nightly business report - monday july 1 2013

7/28/2019 Nightly Business Report - Monday July 1 2013

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ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and

Susie Gharib, brought to you by --

(COMMERCIAL AD)

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Second half kick-off.

July begins on an up note. But will the markets momentum continue once


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those profit reports start rolling in?

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Record-setting heat.

How the people and businesses of the Southwest are handling those scorching

temperatures.

MATHISEN: And the prices of popcorn. The answer to the question on

every moviegoer`s mind. Why does the crunchy stuff cost so much?

All that and more tonight on NIGHTLY BUSINESS REPORT for Monday, July

1st.

GHARIB: Good evening, everyone.

The new quarter and the second half off to a good start, with

investors in the buying mood. The major stock averages rallied today,

thanks to some encouraging reports on the economy. Construction spending

in May hit a four and a half year high, helped by all that home building.

And a private reading on manufacturing rose a bit higher than expected for

the month of June.

The blue chip Dow was up triple digit most of the day. And trading

above the critical 15,000 level, but then gave up a lot of momentum near

the close. Some strategists blamed it on jitters over anti-government

protests in Egypt.


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Well, the Dow was up 173 points at the session high, but finally

closed up 65 points. The NASDAQ added 31, the S&P 500 rose 8 points.

MATHISEN: Well, the start of a new quarter means it is soon to be

earnings time. Beginning next week, we will learn how companies did over

the past three months and what their chiefs say about business for the rest

of the year.

Joining us now to discuss is Paul Schatz. He`s president of Heritage

Capital.

Mr. Schatz, welcome. Good to have you with us.

: Thanks for having me.

MATHISEN: A lot of the investment folks we`ve been talking to say now

that the Fed has signaled it may dial back on stimulus, the focus is going

to shift more and more to business fundamentals. What companies are able

to grow profits and revenues and which are not.

Do you agree with that?

PAUL SCHATZ, HERITAGE CAPITAL PRESIDENT: The answer is yes, but I

think it`s a short term focus, Tyler. First of all, there`s really a


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vacuum of news right now. So, earnings are going to start next week.

We`re going to be really focused on them until we`re not. And that`s

probably only a couple weeks at best.

GHARIB: All right. So, what can we expect out of this earnings

season? What will CEOs be telling us about their earnings and their

revenues?

SCHATZ: I think it`s really more of the same. People are craving for

top line growth. They`re not getting it, they`re making the numbers on the

bottom line, but the top line growth is not there. I think that has

somewhat of a longer -- that`s been a longer term drag on the market. I

think it remains a long term drag.

Equities are pretty stretched. I think you really need earnings to

blow out to the upside to get any kind of catalyst here to get us past

maybe 16,000 on the Dow.

MATHISEN: And you don`t see that blowout of earnings coming?

The S&P 500 is at about 1,600 and change or thereabouts. It was a

heck of a good first half. Where do you think this barometer is going to

end the year? Do you think we have more gains ahead, or are the best days

behind?


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SCHATZ: January, our forecast was that this year was going to be

tremendously front loaded, much like 1987 was. And I still feel the same

way. I think all the easy gains are made.

I think it`s at least 50/50, that the highs for the year. I can see a

poke above not making a nominal new high. But I wouldn`t put all my eggs

in the equity basket right now. I think you`re going to have an

opportunity to buy equity, 10 percent to 20 percent lower over the next

three to six months.

GHARIB: All right. So, where would you put your eggs right now?

What basket do you see opportunities for investors?

SCHATZ: So, for equity investor, I think you`ve got to play it close

to the vest. Just because market`s going to go on sale, and I`ve heard

other folks talk to, we`re now back to single stock risk and a rising tide,

not lifting all ships -- I agree with that. I think whatever rallies come

from here for the next few months are going to be very narrow, and I don`t

think you`re going to throw a dart at an index, and the index is going to

lead the way.

So, I think if you`re selective, I`m still bullish on financials and

I`m still bullish on biotech. I think even health care could get a little

big here. But the key is, when the market corrects, which I think it will

over the next couple of months, they`re all -- they`re all going to get


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hit. It depends upon, you know, to what degree.

