<Show: NIGHTLY BUSINESS REPORT> <Date: July 11, 2013> <Time: 18:30:00> <Tran: 071101cb.

118> <Type: SHOW> <Head: NIGHTLY BUSINESS REPORT for July 11, 2013, PBS> <Sect: News; International> <Byline: Susie Gharib, Tyler Mathisen, Jon Fortt, Hampton Pearson, Courtney Reagan, Eunice Yoon, Andrea Day> <Guest: Bob Doll> <Spec: Ben Bernanke; Federal Reserves; Business; Economy; Policies; Stock Markets; Consumers; Energy; Abuse; Crime; Government; Medicare and Medicaid> <Time: 18:30:00>

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

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TYLER MATHISEN, NIGHTLY BUSINES REPORT ANCHOR: Record territory. Ben Bernanke sparks a rally that pushes stocks to all-time highs. So, where are the best opportunities now?

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Pain at the pump. When you pull up to fill up, don`t be surprised if you have to pay up. Gas prices are rising and predicted to go higher, but for how long?

MATHISEN: And rip off. From a multimillion dollar house to the big house. We have the story of a woman who defrauded taxpayers like you in a Medicare scheme so brazen, it`s hard to believe.

All that and more tonight on NIGHTLY BUSINESS REPORT for Thursday, July 11th.

GHARIB: Good evening, everyone.

A day of milestones on Wall Street today. Stocks surged and the major averages hit new records, thanks to a broad-based rally. All 10 of the S&P 500 sectors were up.

So, what happened?

Well, call it the Ben Bernanke rally. Investors were inspired to buy stocks this morning following news we told you about last night, the Fed chairman saying the Central Bank will continue its easy money policies. Why? Because Bernanke said the weak U.S. economy still needs help.

The buying was explosive. The Dow soared 170 points, closing at 15,460. This is a new record high. The NASDAQ jumped 57 points, to a 13- year high, and the S&P closed at a new record of 1,675, up 22 points. Even the small cap Russell 2000 Index stands in record territory tonight.

And the buying carried over to the bond market and gold. The 10-year treasury rose with yield down now to 2.57 percent and gold prices also on the rise, up 32.50 to $1,279.

MATHISEN: And joining us now to talk more about today`s market activity and what may be ahead is Bob Doll, chief equity strategist at Nuveen Asset Management.

Bob, good evening. Good to have you with us.

So, my question for you to kick it off is, did Bernanke really say anything yesterday that was all that different from what he`s been saying for weeks. And if he didn`t, what sparked the rally?

BOB DOLL, NUVEEN ASSET MANAGEMENT CHIEF EQUITY STRATEGIST: Yes, not a whole lot different, Tyler. I think the emphasis and maybe our listening and interpretation was a little bit different. I think the world largely felt when he made his speech a couple weeks ago that he was signaling that we`re going to start going the other direction. And in fact, he was but he kept saying "if the economy is strong enough", and I think last night, he said the economy clearly isn`t quite strong enough, so we`re there with the guns to help.

GHARIB: So, Bob, who should investors be really listening to? Fed Chairman Bernanke or all of the CEOs that are parading out, talking about the outlook for their businesses and their earnings over the next couple months? Which is more important, the Fed or earnings?

DOLL: It`s great question, Susie. I think we`re in a transition. That is to say the Feds almost finished its work. That is the P/E or evaluation improving in the stock market has been a wonderful thing. Pretty soon, it`s going to depend on earnings.

And corporate CEOs are delivering mixed messages. On the whole, positive but not all of them and not big magnitude. So, we have to watch the next releases quickly, which will be fast and furious over the next few weeks.

MATHISEN: Do you expect that the earnings picture is going to be reasonably good as we really get into the torrent of them, beginning tomorrow with JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) in the banking sector?

And then as you look out, Bob, beyond this past quarter, into the second half of this year and 2014, do you think there`s going to be more earnings momentum or a continued slog?

DOLL: I feel a lot better about the second half of this year and into next year in terms of earnings improvement, highest single-digit earnings gains. The quarter that we`re about to report could be sloppy again, particularly, Tyler, the revenue level.

