nightly business report - tuesday may 7 2013

7/30/2019 Nightly Business Report - Tuesday May 7 2013

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

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TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Global market rally,from Japan to Germany to the U.S. What`s powering stocks around the world and can itcontinue?


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SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Rebooting Windows 8.

Microsoft (NASDAQ:MSFT) does what no company wants to do, admit it needs to fix the latestversion of one of its key products.

MATHISEN: And are the days of tax-free shopping, sales tax-free, on the Internetnumbered? We`ve got both sides of the debate that`s dividing the retail industry, Congress, andcould change the way you shop.

All that and more tonight on NIGHTLY BUSINESS REPORT for Tuesday, May 7th.

And good evening, everyone.

Susie, another historic close on Wall Street today. Stocks sprinted from the open andreally never looked back, like one of those horses in the derby Saturday.

GHARIB: Exactly. What a day it was and it was historic, Tyler, on Wall Street.

The Dow closed above 15,000 for the first time ever and the S&P 500 also set a newclosing high. So, these milestones are another chapter in a remarkable year for the major stockaverages.

Powering stocks higher today -- a batch of better than expected earnings reports, morestimulus from central banks, this time from Australia, and renewed confidence by investors thatthe U.S. economy is going to be OK.

The U.S. rally came in reaction to strong stock performance in world markets thismorning and we`ll have more on that in just a moment.

But, right now, here`s a look at the closing digits on Wall Street.


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The Dow rose 87 points, closing at a record 15,056. The NASDAQ added three. The S&Pgained eight points to 1,625, its highest close ever.

MATHISEN: And as Susie just mentioned, the historic highs reached in U.S. equitieshad helped jump-start a global rebound in stocks with bourses from Asia to Europe and beyondmaking record-setting gains.

Our Louisa Bojesen has more now from London.

(BEGIN VIDEOTAPE)

LOUISA BOJESEN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Hi,everyone.

It`s pretty amazing what`s going on on global equity markets at the moment. We`reseeing a lot of buying into U.S. stocks, as you know. We are also seeing a lot of buying intoAsian stocks.

So, you are looking here at Asian stock markets are very, very green.

Especially today, we saw new five-year highs being hit in Japan, on the Nikkei, their main indexthere. This despite the fact that we`re seeing soft economic data reports.

The Japanese market players also coming back from a four-day weekend.

So you have to bring that into account, as well.

Now, looking at the European market, very interesting because when you look at coreEurope, we`re still seeing softness again in the economic data. So we are still contracting in thatfront and some saying we might even have to revisit the recession-type scenario. Butnevertheless, Europe`s core economy hitting new all-time highs and levels that we haven`t seensince before the financial crisis started unraveling in 2007.


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For NIGHTLY BUSINESS REPORT, I`m Louisa Bojesen in London.

(END VIDEOTAPE)

GHARIB: Well, those international markets have been surging in 2013.

Japan`s stock market has done the best with the Nikkei index skyrocketing

37 percent year-to-date. The major European markets, in Britain, France and Germany also upsharply.

The one exception, China. Its key index down 1.5 percent this year.

Now, by comparison, the Dow has catapulted almost 15 percent.

For more on the outlook for the U.S. and stocks around the world, Art Hogan joins usnow. He`s market strategist at Lazard (NYSE:LAZ) Capital Markets.

You know, Art, it`s a nice round number, 15,000. But tell us what does this really tell usabout what`s going on in the markets, this milestone?

ART HOGAN, LAZARD CAPITAL MARKETS MARKET STRATEGIST: Well,Susie, I think it`s a very good question. And it`s interesting. We really pay attention when weknock down these numbers, and when we pass, you know, 1,000-mark, the 15,000-mark, itwakes a lot of people to say, hey, this market continues to do well and there`s several reasons

why.

I think we touched on a couple of those. The U.S. economy is not going into a double-dip recession. I think the second earnings have been better than expected in the first quarterearnings reporting season, albeit with lighter revenues than we`d like to see.


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But the third thing I think is the most important is, we`ve got a real global, synchronizedCentral Bank intervention in this economy. We`ve got central bank intervention in thiseconomy. We`ve got central banks around the world pumping liquidity into this marketplaceand hoping to stimulate the economy.

And I think that`s helping stocks probably more than anything else.

