Show: NIGHTLY BUSINESS REPORT>

<Date: May 8, 2013>

<Time: 18:30:00>

<Tran: 050801cb.118>

<Type: SHOW>

<Head: NIGHTLY BUSINESS REPORT for May 8, 2013, PBS>

<Sect: News; Domestic>

<Byline: Susie Gharib, Tyler Mathisen, Jane Wells, Scott Cohn, Hampton Pearson, Eamon

Javers>

<Guest: John Sweeney, Richard Anderson>

<Spec: Business; Economy; Stock Markets; Wall Street; World Affairs; Health and Medicine;

Insurance; Defense; Internet; Safety>

<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: In or out? With stock

markets around the world powering higher, is now the time to stay in, stay

invested or get out of stocks?

We`ll speak with Fidelity`s head of retirement and investment

strategies, John Sweeney.

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Hospital sticker

shock. Why do hospitals across the country charge vastly different prices

for the very same procedure?

GHARIB: On the front lines. We`ll take you inside the computer lab

where a cyber war is being waged against sophisticated hackers in order to

protect businesses and you.

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

Wednesday, May 8th.

Good evening, everyone.

Tyler, I overheard someone the other day saying, will the stock market

ever go down? It sure doesn`t look like it.

MATHISEN: It never will. I don`t know. It absolutely will. We just

don`t know exactly when.

It does seem right now, though, like nothing can stop Wall Street`s

bulls from pushing this market higher.

In today`s sessions, gains were modest, but they were enough to send

the Dow and the S&P 500 once again to fresh all-time closing highs. The

Dow was up 49 points today and the record there, 15,105, NASDAQ adding 16,

and the S&P, it was up by six points, helped by some encouraging data on

housing and on another round of strong corporate earnings. More about

those a little later.

So, what does the recent run-up in the markets and rising prices for

stocks mean to individual investors like you?

Jane Wells tells us how some investors are waiting to get into the

market or maybe take a little cash out.

(BEGIN VIDEOTAPE)

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

The

markets are high and keep going higher. Not just here --

UNIDENTIFIED FEMALE: But the clear outperformer was Japan.

WELLS: -- but everywhere.

UNIDENTIFIED FEMALE: Especially today, we saw you new five-year highs

being hit in Japan on the Nikkei.

WELLS: Does the individual investor believe it can last?

UNIDENTIFIED FEMALE: I think it will continue to grow.

UNIDENTIFIED MALE: That`s nonsense. One of these days, it`s going to

crash.

UNIDENTIFIED MALE: I think you`re going to see another dip and then I

might on then.

WELLS: Many have already gone in. Last quarter, E*TRADE says

customers bought $1.2 billion more in stocks than they sold. TD Ameritrade

(NASDAQ:AMTD) saw a 20 percent jump in net new assets. And Charles Schwab

saw a 9 percent increase in new brokerage accounts from February to March.

It seems everybody is positive.

CRAIG RUMBERG, INVESTOR: It does worry when everybody is positive.

WELLS: Craig Rumberg is an individual investor who runs a staffing

company, Cyberforce, which gives him a unique perspective on employment.

So he`s investing in things like health care and even airlines.

RUMBERG: I tend to look at things that I can feel and see. So when I

-- you know, when I just took a flight, you know, it was packed and all of

these flights are packed.

WELLS (on camera): But as global markets also rise, Germany just hit

a new record, managers of international funds are waiting for investors to

pile in there, too.

Sammy Simnegar of Fidelity liked what`s happening in Japan and he also

likes companies which cater to consumers and emerging markets.

SAMMY SIMNEGAR, FIDELITY PORTFOLIO MANAGER: There are a lot of

European luxury companies that get 30 percent, 40 percent, 50 percent of

their revenues from emerging market consumption.

WELLS (voice-over): It all sounds great, but Craig Rumberg says a lot

of regular folks have a hard time believing it.

RUMBERG: At this point, the markets rally. But most of the people

that I talk to that are regular, average Joes, haven`t participated.

Either they were scared or they`re still recovering from the last crash.

WELLS: He says the biggest challenge facing the market may not be

fundamentals, but trust.

