Transcript: Tuesday, May 13, 2014

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

(COMMMERCIAL AD)

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Bluest of the blue chips.
IBM CEO in a rare television says IBM is reinventing itself, changing the
industry and has a plan for growth.

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Home front. Did the new
man in charge of Fannie Mae and Freddie Mac just make it easier for more
Americans to get home loans?

GHARIB: And, open for business. Small business owners are feeling more
optimistic. But does that mean more jobs and will the economy roar back?

We have all that and more tonight on NIGHTLY BUSINESS REPORT for this
Tuesday, May 13th.

MATHISEN: Good evening, everyone, and welcome.

Records fell again on Wall Street today as the Dow Industrials and the S&P
500 each closed at record highs. More on that in a moment.

But we begin tonight with big changes being rolled out at a company that as
much as any defines the term “blue chip”, Big Blue itself, IBM, a tech
titan, you may either own directly in your portfolio, or via mutual funds.
It contributed, by the way, not one bit today to the rising market. Its
shares were off slightly on a day when IBM CEO Ginni Rometty sat down for a
rare television interview with David Faber.

The conversation was extended and expansive, and David Faber joins us now
from New York City.

David, good evening.

It was a long interview I don`t think I`ve ever seen her on TV before.

DAVID FABER, NIGHTLY BUSINESS REPORT CORRESPONDENT: No, in fact, you would
be right now in that Tyler. I don`t believe she has been on TV, certainly
not with us. Almost two and a half years into her tenure, Rometty has
chosen to focus on clients our customers of course being those clients and
employees.

But she does seem to finally be willing to sort a try and communicate the
transition a significant one that this giant company is undergoing, a
hundred billion in revenues, 430,000 employees around the world, but not a
lot of growth.

I asked her how are you going to get growing?

(BEGIN VIDEO CLIP)

GINNI ROMETTY, IBM CEO: I think of the areas that`s important to think of
the word mix, in where we`re growing, it`s important to grow in the right
areas. So around data, $16 billion, up 9 percent, around cloud that we
ended last year almost four and a half billion for high-growth up 69
percent up over fifty percent in the first quarter. And in this whole area
of engagement, social mobile and security because to enterprise clients,
this is going to hang in the balance, security, security.

So, important to have growth in those areas.

FABER: Software sales, an important part in this company, I mean, $29.1
billion dollars.

But again to this question growth which is a key one certainly for so many
people.

I believe the software business grew 1.4 percent in 2013, slower than
worldwide software sales, slower than some of your key competitors as well.

Do you believe that that is cyclical or is that something that we can
expect only be a slow growth business?

ROMETTY: Oh, no, no. Look, you have to — when you look at our suffer
business, just like all of these big businesses, they contain two pieces of
them. They have a piece that is very high growth into these growth
initiatives, and then the part where we do mission critical work for
clients these core franchises, which are reinvented they are wonderful
source a value to clients, profit for investor, profit for us, right, in
order to reinvest in the business.

FABER: You`ve been running the company now since January of 2012.

ROMETTY: Yes.

FABER: IBM has successfully reinvented itself any number of times, even in
fact a hundred years ago when Watson Sr.

ROMETTY: Yes.

FABER: I think reinvent —

(CROSSTALK)

ROMETTY: Our founder, yes.

FABER: It`s an enormous organization.

ROMETTY: It is.

FABER: Four hundred thirty thousand, 440,000 employees, what gives you the
confidence that you can actually do what you need to do in terms of to use
your word re-invent?

ROMETTY: I have unwavering confidence. I — it is to me is very clear,
and part of it is a very clear strategy and I have got a world confidence
in the people in this company. I mean, this is at its heart, it`s an
innovation company. Some product company, it`s an innovation company.
They have reinvented before, we`ve moved the talent, we`ve moved the
investment, and they reinvented again.