Revenue gains in the first quarter left something to be desired and we may have another quarter of that sloppiness, which is part of the reason I think the stock market may be back before it moves substantially higher.

GHARIB: You know, we all get excited when we see the stock market going up and hitting new records. But the individual investor stayed out of the picture as you well know. And we`ve been reporting a lot on it.

Wondering what your take is on this "Wall Street Journal" op-ed piece by the CEO and founder of Schwab. The title is, "Why Individual Investors are Fleeing Stocks".

Are there ways to fix things so that the individual comes back in?

They say it`s really important that nobody benefits if the individual investor does not participate in the markets.

What do you think, Bob?

DOLL: Well, Susie, we need the individual investor. There is no question about it.

And in some ways, the individual investor participates in other ways, retirement plans and the like, maybe not buying and selling those stocks themselves. A lot of individuals feel that they can`t compete with the muscle of the professional in the market, if you will. My view is there is some element of truth to that but the other hand, in the old days, it was all about, who got the information the fastest? Now, everybody gets the information at the same time.

So if I were an individual and not, quote, "a professional", I wouldn`t give up but I`d make sure I relied on financial advisors and some products that can help me get there, as opposed to having to do all the work myself.

MATHISEN: All right. Bob Doll, good to see you.

Bob is chief equity strategist at Nuveen Asset Management.

DOLL: Thank you.

GHARIB: One of the biggest gainers in the Dow today, Microsoft (NASDAQ:MSFT) -- the same day it announced a major reorganization. As the world`s biggest software maker struggles in a world of tablets and smart phones that don`t use the operating system, the company is shaping things up and refocusing efforts.

Jon Fortt explains.

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JON FORTT, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): Times are changing in the PC business and Microsoft (NASDAQ:MSFT) is trying to change, too.

CEO Steve Ballmer today announcing a highly anticipated restructuring that he hopes will have a company behaving no less like a collection of warring fiefdoms. "We are rallying behind a single strategy as one company," he wrote, "not a collection of divisional strategies."

The new structure, it will have four main engineering divisions, operating systems, apps, Clouds, and devices. But the new divisions won`t have its own marketing, finance departments and P&Ls.

BRENT HILL, UBS SOFTWARE GROUP SR. ANALYST: I don`t believe it`s going to have a dramatic impact in the near term, but it`s a needed realignment. They have to shake the tree.

FORTT: It`s been 11 years since Microsoft (NASDAQ:MSFT) had a restructuring this deep, that`s when Microsoft (NASDAQ:MSFT) first organized into business units. The mobile and Cloud revolutions by the iPhone and Amazon (NASDAQ:AMZN), they are a big reason why Microsoft (NASDAQ:MSFT) is under pressure now.

(on camera): The PC market isn`t keeping up. Research firms IDC and Gartner (NYSE:IT) said that in Q2, shipments dropped 11 percent, which means that Microsoft (NASDAQ:MSFT) needs to look for growth in other areas.

(voice-over): Nokia (NYSE:NOK), which uses Microsoft (NASDAQ:MSFT) software in its phones, unveiled its new Lumia 1020 today and the CEO seemed as sure as ever that he picked the right partner.

STEPHEN ELOP, NOKIA CEO: Being the player with Windows phone, in partnership with Microsoft (NASDAQ:MSFT), to combat Samsung, to combat Apple (NASDAQ:AAPL), feels like a good place. If you take a look at the Android market right now and the other players in the Android market environment, it`s a tough slog.

FORTT: Well, how will we really know whether Microsoft (NASDAQ:MSFT) is making the right moves? In about a year and a half, we`ll start to see products that were

developed under this new structure. If they are mind blowing and pushed Microsoft (NASDAQ:MSFT) ahead, Steve Ballmer will look like a genius.

(on camera): If not, some investors are bound to start asking who will be the next Microsoft (NASDAQ:MSFT) CEO to try to make big changes.

For NIGHTLY BUSINESS REPORT, I`m Jon Fortt.

(END VIDEOTAPE)

MATHISEN: The sharp rise in sales of tablets and smartphones comes at the expense of the old fashioned desktop computer. Research firm Gartner (NYSE:IT) reports worldwide shipment of personal computers fell for the fifth quarter in a row, down 11 percent in April through June period.

