Transcript: Thursday, October 10, 2013

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

(COMMERCIAL AD)

(BEGIN VIDEO CLIP)

REP. JOHN BOEHNER (R-OH), SPEAKER OF THE HOUSE: What we want to do is
offer the president today the ability to move, a temporary increase in the
debt ceiling, an agreement to go to conference on the budget.

(END VIDEO CLIP)

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: A stunning rally on
Wall Street. The Dow posted its second best day this year, on hopes the
deal in Washington is near. But reportedly, President Obama says not just
yet.

And a question for investors is, how fragile is this market? And how
much safe should you put in today`s move higher?

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: How safe is safe?
The debt debate in D.C. is putting a fresh spotlight on some of the lowest
risk investments around. Money market mutual funds, we`ve got answers to
your questions.

GHARIB: And, healthy prognosis? Some of the most prominent leaders
in health care — from drug companies to insurers — discuss the massive
changes the industry is undergoing and what it means for their businesses.

We have all that and more tonight on NIGHTLY BUSINESS REPORT for this
Thursday, October 10th.

MATHISEN: Good evening, everyone, and welcome.

Stocks reached for the heavens today on hopes that a deal to extend
the nation`s borrowing limit was within Washington`s grasps, such a deal
could still be very elusive. More on that in a moment.

But for this day, at least, Wall Street set worry aside. The Dow had
its best point gain of the year, second best day in percentage terms all
year long. The U.S. dollar hit a two-week high. Treasury bond yields firm
and it was strong demand at auction for 30-year government securities —
all this on hopes the White House will go for a GOP proposal to extend the
nation`s borrowing capacity for all of six weeks.

Here are the numbers: the Dow soaring 323 points, erasing all of this
week`s losses and closing back above 15,000. The NASDAQ shooting up 83
points, but still on track to break a five-week winning streak, and the S&P
500 rose 36 points, with all 10 of its constituent sectors seeing gains.

GHARIB: In Washington tonight, a crucial meeting at the White House.
Moments ago, Republican House leaders wrapped up an hour-long meeting with
President Obama. On the agenda, offering that temporary increase in the
nation`s borrowing limit that Tyler just told you about, in exchange for a
promise to negotiate over the long-term deficit reduction and a tax
overhaul. But reopening the government is not part of that Republican
offer.

John Harwood has the latest from the White House.

So, John, what are you hearing? I know you`ve been on the phone.

JOHN HARWOOD, NIGHTLY BUSINESS REPORT CORRESPONDENT: Well, that`s one
of the reasons that the president may have rejected the Republican offer is
because it doesn`t reopen the government. The president`s condition,
remember, have been: both reopen the government, raise the debt limit, then
we`ll negotiate about the budget.

The speaker was trying to walk a line today saying, we`ll do one and
not the other. They`ve had this meeting. More talks are going to
continue. But the president feels enough confidence in his position and a
new NBC/”Wall Street Journal” poll tonight out shows that Republicans are
losing the fight for public opinion. That emboldened the president to say,
no, we`re not taking the deal on your terms.

MATHISEN: Is the fact that the poll numbers indicate that the GOP is
really being blamed for both of these issues — the debt ceiling debate and
government shutdown — is that the reason that their positions seem to be
softening just a bit and the whole discussion of Obamacare, for now, at
least, seems off the table?

HARWOOD: Yes, Republicans are not process of giving in, of caving,
surrendering, whatever you want to call it because they are getting pounded
in public opinion. That NBC/”Wall Street Journal” poll I mentioned, 53
percent of the American people blame Republicans for the standoff, only 31
percent blame President Obama. That`s a higher percent blaming Republicans
than when Newt Gingrich battled it out with President Clinton in 1995.

So, the president`s got the upper hand, and he`s going to try to make
sure he gets a resolution on his terms, and remember what his terms are,
are “I`m not going to pay a ransom for the normal functioning of
government, normal functioning of the Treasury.” And that`s what he`s
holding out for.

I still think, though, that because Republicans are moving, we are
likely to get a resolution by October 17th, which is when the Treasury says
we`ll hit the debt ceiling.