FABER: As to those who would say well why not invest more? Why not do a
bigger acquisition? Why not spend even more on R&D to make sure that that
free cash flow generation that you`re relying on the future —

ROMETTY: Yes.

FABER: — to continue to fuel that repurchases actually there.

ROMETTY: If we needed more, we would invest more in other areas. So, I
feel very good that we`ve allocated a capital (INAUDIBLE) returns, right?
And so, big acquisitions that don`t return big acquisitions that failed,
that`s not a good thing to do.

And so, I feel we`re entrusted.

(CROSSTALK)

FABER: You don`t do big acquisition. You do smaller acquisition.

ROMETTY: Yes, several billion, billion is —

(CROSSTALK)

FABER: The heads up. But IBM does not do the big acquisition?

Why is that?

ROMETTY: By design, actually. I mean, we have done, a voice (ph) in the
last decade, 150 acquisitions. So, we are very much a serial acquirer, but
very clear about doom in strategic areas, intellectual property goes into
our global distribution system. So, it`s very efficient, and we always do
them around the core of the strategy.

(END VIDEOTAPE)

FABER: And, of course, they also were doing a lot of divestitures — in
fact, $6 billion worth of revenues during Rometty`s tenure. So far, that
will actually be the case when they complete the sale love their low end
server business to Lenovo, Susie.

GHARIB: You know, Dave, fascinating conversation by the way. Great
interview.

FABER: Thank you.

GHARIB: You know, she made a very good case about IBM`s strategy but when
you look at her tenure from January 2012, until now, the stock has been
basically flat. It`s been the same.

How much more patient do you think investors are have to be? And what kind
of reaction do you think analysts are going to have when they meet with her
for investor date tomorrow

FABER: You know, I think tomorrow, they`ll be asking a lot about this 2015
roadmap that they put out there many years ago, and they are sticking.
They will ask many of the same questions we heard during the first quarter
conference call about whether they can maintain the free cash flow guidance
that they gave going into this year.

I also think you`ll continue to see these questions about manufacturing
earning — something we talked about. They buy back an enormous amount of
stock, repurchases 8.2 billion since he just the first quarter this year.
That will slow this year, but nonetheless gives you a sense is the size
that we`re talking about. So, all those will be a focus.

As for Rometty, you know, it seems as though I mean, Gerstner came, it was
bad. He made it good. By the end, kind of things were slowing a bit.

Palmisano came in Palmisano, inherited, and then turned around and then by
the end of his term, perhaps he headed to Rometty, hopefully are listening
in the eyes of customers and shareholders and employees. So, have the same
kind of arc to her career there

MATHISEN: David, I want pivot to something I heard you talking about
earlier today and that is the volume of deals that you are hearing about as
you work your sources — already this year proposed but not completed,
Pfizer (NYSE:PFE) or AstraZeneca not even accepted, Valeant and Allergan
(NYSE:AGN), G.E./Alstom, Comcast (NASDAQ:CMCSA) (NYSE:CCS)/Time Warner
(NYSE:TWX) Cable, and there are others.

Why are deals heating up as much? What are you hearing? And where will
the deals likely he for the rest of this year you know this.

FABER: You know, Tyler, that`s a great question, of course, and you`re
right, we`ve been waiting for a wave of M&A for many years, and it hasn`t
really come, given an extraordinarily low borrowing costs, what typically
is a very positive response from shareholders on acquire, meaning the stock
price goes up.

And you know, relatively strong equity market certainly if you want to use
your currency. Yet, very few deals until now, I can tell you, when
speaking to the bankers and the lawyers and other people who work on these
transactions, they are as busy as they have been in many, many years. It`s
my expectation we will continue to see, announcements even perhaps some
hostile deals the likes of Valeant and Allergen, which we don`t typically
see.

It`s all about confidence, Tyler, when you get CEO conference moving in the
right direction and relative quiescent — relatively quiescent equity
market, meaning, not to up but not too down, you start to really lay the
groundwork for future deals. And when one company does it, another feels
they may need to respond.