GHARIB: Just as PC sales take a serious slide, China`s Lenovo has now unseated Hewlett-Packard (NYSE:HPQ) to become the world`s number one PC maker. Lenovo, which bought IBM`s personal computer business back in 2005, now controls nearly 17 percent of the world`s PC market. Hewlett-Packard (NYSE:HPQ) slipped to second place.

MATHISEN: Ford is cutting the price of its all electric 2014 Focus sedan by 10 percent, about $4,000 off the sticker price for this year`s new model. The automaker wants to make sure that prices are competitive when the Focus electric hits dealer showrooms in the next few weeks going up against comparably sized plug-ins from rivals GM and Nissan.

GHARIB: Well, you don`t need an electric car to know that oil prices have been soaring. So, it`s only a matter of time before those crude costs trickle down to what we all pay at the pump.

And as Hampton Pearson reports, you might see big price hikes as early as this weekend.

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HAMPTON PEARSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voiceover): Pain at the pump is coming back with a vengeance. Gasoline up 9 cents a gallon in some parts of the country, just in the last few days, and could be up 20 cents in the next two weeks.

Motorists nationwide feel blind sided. In New Jersey --

UNIDENTIFIED FEMALE: It would suck. It would make everything more uncomfortable.

UNIDENTIFIED MALE: It`s going to cut down the amount of driving that I do.

PEARSON: In Washington, D.C. --

UNIDENTIFIED MALE: I`m probably blowing through $200 a month, $250 a month in gas.

UNIDENTIFIED FEMALE: You have to pay it, but it will be home, work, grocery store, that`s it.

PEARSON: And in California, where gasoline prices are already hovering around $4 a gallon and motorists pay the highest gasoline taxes in the country, 72 cents a gallon.

UNIDENTIFIED MALE: They are just milking us for everything they can, because they can.

PEARSON: Nationwide, gasoline prices have been in a roller coaster, averaging $3.63 a gallon a month ago before falling to $3.47 currently, according to AAA. The coming price spike is creating a not so perfect storm for consumers, just as the summer driving season moves into high gear.

ANDY LIPOW, LIPOW OIL ASSOCIATES: They`re going to get some sticker shock over the next couple weeks. I think you`ll see the impact really after the summer. I don`t expect anyone to change their vacation plans now.

PEARSON: Crude oil futures trading above $105 a barrel on the NYMEX is translating to big increases in the retail gasoline spot market. Not good news for a still fragile economy, especially consumers.

JOE LAVORGNA, DEUTSCHE BANK CHIEF U.S. ECONOMIST: Households benefitted by $15 billion over the last year, relative to where gasoline prices normally are. So we have a little bit of a gasoline tail wind. But, of course, that could change if gas prices move higher.

PEARSON (on camera): Analysts say the price spike may be temporary. Refineries are producing more gasoline than the past six years, but demand is higher than a year ago. It is after all, the summer driving season.

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

(END VIDEOTAPE)

MATHISEN: From the roads to the skies, where more flights are running late. On-time ratings for the nation`s biggest airlines fell again during May. The Department of Transportation reports that only about 79 percent of domestic flights arrived on time during the month of May. That was down from a year ago.

Hawaiian (NASDAQ:HA) Airlines, often the top seeder, was the most likely to arrive on time, while American Eagle was the carrier most likely to make you late.

GHARIB: Here`s something you don`t see too often -- a federal budget surplus, at least for the month of June. The U.S. government posted a $117 billion budget surplus last month, and that`s thanks to rising tax revenues and public spending cuts in the sequester legislation, and some big payments coming into Treasury from the bailed out mortgage giants Fannie Mae and Freddie Mac.

MATHISEN: A bipartisan group of senators wants to break up the nation`s biggest banks, saying they`ve only gotten bigger, more powerful and take more risks since the financial crisis. A new bill is aimed at separating traditional banking and lending from riskier Wall Street services like investment banking, insurance swaps, hedge fund operations. The sponsors of the bill include Republican Senator John McCain, Democratic Senators Elizabeth Warren and Maria Cantwell and the independent Angus King.