On the flip side, bonds have been hit pretty hard. And I think there

is some -- there is some relative value in the bond market. So, certainly,

investments -- the higher quality bonds I`m looking at right now, as well

as floating rates.

MATHISEN: So, you know, another way to put, you`re going to have an

opportunity to buy stocks at 10 percent to 20 percent lower prices. You`re

going to lose 10 percent to 20 percent of your money if you`re in stocks

over the next few months.

Let`s talk a little more about bonds. You think they`re bottoming or

what?

SCHATZ: So, I think it depends on what time frame you look at. Bonds

had a tough second quarter. They had a very tough June.

And let`s say the 30-plus year bull market in bonds ended this year.

It`s not going to be a straight line move from 2 percent in the 10-year, 8

percent in the 10-year. It would be subtle (ph) move.

So, we were stretched already, the bond market got hit pretty hard. I

think the next decent move in bonds, the bond market probably rallies,

which means rates come down a little bit. I think that s where you


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probably have the third quarter. Bonds should be OK this quarter, and I

think for the more aggressive, you could tiptoe into the gold and the

metals.

MATHISEN: All right. Paul, thank you very much for your look ahead

to the second half.

SCHATZ: Thank you.

MATHISEN: Paul Schatz, president of Heritage Capital.

GHARIB: There were a number of mergers and acquisitions on this

Monday. And one attempted one. Onyx Pharmaceutical has rejected an

unsolicited takeover offer from rival drugmaker Amgen (NASDAQ:AMGN), saying

the offer, quote, "significantly undervalued the company."

Shares of Onyx, which makes the liver and kidney cancer drug Nexavar

surged today, closing up a staggering 51 percent. The company says its

board is now exploring other potential suitors.

MATHISEN: And another buyout makes a legendary newspaper company the

biggest TV station owner in the nation. The Tribune Company, best known as

the publisher of the "Chicago Trib", "The Los Angeles Times" and other

dailies, is paying $2.73 billion in cash to buy 19 television stations from

a company called Local TV Holdings. Creative name there.


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The move gives Tribune ownership of 42 commercial TV stations now.

And a significant revenue stream as it looks to sell its newspaper

operations.

GHARIB: And one other acquisition announced today is a music to the

ears of private equity firm Kohlberg and Company. It`s paying about half a

billion dollars to take a 160-year-old piano maker Steinway Musical

Instruments (NYSE:LVB) private.

Shares of Steinway shot up 16 percent today. It`s ticker symbol will

be dropped from the big board LVB, which actually stands for Ludwig Van

Beethoven.

Tyler?

MATHISEN: With raises hard to come by for the average worker, top

company executives are singing a different tune, seeing their pay continue

to climb, thanks to a very healthy stock market. A new study just out

shows that on average, CEOs of big companies earn 15 percent more in 2012

than they did the year before.

So, which ones earn the most and how much money are we talking about?

Mary Thompson has the details.


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(BEGIN VIDEOTAPE)

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

Pay for the average worker may be stagnant. But at the highest levels of

corporate America, it continues to rise.

ROSABETH KANTER, HARVARD BUSINESS SCHOOL: It`s unstoppable because

once you have these high numbers, everybody wants them.

THOMPSON: In 2012, the average pay for the top 200 CEOs with firms

with over $1 billion in revenue, $17.8 million. Median pay rising 16

percent, to $15.1 million, according to a study by the compensation

researcher Equilar, as the companies average net income and total

shareholder return rose to double-digits.

Returns downplayed by Harvard Business School`s Rosabeth Kanter, who

says many times the markets gains mask a CEO`s true performance.

KANTER: We often in good times credit CEOs as though they were

geniuses, even though they may not have had that much to do with it, and

they may be bankrupting the long term in order to get those short term

rises.

THOMPSON: Rising to the top spot for pay, Oracle`s Larry Ellison

holding on to the rank claimed in a smaller study released in April.


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Oracle`s founder pulling down $96.2 million, 24 percent more than in 2011,

even as total shareholder return fell 22 percent.

A disconnect criticized by Yale`s Jeff Sonnenfeld.