For NIGHTLY BUSINESS REPORT, Jane Wells, Los Angeles.

(END VIDEOTAPE)

GHARIB: Well, John Sweeney has been busy these days talking to

individual investors and reassuring them about what to do with their money.

He`s the executive vice president in charge of retirement and investment

strategies at Fidelity Investments.

John, the question and the dilemma, I`m sure you hear this all of the

time. Is it too late to get in the markets, and then a pause, is it too

risky to get in the markets? What do you tell your clients?

JOHN SWEENEY, FIDELITY INVESTMENTS PLANNING & ADVISORY

SERVICES:

Right. We try to make the customer understand the role of equities

particularly in their portfolios. So, you remember equities are the place

where you want to have inflation. You always want to have consumers

understand how much equity they want to have in their portfolios.

For young investors, that means they`re going to have almost all of

their portfolios in equities if they`re saving for retirement that`s 40

years in the future. But even for retirees, a 65-year-old should probably

have half of their retirement portfolio in stocks because they`re trying to

plan for a 30-year time horizon in which they`re going to live off those

investments.

GHARIB: But the nervousness about the markets and the direction and

all that kind of stuff, there are still a lot of people who are putting

money into bonds. Yes, a lot of money has been flowing into stock mutual

funds. But still at a pretty good cliff, they`re going into bonds.

And Warren Buffett earlier this week was talking about investing in

bonds. Let`s take a listen. I`d like to get your reaction.

(BEGIN VIDEO CLIP)

WARREN BUFFETT, BERKSHIRE HATHAWAY CHMN. & CEO: I like owning

stocks.

I do not like owning bonds now. There could be conditions under which we

would like -- we would own bonds. But their conditions are far different

than what exists now.

Bonds are priced artificially and that`s some guy buying, $85 billion

a month and that will change at some point. And when it changes, people

can lose a lot of money if they`re in long-term bonds.

(END VIDEO CLIP)

GHARIB: So, John, is Warren Buffett right about it? Is it too risky

to be in bonds?

SWEENEY: Well, he talks about the Fed`s $85 billion of purchase of

bonds every quarter. And what you have there is you have obviously been

trying to stimulate the economy, and what we`ve been waiting for, for

several years now, is the inflation to kick in and so we see as the Fed

policy continuing over long periods of time, when it will happen, how

quickly it will happen and what impact it will have on rates remains to be

seen.

What you need to remember, though, is that bonds play an important

role in a portfolio, A, is a diversifier and, B, is balance against

equities. You want to have the right proportion of bonds in your

portfolio, depending on your age and your risk tolerance.

GHARIB: Let`s talk about depending on your age. Let`s say you`re

about to retire or you`re already or recently retired. You mentioned a

moment ago, 50 percent stock. How do you divide up the rest?

SWEENEY: Right. So you want to think about 40 percent bonds and if

you`re worried about the prospect of rising rates, you want to think about

different types of bonds. Investment grade corporate bonds offer a

different risk profile obviously than government bonds, short of duration

bonds, non-U.S. bonds all offer different risk profiles. So you want to

think about the mix and different types of bonds that you can own in your

portfolio.

GHARIB: You know, one of the things that makes investors nervous, and

you heard the story that Jane Wells just did. They worry that the markets

are rigged. They worry it`s risky. They`re worried that another shoe will

drop and markets will plunge.

I`m sure you hear this all of the time. What do you tell people?

SWEENEY: Right. So remember risk. You are taking risk because you

want to get a return. So when you invest in a company and you`re looking

at companies that are growing their earnings and really take business risk

in order to grow earnings on your behalf, and you`re going to have to trust

that the management of those companies know what you`re doing. If you`re

buying a mutual fund, you trust that the portfolio manager is picking

companies that are growing earnings.

They`re all expected to make sure that their earnings continue to grow

and that`s the place where you need take some risk so that you can make

sure your money is growing for you and outpacing inflation.

GHARIB: What`s your advice of investors in terms of -- if they have

some money and they want to put it into the markets. Buying a few stocks

that they think are high quality stocks versus going into a mutual fund.