MATHISEN: You know, Art, we looked at those numbers from Europe and they wouldindicate that the sort of optimism is at least flickering over there. Is Europe out of the woods?

HOGAN: It`s not out of the woods, but the ECB is finally coming to the rescue. So tothe extent that the ECB is probably the last of the central banks to really start doing things, verymuch like the rest of the global central banks.

And Mario Draghi has been forthwith with commentary, even as early as yesterday,talking about having to be more creative. You know, these would be just cut rates earlier lastweek and they`ll continue to look at things they can do.

So, they may not be out of the woods, but they`re certainly in a lot better shape they wereeven than this time last year.

GHARIB: You know, speaking more from the portfolio management aspect, I mean, it`svery hard to find value in these rising markets. And so, you look to Europe, I`m sure there`s lotsof value there. But there`s a lot of risk. Everybody is waiting for that other shoe to drop.

So, what are you doing in your climate portfolios, vis-a-vis, Europe versus the U.S. stockmarket?

HOGAN: Yes. It`s a great question. And it`s interesting, Susie.


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You and I have talked for years. And for a lot of those years, we talked about having exposure toEurope, having a portion of your portfolio -- at least having, you know, some exposure toEurope. What we really have done for the last 18 months is having clients look at less Europeanexposure.

And if you look at the earnings reporting season, that certainly played out.

What we`ve seen is those companies, some of those household name that have missed.Europe has been the reason. We don`t think it s a strong enough economy to make that a core ofyour investments, and if you want international exposure. We would certainly prefer Asia orLatin America, one of the countries that we point to, Mexico is, you know, doing some very,very good things.

So, I think on the mend, but not yet a core part of our investment portfolios.

MATHISEN: My next question was, of all of the regions in the world where would yoube adding money incrementally now assuming that you got what you wanted in terms ofportfolio allocation in Europe and in the United States. You just told me.

Make the case for Mexico specifically.

HOGAN: Well, a couple of things. The government did a lot to right this ship here.They`ve got a very strong, robust, banking system.

They`ve got a lot of de-levered balance sheets.

And one of the things that they`re doing right, and it`s interesting when we talk aboutimmigration, one of the things you`re to find is, one of the immigration problems that`s fixingitself is the Mexican economy.

You`re seeing actually more people want to go back to Mexico because the jobs are plenty,there`s growth, and it`s not totally dependent on either agriculture or commodities.


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So, I think it`s -- you know, in terms of developing markets, emerging markets, Mexico isprobably one of our favorites right now for 2013.

GHARIB: Lots of interesting information. Thank you so much, Art.

HOGAN: Thank you.

GHARIB: Art Hogan, market strategist at Lazard (NYSE:LAZ) Capital Markets.

Tyler?

MATHISEN: Well, one of the blue chip companies that have helped power the U.S.markets to record highs has been Disney (NYSE:DIS). Shares close at another all time hightoday. That following a year`s worth of very steady gains at the house of the mouse.

Courtney Reagan joins us with news that should make Disney (NYSE:DIS) investorseven happier.

Courtney, some earnings numbers.

COURTNEY REAGAN, NIGHTLY BUSINESS REPORT CORRESPONDENT:That`s right, Tyler. It`s not just the happiest place on earth for kids. But Disney

(NYSE:DIS) is also making investors very happy.

The world`s largest entertainment company reported its fiscal second- quarter earningsafter the bell today, beating Wall Street`s expectations on both the top and the bottom lines. Forthe second quarter, Disney

(NYSE:DIS) reports earnings of 79 cents per share, 2 cents above Wall Street`s expectations onrevenue of $10.55 billion, better than Wall Street analyst forecast of $10.49 billion.


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(BEGIN VIDEO CLIP)

BOB IGER, WALT DISNEY CO., CEO: Our parks and resorts had a great quarter thatwas helped a lot by some of our new investments, notably in Disneyland and in Florida. Butalso, our new cruise ships and our investments in Hong Kong. Our cable networks led by ESPNalso had an exceptional quarter. And we had improvement in our studio, and the consumerproduct. So, all in all, a great quarter for the company.

(END VIDEO CLIP)

COURTNEY: Disney (NYSE:DIS), of course, also reveling in its early success for "IronMan 3." It`s making already more than $700 million at the box office worldwide. I haven`t seenit yet though.