GHARIB: But what you see that resolution could be, John, do you think
that President Obama would be agreeable to this very temporary solution, a
six-week deal and then reopen everything again in November? Or is even
that not for sure?

HARWOOD: No, I think he would accept a short-term deal, as long as it
involves both things — the reopening in the government and the raising of
the debt limit because the president has said that he`s not going to engage
in substantive negotiations until both those things happen. Republicans
were testing, they were prodding, they were trying to see what could we get
out of this today, and it sounds as if the initial gambit didn`t work, but
they`re going to talk through the night.

And I do think that they will find a way on a short-term basis to take
both of those actions by October 17th and then we will, in fact, have a —
I believe a budget negotiation over, you know, replacing some sequester
cuts with longer term entitlement cuts.

MATHISEN: All right. John Harwood, thank you very much. Busy day in
Washington.

And, earlier today, Treasury Secretary Jack Lew testified in front of
the Senate Finance Committee, telling lawmakers that failing to raise the
government`s borrowing limit would be deeply damaging to financial markets,
threatening Americans` jobs and even their savings. He urged Congress to
expand the debt ceiling for as long as possible.

(BEGIN VIDEO CLIP)

JACK LEW, TREASURY SECRETARY: Our view is that this economy would
benefit from more certainty and less brinkmanship. So the longer the
period of time is, the better for the economy. It`s really Congress`
decision how often it wants to vote on the debt limit.

(END VIDEO CLIP)

GHARIB: Our guest tonight is skeptical about a quick debt deal in
Washington and the staying power of the stock market rally. He`s David
Bianco, chief U.S. equity strategist at Deutsche Bank.

DAVID BIANCO, DEUTSCHE BANK CHIEF U.S. EQUITY STRATEGIST: Good
evening.

GHARIB: Hi, David.

So, what is it that`s really worrying you? Is it this short-term six-
week deal or something else?

BIANCO: Well, I think the latest news already suggests that we`re not
going to get a deal tomorrow or even by Monday. So, this is already
disappointment to a market that got hopeful during the afternoon. I think
the market sales off 30, 40 points on the S&P 500 tomorrow.

But the good news is investors didn`t want the six-week deal. They
want a longer-term deal that has more compromise and structural reform to
it. So disappointment to the short term but we still think we get a better
deal by late next week or it could even take longer than that. But we do
think ultimately, a deal is reached, interest payments are not missed and
the market climbs higher by the end of the year.

MATHISEN: So, David, I hear you say that 320-some-odd-point gain
today on the Dow could be a 320-some-odd-point loss tomorrow.

BIANCO: That`s precisely right. I mean, there was a lot of high
hopes today about what could happen this evening and over the course of the
next few days, and I think we`re getting a dose of reality that this isn`t
over yet. I think Secretary Lew did a great job of reiterating the 17th as
an important deadline and the increasing risks after that and I think that
will focus minds for next week, late next week.

But the reality is, the government is likely to stay shut for longer
and there will be more volatility in markets. We still think this is an
attractive entry for long terms investors but there will probably be a
better opportunity next week.

GHARIB: So, what are you saying — investors should sell into these
rallies, buy into the rallies or sit tight?

BIANCO: I think investors will make money by the end of the year if
they bought right now. I think investors will make more money if they wait
until next week. It`s up to investors as how tactical they want to be.
I`m constructive on the market for the rest of the year and next year.

Equity markets still attractive especially versus other asset classes,
third-quarter earnings, which will pick up steam in the next couple weeks,
they should be healthy and I think what we`re going to get is a glimpse of
how good earnings can be, corporate confidence on investment spending
without these disruptions coming from politics.

MATHISEN: I presume you just heard John Harwood who is reporting and
instincts indicate to him that as some sort of deal reopening the
government and raising at least temporary the debt ceiling will get done by
that October 17th date.

I hear you a little more skeptical of that, that it might slip beyond
that date and maybe into the week after next. What would that mean in
practical terms, both to the markets and to the functioning of the federal
system, which is roughly 80 percent open as it is today.

BIANCO: Right. Well, we do think a deal is likely achieved by the
end of next week, the 18th, kind of last minute, one minute past midnight,
if you will, that type of deal. We think that`s the most likely scenario.