GHARIB: And that is certainly inspiring a lot of investors that all these
big deals are happening

David, thank you so much for coming on the program. I really appreciate
and great interview once again.

FABER: Thank you.

GHARIB: Well as Tyler mentioned at the top of the program the Dow and the
S&P closed at new highs, but just barely with the S&P even topping the
1,900 mark for the first time ever during intraday trading. But there was
an unexpected slowdown in retail sales in April. They rose only one tenth
of 1 percent last month as consumers cut back on buying big-ticket items
like furniture, appliances and electronic.

The Dow added 20 points closing at — here`s the new high — 16,715. The
NASDAQ lost 13, the S&P was up a fraction of a point, ending at 1.897.

MATHISEN: Higher home prices and steeper mortgage rates are being blamed
for a weak start to the spring housing market. But relief may be on the
way from Federal Housing Authority. That news sent shares up government-
run mortgage giants Fannie Mae and Freddie Mac, surging today what some the
nation`s biggest homebuilders, like DR Horton, Lennar (NYSE:LEN) and Pulte,
all saw modest gains.

Diana Olick explains how some new rules aimed at easing credit restrictions
may help some homebuyers get loans and give a boost to housing.

(BEGIN VIDEOTAPE)

DIANA OLICK, NIGHTLY BUSINESS REPORT (voice-over): Fannie Mae and Freddie
Mac, which guarantee the vast majority of new mortgages got new orders
today that could make those mortgages a bit cheaper for both banks and
borrowers.

MEL WATT, FHFA DIRECTOR: We expect Fannie and Freddie to take actions that
improve liquidity in the present single-family housing finance market.

OLICK: To help loosen credit, Fannie and Freddie`s new regulator Mel Watt
announce the two would relax certain standards that result in banks having
to buy back bad loans.

Watt also said he would not lower loan limits from $417,000, something
Watt`s predecessor had considered as a way to reduce government share of
the mortgage market.

WATT: This decision is motivated by concerns about how such a reduction
would adversely impact the current health of the housing finance market.

OLICK: These in addition to new programs to help some of the hardest hit
housing markets like Detroit, are designed to ease credit as all-cash
investors move out and mortgage dependent homebuyers move in.

ANDY LAPERRIERE, CORNERSTONE MACRO PARTNER: The key takeaway for investors
is going to be modest increase and credit availability this can help the
mortgage market, but I don`t think that you`re seeing a radical shift at FH
FAA laureate Fannie and Freddie

OLICK: In another move to ease credit starting this fall the FHA, which is
the government`s mortgage insurer, will lower premiums for borrowers who
agree to undergo credit counseling. The FHA, which backs very low down
payment loans, lost a lot of customers in the last couple of years when it
raise those premiums to protect itself.

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

(END VIDEOTAPE)

OLICK: So, could these new rules loosening credit restrictions really
jump-start the moribund real estate market? And what`s the downside to
relaxing credit rules

Bob Brusca is chief economist at fact and opinion economics where he covers
the housing market.

So, Bob, we all thought that Fannie Mae and Freddie Mac were going to be
winding down, not expanding. What`s the switch and is it going to make
things better or worse?

ROBERT BRUSCA, CHIEF ECONOMIST, FACT AND OPINION ECONOMICS: Yes, it`s
going to make things better or worse. That`s what it`s going to do.

I think there is some truth to the idea that there might be some better
availability of credit out to certain borrowers. But the bottom line, that
the housing market is it going to be made better really by changing
financing rules. It`s going to be made better by having a better economy,
by having a real low unemployment rate that`s created by having job growth,
not by having people drop out of the labor force and you can only do so
much with these credit rules.

I think at the end of the day, you have to have people that have good
credit and the banks have been concerned because there have been put back
some mortgages in this car tend to be more costly and so, they responded by
having higher credit scores a higher hurdle to get in the market.