I know fidelity runs a lot of fund, but -- I mean, generally speak,

which way are the investors, especially nervous ones, better off?

SWEENENY: Well, we certainly serve investors who select their own

securities, plus investors who invest in mutual funds. The question is

diversification. So, you don`t want to put your stocks in just a few names

because we all know the history of companies that were once highfliers and

subsequently crashed.

The great thing about an actively managed fund is you have a fund

manager who`s spending every waking hour looking at those earnings

statements, looking and interviewing corporate CEOs, CFOs and trying to

make the best decision on your behalf.

So, we are talking about skill, will and time. If you have the skill

and you`re disciplined enough to invest when the market is down and

discipline enough to sell when the stock reaches a target price, and you`re

willing to invest the time, great, go ahead and do that. If you are not

willing to make those decisions, then let someone do it for you.

GHARIB: Good rule of thumb. Thanks so much, John. John Sweeney of

Fidelity Investments.

SWEENEY: Thanks, Susie.

MATHISEN: A whole batch of earnings from corporate America to tell

you about that dominates our "Market Focus" today. Toyota`s U.S. shares

touch a new 52-week high, and profits tripled for the company`s fiscal

year, topping analyst estimates and even its own projections. Toyota

(NYSE:TM) expects U.S. sales to grow this year, helped by the drop in the

value of the yen.

Shares of Toyota (NYSE:TM) up $119.70, up more than 3 percent on the

day.

GHARIB: Earnings and revenues at News Corp (NASDAQ:NWS) also came in

above estimates. The company expects to complete its split into two

companies near the end of June. News Corp (NASDAQ:NWS) shares fell about a

percent to $31.86. That was in the regular session and then they surged in

after-hours trading.

MATHISEN: Activision shares hit a new 52-week high ahead of its

earnings report today and profits did rise 19 percent in the quarter on the

debut of its "Starcraft 2" game. But guidance was cautious because of

concerns about the next generation of video game consoles and fewer

subscribers to its "World of Warcraft" game.

Shares of Activision closed at $16.26. That is up more than 2 percent

and then they lost ground after-hours, dropping more than 5 percent as you

see on that chart.

Wendy`s profits down 83 percent, hurt by higher food costs and

increased marketing expensive. Wendy`s revenues improved a little bit, and

the company raised its full-year profit estimates. But investors did sell

off, shares falling more than 5 1/2 percent, to close at $5.77.

GHARIB: And business is percolating at Green Mountain Coffee Roasters

(NASDAQ:GMCR). It reported strong profits, raised guidance and announced a

new five-year agreement with Starbucks (NASDAQ:SBUX). That deal expands

the number of Starbucks (NASDAQ:SBUX) product available on Green Mountain`s

Keurig platform beyond North America.

Shares rose more than 1.5 percent to $59.48. And then they soared

after-hours, adding as much as 10 percent.

MATHISEN: Delta Air Lines is doing something it has aren`t done in a

decade, issuing a dividend. It`s part of the company`s plan to return more

than $1 billion to shareholders over the next three years. Delta`s board

also approved a stock buyback program for $500 million. This comes as the

airlines work to reduce its debt and boost profits.

And earlier today, I talked to Delta CEO Richard Anderson and I begun

by asking him about airline`s financial performance.

(BEGIN VIDETAPE)

RICHARD ANDERSON, DELTA AIR LINES CEO: We did it with really good

revenue performance, extraordinary cost performance, and really good

execution across our sales and operating plan.

MATHISEN: Let`s talk a little bit about how you have been able to do

two critical things to the traveling public. One is boost your own time

performance, the other is reduce the number of complaints that have been

reaching the Department of Transportation.

What are you doing operational to improve performance?

ANDERSON: Well, the first thing is we want to run as close to a

perfect airline as possible. No cancellations and unless the weather gives

us a problem, we want to run in the mid-90s with on-time performance.

And second, we`ve incented (ph) all of our employees to put themselves

in the shoes of our customers because as our founder said, we have a

responsibility over and above the price of the ticket, and we have made

that ring true with our employees. They`re doing a phenomenal job and our

customers are recognizing it.