JEFF SONNENFELD, YALE UNIVERSITY: We`re just going to wonder what the

boards have been doing. It`s the outlier examples of the outrage here, not

the overall pattern.

THOMPSON: Example like Activision`s Robert Kotick, at number two on

the top paid list, $64.9 million, a 680 percent increase from 2011, even as

shareholder returns fell 12 percent. Behind him, two men with pay cuts,

even as returns for their shareholders jumped 42 percent and 55 percent

respectively.

Les Moonves of CBS (NYSE:CBS) whose $60.2 million was 12 percent less

in the prior years, and Discovery`s David Zaslav, who`s $49.9 million was 5

percent below his 2011 pay.

Fifth on the list, Level 3 Communications (NASDAQ:LVLT) CEO James

Crowe at $40.7 million.

(on camera): Median tech companies dominating the upper end of the

2012 list of top paid CEOs, while outside stock and option grants continue

to widen the pay gap between the very top and bottom of the American


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workforce.

For NIGHTLY BUSINESS REPORT, I`m Mary Thompson.

(END VIDEOTAPE)

GHARIB: Now, some of those Silicon Valley CEOs likely have a chaotic

commute this morning. A strike shut down San Francisco`s commuter trains.

Hundreds of thousands of daily riders scrambled on to backup buses or took

to their cars after the first labor shutdown of the Bay Area Rapid Transit

System in nearly 20 years. Worker contracts expired overnight after three

months of failed negotiations.

The sticking point here: wages and medical and pension benefits.

So far, no talks are scheduled right now.

MATHISEN: And, Susie, from the rails to the roads and tough new

federal rules for truck drivers. It took effect today. Drivers can`t

drive more than eight consecutive hours now without taking a 30-minute

break, even though they can still drive a maximum of 11 hours a day. They

also can`t work more than 70 hours in a seven-day period without a so-

called restart period of a consecutive 34 hours off.

GHARIB: Also starting today, a tough lesson for college students


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about what happens when Congress can`t agree on something. Starting today,

the interest rate of new federally subsidized Stafford loans doubled from

3.4 percent to 6.8 percent. The rate for existing loans stay the same.

As for Congress, they come back to work next week.

MATHISEN: Lawmakers in Egypt also having a difficult time. Hundreds

of thousands of mostly peaceful protesters remain in Cairo`s main city

square for a second day. Demanding the ouster of Islamist President

Mohamed Morsi after just one year in office.

Egypt`s top general gave those political leaders a 48-hour ultimatum

to settle their differences and address the demands of the protesters or

the country`s military would impose its own road map for the nation.

GHARIB: The heat is on here in the U.S. as well, as century old

temperatures are broken in the nation`s southwest. And the triple digit

heat looks to be around for a few more days.

Jane Wells has more from Las Vegas.

(BEGIN VIDEOTAPE)

UNIDENTIFIED MALE: Viva, viva Las Vegas!


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

happens in Vegas melts in Vegas.

UNIDENTIFIED FEMALE: It`s smokin` out here.

UNIDENTIFIED FEMALE: I`ve never been in 117-degree heat.

WELLS: It`s hard to have a lot of fun when it s 117 degrees, as it

was on Sunday, tying a Sin City record, it`s even harder to work.

UNIDENTIFIED MALE: It`s hot. I`m about 130 in this suit.

WELLS: The entire West has been cooking and the oven won`t shut off

for several more days.

In Death Valley, temperatures reached 129 degrees a record for June.

In Palm Springs, it was hotter inside Grant Williams` car, where he

photographed cooking a prime rib on the dash.

In Phoenix, some US Airways commuters planes were grounded for fear

the hot air wasn`t dense enough to create lift.

But conditions turned tragic outside Prescott, Arizona.


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CHIEF DAN FRAIJO, PRESCOTT, AZ FIRE DEPT: Nineteen firefighters were

killed in what probably the worst disaster that`s taken place in wildland

history here in the state of Arizona.

WELLS: In Las Vegas, an elderly man without air conditioning died.

The heat strained power grids, 1,300 customers reportedly lost power from

utility NV Energy (NYSE:NVE (NASDAQ:NVEC)).

