SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Monday misery. A sharp Wall Street sell-off as investors dumped stocks that have had big run-ups in favor of more defensive names.
TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: The friendly skies. Airlines get worse, but passengers complain less. What`s going on?
GHARIB: And promising drugs. Pfizer (NYSE:PFE)`s experimental breast cancer treatment shows some positive results. Could this be a blockbuster for the drugmaker?
We have all that and more for this Monday, April 7th.
MATHISEN: Good evening, everyone, and welcome.
Stocks continued their spring sell-off today, remaining as cool as a baseball player in an early season slump. Today`s decline was broad-based. It affected big blue chip shares as well as tech and smaller companies that have struggled over the past month.
Now, valuations have many market pros worried. So do earnings. They aren`t expected to grow much when first quarter profit reports start coming out tomorrow.
Now, send small children out of the room, we warn you as we show you these numbers. The Dow down 166 points. That`s a 1 percent decline on the day. The NASDAQ completing its worst three-day slide since November of 2011. It was off another 48 points today, falling to a two-month low. And the S&P 500, it hit an all-time high just a week ago, but today down another 20 points, capping its worst three-day slide in two months.
We have two reports on today`s sell-off. Bob Pisani at the New York Stock Exchange but we begin with Sheila Dharmarajan at the hard-hit NASDAQ.
SHEILA DHARMARAJAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Despite the overall losses, some traders were encouraged by today`s action. Pointing to pockets of strength from sectors that were recently under pressure.
Biotech, for example, which has been a weak sector, did see a bounce back today. The NASDAQ biotech index hosted a gain in companies like Gilead, Celgene (NASDAQ:CELG), and Alexion Pharmaceuticals (NASDAQ:ALXN), ended the session on an up-note.
Also so-called “momentum stocks”, the stocks that consistently move in a direction regardless of news and sometimes regardless of fundamentals, also showing selective strength today. Facebook (NASDAQ:FB) and Netflix (NASDAQ:NFLX), for example, ended the session with small gains.
Some traders point out despite today`s overall loss, the bounce back we did see in some of these sectors is encouraging because it could mean that overall sentiment is improving and the pullback that we have seen could be on the mend.
For NIGHTLY BUSINESS REPORT, I`m Sheila Dharmarajan from the NASDAQ market site.
BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: It was a roller coaster day and while stocks ended well off their lows, there was still a lot of damage done for the second day in a row. Biotech stocks which had been hit hard recently were mixed today but many big NASDAQ Internet-based names, names associated with growth and momentum, like Pandora and Groupon (NASDAQ:GRPN), were again weak today.
But there was even broader damage this time. The financials, for example, were weak, as were home-building and leisure stocks and even small retail names like Aeropostale (NYSE:ARO). It`s true that the S&P 500 is only a few percentage points off the historic heights it hit last week, but if this continues for another few days, there will be greater concerns that the market is moving toward a real correction.
The Dow Industrials, for example, has lost about 350 points in just two days.
For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.
GHARIB: Art Hogan joins us with more analysis on what`s next for stocks. He`s chief market strategist at Wunderlich Securities.
All right. Nice to have you back with us. What`s your take on today`s selling? Is this just sort of a natural profit-taking or is something more troublesome going on? Is there a real correction as Bob Pisani was talking about?
ART HOGAN, WUNDERLICH SECURITIES CHIEF MARKET STRATEGIST: Well, it`s interesting, Susie. We ask ourselves that question all the time because we haven`t seen a correction of any magnitude, at least a 10 percent correction in a very long time. So whenever we start to see some selling pressure which we haven`t seen a whole lot of, it begs the question is this something real? Is this going to turn into something large? Are we heading into a bear market?
And I would think it`s not. I think this is a normal pattern of selling. I think that if you look at the momentum stocks which have been selling since about February 25 or 26th that`s starting to spill over into the broader market. People start to get that sense, because very self-fulfilling, I think people that are — especially people that are investing in ETFs have broad sectors or indices when they start selling that takes the whole market down with it.
So, I`m not as concerned this is turning into something larger. I think the selling pressure will abate over the course of this week and we`ll find some bargains out there.