Still ahead, another big city spurns Wall Street. Will the world`s largest retailer ever get a foothold on the lucrative downtown urban market?

But, first, how the international market closed today.

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GHARIB: Good news in some of the nation`s biggest retailers. Cash registers were ringing for than usual in the month of June. Some big chains, including Costco (NASDAQ:COST) and Victoria Secret, reported their strongest sales gains since January, with revenues up almost 4 percent from the same period last year. Soaring temperatures and an improving economy and summer discounts encouraged more shoppers to spend more money.

MATHISEN: In the meantime, Walmart says it is dropping some big expansion plans in Washington, D.C., after city leaders passed a so-called "living wage measure" for employees of

big box stores in the district. It is the latest set back for the world`s largest retailer, struggling to gain a bigger foothold in the lucrative urban markets.

Our Courtney Reagan has more now.

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COURTNEY REAGAN, NIGHTLY BUSINESS REPORT CORRESPONDENT (voiceover): One of the nation`s biggest cities is going head-to-head with the world`s largest retailer. Walmart says it`s terminating plans for at least three D.C. locations if it`s forced to pay minimum wage employees 50 percent more than the current level.

The Washington D.C. City Council passed a living wage bill requiring retailers with more than 75,000 square feet and total company annual sales of over $1 billion to pay a minimum wage of $12.50 an hour, up from the $8.25 rate.

Walmart doesn`t currently have any stores in D.C. but has started construction on three, with three more planned. As a result of the city council`s decision, the discount retailer says it will not pursue the three locations it has not broken ground on, and is reviewing the financial and legal implications on the three under construction.

UNIDENTIFIED MALE: It`s about time that Walmart and these large retailers pay they fair share. I mean, we done worked and worked and worked and worked and barely get minimum wage half the time. People have families to take care of.

REAGAN (on camera): Walmart feels it`s being unfairly targeted, arguing it had planned to bring 1,800 jobs to D.C. The retailer says its wages and benefits meet or exceed those offered by most competitors, and less than one half of 1 percent of its U.S. workforce earn a federal or state minimum wage.

VINCENT ORANGE (D), D.C. CITY COUNCIL MEMBER AT LARGE: Costco (NASDAQ:COST) is located here now and have no objection to the living wage law. In fact, they are doing very well in grossing revenue here. Home Depot (NYSE:HD) is located in the nation`s capital and they are also doing very well.

REAGAN (voice-over): It`s not law yet. The D.C. mayor still has to sign the bill, and it has to go through a review period. The supporters of Walmart`s presence have some time left to lobby the mayor to veto the proposal.

YVETTE ALEXANDER (D), D.C. CITY COUNCIL MEMBER: I`m going to request, as his constituent, to definitely veto this bill.

BARBARA LANG, D.C. CHAMBER OF COMMERCE CEO: You never should hit one part of the business community against the other.

REAGAN: Other cities, including San Francisco and Santa Fe have approved across the board minimum wage hikes, though this law would be the first to single out big box retailers.

For NIGHTLY BUSINESS REPORT, I`m Courtney Reagan.

(END VIDEOTAPE)

GHARIB: On a record day in the markets, some stellar gains by individual stocks to tell you about in tonight`s "Market Focus".

We begin with Disney (NYSE:DIS). It was a Dow leader as a JPMorgan (NYSE:JPM) note called investor`s attention to the outlook for the TV and parks divisions, calling them particularly attractive. Disney (NYSE:DIS) shares gained more than 2 1/2 percent, closing at $66.58, and the stock is up more than 34 percent year-to-date.

Amazon (NASDAQ:AMZN) shares broke through the $300 barrier for the first time ever, after an e-commerce data firm reported sales jumped 30 percent in June, compared with year ago figures. But Amazon (NASDAQ:AMZN) shares just closed just below 300, gaining 2.5 percent.

MATHISEN: The chip maker Advanced Micro Devices (NYSE:AMD) led the S&P gainers. On the strength of two upgrades, AMD chips are going to be use in gaming consoles for Microsoft (NASDAQ:MSFT) and Sony (NYSE:SNE), expected to be big sellers this holiday season.