Well, that hurdle will probably go down a little bit now, but it`s not
clear going to make a dramatic difference

MATHISEN: You know, Bob, a lot of the deals I understand that are getting
done these days in housing are all cash deals

Why is that what does that tell you either about the nature of the economy
or the health credits.

BRUSCA: Now, the all-cash deals I think I`ve been running somewhere a
little bit north at thirty percent of the market. The real problem is that
new home buyers is still a very small proportion the market, that new
people just can`t get into the market, housing prices are high. And this
is the problem housing prices were very low for a while and during the
crisis, and that was bad for people who own house, it was good for people
who wanted to buy them.

Well, now, the prices have recovered a lot, mortgage rates also have gone
up, and that`s increase the size of the hurdle people have to go over in
order to be qualified to buy a home. So, you know, that`s what of the
problems come from. They come from the fact the economy`s on a little bit
better and housing prices have recovered.

GHARIB: You know, Bob, you said a moment ago that housing will recover
when the economy recovers. You know a lot of people think that if housing
recovers, that will make the economy stronger. Do we have it backwards?

BRUSCA: But if you`ve got a big enough tail that can wag the dog, but the
housing sector is far too small to create have the growth will drive the
economy forward.

MATHISEN: Prices though, if you look at the Case-Shiller, are actually
year-over-year quite healthy. Is that actually a bad thing because they`ve
gotten so high in some markets that that basically affordability is gone so
far down?

BRUSCA: Of course, you still have some are considered pretty depressed.
You know, my hometown Detroit is still depressed, very depressed home
prices and that`s been the situation now for some time because the
economy`s depressed, and places where the home prices have gone up, it`s
because they`ve recovered from these tremendous sell-offs. And now,
they`ve gotten back to levels where they`re probably normal or maybe even a
little bit high.

Whether they`re high or not depends on what happens with interest rates in
the future. And we get some inflation, if interest rates start to go up,
but it will drive the home affordability indexes down, and it will cause —
put downward pressure on home prices home prices. Home prices can be high
when interest rates are low. Interest rates are low now, so there`s a
relationship there you have to keep in mind — low interest rates are big
reason why home prices are so high right now.

GHARIB: All right. We`re going to leave it there. Bob Brusca, chief
economist at Fact and Opinion Economic — thanks a lot, Bob.

BRUSCA: Thank you.

GHARIB: And to read more about the changes in the mortgage market, go to
our Web site, NBR.com.

MATHISEN: Small businesses often called the backbone of the US economy,
with more than half of all Americans working for one, or owning one.

And a new survey showing a six and a half year high in optimism by small
business owners, raising a lot of hopes now for jobs and maybe even
economic growth.

Hampton Pearson has more.

(BEGIN VIDEOTAPE)

HAMPTON PEARSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):
Optimism among small business owners was in a post-recession high in April,
but there`s no sign small businesses nationwide are ready to take off.

The closely-watched optimism index from the National Federation of
Independent Businesses, what about ninety-five last month for the first
time since the fall of 2007, but NFIB chief economist William Dunkelberg
says it`s just a modest gain in a still slow growth economy.

WILLIAM DUNKELBERG, NFIB CHIEF ECONOMIST: There`s much for a breakout as
we pointed out the average for the index going into the recession was and
that`s over forty years was a hundred. So, we`re still five points below
that mark, but you know but progress is progress.

PEARSON: Among the success stories, Z Burger. Its six locations in the
Greater Washington, D.C. area have gross sales in excess of $2.5 million
dollars a year. More locations are on the way and just this week, its added
a brand new salad and sandwich section to its flagship D.C. location.

UNIDENTIFIED FEMALE: We have a lot of our mothers and fathers that come
here, get a salad and a sandwich and then go over there, get a burger and a
milkshake with a kid. So, this accommodates their families.

PEARSON: The expansion plans here follow other building blocks for future
small business growth nationwide. More than half a businesses surveyed
said they plan to expand — earnings are improving, small businesses are
able to raise prices and the job creation index is up three points.