But we also have to acknowledge that that date is not necessarily a
very hard deadline. This could easily go on for the rest of the month, and
I don`t think the equity market suffers a 10 percent correction.

I don`t think the S&P goes under 1,600. It`s right now about 1,690.
It got as low as 1,648 just yesterday. I think it would take a lot more
rattling of investors` nerves, which have been very sanguine so far, first
to breach anything like 1,620.

But yes, you`re right, the longer this goes on, the more of a risk to
investor, business manager and even consumer confidence. And in the end,
it should be resolved but it could do some lasting damage.

GHARIB: We`re certainly seeing some of that already.

Thank you so much, David.

BIANCO: Thank you.

GHARIB: David Bianco, chief U.S. equity strategist at Deutsche Bank.

MATHISEN: First, it was Fidelity Investments, and now., JPMorgan
(NYSE:JPM) Chase Investment Management, the nation`s biggest bank, now
hedging its bets and selling off its holding of U.S. government bonds that
are scheduled to come due between October 17th and November 6th, around the
time of that debt ceiling limit, about one week from today.

And amid those signs, tentative though they were of progress that the
White House and Congress may be near a deal of raising the debt limit and,
hence, averting a possible government default, yields on treasury bills
tumbled today. They dropped for the first time in six days.

Until today, rising yields signaled fears that Uncle Sam might not pay
short-term obligations. One reason why we did report yesterday that the
big fund company Fidelity said it was no longer holding any U.S. government
debt set to come due over the next couple of weeks. Now, that short term
debt is what you find in money market funds.

So, how safe are the funds that most Americans consider as rock solid
as cash?

Sharon Epperson takes a look.

(BEGIN VIDEOTAPE)

SHARON EPPERSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):
The ongoing debt ceiling debate has many investors concerned about what a
government default would mean for their money.

UNIDENTIFIED FEMALE: I`m worried about interest rates for the real
estate market and what would happen to my 401(k).

UNIDENTIFIED MALE: Oh, I`m worried. I`m on Social Security and it`s
starting to threaten that, also.

UNIDENTIFIED MALE: I have to pay my bills and likewise, the
government has to pay their bills.

EPPERSON: Some are even worried about investments like money market
mutual funds that are typically considered very safe.

Money market funds invest in ultra short-term debt, including U.S.
treasuries, and historically generate more interest than a money market
deposit account, or high yield savings account at a bank. That makes these
funds attractive to many investors who invested nearly $2.7 trillion in
these funds.

(on camera): But if Congress fails to reach a deal and the Treasury
Department faces a technical default, or worse, runs out of money, some
fund managers don`t want to be holding on to government debt that can`t be
repaid.

PETER CRANE, CRANE INVESTMENTS: Money funds are very sensitive to
headline risks. They`d rather say we don`t have any of that, that certain
date that may come under question or may have a delay in payments.

EPPERSON: The nation`s largest manager of money market mutual funds,
Fidelity Investments is taking precautionary steps, by not owning treasury
securities that mature in late October or early November. To be safe it
increased the amount of cash in U.S. treasury funds.

Today, JPMorgan (NYSE:JPM) followed suit. Another big money market
manager, Federated Investors (NYSE:FII), says it continues to hold treasury
securities that will mature in the coming weeks. It`s confident that they
represent no threat to the liquidity or stability. Federated, like many on
Wall Street, believes at the end of the day, there will be a resolution and
even if it takes a few weeks, the Treasury will pay its debt.

CRANE: There may be a technical default. There may be a game of
chicken here played over the next week, two weeks, perhaps even three
weeks, but investors in treasury money funds are going to get their money,
going to get 100 cents on the dollar. There is no doubt about that.

EPPERSON: Advice to anxious investors: sit tight, don`t overreact to
the headlines.

Financial advisors say nine times out of 10, doing nothing is the best
answer, and this is one of those times.

For NIGHTLY BUSINESS REPORT, I`m Sharon Epperson.

(END VIDEOTAPE)

GHARIB: Now, another casualty of the partial government shutdown now
its 10th day, auto recalls over safety issues. The National Highway
Traffic Safety Administration is part of the Transportation Department was
forced to furlough the employees that investigate driver complaints and
order vehicle recalls.