Bank of America (NYSE:BAC) Merrill Lynch raised the stock two notches to buy from under perform. Investors traded AMD at nine times normal volume, driving the price up nearly 12 percent. The stock closed at $4.45.

The bio pharma Celgene (NASDAQ:CELG) reports its linchpin cancer drug slowed the progression of multiple myeloma in a trial. Celgene (NASDAQ:CELG) has been looking to broaden the use of this drug to increase sales and says it will now talk with U.S. and European regulators about those test results. Celgene (NASDAQ:CELG) gained almost 8 percent. It closed at $134.92. It`s more than doubled in a year.

And JPMorgan (NYSE:JPM) upgraded Hess (NYSE:HES) Corporation two notches to overnight, saying the oil and gas company`s sale of assets is going to unlock up to $4 billion in value. Hess (NYSE:HES) shares gained about 3 1/4 percent on double the normal volume. Closing price, $70.96.

GHARIB: Growing demand for new phones has sparked a burgeoning market for copy cat handsets and it seems like China where so many of the gadgets sold in the U.S. are made is also ground zero for their knockoffs.

Eunice Yoon takes a closer look.

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EUNICE YOON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): This is what the Chinese authorities don`t want you to see, open selling of counterfeit goods.

(on camera): This is not an Apple (NASDAQ:AAPL). So, it`s (INAUDIBLE). So, it`s not an American-made product.

So, where is your iPhone?

UNIDENTIFIED MALE: IQ phone.

YOON: IQ phone.

(voice-over): The iqphone designed by Americane assembled in China. Like the ones at this electronic supermarket in Beijing feed the perception in the U.S. that China gains a global economic system, with counterfeits, as well as currency control, subsidies, and industrial espionage.

In June, the U.S. pointed a finger at Chinese wind power firms Sinovel, accusing it of stealing trade secrets. Sinovel isn`t commenting.

China has said it plays by the rules.

JIA XIUDONG, CHINA INSTITUTE OF INTERNATIONAL STUDIES: Of course, China would like to protect it`s own businesses, but it`s trying to follow its national practices. It`s not doing beyond WTO rules.

YOON: Not everyone agrees. In one prominent case, the WTO ruled against a Chinese government monopoly on processing credit card and bank transactions. But a year later, the industry is still waiting for action.

MasterCard (NYSE:MA) started processing Chinese currency or RMB card transactions in Hong Kong, but was told to stop by China central bank, which said the move was illegal.

HAI LING, CHINA PRESIDENT, MASTERCARD: What we were doing is really in the cross border space and its RMB settlement in Hong Kong. So I don`t see how that breaks any rules or laws.

YOON (on camera): Do you think it`s a fair playing field?

CARLOS GUTIERREZ, FORMER U.S. COMMERCE SECRETARY: Not yet. Not yet. To be perfectly frank, there is this motion that, you know, the U.S. is a mature market, developed market and China is developing so that, you know, there needs to be time for the field to be totally level. I think we can go faster.

YOON (voice-over): For NIGHTLY BUSINESS REPORT, I`m Eunice Yoon, in Beijing.

(END VIDEOTAPE)

GHARIB: And coming up on the program, the story of a woman who prayed on the elderly and ripped off taxpayers, in a bold multi-million dollar Medicare scheme.

But, first, here`s a look at how some of the most widely held stocks closed today.

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MATHISEN: It has been estimated that Medicare fraud cast taxpayers

$80 a year and some say it`s double that. One couple turned that fraud into an art form. In fact, the woman was so good, investigators say she deserves an award, calling her a master of deception.

Andrea Day has the story.

(BEGIN VIDEOTAPE)

ANDREA DAY, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): The crime beginning in Suburbia, New York, where the illegal Haitian immigrants own a small medical supply company, but soon realize they wanted more.

SCOTT LAMPERT, U.S. DEPT. OF HEATH & HUMAN SERVICES: This is one of the more despicable crimes and fraud schemes that I`ve seen.

DAY: They hatched an elaborate scheme, used elderly patients identities to bill Medicare, but never provide services.

Helene playing the starring role.

