier for ESPN subscribers to watch

more mobile video.

JOHN SKIPPER, ESPN CHIEF: Our intention is to always make it as easy

and is convenient for all consumers to consume all our content across all

platforms at any time. We`re not in active discussions but we have

explored whether our helping to subsidize wireless usage would be helpful

and they`re doing that.

BOORSTIN (on camera): While ESPN requires sports fans log in to

access all that mobile content online to make sure they keep paying their

monthly cable bills, other cable giants are hedging their bets against the

risk of court heading (ph). Discovery Communications (NASDAQ:DISCA) is

establishing a bigger online presence, giving away more content for free

with ads.

(voice-over): Discovery communications recently launched an online

only network called Test Tube targeting young men, the demographic that`s

hard for TV advertisers to reach. It will be available on its Web site and

through Xbox, Apple (NASDAQ:AAPL) TV, Roku boxes and the like.

DAVID ZASLAV, DISCOVERY COMMUNICATIONS PRESIDENT & CEO: We`re

playing

aggressively in the traditional cable space, but anywhere consumers are

consuming content, we want to play. And so, we`re not making money in that

space yet, but we are -- we have the leading streaming video business in

the U.S. and it`s -- I think for us in terms of the way the world goes,

it`s important for us to stay contemporary.

BOORSTIN: And staying contemporary is all about offering consumers

content where they want it, when they want it, on any device. The question

for the future of the cable industry, whether companies demand consumers

keep paying their monthly cable bill to access that content everywhere or

whether they think the ad revenue from new digital ventures will create a

new viable business.

For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in Washington, D.C.

(END VIDEOTAPE)

MATHISEN: Google (NASDAQ:GOOG) is striking back. The company has

asked the U.S. government`s permission to report publicly in the volume and

scope of court orders requiring it to handle information about customers.

The unusual request in the letter to the attorney general and the head of

the FBI comes in the wake of disclosures that Internet companies had

received those secret intelligence-related requests about the activities of

users.

The company is fighting back against allegations it gives the

government broad access to user data such as which Web sites they visit.

Well, our next guest runs with the big boys on Wall Street. In fact,

more often than not, she outruns.

Karen Finerman is president and co-founder of Metropolitan Capital

Advisers, a New York-based management firm. And she`s here to talk markets

and also about her latest book, "Finerman`s Rules: Secrets I`d Only Tell My

Daughters About Business and Life". She is the mother of two sets of

twins, by the way.

But, first, let me ask you -- what is the market telling you in recent

days?

KAREN FINERMAN, METROPOLITAN CAPITAL, PRESIDENT: Oh, you know

what?

I don`t love what the market is telling me actually in recent days. We

have -- we`ve gotten to a period of where we had some non-correlation where

things --

MATHISEN: Meaning?

FINERMAN: Meaning, things traded on their fundamental values, each

stocks particular story was what moved it. And now, when you have these

macro events, it`s acquired (ph) on the macro fund for a while, but now you

have these macro events, particularly, you know, is the Fed going to taper

soon --

MATHISEN: Japan.

FINERMAN: And Japan, which for one of the world`s largest economies,

that market seems to be somewhat out of control. That sort of volatility,

we don`t see that normally in a market that is as developed as Japan.

So, I don`t like seeing those two big macro things on the horizon

because then you start to get into this everything is correlated to one.

And what we`ll do, value investors, that`s very hard when everything

correlates.

GHARIB: Let`s go from macro to micro. Where do you see more risks,

in the stock market or the bond market? And what should investors do?

This is a very confusing time for most individual investors.

FINERMAN: It is. I mean, to me, I -- the bond market seems

particularly scary to me. I feel like you can find value with dividends,

if that`s your interest -- no pun intended -- value dividends in the

market. But this bond market, that to me I think Jim -- Jim Grant once

referred to it as return-free risk. And that`s not for me.

GHARIB: That`s right.

MATHISEN: And bonds today at 14-month highs, on the tenure, in 220,

225 area on the yield. So, I wonder where you would peg a bond yield at

the end of the year. How much higher do they go?

FINERMAN: I don`t know. I hope they are actually higher because I

think that would be coincident with the market, with the economy improving.

But I had -- just today, I had a conversation with a REIT CEO who said, "I

can`t believe we got financing done at 3.25. I can`t believe that`s what

we paid." And -- so, that would make not want to be on the other side of

that trade.

GHARIB: Let`s to turn and talk to you about your book that you just

came out with.

You know, I find that the women I come across these days that are just

coming out of college, or just entering the workforce, are much more open

and upbeat about all the opportunities that await them and it`s very

refreshing.

So, I`m just wondering, what would be your advice to this new

generation of women?

FINERMAN: I think for me, what I was trying to give advice is about

staying out of your own way or getting out of your own way. And I think

sometimes, women aren`t their best advocate and they need to be. They are

in charge now. No one else is in charge.

You know, you`ve gone through your life of college maybe with a plan

and road map, and there`s no clear road map anymore. So they have to be in

charge. They have to speak up for themselves. They have to take some

risks, and challenges --

GHARIB: That`s true for any woman at any stage, and any man.

FINERMAN: Any man, any person, but I think women sometimes are being

risk adverse. I think also makes them hold back somewhat in their career.

MATHISEN: Let`s put a little word association. Sheryl Sandberg?

FINERMAN: Powerful.

MATHISEN: Lean in?

FINERMAN: Lean in. I -- almost all of the book I completely agree

with, particularly, it`s interesting to me when she talks about as women

get higher the corporate ladder, they are seen as less likable.

MATHISEN: Paul Tudor Jones, a trader, who said women couldn`t really

be the equal of men as traders in a certain, narrow context.