MATHISEN: So normal pattern of selling, Art. Does that mean I should feel good about the money I`m losing or not?
HOGAN: Well, Tyler, as good as you felt about the money you made in the last 12 months. We had a very significant run here. I take that it never feels good on the way down, but it is an important reminder that stocks go down, as well as going up, and I think that`s going to continue to be the case.
I think as we look at what`s happening here, this started as a rotation out of momentum into value. That rotation into value stopped a bit over the last two days but you`re still looking at, you know, S&P 500 that`s flat on the year. You`re looking at a Russell, too, that`s taken much more of a hit and certainly a NASDAQ composite taking most of the bludgeoning here.
And I think that is more indicative of a rotation of a market sell-off.
GHARIB: You know, the usual catalyst for a market rally just don`t seem to be there. You know, it`s usually like some kind of fed policy, strong economic numbers, strong earnings. They just don`t seem to be around this time. What are going to be the catalysts to take stock higher from here?
HOGAN: I think it`s going to be three things, Susie. That`s a very good question. I think a continuation of the improvement in the economic data calendar.
I would point to things like the auto sales — the auto sales that came out last week much better than expectations. If that continues, that means that weather-related slowdown we saw in the first quarter has turned the corner.
I think earnings reporting season, not necessarily in the headline numbers but the revenue growth is probably going to be stronger on a percentage basis than the earnings in this quarter, first time in this cycle, and I think guidance because of the sort of pull forward into the second quarter for demand for goods and services that were gone in the first quarter is actually going to be more robust than we`ve seen in awhile.
So, slightly better earnings guidance than we`ve seen in awhile and better economic data is the turning point and that could happen any time in the next two weeks.
MATHISEN: You know, valuation on the NASDAQ got a little stretched by any standard and that`s probably why the NASDAQ has suffered as much as it has. But it is hard for stocks to make much headway in a zero earnings growth environment. You make a very interesting point about revenue. But earnings this quarter expected to come in roughly flat.
HOGAN: Yes. You know, we`re expecting earnings to come in pretty slight to the upside in the fourth quarter of last year. We tend to miss our marks. And remember how well the fourth quarter came in when everything was tallied up.
So, yes, if we`re going to come in flat then perhaps we`re ahead of ourselves in terms of valuation. But if we take the estimate for the entirety of this year and next we`re only trading under 16 times you know this year`s earnings and about 14 times next year`s earnings.
Those are fair multiples and I think that what we`re going to start to see is earnings that actually grow for the right reasons. The virtuous reason, which is revenue growth and not just buybacks and things of that light.
GHARIB: OK. We`re going to be watching carefully.
Thanks a lot, Art. Art Hogan, chief market strategist at Wunderlich Securities.
MATHISEN: After a tough winter spring has sprung. It has? But the spring housing market hasn`t exactly gotten off to a running start. First, bad weather got some of the rap. But now, the blame is increasingly going to a tight mortgage market. So, tight that it is keeping many potential buyers locked out of home ownership.
Diana Olick has our story.
DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): The signs of spring are finally here, including more of these signs. But so far, word on the street is, this spring housing market is underwhelming.
BRAD HUNTER, METROSTUDY CHIEF ECONOMIST: The market kind of divides into the haves and have-nots. You know, you have the — people who have good credit, good jobs, that`s the move-up buyers. They`re buying.
OLICK: But the rest of the market is not, first-time buyers and those with lower credit scores. That`s more than half of potential buyers. You see it in the mortgage numbers — lending volume down to the lowest level in 14 years, according to a new report from Black Knight Financial Services.
Only about 30 percent of 2013 loans went to borrowers with a FICO credit score below 720. And nearly half of all home sales are now in cash.
SUSAN WACHTER, WHARTON SCHOOL REAL ESTATE PROFESOR: Credit is not happening, it`s not on the table. And it`s really still that threat of what happens to mortgage if the mortgage goes bad.
OLICK: Lenders are clearly still spooked by the housing crash, which cost them billions of dollars in payments back to Fannie Mae, Freddie Mac and the FHA.
PAUL MILLER, FBR BANK ANALYST: A lot of bankers are telling me now, I never want to serve a defaulted loan again, which means I won`t originate a loan that does default, I`m keeping my credit scores above 700.