DUNKELBERG: We`ve had seven months in a row where firms actually increased
employment on balance, and that hasn`t happened since 2006. So, we are
moving ahead.

PEARSON: Three major concerns face nearly all small businesses, concerns
about taxes government red tape and regulation and poor sales

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

(END VIDEOTAPE)

GHARIB: Still ahead, is another tech bubble brewing? We talk with the big
deal makers in Silicon Valley. That`s coming up.

(MUSIC)

GHARIB: Victims of Wall Street swindler Bernie Madoff are claiming a lot
more losses than authorities expected. The Justice Department received
nearly 52,000 claims from people in 119 countries, who say they lost money
in Madoff`s Ponzi scheme, totaling about $40 billion. That`s three times
as many claims that were filed in bankruptcy proceedings for Madoff`s
investment firm.

MATHISEN: French bank BNP Paribas is reportedly in talks with the Justice
Department and other agencies, to pay more than $3 billion dollars to
settle investigations into whether it violated US sanctions against doing
business with Iran, Sudan, and Cuba.

GHARIB: A huge settlement reached with Sallie Mae on student loans. The
private lender agreed to repay 60,000 members of the U.S. Armed Services, a
total is $60 million dollars to settle allegations that it overcharged for
loans and ignored a 6-percent interest rate cap required by law.

Here`s Attorney General Eric Holder.

(BEGIN VIDEO CLIP)

ERIC HOLDER, ATTORNEY GENERAL: According to an audit, excessive rates were
charge to 93 percent — 93 percent up active-duty servicemembers who had
loans that were owned or serviced by Sallie Mae.

(END VIDEO CLIP)

MATHISEN: Sallie Mae will also ask that all three major credit reporting
bureaus delete any negative credit history entries related to those
overcharges and any improper defaults

Coca-Cola (NYSE:KO) is taking a bigger swig of Keurig Green Mountain, and
that`s where we begin tonight`s “Market Focus”.

Coke plans to up its stake in Keurig Green Mountain, the company that makes
a single serve coffee maker to 16 percent from 10 percent. The move comes
after the beverage giant signed a deal with Couric back in February.

Shares of Coke rose a fraction to $41.11, and shares of Keurig soared 7 1/2
percent to $119.07.

Microsoft (NASDAQ:MSFT) is coming out with a lower-cost version of its
popular Xbox One video game console. It`s going to retail for $399.
That`s $100 less than the regular device, but the cheaper console won`t
have the motion and voice sensor feature called Connect and it will also
offer all Xbox 360 and Xbox One owners, access to act like Netflix
(NASDAQ:NFLX) without having to pay an extra fee.

Shares of Microsoft (NASDAQ:MSFT) pop almost 2 percent to $42.42.

MATHISEN: Europe`s highest court ruled today that people have the right to
beat for cop and that they can ask Google (NASDAQ:GOOG) to remove some
information, internet search results like article links with personal
information.

The ruling means that Google (NASDAQ:GOOG) will assume the responsibility
and cost for removing that information. Here`s how shares of Google
(NASDAQ:GOOG) performed today up a fraction to $541.54 cents.

Shares Whirlpool (NYSE:WHR) tumbled after the after the government reported
the electron that electronics and appliance stores saw sales decline last
month. Also, the stock was downgraded by Longbow Research to neutral from
buy. The firm cited slowing trends in the US housing market and declining
demand in Brazil.

Whirlpool (NYSE:WHR) shares down almost 3 percent to $150.55.

GHARIB: Top investors, entrepreneurs and innovators began gathering today
at the venture skate conference in San Francisco. And as they all look to
invest big sums of money in the next in “new” new thing, a lot of them are
asking whether there may be a bubble brewing in the tech sector.

Josh Lipton has more.