FINERMAN: Candid. I would say misguided.

MATHISEN: Let`s talk about -- when you think there will be a female

CEO of one of the major money center banks, Goldman Sachs (NYSE:GS),

JPMorgan (NYSE:JPM), Citi.

FINERMAN: I would have thought when I started Wall Street 25 years

ago, it -- we would have seen it. I think we are a decade away, at least.

GHARIB: Why is that?

MATHISEN: Really?

GHARIB: Real quickly, why?

FINERMAN: I think that they are not building up the ranks quickly

enough. The math isn`t there. There`s not enough --

MATHISEN: The bench isn`t there.

FINERMAN: The bench isn`t deep enough.

GHARIB: Women have to lean in more on Wall Street.

FINERMAN: Yes.

MATHISEN: Karen Finerman, "Finerman`s Rules: Secrets I`d Only Tell My

Daughters about Business and Life" -- thanks very much for being with us.

FINERMAN: Thanks for having me.

MATHISEN: It`s great to see you.

GHARIB: And coming up on the program: if the shoe fits, you may want

to wear it and own a sock, too. We`ll take a look at what`s driving the

comeback of shoe retailer DSW (NYSE:DSW).

But, first, let`s get a check on how commodities, treasuries and

currencies fared today.

(MUSIC)

MATHISEN: Thank you very much.

GHARIB: Whether you`re flying or walking, everybody needs shoes. And

when an underperforming footwear discounter figures out what its core

customers want and rewards them for coming back, shoppers and investors

both benefit from the turn around.

In NBR`s latest installment of "Comeback Companies", Jackie DeAngelis

takes a look at DSW (NYSE:DSW).

(BEGIN VIDEOTAPE)

JACKIE DEANGELIS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-

over):

If you discount it, they will come, especially when it comes to buying

shoes at big box retailer DSW (NYSE:DSW).

LEEORA BROWN, SHOPPER: The prices are good. The styles are great,

and it`s a large selection.

DEANGELIS: This stock has made a come back all right, shares prices

have run more than 1,000 percent since the stock hit a low a little over

four years ago.

Behind the retailer`s success, an evolution through execution. Just

part of CEO Mike MacDonald`s vision when he took the helm in 2009, amidst

an economic downturn. Several key strategies driving growth at DSW

(NYSE:DSW), including a focus on operating efficiencies, marketing and

breaking ground on new stores.

Today, they have 377 national locations. They plan for almost 400 by

the end of the year.

(on camera): But perhaps the company`s greatest success: catering to

its core customer with deep discounts and rewards program when consumers

need them most.

MIKE MACDONALD, DSW (NYSE:DSW) CEO: It`s a very simple program. It`s

very easy to sign up and essentially after you spend about $150, we will

send you a $10 certificate good on your next purchase.

ENRICA STAEGER, SHOPPER: It`s beneficial and I don`t have to have a

card, you know, just give them my phone number and I get the coupon in the

mail once in awhile and I can use.

DEANGELIS (voice-over): What`s on deck to drive growth forward?

Enhancing the customer experience through what DSW (NYSE:DSW) calls an

omni-channel, making shopping seamless between in store online and mobile.

The company is also experimenting with smaller stores.

MACDONALD: We will be testing smaller format stores that we can use

to both infiltrate smaller markets and to fill market voids that might

exist in existing markets we serve.

DEANGELIS: And DSW (NYSE:DSW) continues to focus on its e-commerce

strategy.

MACDONALD: In `09, the business was good, but we weren`t making any

money. And since that time, we`ve continued to grow it and now, it`s a

very significant contributor to our bottom line.

DEANGELIS: When sales rely on consumers, there always are risks.

MACDONALD: Things like higher taxes, higher gas prices, particularly

in the Midwest. I think early in the year, they worried about some of the

national budget concerns, the sequester, all of that.

DEANGELIS: But still, most analysts that covered the stock rated a

buy, some projecting long-term earnings growth of 15 percent to 20 percent.

For NIGHTLY BUSINESS REPORT, I`m Jackie DeAngelis.

(END VIDEOTAPE)

MATHISEN: And finally tonight, you may be too late if you were looking

for a very specific used copy of the great American novel as a Father`s Day

gift. A first edition of the F. Scott Fitzgerald classic, "The Great

Gatsby", sold for $112,500 at Sotheby`s in New York City today, right about

the pre-auction estimate.

The buyer wants to remain anonymous -- DiCaprio, no, not really --

says the book appears to be in good condition and has hand-written notes

and corrections from its original owner, the critic and novelist, Malcolm

Cowley. How about that?

GHARIB: If only F. Scott Fitzgerald knew, because he died feeling a

failure.

MATHISEN: Is that right?

GHARIB: He felt like his literature wouldn`t outlive --

MATHISEN: Do you agree with Karen Finerman, it will be another decade

before there`s a woman CEO?

GHARIB: I hope it`s sooner than that. She knows best, but I hope

it`s sooner than that.

That`s NIGHTLY BUSINESS REPORT for tonight. I`m Susie Gharib, thanks

for watching.

MATHISEN: And thanks from me as well. I`m Tyler Mathisen. Have a

great evening, everybody. And be sure to log on to our Web site NBR.com.

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.

<Copy: Content and programming copyright 2013 CNBC, Inc. Copyright 2013 CQ-

Roll Call, Inc. All materials herein are protected by United States

copyright law and may not be reproduced, distributed, transmitted,

displayed, published or broadcast without the prior written permission of

CQ-Roll Call. You may not alter or remove any trademark, copyright or other

notice from copies of the content.>