(on camera): It could have been worse. NV Energy (NYSE:NVE

(NASDAQ:NVEC)), which is being acquired by Warren Buffett`s Berkshire

Hathaway (NYSE:BRK.A), deployed its new $400 million peakers. They can

surge the grid with electricity in only 10 minutes when needed.

Meantime in California, the grid operators were warning residents in

the northern part of the state, they must reduce power usage over the next

few days, as demand for electricity finally returns to precession levels.

(voice-over): The excessive heat will last through the 4th of July,

Vegas casinos are hoping it keeps tourists inside at the gaming tables.

After a strong start to 2013, early numbers for the second quarter

show a drop from gaming revenues from a year ago. This weekend, though,

Wynn Resorts (NASDAQ:WYNN) says it was nearly sold out. And MGM Resort

says the only change it saw was fewer people at the pool. As long as

somebody from out of town was braving the heat, somebody hoping to make a


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buck wouldn`t be far away.

UNIDENTIFIED MALE: If I could chill and I have a cold one, you know

what I mean?

WELLS: For NIGHTLY BUSINESS REPORT, Jane Wells, Las Vegas.

(END VIDEOTAPE)

MATHISEN: Poor Elmo.

All right. Still ahead, would you buy an expensive piece of art

online? Amazon (NASDAQ:AMZN) is making a bet you will.

But, first, a look at some stocks that hit all time highs today.

(MUSIC)

GHARIB: The do-all-over Dell (NASDAQ:DELL) has entered a new chapter.

Dell`s board says its special committee has reviewed billionaire investor

Carl Icahn`s latest proposal, welcomes it and says it will do what`s best

for shareholders. Icahn, meanwhile, says he has secured financing in hopes

of trumping Michael Dell`s planned $24 billion buyout of the PC maker.

MATHISEN: Tonight`s focus begins with a pair of upgrades.


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First, Best Buy (NYSE:BBY), the electronics retailer, left for dead

not so long ago. Credit Suisse resumed coverage with an outperform rating.

Best Buy (NYSE:BBY) has more than doubled since it hit bottom last

November, and closed today at $29.74, up more than 8 1/2 percent on double

the normal volume.

Calling Pandora "the Netflix (NASDAQ:NFLX) of radio", Morgan Stanley

(NASDAQ:NBXH) (NYSE:MS) upgraded that company to overweight, telling

investors Pandora is one of the top Internet properties and investors seem

to agree. Shares trading at three times normal volume today. Pandora hit

an all time high before closing at $18.95, up almost 3 percent, another

stock that has doubled year to date.

GHARIB: Dow component Disney (NYSE:DIS) gained today as well on the

strength of "Monsters University". It was the box office winner for a

second week in a row. And after the bell, Disney`s board extended Bob

Iger`s tenure as CEO and chairman through June 2016. Iger will now focus

on the integration of Lucas Film.

Disney (NYSE:DIS) shares rose more than 1 percent to $63.93.

And Cablevision led the S&P 500 winners. It completed the sale of

cable systems in four Western states to Charter Communications

(NASDAQ:CHTR). Cablevision also figures in the industry buzz about John


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Malone`s possible move to consolidate cable companies.

Cablevision gained more than 9 1/2 percent on double volume, closing

at $18.44.

Apple (NASDAQ:AAPL) has a lot of tech watchers very excited, eager to

find out more about the company`s next big gadget. Japan`s patent office

revealed that Apple (NASDAQ:AAPL) has applied to trademark an iWatch in

that country, raising hopes that a long rumored smart watch, a wearable

computing device may soon be on store shelves. No comment from Apple

(NASDAQ:AAPL), and no timetable or frame on whether that patent application

might be approved.

GHARIB: Groupon (NASDAQ:GRPN) is also trying something new, targeting

upscale diners. The online coupon site launched a new service today called

Groupon (NASDAQ:GRPN) reserve. It lets customers book tables at some of

the better restaurants in their city at discount of up to 40 percent. The

program will use the reservation service from Savored.com, which Groupon

(NASDAQ:GRPN) acquired last year. And it hopes eventually to expand into

high end hotels and spas.