OLICK: Mortgage analyst Paul Miller has been revising his numbers down for mortgage volume every month. Now, he`s at $1.1 trillion worth. Compare that to $1.9 trillion in mortgages made in 2013.
MILLER: The bigger guys are just not going to do it. That`s where the scale is. That`s when you really get, you know, the marginal borrowers, below 680 FICO scores, that`s how you give them credit.
OLICK (on camera): Wells Fargo (NYSE:WFC) recently said it would start offering loans to borrowers with lower FICO scores but only through FHA, the government`s mortgage insurer, and only through Wells` own retail channels. It`s a very small share and a far cry from the heady days of subprime lending.
For NIGHTLY BUSINESS REPORT, I`m Diana Olick in Washington.
GHARIB: Maryland lawmakers are trying to help some of the have-nots. They`ve easily passed a bill to raise the state`s minimum wage to $10.10 an hour by the year 2018. It`s expected to be signed into law by Maryland`s governor who made raising pay levels a priority this year.
The $10.10 minimum matches a measure passed in Connecticut just last month, and it`s the same amount President Obama wants to establish as a federal minimum wage.
MATHISEN: And the president`s signature legislation the Affordable Care Act is getting some credit for putting more Americans on to health care plans. A new survey from Gallup says the percentage of Americans currently without health insurance dipped to a six-year low, thanks in part to the law. Black and low-income Americans saw the biggest declines in the uninsured rate with drops of more than three percentage points in the first quarter of this year.
Separately, the government said payments to insurers for 2015 Medicare Advantage plans would rise nearly half a percent instead of falling almost 2 percent as originally thought.
GHARIB: How safe is your bank ATM? And do you think it`s safer than the ones you avoid at gas stations and corner shops?
Well, the answer may surprise you. A major move this week regarding the software inside those bank ATMs is raising a lot of concerns about the security of your money.
Kayla Tausche explains.
KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): In 2001, phones were green and black, iMacs were blue and consumers logging online heard —
VOICE-PROMPT: You`ve got mail.
TAUSCHE: One technology hasn`t changed, the software for your local ATM. Inside 95 percent of the country`s automatic teller machines sits a computer running on Microsoft (NASDAQ:MSFT) Windows XP. Starting April 8th, Microsoft (NASDAQ:MSFT) will stop updating the software, meaning that banks who haven`t made the change could be susceptible to security risk.
ADAM LEVIN, CREDIT.COM CHAIRMAN & CO-FOUNDER: It`s something you`d probably never notice. The issue is when office stops supporting this particular version, what happens is, that when a security hole opens, the patch won`t be issued.
TAUSCHE: Banks have been urged to upgrade to Windows 7 or 8, but security expert Adam Levin says it`s a tedious process for the millions of ATMs worldwide, just 210,000 here in the U.S.
LEVIN: The cost between $1,000 and $3,500 a machine, which has to be programmed individually.
TAUSCHE: Even so, banks were not caught off guard by the move. Microsoft (NASDAQ:MSFT) ended mainstream support for XP five years ago. And regulators have been urging banks to switch since October.
In a statement, six agencies jointly said they, quote, “expect financial institutions and their technology service providers, to identify, assess and manage the potential operational risk brought by the change.”
Most big banks have shelled out to extend their individual contractors with Microsoft (NASDAQ:MSFT). JPMorgan (NYSE:JPM) Chase bought an extra year. Bank of America (NYSE:BAC), Citigroup (NYSE:C), Wells Fargo (NYSE:WFC) and PNC say they will have support throughout the transition. It`s unclear how many regional banks have been able to get extensions.
(on camera): The irony, third party ATMs like this one in Lower Manhattan actually run on older software that Microsoft (NASDAQ:MSFT) still supports, meaning that by Tuesday, these will be seen as safer than some traditional bank ATMs. That`s a fact that doesn`t sit well with consumers.
UNIDENTIFIED MALE: I pay a fee, it`s a fee but safety first. So, I go for a brand I recognize.
UNIDENTIFIED FEMALE: I really (INAUDIBLE) small ATMs, like at the corner store.