GHARIB: We`ll get market reaction tomorrow when investors can react to those greatnumbers.

Thanks a lot, Courtney.

And a little later in the show, we`ll look at the big business of theme parks and why thestocks from Disney (NYSE:DIS) to Six Flags are riding high.

MATHISEN: Well, a run of earnings reports on that record day and that begins our"Market Focus" tonight.

Let`s begin with Mondelez, maybe you say Mandalays (ph). Mondelez we`ll go with it --reporting sales and profits in line with expectations and a slight boost to its 2013 profit outlook.Mondelez sells Oreos, Cadburys, Halls candy, among other products. Wheat Thins, you know`em.


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Shares of Mondelez up most of the day, closing nearly a percent higher at $41.31.They`re adding a bit more in the after-hours earnings report.

JCPenney surprised the market by reporting some numbers after the close a week aheadof schedule. The company expects its fiscal fourth quarter comp sales to drop 16 percent withrevenues lower than previously thought. Shares down 3 percent, to close at $16.40 and a gain alittle bit after hours.

GHARIB: Also, after the market closed, Whole Foods reported above estimates. Thecompany also raised its profit outlook for the year, reiterated its sales growth target of as much as11 percent, and approved a two-for-one stock split. So it`s no wonder that investors bought upthe shares soaring as much as 10 percent in after hours. They were up a percent in the regularsession, closing at $92.80.

Electronic Arts` quarterly profits were shy of estimates, but revenues were in line.Investors liked hearing that pre-orders are high for the popular video game "Battlefield 4", andthe company`s forecast for full- year earnings will come in above analyst estimates. As for thestock, up fractionally high tore close at $18.41 before jumping higher in after hours.

MATHISEN: Direct TV said its first quarter results fell because of a currencydevaluation charge, but core profits in revenue improved, pushing results above expectations.Direct TV`s key Latin American business added more than a half million subscribers, and thatwas above estimates. Shares hit a new all time high before closing at $61.95, up almost 7percent on the day.

And shares of Fossil (NASDAQ:FOSL) popped on a 24 percent gain in profits, and thecompany raised its full year guidance. Fossil

(NASDAQ:FOSL) sells jewelry, handbags, clothing, in its own branded stores, as well as inchains like Nordstrom (NYSE:JWN) and Neiman-Marcus (NYSE:MCS). Shares gained 9

percent on the day to $107.88.

GHARIB: Microsoft (NASDAQ:MSFT) is calling for do-over. That`s after its all newWindows 8 operating system failed to wow P.C. users and sales have been disappointing.


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So, the software giant is retooling Windows 8, promising some big changes by the end ofthis year.

Jon Fortt loins us live from Silicon Valley.

So, Jon, will a revamped operating system make a difference? Will it revive theslumping the sales of personal computers?

Well, Susie, history suggests updates to the operating system don`t have a huge impact onP.C. sales. Last time a new version of Windows really boost (ph) P.C. sales was a couple ofdecades ago. And the changes coming with this update, code name Windows Blue, they might

not be earth- shattering.

But here`s what to expect. It will work on smaller tablet screens, smaller than eightinches. Microsoft (NASDAQ:MSFT) executives also say they have been listening to userfeedback so the old desktop and start button may be coming back as prominent options if I canread into that.

(BEGIN VIDEO CLIP)

RICK SHERLUND, NOMURA SECURITIES ANALYST: I think that the P.C. userswould like to just get right to the Windows experience and not have the tablet user interface kindof get in the way. So, they haven`t announced yet exactly what they`re going to do on theusability side. But I would think maybe giving you the ability to go directly into the desktopmode and not having to be distracted with the tablet stuff if that`s not what you want to takeadvantage of right now.

(END VIDEO CLIP)

FORTT: He thinks so, too.


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This runs a bit counter to the approach that Microsoft (NASDAQ:MSFT) CEO SteveBallmer described to me in the fall just before the Windows 8 launch.

(BEGIN VIDEO CLIP)

STEVE BALLMER, MICROSOFT CEO: So really with one experience for the user,you can span a device that looks like a desktop. You can work on a device that looks like atraditional laptop. You can work on a device that looks like a laptop or the keyboard detaches, oryou can work on a device that never came with the keyboard at all and just looks like a tablet.