MATHISEN: Groupon (NASDAQ:GRPN) isn`t the only company aiming for a

well-heeled customer, along with the higher prices they typically pay for

goods and services. Amazon (NASDAQ:AMZN).com now looking to open a new

section offering one of a kind painting in prints and other fine art.


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Our Robert Frank has more.

(BEGIN VIDEOTAPE)

ROBERT FRANK, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):The

idea of buying a multimillion dollar Picasso online once seemed surreal.

But now, it`s becoming a reality. Media reports say that Amazon

(NASDAQ:AMZN), the online retail giant is looking to start selling fine art

online. It would team up with galleries around the country and sell works

for a small commission.

Amazon (NASDAQ:AMZN) declines comment. Currently, the most expensive

piece is sold in the art category on Amazon (NASDAQ:AMZN) are posters,

prints and watercolors. Most of them priced at under $400.

Amazon`s move into the high end art world could accelerate a sweeping

shift from white walled galleries and VIP auction rooms, to the wide open

digital screen.

Already the auction houses and galleries are doing a big business

selling fine art and collectibles online.

More than $1.5 billion of Christie`s sales last year went to online

bidders at its regular auctions.


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The company sold this Edward Hopper painting called October on the

Cape to an online bidder for $9.6 million. The company also sold a Shang

Dynasty bronze wine vessel for $3.3 million to an online buyer.

Sotheby`s and Christies have developed online bidding platforms. When

Christies auctioned off the collection of Elizabeth Taylor for $183

million, it included an online-only sale. Those 1,000 pieces auctioned off

totaled $9.5 million, about 9 times the presale estimates.

(on camera): The big question is how the major art galleries will

react to another retail competitor. None would comment on the air, but one

gallery owner telling me today, quote, "We don`t sell fine art online and

we probably never will."

Time will tell whether that remains a good strategy.

For NIGHTLY BUSINESS REPORT, I`m Robert Frank.

(END VIDEOTAPE)

MATHISEN: And if you want to read more about online art auctions, log

on to our Web site, NBR.com.

GHARIB: And coming up on the program, the answer to that question


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that baffled even some economists: why is movie theater popcorn so

expensive?

But, first, let`s take a look at some financial stocks trading at

multiyear highs.

(MUSIC)

MATHISEN: A safety recall to tell you about after 100 complaints and

five crashes where, thankfully, no one was injured. Ford Motors is

recalling nearly a half million older model sedans to fix faulty throttle

cables. That`s on Mercury Sables and Ford Tauruses from the years 2000 to

2003.

GHARIB: Well, if you live in California, you might not want to drive

much at all. As of today, California residents pay the highest gas tax in

the country. More than 70 cents a gallon after federal and new state taxes

are added in.

State officials say the increase was necessary to make up for a gas

tax or revenue shortfall last year. Along with projections for even lower

fuel consumption. What`s going on here? So many Californians are driving

more fuel efficient cars.

MATHISEN: Well, at the opposite end of fuel efficiency. Big


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recreational vehicles, R.V.s, they certainly not that fuel efficient, but

their sales are soaring, thanks to pent up demand and the desire to camp

out in comfort. No company has reaped the benefits more of that impulse

than Winnebago has. Its stock is soaring, and its backlog of orders has

tripled in the last few years. As we head into the Fourth of July holiday,

a growing number of Americans will be celebrating this week in a brand new

R.V.

Phil LeBeau has more.

(BEGIN VIDEOTAPE)

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):At

the Camping World R.V. lot outside Chicago, business is booming.

UNIDENTIFIED MALE: Our business has been consistently up month over

month. This year, we`re up approximately 20 percent.

LEBEAU (on camera): Twenty percent.

(voice-over): Walk into the latest R.V. s and it`s almost like

walking into your kitchen or living room. Large flat screen TVs, stainless

steel appliances, and leather chairs. Increasingly, RV buyers want comfort

and connectivity.


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MIKE RUTH, CAMPING WORLD GENERAL MANAGER: It`s very much -- a little

bit of showmanship when they get to the campground of what their R.V. can

do.

LEBEAU: The rebound in R.V.s explains the buzz on the shop floor at

Winnebago industries in Forest City, Iowa. The company`s backlog of orders

more than doubled earlier this year, and it keeps growing.