TAUSCHE (voice-over): As technology advances, security, the number one priority.
For NIGHTLY BUSINESS REPORT, I`m Kayla Tausche in New York.
MATHISEN: Coming up, a new breast cancer drug from Pfizer (NYSE:PFE) shows early promise. Could it be a breakthrough for the disease and the company?
MATHISEN: General Motors (NYSE:GM) dealerships are expected to start fixing those faulty ignition switches sometime this week on Chevy, Cobalt and other models that have been linked to at least 13 crash-related deaths. More than 2.3 million car owners are expected to bring their vehicles in to have the switch replaced over the next six months. The repair should take about half an hour per car.
GHARIB: Now, at the same time, a pair of recalls from Ford Motor (NYSE:F) in the bigger of the two, almost 400,000 Ford Escape SUVs from the years 2001 through 2004 are being called back to fix frame parts that could rust and impact the steering. Now, in a second unrelated recall, nearly 50,000 cars from the year 2013 and 2014 are being brought back to fix seats that weren`t properly welded.
MATHISEN: Hate to fly? You`re not alone, but passengers actually complained less last year. That`s according to the National Airline Quality Ratings that came out today.
Phil LeBeau joins us now with more.
Phil, you know, it was a rough winter for flying and it`s really surprising that care line service reached a new high, a high in 2013. Is that what the report really says?
PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT: Well, remember, the rough winter started mostly in 2014, Tyler. And, yes, it was a record high when it comes to airline service. People will say, well, what improved last year?
A couple of things did. First of all, the airlines did a better job when it comes to bumping passengers. They bumped fewer people, and the other thing to keep in mind is that the airlines, as far as they were handling complaints, they got fewer complaints, 15 percent fewer in terms of complaints to the federal government.
So, you put those two together, and you`re looking at a record performance in terms of the quality of airline service.
GHARIB: Let`s face it, Phil, not everything was better, right? You know, where are the airlines still falling short?
LEBEAU: When it comes to getting you where you want to be on time and getting your bags there without any problems. Those are the two areas that the airlines — you know, they slipped a little bit last year. We`re not talking about a huge falloff in terms of mishandled bags and the on-time percentage.
In fact, the on-time percentage was 78 percent, down just 3 percent compared to 2012. But you put that in there and those are a couple of areas where the airline did fall a little short.
MATHISEN: Let`s name names and take tail numbers. Who did best and worst, Phil?
LEBEAU: Number one for the second year in a row, Virgin America, followed by JetBlue. Number three being Hawaiian (NASDAQ:HA). Delta and then Alaska Airlines moves in to the number five spot.
And as long as you`re talking about who was the best we have to show you who was ranked at the bottom of the 15 airlines in the U.S. — Frontier, United, ExpressJet, Sky West and American Eagle. No surprise that you have a lot of the regional carriers at the bottom. They always bear the brunt of complaints.
MATHISEN: All right. Phil, thank you very much. Phil LeBeau reporting on airlines from Chicago.
GHARIB: Investors love a good dividend and they like it even better when a company increases and that`s where we begin tonight`s market focus. Procter & Gamble (NYSE:PG) upped its quarterly dividend by 7 percent today, marking its 58th consecutive year with a higher output for shareholders. Shares of the consumer products giant which makes everything from Pampers diapers to Tide detergent rose nearly 1 percent, closing at $80.49.
But Lands` End off to a rough start in its trading debut on the NASDAQ today. The clothing retailer was the latest unit spun off from Sears (NASDAQ:SHLD) Holdings which has owned it for the past 14 years. Lands` End IPO landing with a thud, down almost 7 percent to $29.55.
And not a good day for Credit Suisse. Switzerland`s second largest lender may face a new investigation by New York state banking officials for its role in helping wealthy American clients avoid paying U.S. taxes. The state`s top financial regulator requested documents from the bank to see if it lied about creating offshore tax shelters. Worried investors sold shares of Credit Suisse. They fell nearly 2 percent to $32.07.
MATHISEN: Shares of the nation`s two largest credit card processors ended lower. “Reuters” reports that a lot of big retailers are looking to lower their costs by investing in their own mobile payment systems.