MATHISEN: Well, the partial government shutdown is being felt in all
50 states. A ranking by the personal finance Web site Wallet Hub has
ranked Maine as the state fifth most impacted by the federal work stoppage.

Mary Thompson traveled to Portland to tell us what`s going on there.

(BEGIN VIDEOTAPE)

MARY THOMPSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):
Maine`s slogan is vacation land. But these days, it`s anything but for a
state with strong ties to the federal government.

MAYOR MICHAEL BRENNAN (D), PORTLAND, ME: We`re just really in a
perpetual state of anxiety at this point, to try to determine and try to
monitor what`s happening in Washington and what the effect would be.

THOMPSON: Portland Mayor Michael Brennan says Maine`s largest city is
seeing little impact from the shutdown so far, but given an above average 4
percent plus of the city`s population depends on federal contract dollars
for income, Brennan knows that could change as the shutdown drags on.

The shutdown a drag on Rising Tide Brewery`s bottom line. Owner
Heather Sanborn can`t get a small business loan needed for expansion. So,
she`s going to the banks and the state.

HEATHER SANBORN, RISING TIDE BREWERY: It will be more expensive if we
end up using the state of Maine instead of SBA program, for sure.

THOMPSON: And a specialty brew she hoped to ship out of state at
Christmas may not leave Maine`s borders because the federal office that
approves immediate labeling is closed.

(on camera): So, too, are restaurants Rising Tide supplies. About 2
1/2 hours north of here, near the shutdown-shuttered Arcadia National Park,
no sales to tourist means no new orders for more beer.

(voice-over): Meanwhile, some potential homeowners hoping to toast
their new homes, being put on ice.

Agents John Hatcher saying they can`t get the needed rural development
loans.

JOHN HATCHER, REALTY BROKER: Well, it`s a government agency and they
have completely closed down. So, nobody is answering phones. The Web site
is taken down. So, basically, they are shut for business.

THOMPSON: The grip of Washington`s gridlock slowly taking hold across
the country.

In Portland, Maine, I`m Mary Thompson, NIGHTLY BUSINESS REPORT.

(END VIDEOTAPE)

GHARIB: And still ahead on NIGHTLY BUSINESS REPORT, the health care
industry is undergoing a seismic ship. And tonight, a number of prominent
players in the sector tell us how it`s impacting their business.

But, first, here`s a look at how the international markets closed
today.

(MUSIC)

MATHISEN: Some well-known individual retailers released September
same store sales numbers today showing an overall increase of just 3
percent from the same month a year ago. Sales at its Victoria`s Secret
stores rose a disappointing 1 percent from the same month last year after
marking down more items to get more traffic into its stores.

The teen retailer Zumiez (NASDAQ:ZUMZ), the Buckle (NYSE:BKE) and
American Apparel all reported sale declines.

And at the Gap (NYSE:GPS) and its sister store Old Navy and Banana
Republic, the sales were down overall 3 percent.

GHARIB: Spending on health care is a major expense for many families
and today some of the biggest names in health care gathered in New York
City to talk about the impact of the Affordable Care Act and what the new
law means for families, their companies, and shareholders.

Bertha Coombs has the story.

(BEGIN VIDEOTAPE)

BERTHA COOMBS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):
Executives at this year`s Forbes health care summit say the launch of open
enrollment for the Affordable Care Act on the federal exchange has clearly
been problematic, but not a major concern for now.

RON WILLIAMS, FORMER AETNA CEO: I think as a brand, it certainly has
not helped build brand credibility with the launch and execution. Long-
term, I think it`s noise and I think it will settle out.

COOMBS: At CVS (NYSE:CVS) Caremark, which is taking an active role in
helping its clients learn more about the new exchanges, they are finding
customers confused and frustrated.

ANDREW SUSSMAN, CVS (NYSE:CVS) CAREMARK ASSOC. CHIEF MEDICAL OFFICER:
They are frustrated in what are their options, when do they have to sign
up? How do they find out information? And, of course, they`ve heard a
little bit about some glitches early on. We try to reassure them the
insurance doesn`t take effect until January.