(END VIDEO CLIP)

FORTT: It sounds like some users actually do want slightly different approaches, onemore like a traditional P.C., another maybe more like a tablet. We`ll see if the updates makeP.C. users and P.C. buyers in general warm to Windows 8. If so, it might at least slow the P.C.`sdecline.

GHARIB: Jon, thanks so much, reporting from Silicon Valley.

You know, when Steve Ballmer introduced this product back in October, you rememberhe said this is a bet the company moment and now to have to rethink it --

MATHISEN: They have to retreat.

GHARIB: Yes, this is a big thing.

MATHISEN: The company that has had a hard time staying out of its own way in manyways.


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When we come back, if online sales are taxed, would it change the way you shop? Wehave both sides of this very hot debate that`s dividing Congress and it could affect you and yourmoney.

But, first, let`s take a look at some of the stocks and there are quite a few that hit all-timehighs today.

Tax-free shopping on the Internet moved a step closer to becoming a thing of the past.The Senate easily passed a bill last night that requires out of state-retailers to collect sales tax onanything bought online. Now, the measure heads to the House, but as Hampton Pearsonexplains, passage there is not a sure thing.

(BEGIN VIDEOTAPE)

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

Last year, Internet sales topped $226 billion, up 16 percent from the previous year and states lostan estimated $23 billion because they couldn`t collect the taxes on out of state sales.

That`s according to a study done for the National Conference of State Legislatures.

UNIDENTIFIED MALE: The bill, as amended, is agreed to.

PEARSON: The Senate-passed bill gives states the power to require out-of-state retailersto collect taxes when they sell a product over the Internet, in catalogs, and through radio and TVads.

Big retailers like Walmart, Best Buy (NYSE:BBY) and Target (NYSE:TGT), with storesall over the country already collect those Internet sales taxes.


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But online retailers like Amazon (NASDAQ:AMZN) and eBay (NASDAQ:EBAY) don`thave to collect them in states where they don`t have offices or distribution centers. EBayopposes the bill, Amazon (NASDAQ:AMZN) is on the side of states and their retail allies.

DAVID FRENCH, NATIONAL RETAIL FEDERATION: Retail is retail, a sale is a saleand fair is fair.

PEARSON: Businesses with less than $1 million in growth sales would be exempt. Thattax revenue would be sent to the state where the shopper lives. States must provide freecomputer software to help retailers calculate those sales taxes and states must establish a singleentity to receive the revenue to lessen the burden on retailers.

Opponents are not convinced.

STEVE DELBIANCO, CHOICE EXECUTIVE DIRECTOR: This isn`t aboutsimplification anymore. It`s about the big box retailers placing their competitors, smallercompetitors, at an advantage.

PEARSON (on camera): Getting the bill through the House will be an uphill battle.

House Republicans are wary of anything that looks like a new tax. Critics also predict a taxcollection nightmare for small businesses.

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

(END VIDEOTAPE)

MATHISEN: And back again to share their opposing views on the topic, David Quam,director of federal relations for the National Governors Association. And Steve DelBianco,whom you just saw in the piece. He`s executive director of Net Choice Coalition, an advocacygroup that protects online commerce.


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Gentlemen, welcome back. We had you on a couple of weeks ago. You behaved sonicely. We thought we`d invite you back this time.

David, let me begin with you.

And I want to begin by -- we solicited some comments on our Web site and I want toread one of the comments from Taylor Shomaker.

"As an online retailer, I`m extremely concerned about the amount of paperwork this newlaw may create for business, doing a sales tax return for one state is already a significant amountof work. Multiply that by 50 and it could mark the end of my business` expansion."

Your group favors this, David. Answer that viewer.

DAVID QUAM, DIRECTOR OF FEDERAL RELATIONS: You know, every governorwants to protect its retailers, wants to protect small businesses and this bill does that. Numberone, you`ve got the small business exemption, so you have to be doing $1 million of onlinebusiness before it even applies.

Number, there`s simplifications in here, including the fact that the states are going to payfor and offer software under this bill to make it much easier to do that. No governor wants toimpose a big burden. But we need to level the playing field, and make it fair for everybody inthat retail space.