Also a factor, Russia suspended payments by Visa (NYSE:V) and MasterCard (NYSE:MA) because of U.S. economic sanctions over the crisis in Crimea. Shares of Visa (NYSE:V) down 2 percent. It finished at $203.41. MasterCard (NYSE:MA) off 1 percent, it finished at $71.33.
A setback for Connecticut-based drugmaker Mannkind. Last week, shares shot up 42 percent. That after an FDA panel recommend approval of its inhaled diabetes drug Afrezza. But now, the FDA extended its review time by another three months and that sent shares of Mannkind 8 percent lower today to finish at $6.32.
More consolidation in the specialty pharmaceuticals business. Ireland-based Mallinckrodt plans to buy U.S. drugmaker Questcor for $5.6 billion. Questcor, best known for its treatments of autoimmune and inflammatory disorders. Shares of Questcor up nearly 19 percent on the takeover news, closing at $80.58. Mallinckrodt, which trades in the U.S., on the New York Stock Exchange, was off 2.5 percent to finish at $60.95.
GHARIB: Here`s another merger, this time in the generic drug industry. India`s Sun Pharmaceuticals is buying its rival, also India-based generic drugmakers Ranbaxy in an all-stock deal for just over $3 billion. Both companies make many of the lower priced generics sold here in the U.S.
MATHISEN: Closer to home, Pfizer (NYSE:PFE) reported positive results from its latest trial of an experimental breast cancer drug by doubled the lifetime of patients on the medication. But survival rates were not significantly better. Pfizer (NYSE:PFE) shares ended 3 percent lower, that made them the biggest decliner in the Dow today.
Joining us now with more on this new drug is Damien Conover. He`s the director of pharma research at Morningstar (NASDAQ:MORN).
Damien, welcome good to see you. What is the name of the drug? Who is it for? And what did the trial show?
DAMIEN CONOVER, MORNINGSTAR DIRECTOR OF PHARMA RESEARCH: Yes, the drug is palbociclib and I think it`s Pfizer (NYSE:PFE)`s most important product in their pipeline. And it`s targeting a special subset of the breast cancer population. And right now, the subset really doesn`t have a lot of good treatment options.
And what this drug showed was almost a double the benefit in progression-free survival. Now, that`s an important end point that is a positive for the drug. However, expectations for this drug were much, much higher. Hence that`s why we saw the major pullback today with Pfizer (NYSE:PFE).
GHARIB: All right. I understand, Damien, that Novartis and Eli Lilly (NYSE:LLY) are also working on some kind of similar breast cancer drug so it seems like between these three companies, the race is on. What does this mean for breast cancer patients? How soon can they expect one of these drugs or pills to be on the market?
CONOVER: Yes, I think it means a lot for breast cancer patients to have more treatment options. When you think about oncology, breast cancer particular, there`s not a lot of great treatment options out there. So, these next generation of products for the specific subset of breast cancer patients is a major door opener for these folks from either Pfizer (NYSE:PFE), Lilly or Novartis, these products should really transform the medicine that these breast cancer patients have.
MATHISEN: Even though these results for the Pfizer (NYSE:PFE) drug were received as somewhat disappointing, I gather that they are promising in the sense that they doubled the life expectancy, a certain late-stage cancer patients. How big a drug could this be for Pfizer (NYSE:PFE)?
CONOVER: When we look at the opportunity for this drug we project peak sales of $2 billion a year. Now, that`s a little bit below the street consensus statement of about $3 billion. So, we think it`s going to be a major blockbuster. There`s a huge range out there on the street as far as how big of a benefit it can be for Pfizer (NYSE:PFE) but nevertheless, a major important piece of a story for Pfizer (NYSE:PFE).
GHARIB: All right. So, who do — do you think Pfizer (NYSE:PFE)`s going to be the one that`s going to come out with this? How about these rivals that are also working on it?
CONOVER: I think Pfizer (NYSE:PFE)`s going to be first. I think Pfizer (NYSE:PFE)`s going to be able to file on the phase two data and that will give them a two to three-year head start on Lilly and Novartis. And being first to the oncology market is really important because oncologists get used to using a particular medicine and really won`t change the medicine unless a new medicine is much better in efficacy or much stronger on side effects. And I don`t see either of that happening with Novartis or Lilly`s products.