COOMBS: But it`s the continuing discord in Washington over health
care that worries former Onyx Pharmaceutical CEO Tony Coles, especially
when it comes to funding for disease research.

TONY COLES, ONYX PHARMACEUTICALS: These are $5 that go to investments
tomorrow. We`ve got to unlock what we learn about the genome, for
instance, in terms of cancer. We`ve made such strides for HIV and AIDS.
It could be the same thing with cancer. But we`ve got to invest in
research for the next 30 or 40 years.

COOMBS: Former Aetna (NYSE:AET) CEO Ron Williams sees the showdown
over Obamacare as a long-term problem.

WILLIAMS: I think this was a complicated bargain. It was a bargain
that really only one side of the isle participated in and I think that
issue is going to hunt us for sometime.

COOMBS (on camera): Williams says it will likely take a couple years
of the Affordable Care Act actually being in place and people being covered
before both sides come together to try to form some agreement on how to
move forward.

Bertha Coombs, NIGHTLY BUSINESS REPORT, New York.

(END VIDEOTAPE)

GHARIB: For more on this story and other health care stories that
we`ve covered on NIGHTLY BUSINESS REPORT, go to our Web site, NBR.com.

MATHISEN: And a major energy deal is where we begin tonight`s “Market
Focus”.

Regency Energy Partners (NASDAQ:RGNC) (NYSE:EPL) will buy its rival
gas pipeline operator PVR Partners for $5.6 billion, including debt. The
deal gives it a foothold into Marcellus and Utica shale fields. Shares of
Regency retreated 8 1/2 percent to $25.44. But PVR soared almost 13
percent to $25.75.

Well, another twist in the BlackBerry saga. Two of the smartphone
makers co-founders are considering making a bid to buy the entire company.
According to a regulatory filing, Mike Lazaridis and Douglas Fregin have an
8 percent stake in BlackBerry and are considering making a bit for the
whole company.

The stock up 1 percent to finish the day at $8.20.

GHARIB: Teva Pharmaceuticals is cutting its workforce by about 10
percent, the works out to 5,000 employees. The move accelerates the
company`s cost reduction plans and comes as other drug companies downsize
their operations. The stock gained 3 1/2 percent to $40.59.

Gilead shares rose sharply today and that`s thanks to successful
results from a trial of an experimental leukemia drug. The company is now
stopping a late-stage study because patients had improved substantially.
It now plans to talk to the Food and Drug Administration about getting
approval. The stock closed at $62.74. That`s a gain of 6 1/2 percent.

And shares of Tiffany (NYSE:TIF) upgraded to buy from mutual at Stern
Agee. That firm says the luxury retailer will benefit from a rapidly
growing international business and rebound in its U.S. operations. The
analyst reiterated his price target of $86 a share. That powered up the
stock by 2 percent to $75.38.

MATHISEN: Well, China has overtaken the United States in an important
economic metric but it`s not something to be necessarily proud of. China
is the world`s largest importer of oil. passing the U.S. just as this
country produces more energy than ever before. China`s oil appetite comes
from that country`s need to fuel an expanding manufacturing sector and as
the middle class grows, to fill up millions more gas tanks.

And coming up, what will the home of the future look like? We`ll show
the cutting edge technologies that could one day power your house and the
companies behind them.

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

(MUSIC)

MATHISEN: Well, if it feels like you`re seeing more mobile ads than
even before on your smartphone or tablet, it`s not just you. The
Interactive Ad Bureau reports that spending on mobile advertising nearly
doubled from last year to $3 billion in 2013, and that amount is just for
the first half of this year.

GHARIB: Meanwhile, shipments of personal computers sliding again last
quarter. Gartner (NYSE:IT), an industry research firm, reports shipments
of new P.C.s in the just completed third quarter declined by 8 1/2 percent,
the sixth straight quarter of a drop in shipments. Gartner (NYSE:IT) says
that back-to-school season failed to deliver the usual boost in computer
sales.

MATHISEN: And good news in housing — more homeowners are keeping up
on loan payments. RealtyTrac reports that the number of U.S. homes
entering the foreclosure process during the third quarter of this year fell
to a seven-year low.