GHARIB: Steve, let me turn to you about leveling the playing field.

The last time that you were on, you were strongly opposed to this measure.

How are you feeling about it today, especially now that the Senate has passed the measure?

DELBIANCO: Yes, thank goodness it`s over to the House. The Senate rammed thisthrough without a hearing, without a markup, and only one amendment by the manager himself.But in the House, the judiciary committee is going to take a hard look at this.


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And they`re already telling us they`re going to be sure that they don`t try to impose brandnew audit risks, brand new burdens on all of America`s businesses to collect tax, not just for 46states, but the amendment that was passed last night added 550 Indian reservations who candemand tax payments and audits from every American business as well.

GHARIB: So, are you predicting that this is dead on arrival in the House?

DELBIANCO: Never predict anything is dead on arrival. But they will have to passscrutiny. They`ll have to run the gauntlet of a Judiciary Committee that held a hearing last weekasking very tough questions.

David earlier talked about free software while the legislation he favors requires each stateto offer up a single piece of free software for just that state. But America`s businesses will haveto pay their own dollars to integrate that software into their ordering fulfillment and accountingsystems.

(CROSSTALK)

MATHISEN: Let me -- let me pick up with David on that because that was one of thequestions that I was going to go to. Even if the states do supply the software that ostensibly willmake it easier for companies to comply, many states have different taxes that apply to differentitems.

Food is exempted in some states, clothing in others like in New Jersey, that`s one thing.

But the other thing is who is going to be on the line when the software that the states

supply me doesn`t work? Who`s going to help me with that, David?

QUAM: You know, this certified service providers out there now who have beenworking with 24 states, who have been working on this for 10 years. This is not a new concept.It`s actually a proven concept.


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And so, this is not pie in the sky. This is actually something that can be done today. I`veseen demonstrations of actually free software that works with every single major platform outthere that people are using to do e-commerce.

I like Steve to read the billboard carefully. I`m actually very confident that both theHouse Judiciary Committee and the House itself, when they look at commerce, are going to wantto move forward because inaction causes problems in the marketplace. Action actually creates --

MATHISEN: So educate me, if you wouldn t mind, David, on that

question of what happens in those states like California where different municipalities havedifferent taxing rates and in states like Virginia where certain food items are excluded from salestax, or in New Jersey where most clothing is executed and how does that accounted for?

QAUM: States have the obligation to make sure they are providing good databases tothose software companies and to the public. That software -- this is the basic database problem.This is not complicated software, any major piece of software out there is probably morecomplicated than what you`re going to need to actually get this job done.

So, the idea that this doesn`t exist is just not true.

GHARIB: Let me ask you this, as you know, and we said in the package, that eBay(NASDAQ:EBAY) is trying to raise the small businesses that are exempt from just $1 million insales to maybe hike it up to $10 million.

Would that make you feel any better about this measure knowing that small business would bebetter protected?

DELBIANCO: No, Susie. Think about it, $1 million of gross retail is really just a one ortwo-person company. I was in Capitol Hill today visiting offices with catalog companies,catalog companies doing $20 million and $30 million a year in sales with a couple hundredemployees.

They were the ones who were squeezed in this trap between, say, Walmart, Target (NYSE:TGT)and Amazon (NASDAQ:AMZN) trying to squeeze down on their competitors who will never beable to afford integrating these systems.


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David said it`s been proven. All that`s been proven is that it`s phenomenally expensiveto take free software and glue it in to all places in my process, on my information systems andmake it actually work and to answer to customer questions. How about that incredible auditrisk?

Forty-six states and 550 Indian tribes can all punch a button, generate a demand letter requiringyou to be audited for taxes maybe that you should have collected and didn`t need you needed to.

MATHISEN: All right. David, we have to leave it there. And, Steve, we appreciate youbeing with us. I have a feeling we`re going to have both of you back in the future as thislegislation moves along.

QUAM: Happy to come back.

MATHISEN: Thank you very much, gentlemen.

QUAM: Thank you.

GHARIB: Still ahead on the program, why shares of theme parks may be sendinginvestors on the ultimate thrill ride.

But, first, let`s take a look at how commodities, treasuries and currencies fared today.