Special agent-in-charge Tom O`Donnell --

TOM O`DONNELL, U.S. DEPT. OF HEALTH & HUMAN SERVICES: If you look the part and say the right things, you`re actually going to get through there.

DAY: And she did. Helene boldly walking into dozens of nursing homes, blowing past security and check points, her eyes set on the patient`s charts.

JOSEPH GIAMBALVO, U.S. DEPT. OF HEALTH & HUMAN SERVICES: She stole base sheets, which contain all the demographic data you would need on a patient to steal their identity.

DAY: The scene played out with amazing skill. Joe Giambalvo and Scott Lampert are two of the main investigators on the case. They say Helene was unstoppable, making her moves at night and on weekends.

GIAMBALVON: She would hold herself out as a doctor. She dressed well. She drove a big Mercedes and I think she intimidated some of the people at the homes that she belonged there.

DAY: Armed with stolen patient records, she created fake order forms, even forged doctors signatures, all to submit claims for gauze, canes, walkers and expensive creams, billing Medicare thousands of dollars every day and it was pure profit.

LAMPERT: There was overwhelming evidence that there was a massive healthcare fraud scheme going on.

DAY: A scheme that went on for four years, growing from a home office to a large industrial space, with the handful of employees. The couple billing Medicare more than $10 million, raking in $6.5 million, all of it taxpayer money, and they were living large, $2 million for this house in Brookville, Long Island, filled with expensive furniture, luxury cars, handbags, and private school tuition for their daughter.

Helene even posing as a doctor at fancy luncheons, making the society pages and keeping the act going at nursing homes.

LAMPERT: No one knew here. Nobody had legitimate business with her.

DAY: We sat down with prosecutors from the U.S. Attorneys Office for an exclusive look into the case, and the evidence is stunning. Helene focused on this pricey cream called

hydrogel. It`s typical used for coma patient. But Helene wrote out so many fake orders, she became one of the nation`s leading providers.

Just take a look at this, she claims one 85-year-old woman is so riddled with deep wounds she needs eight packs of the hydrogel. But the nursing home administrator calls it mind boggling saying, quote, "She`s a very healthy women, physically and mentally. And it`s ridiculous to think she would have any kind of ulcer."

(on camera): In one case, she ordered boots for a man who clearly didn`t need it. In fact, this patient was a double amputee. He had no legs at all.

(voice-over): And she didn`t stop there. She orders hydrogel for the amputee`s knee, thigh and ankle. When she`s audited by Medicare, Helene fights back.

O`DONNELL: Somebody taught her well because she wrote the right things. When it goes to the system, it looked legitimate and it`s paid.

DAY: Finally, one family takes a close look at their benefit statement, shocked at what they find.

O`DONNELL: I have no idea what this company is doing and we never receive this wound care.

DAY: It doesn`t take long before investigators move in on Helene`s home in Brookville.

UNIDENTIFIED MALE: She was hiding in a closet. So we pulled her out of the closet and arrested her.

DAY: After years of ripping taxpayers, the defense argues someone else is to blame, someone who occupied Helene`s body.

O`DONNELL: They claim she had multiple personalities and one committed the fraud and not Helene Michel.

DAY: The judge didn`t buy it. Helene Michel was convicted and sentenced to 12 years.

For NIGHTLY BUSINESS REPORT, I`m Andrea Day.

(END VIDEOTAPE)

MATHISEN: Helene Michel`s attorney will only say that they are planning an appeal. Medicare has recently made some changes to its system. So, now, it is much easier for them to catch schemes like this.

But investigators say a black market for patient`s face sheets, the documents that she stole out of the nursing homes still exist. And as for her husband, he pled the country right after she was arrested and is currently on the government`s list of most wanted.

GHARIB: Amazing story.

MATHISEN: Amazing story. And went onto the tune of $6 million in pure profit to them at the expense of the taxpayer and the victims in the nursing home.

GHARIB: And she really did play the role and now in her defense, as they appeal it, no telling how she`s going to convince jurors or the judge and --

MATHISEN: One of her many personalities they say.

GHARIB: Yes, one of her --

MATHISEN: How about that?

GHARIB: Well, that`s NIGHTLY BUSINESS REPORT for us. I`m Susie Gharib, thanks for watching.

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

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