GHARIB: The homes of the future are already here with rooms that move
and roofs that melt. Those features and more on display at the so-called
Solar Decathlon. It`s a unique competition going right now in Irvine,
California, and hosted by the Department of Energy. Teams compete to
construct and operate the most energy efficient home.

Diana Olick explains.

(BEGIN VIDEOTAPE)

DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): They
are beautifully designed, energy efficient, super high-tech, and all
conceived and build by students.

DEREK OUYANG, STANFORD UNIVERSITY STUDENT: It took a lot of mistakes.
It was a huge (INAUDIBLE)

OLICK: At Stanford`s house, a unique room switch controls lights,
fans, outlets, all with different motion sensors. But the real seller is
under the hood, so to speak — a self-contained home engine.

OUYANG: It has all the major mechanical, electrical plumbing systems
you would need in an energy efficient home, and the idea is this one day
can be mass manufactured in the factory, to be shipped anywhere around in
the country on a standard trailer bed.

OLICK: Nineteen teams built a newfangled neighborhood in this Irvine
Park after spending the past year designing them back on campus. This
year`s competition added affordability to the mix.

CALEB BURRINGTON, NORWICH UNIVERSITY STUDENT: We used local source
materials, lots and lots of research. Everything from the appliances,
making sure they were high efficient, but making sure you met that price
point and quality because everything has to have longevity and has to last.

OLICK: While the ideas are new, the products these students are using
are from major companies that are cashing in on energy efficiency.

Ingersoll Rand, which includes Trane and Schlage, full home
automation, G.E., Bosch, Frigidaire, LG, and nearly a dozen solar companies
including Sanyo, SunPower (NASDAQ:SPWRA) and Enphase.

The ideas may seem futuristic, like this house that opens on rails to
take advantage of outdoor living. But the nation`s big builders are
watching and using what they see.

STUART MILLER, LENNAR CEO: We`ve been working to be a part of future
technologies, incorporating today the things that you`re going to see more
and more as we go into the future.

OLICK: At a new Lennar (NYSE:LEN) community, just a stone`s throw
from the competition, solar is standard, as is home automation and drywall
that absorbs toxins. You can even get a charger built in for your electric
car.

MILLER: These technologies are evolving. They are evolving every
year. The costs are coming down. Prices are coming down. It`s becoming
more and more affordable.

OLICK (on camera): And more durable. As natural disasters are
common, homes of the future must withstand the weather of the future.
Students from Kentucky and Indiana built this home which has shatter proof
windows, a collapsible roof and a bathroom that doubles as a safe room.

For NIGHTLY BUSINESS REPORT, I`m Diana Olick in Irvine, California.

(END VIDEOTAPE)

MATHISEN: Finally tonight, “Fortune Magazine” is out with its annual
list of most powerful women. Silicon Valley tech firms solidly
represented. But the top three slots taken by leaders of some of the
nation`s most established companies.

At number three in the list, Ellen Kullman, chairman and CEO at the
chemicals giant DuPont. Number two, Indra Nooyi, the chairman and CEO of
PepsiCo. And in the top spot, Jenny Rometty, the chief executive at IBM,
which was founded more than a century ago.

In light of Vice Chairman Yellen`s appointment yesterday or
nomination, I wonder where she`d fit? Probably number one.

GHARIB: Number one if they allowed, you know, a government official,
so to speak, to be on there.

Interesting the number of women from tech companies, Cheryl Sandburg
of Facebook (NASDAQ:FB) in the top 10, so is Marissa Mayer, and, of course,
Meg Whitman of eBay (NASDAQ:EBAY).

GHARIB: Of H.P., Hewlett-Packard (NYSE:HPQ).

MATHISEN: Of H.P., used to be at eBay (NASDAQ:EBAY).

GHARIB: He used to run for governor, but she didn`t make that. But a
lot of powerful women on that list.

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

For more on all the stories that we covered, join us on our Web site,
NBR.com.

Thanks so much for watching tonight.

MATHISEN: And I`m Tyler Mathisen. Thanks from me as well. Have a
great evening, everybody. We`ll see you right back here tomorrow night.

END

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