(MUSIC)

MATHISEN: My days of riding roller coasters are over, mercifully, but for a lot offamilies and thrill-seekers, some remains heading to an amusement park. But a lot of investorsare getting their thrills right now, seeing shares of one of the big of the amusement park ownersand operators reach new heights.


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Jane Wells is live at Universal (NYSE:UVV) City in Hollywood with more.

Hi, Jane.

JANE WELLS, NIGHTLY BUSINESS REPORT CORRESPONDENT: Hey, Tyler.

We`re heading into memorial. It`s the time of year when theme park revenue start to getas exciting as a white knuckler. It turns out they`ve already been pretty thrilling even if it seemsthat the rest of the economy isn`t.

(BEGIN VIDEOTAPE)

WELLS (voice-over): The economy has been on a roller coaster, but for theme parks,lately the coaster has just been going up.

Take the Mathia (ph) and Parekh families. They haven`t been to an amusement park inthree years.

But this week, they came to Universal (NYSE:UVV) Studios Hollywood owned byComcast (NASDAQ:CMCSA) (NYSE:CCS).

DHAVAL PAREKH, TOURIST: We are a family that saves our money and we don`tthrow it away on big cars and stuff like that, you know? We invest, you know, and then we canenjoy.

WELLS: A lot of Americans are having a whale of a good time. Across country, themeparks are seeing consumers willing to spend hundreds of dollars for a day of fun.


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Comcast (NASDAQ:CMCSA) (NYSE:CCS) surprised Wall Street with a 12 percentjump in theme park revenues last quarter. Its shares hit an all- time high Tuesday. Disney(NYSE:DIS) shares hit theirs the day before, and analysts say these two companies have a supplyof movies they can turn into attractions.

Disney`s planning a new Avatar (NASDAQ:AVTR) Land for Disneyworld which analystMatthew Harrigan predicts it will pay off just like Cars Land helped attendance in Disneyland inCalifornia.

MATTHEW HARRIGAN, ANALYST: Going to Orlando and doing a facelift in theMagic Kingdom which they haven`t done much with literally in the last four decades.

WELLS: But it s not just a big conglomerate. Six Flags has emerged from bankruptcyand reported a 32 percent jump in revenue last quarter.

Its shares hit an all-time high two weeks ago and so did those the rival Cedar Fair (NYSE:FUN).

What`s amazing is that the companies have shown so much improvement in many whatanalysts consider a so-so consumer environment. Yet as one park visitor told me, you can`t stopenjoying life.

WELLS (on camera): Do you feel more confident going out?

SHARON PILOR, TOURIST: Yes.

WELLS: How come? Because the economy is good and I`m having a good job backhome. So, yes, we`re good.

(END VIDEOTAPE)


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WELLS: And this afternoon, CEO Bob Iger of Disney (NYSE:DIS) pointed out thattheir park revenues really beat expectations and he says, you know, the consumer is improving.

And, Susie, it`s not just the American consumer. We just saw a huge group of Chineseconsumers here at Universal (NYSE:UVV) Studios Hollywood.

So, maybe everybody is feeling a little better.

Back to you.

GHARIB: Everybody wants to have a good time, Jane. Thank you so much. Jane

Wells, reporting from Universal (NYSE:UVV) Studios.

And, finally tonight, if you were wondering where are the world`s millionaires live, wehave the answer, thanks to a company that compiles data on high net worth individuals calledWealth Insight.

So, the number one city for millionaires, Tokyo, with nearly half a million of them. Nextup, New York City with 389,000, the only American

city in the top ten. And rounding out the top five, London, Paris and

Frankfurt. And China has three cities on the list. But the number of billionaires most of them,Big Apple (NASDAQ:AAPL).

MATHISEN: I don`t have to worry about ever being on.

GHARIB: That`s NIGHTLY BUSINESS REPORT for tonight. Thanks for watching.

MATHISEN: We`ll see you tomorrow.


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END

Nightly Business Report transcripts and video are available on-line post broadcast athttp://nbr.com. The program is transcribed by CQRC Transcriptions, LLC. Updates may beposted at a later date. The views of our guests and commentators are their own and do notnecessarily represent the views of Nightly Business Report, or CNBC, Inc. Informationpresented on Nightly Business Report is not and should not be considered as investment advice.(c) 2013 CNBC, Inc.

nightly business report - tuesday may 7 2013

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