MATHISEN: The story in "The Wall Street Journal" today, a study from

MIT indicating that one of the reasons the airline business is doing better

financially is that you have reduced the number of flights particularly to

a second and third-tier markets.

How has the reduction in the number of flights and in capacity help

you achieve better financial results?

ANDERSON: Well, many of those markets were served by 50-seat regional

jets which are $100 a barrel fuel are uneconomic. So it`s very basic.

It`s taking out uneconomic flying because many of those markets are what we

call very thin markets. There just aren`t that many passengers in those

markets.

And once the 50-seat jet becomes uneconomic because of fuel prices,

it`s imperative if we`re going to be successful as an enterprise that we

not subsidize that flying.

MATHISEN: Let`s talk a little bit about the international business.

You`re about to open a new $1.2 billion terminal at JFK airport in New

York. You`ve also expanded at your service at LaGuardia.

How important is the international business to you right now?

Obviously, a big new terminal is not something that you`re going to

amortize over just one year. But are you concerned about how vigorous the

economy is in Europe with respect to that new terminal?

ANDERSON: Well, we actually plan long term for a relatively mild GDP

growth around the world and we build our capacity and build our plan on

that basis. At JFK, we`ll have the premium facility at JFK, number one

carrier from New York across the transatlantic with our partners at KLM and

Air France and Alitalia.

And, very quickly, Sir Richard Branson, Virgin, Atlantic and Delta

will be together in terminal 4.

So, we`re optimistic about our positioning and it`s an unrepeatable

position strategically for us in JFK, and we`ll be very successful for our

share owners. So, we can raise that dividend one day.

MATHISEN: Give us an update on the status of the deal between you and

Virgin Atlantic. You`re going to take a 49 percent stake in it. It is

pending some antitrust approvals, where does this stand?

ANDERSON: Well, we are -- we have four levels of approval, the

British government, the E.U., DOT and DOJ. And we`re making good progress

on all four fronts and we expect to close by September.

MATHISEN: Let`s talk a little bit about one thing that has helped

your revenue but hurts the traveling public in the pocketbook, and that is

change fees. They`ve been just boosted industry wide from generally $150

to $200 for making a change. How do you justify that?

ANDERSON: Essentially, what the change fees do is prevent a situation

where someone buys a ticket and then changes it over and over and over

again, which in essence makes it an option on any flight, any day on any

seat. We can`t run the airline that way. We`ve got to be pretty specific,

just like hotels are and rental car companies, about wanting you to stick

about your reservation.

(END VIDEOTAPE)

MATHISEN: Shares of Delta hit a 52-week high today. They closed at

$18.66 a share, and the stock is up 67 percent over the past year.

GHARIB: Still ahead on the program: one hospital charges $320,000 for

a procedure. Another, $20,000 for the same procedure. But will knowing

about these price swings help drive down health care costs?

Well, first, let`s take a look at how the international markets closed

today.

(MUSIC)

MATHISEN: Jeffrey Skilling, the disgraced former CEO of Enron, struck

a deal with the Justice Department that could get him freed from federal

prison in just four years. That is 10 years earlier than the sentence

handed down at this 2006 conviction for fraud, conspiracy and insider

trading, crimes that contributed to the collapse of the Texas-based energy

giant in 2001.

A federal judge has to approve the agreement at a resentencing in June

before he gets that earlier release.

Scott Cohn has been following this story for years.

Tell us how this story came about, Scott.

SCOTT COHN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Well, this was

a

classic negotiation. Remember back in 2006 when this trial took place of

Enron`s Jeff Skilling and the late Ken Lay. The wounds from the dot-com

bubble were still fresh.

Judge Sim Lake in Houston sentenced Jeff Skilling to 24 years and four

months in prison, a harsh sentence -- one of the harshest for white-collar

crime.

A federal court in 2009 ruled that that sentence was too harsh and he

should get more like 15 years, but the resentencing has been on hold

because Skilling had a number of appeals they had to work through,

including going to the U.S. Supreme Court which sent it back to the Court

of Appeals which still upheld the conviction.

Skilling wants some freedom. He`s 59 years old. The government wants

to be done with this case and there`s some $40 million in restitution that

Skilling owed to the victims, but that all was all tied up.