RANDY POTTS, WINNEBAGO INDUSTRIES CEO: It`s just an entirely

different environment than it was during the recession.

LEBEAU: During the recession sales plummeted.

There were few repeat buyers, let alone first timers looking for

R.V.s.

(on camera): What`s changed? Well, an improving economy is one

reason R.V. sales are 38 percent this year. But Winnebago has also found

success rolling out entry models like this, which allow buyers to get into

an R.V. at a lower price point.

DAVE WHISTON, SR. EQUITY ANALYST, MORNINGTAR: You`re seeing a lot of

push into what they call the value segment 2 (ph), which are lower price

points even in what a traditionally very large and most expensive class a

models. Winnebago now offers a model the way that`s called the Vista at


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just under $70,000.

LEBEAU: Whether it`s a base model with modest amenities, or a tricked

out motor home for $380,000, the R.V. is back, and heading to a campground

near you.

Phil LeBeau, NIGHTLY BUSINESS REPORT, Chicago.

(END VIDEOTAPE)

GHARIB: Well, many of us may be hitting the road in a new RV, for

others it`s the height of the summer blockbuster season at the multiplex.

And if you`ve been to the movies lately, you know that not only are ticket

prices higher, but so is the cost of your popcorn.

But some economists say that popcorn may not really be all that

expensive.

Steve Liesman gives us a lesson in pricing.

(BEGIN VIDEOTAPE)

STEVE LIESMAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: I`m here at

Cinema Village Theater in New York City to talk about an issue that`s vexed

economies for decades. Not how to grow the economy or put Americans back


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to work, but why after you pay 11 bucks for a movie, the price of popcorn

is so darn expensive.

A lot of people say the answer is simple -- once you`re inside, they

own you. They can charge you anything they want for the popcorn. But the

common mistake: the easy answer might not be the right answer.

If theater owners have monopoly pricing power, why wouldn`t they use

it to charge you for a drink of water or to go to the bathroom?

Economists say theater owners are engaged in a process called price

discrimination. Not between men and women or blacks and whites, but

between moviegoers who want to pay more to go to the movies and those who

want to pay less.

(voice-over): To understand why this works, let`s rewind and go back

to the beginning.

Let`s say the theater decided to charge you $20 to go to the movies,

that would turn a whole lot of people away. By keeping the price low at

the ticket window, they get everyone`s 11 bucks who wants to see the movie,

and create an opportunity to get the other $10 at the concession stand.

(on camera): People who go to the movies are the same people who love

to eat popcorn at the movies. What`s happening is a process called price


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discovery. The theater owner and moviegoer are in a silent conversation

over how much he or she will pay to go to the movies.

And that`s the best possible way to charge people money by choice.

Remember, it`s hard to imagine, you don`t have to buy popcorn at the movie

theater, by charging a lot at the concession stand, the theater owner

maximizes profits and the number of people who come to the movies.

Bottom line: the popcorn probably isn`t too expensive. If it was, you

wouldn`t buy it, or you wouldn`t go to the movies, but you probably do

both. No, the popcorn is probably just about right.

(voice-over): For NIGHTLY BUSINESS REPORT, Steve Liesman.

(END VIDEOTAPE)

MATHISEN: And finally tonight, it`s the end of an era. If you`ve

ever been to New York City`s Metropolitan Museum of Art -- once you pay

your admission, you get a quarter size metal pin. It`s a sign you`re

legit. It`s inscribed with a gothic M inspired by Da Vinci and most people

wear it on their collar or shoulder strap, proud badge signifying your

support of the arts. At least for that day.

But no more, the pins have become too expensive to make. Three cents

a piece, so the museum is switching to paper stickers. They cost about a


26/27

penny.

GHARIB: And some penny savings to big money-making investments. We

want to hear from you. Tell us which stocks you`d like our market monitor

guests to discuss this Friday. Send us an e-mail to NBR.com and tell us

also where you`re from.

And that`s NIGHTLY BUSINESS REPORT for tonight. I`m Susie Gharib,

thanks so much for joining us.

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

great evening, everybody. And we hope to see you back here on Tuesday.

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.


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nightly business report - monday july 1 2013

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