MATHISEN: Are the chances this drug becomes publicly sold good?
CONOVER: Yes, I think they`re very good. We have a 70 percent chance of approval for this product. In the spectrum of things, that`s pretty high.
MATHISEN: All right. Damien, thank you very much for being with us tonight. We appreciate your time.
CONOVER: Thanks for having me.
MATHISEN: Damien Conover, director of pharma research at Morningstar (NASDAQ:MORN).
GHARIB: Coming up next, the growing appeal and potential profits of digital-only video networks and what it might mean for traditional media companies.
MATHISEN: Citigroup (NYSE:C) says it will pay more than $1 billion to a group of private trusts to settle claims over residential mortgages between 2005 and `08. Bank of America (NYSE:BAC) and JPMorgan (NYSE:JPM) have reached similar deals with investors.
GHARIB: Two tech giants are going Hollywood. They`re taking a page right out of Netflix (NASDAQ:NFLX)`s playbook offering original TV shows like the ones you see on HBO or other premium cable channels.
“The Wall Street Journal” says Yahoo (NASDAQ:YHOO)! is working on plans to order four half-hour comedies, each consisting of ten episodes that will air on its signature Web site. And not to be outdone, Microsoft (NASDAQ:MSFT) has committed to producing six original TV shows at its Xbox entertainment studios.
And first up from the software giant, debuting next year, it`s a sci-fi series called “Humans”, about robot workers that look just like humans.
MATHISEN: And, finally tonight, investors body slammed shares of world wrestling entertainment today. Sending WWE down almost 15 percent after Wall Street expected better subscriber numbers for its new digital channel.
Morgan Brennan has more on the company`s big bet on the future and whether this could be a template for others to follow.
MORGAN BRENNAN, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): A big day for wrestling, WWE releasing its first subscriber numbers for its new all-digital streaming service called the WWE Network, the service allows fans to bypass cable and pay-per-view for online access to original series and live events. And for 9.99 a month with a six month commitment, it`s much less than a pay-per-view subscription.
Since launching in late February, nearly 670,000 wrestling fans have subscribed. A number that`s already about two-thirds of the way to the company`s stated goal of 1 million subscribers before the end of 2014. And at 1 million subscribers, the service becomes profitable.
But what may seem like a victory for the WWE Network wasn`t for investors.
DANIEL MOORE, CIS SECURITIES: I do think there were some investors that were expecting a slightly higher number, maybe upwards of 1 million. That was the catalyst for the sell-off.
BRENNAN: Since launching the streaming service, shares of WWE have surged with the stock more than tripling over the past year. But today`s numbers caused the stock to drop in what Moore calls a healthy correction. Still, the new WWE network is only one part of the wrestling story.
Last night, the company`s “Wrestlemania 30” pulled in $10.9 million. A record for an entertainment event at New Orleans Superdome and the fifth consecutive time the annual event has done so at a host venue. And the company`s largest TV contract with NBC Universal (NYSE:UVV)`s USA and Sci-Fi Networks are up for renegotiation.
That could have a positive impact on stocks between now and May.
MOORE: On a per-viewer basis, the WWE currently earns between one-fifth and one-tenth of what comparable — what comparable sports franchises like NASCAR, like NHL, earn on their carrier agreements.
BRENNAN (on camera): In the meantime, media experts will be keeping close watch on the WWE Network subscriber numbers. After all, if the streaming service succeeds in attracting the 2 million to 3 million fans that the company aspires to, this could become a model that other companies want to adopt.
For NIGHTLY BUSINESS REPORT, I`m Morgan Brennan in Los Angeles.
MATHISEN: Let me just guess that neither of us have the WWE app on our phones, do we?
GHARIB: But you were amused.
MATHISEN: I was amused, yes. Amused, yes. Not every night you see that on public television.
That will do it for NIGHTLY BUSINESS REPORT for tonight. I`m Tyler Mathisen. Thanks so much for watching.
GHARIB: I`m Susie Gharib. Have a great weekend. Tyler and I will be back and we hope to see you tomorrow.
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) 2014 CNBC, Inc.