Now, this all of this goes away. The money could be distributed.

Skilling gets his freedom. The 19 convictions for fraud, conspiracy and

insider trading stand, Skilling can`t appeal to them anymore.

GHARIB: You know, Scott, it was amazing and what was surprising to

hear this decision, is that we`ve seen before other convicted, high-profile

CEOs not having any success in getting time off.

There`s Allen Stanford. There was Dennis Kozlowski of Tyco. What did

Skilling do that they didn`t do and that he got this time off?

COHN: Well, one of the issues is the case against Skilling had flaws

and the Appeals Court mentioned that. The Supreme Court, as I said, kicked

it back and so he had a little bit of leverage here.

He was set to go to the district court and the judge who sentenced him

said there was misconduct and the elite and the justice department team of

prosecutors who handled this case. That would have opened up a whole new

can of worms, more appeals, potentially a new trial and everyone has just

decided now. Let`s get on with life.

MATHISEN: Is getting the judge`s approval in this case a foregone

conclusion? Is that really remaining a hurdle?

COHN: That is a hurdle. Remember the judge handed down a very harsh

sentence to begin with. He still does the same judge still has to approve

this deal. Now, he`s been aware of the negotiations that have been going

on. He`s been holding conference calls with the defense attorneys and the

prosecutors. But that doesn`t mean he`s signed off on it.

It will now be up to him and the sentencing will take place on June

21st and we`ll see.

MATHISEN: All right. Scott Cohn, thank you very much.

GHARIB: The overhaul of the nation`s health care system has focused a

bright spotlight on what hospitals charge insurers, Medicare and patients

who don`t have any medical coverage for certain procedures. And the

results are startling. The data shows different hospitals often charge

vastly different prices for the same procedure.

Hampton Pearson has more on the massive discrepancies and cost and how

they may impact your premiums.

(BEGIN VIDEOTAPE)

HAMPTON PEARSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-

over):

Call it hospital sticker shock. First time ever government data on the

huge gaps and hospital charges for the same procedures nationwide. 2011

data on what 3,300 hospitals billed Medicare for the 100 most common

procedures all now in a massive database that consumers can access. No

comment from the hospital industry, but the Obama administration says it`s

the kind of transparency that could be a game-changer when it comes to

lowering hospital costs.

TODD PARK, U.S. CHIEF TECHNOLOGY OFFICER: The history of the

marketplace is that transparent market places are more competitive. And

more competitive market places drive down cost. And that`s certainly the

hope here.

PEARSON: A few examples, a hip replacement costs $321,000 at a

medical center in Upland, Pennsylvania, but just over $20,000 at an Akron,

Ohio, orthopedic facility.

Treating a heart attack costs $210,000 at a medical center in

Pennington, New York, but just under $7,100 at the Huron Medical Center in

Bad Axe, Michigan.

The bill for gall bladder surgery topped $150,000 at a medical center

in Bayonne, New Jersey, but just over $5,100 in a hospital in Danville,

Arkansas.

Most patients don`t get hit with the full bill because they`re paid by

either government or private insurance, who negotiate lower payments. But

those wide-ranging costs are reflected in premiums.

ROBERT ZIRKELBACH, AMERICA`S HEALTHINSURANCE PLANS: The data is

very

clear. Premiums track directly with the underlying cost of medical care.

As the cost of providing care increases, as the price has increased, that`s

having a direct impact on what consumers and employers are paying for

healthcare services.

PEARSON: The government sees businesses and consumers using the

information to make better choices and put pressure on hospitals to lower

costs.

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

(END VIDEOTAPE)

MATHISEN: Also on the medical front today, a new test is now

available that can help distinguish between aggressive forms of prostate

cancer and the less threatening once. The hope is that the test could

significantly increase the number of men who would monitor their tumor

rather than undergo surgery or radiation. Shares of Genomic Health

(NASDAQ:GHDX), the company that makes the test, rose more than 6 percent

today.

And coming up, we`ll take you inside a computer lab with a new war

against cyber terrorism that`s being wedged.

But, first, take a look now at how commodities, treasuries, currencies

fared today.

(MUSIC)

GHARIB: On Capitol Hill today, computer hacking in the spotlight. A

Senate committee looked at the growing threat of sophisticated computer

hacking attacks on corporations and government agencies, sometimes at the

hands of China`s military.

Now, one company in Upstate New York is at the forefront of the new

cyber battlefield, tracking down and stopping those violations.

Eamon Javers has more.

(BEGIN VIDEOTAPE)

EAMON JAVERS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):

On

the front lines of the cyber war, things look much different than U.S.

military veterans are used to, just ask former U.S. Major General David

Fastabend.

DAVID FASTABEND, EXELIS ADVANCED INFORMATION SYSTEMS: Unlike

most of

my experience in the military, where I had clear, technical advantage,

there`s lots of us in the United States that are compared to the people

that are coming at us don`t have so much technical advantage.

JAVERS: In the Army, Fastabend who now oversees advanced information

systems for defense contracting firm Exelis always had the upper hand when

it came to technology and manpower.

But in cyberspace, that`s not always the case. Under-equipped

corporate I.T. departments can find themselves tangling with elite Chinese

army units probing every nook and cranny of the U.S. defense and industrial

base.

FASTABEND: You find you have an adversary that`s adapting very, very

quickly.

JAVERS: And that`s forcing the United States to adapt quickly, too.

On Monday, for the first time, the Pentagon made it clear what many in the

U.S. government had discussed obliquely before. The U.S. government is

being raided by hackers working for the Chinese military.

DAVID HELVEY, DEPUTY ASST. SEC. OF DEFENSE FOR EAST ASIA: The

Chinese

military continues to explore the role of military operations in cyberspace

as a feature of modern warfare.

JAVERS (on camera): The struggle between hackers and their targets is

playing out inside defense companies and technology firms all across the

country, but not all of them will have the kind of robust capability that

you`ll see here inside Exelis` Rome, New York Cyber Incident Response

Center.

(voice-over): The firm`s analysts tore through inbound cyber attacks

to isolate and understand the constantly-evolving malware trying to

penetrate their systems. And for all of that, Exelis cyber security

analyst Vernon McCandlish says he has a grudging respect for the adversary

he tangles with each day.

VERNON MCCANDLISH, EXELIS CYBER SECURITY ANALYST: What really

surprises me about it is the creativity that they come at you with. It`s

one of those things where we will sometimes sit there and go, that`s really

cool. It`s evil, but it`s cool.

JAVERS: For NIGHTLY BUSINESS REPORT, I`m Eamon Javers in Rome, New

York.

(END VIDEOTAPE)

GHARIB: A recent report from Semantics said targeted attacks were up

42 percent last year. Now, one-third of them were aimed at U.S.

manufacturing and small businesses.

MATHISEN: And finally tonight, the number of the day for all of you

Sesame Street fans is $121 billion. That according to the new study was

the total cost of traffic congestion in America in 2011, the last year for

which it was measured. It works out to $818 per commuter.

So which city has the slowest of the slow jams? According to INRIX, a

traffic information group, the winner or loser is Los Angeles. Based on

INRIX`s measure, Los Angeles led the nation or trailed it with a traffic

index of 28.8. That means it takes 28.8 percent more time to make a trip

during peak hours in L.A. than when there is no traffic.

Last year`s title holder was Honolulu. It finished second this time.

San Francisco, Austin, and New York City round up the top five.

And last year, Susie, the average American wasted 38 hours sitting in

traffic. That`s a workweek!

GHARIB: I was going to say, yes, that`s a couple of day.

MATHISEN: One of the cities that cropped on this list was Bridgeport,

Connecticut. I would never have guessed it was in the top 10.

GHARIB: I would have said Washington, D.C., the Beltway traffic --

MATHISEN: It was I think number six, Washington, D.C., and it`s

gotten worse in Washington, D.C., my hometown.

GHARIB: That`s it for NIGHTLY BUSINESS REPORT for tonight. I`m Susie

Gharib. Thanks so much for joining us.

MATHISEN: And I`m Tyler Mathisen. That`s it for me as well. Have a

great evening, everybody. And we hope to 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.>