(BEGIN VIDEOTAPE)

JOSH LIPTON, NIGHTLY BUSINESS REPORT CORRESPONDENT: Denture capitalists
are always on the hunt for the next big moneymaker

And it`s here at Venturescape with the pros are talking about their latest
investments.

Venturescape is a two-day conference in San Francisco, where top V.C.s come
together for panels, discussions, and lots of networking.

One big topic this year, is there a tech bubble in Silicon Valley?
Valuations have startups are rocketing higher, Airbnb and Dropbox are now
both valued at $10.8 billion dollars. Venturescapes Events, Pinterest and
Uber are both around $4 million, Space X at nearly billion, Pinterest Uber
are both around $4 billion.

Despite these lofty valuations, some V.C.s argue their is no bubble in
Silicon Valley, unlike the last text bubble here they say start-ups today
are real businesses, with real revenues.

UNIDENTIFIED MALE: Back in `99, most companies were going public after
about four years. Today, that`s been elongated to about nine years, and so
you see this in their revenue in their level of maturity.

So, you know, average annual revenue for company going public in `99 was
about $12 million. Today, it`s about $106 million is what the numbers work
2013.

LIPTON: Venture capitalists invested nearly $10 billion in the first
quarter, that was the highest quarterly total in about 13 years. By
sector, the software industry received the highest level of funding, rising
nearly 40 percent from the prior quarter to $4 billion, that was filed by
biotech and IT services.

Even those V.C.s who don`t think we`re in another bubble do say they are
start-ups that will have to prove they deserve those rich valuations.

VENKY GANESAN, MENLO VENTURES: From the outside, you look at Airbnb at $10
billion, or Dropbox at $10 billion market cap, and you say that you know
there`s a lot of room in value they need to build in from a financial
metrics standpoint.

LIPTON: Bubble or no bubble, Venture Capitalists are finding plenty of
places to commit capital, only time will tell if they`re paying smart price
for their investments.

Josh Lipton, NIGHTLY BUSINESS REPORT, San Francisco, California.

(END VIDEOTAPE)

MATHISEN: And coming up, how Wall Streeter, sports stars and celebs are
teaming up to give back, raising tens of millions of dollars for those in
need.

(MUSIC)

GHARIB: Some of the biggest names in sports and Hollywood and made their
way to Wall Street today as trading firm BTIG held its annual charity day,
all the day`s commissions are being donated to a whole bunch a worthy
organizations.

Bob Pisani was there as some big names chipped in and told us where the
money`s going.

(BEGIN VIDEOTAPE)

(CHEERS)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRSPONDENT (voice-over): What would
get sports stars Eli Manning, Shaquille O`Neal, Carmelo Anthony, supermodel
Petra Nemcova, Dallas Mavericks owner and “Shark Tank” star Mark Cuban, as
well as fifty other stars in a room together in midtown Manhattan. They`re
here for the annual BTIG charity day, the brainchild a founder Steve
Starker.

STEVEN STARKER, BTIG CO-FOUNDER & MANAGING DIRECTOR: We`re really excited
about today, we raise over $30 million over the last 12 years, 250
charities participated last year and I think over a hundred celebrities
over the last 12 years how to support this effort.

PISANI: It`s a simple idea — all the commission money BTIG collects today
goes to charity.

Each celebrity represent a charity they are associated with and makes a
series of honorary trade on the floor on behalf of BTIG clients. The money
raised from commissions it`s divided up between the charities.

Four-time NBA champion Shaquille O`Neal is representing his mother`s
charity.

SHAQUILLE O`NEAL, RETIRED NBA PLAYER: She has a charity that`s called
Odessa Chambliss Quality of Life. What she does is she reports scholarship
for young ladies who want to be nurses.

PISANI: Managing the PR side of celebrity careers including charity work
has become increasingly important in the age of social media

New York Giants quarterback Eli Manning had one of the worst years of his
career last year, but he still popular with the public.

ELI MANNING, NY GIANTS QUARTERBACK: You just got to be a good guy, and
what you — your best season of your life, a season where you don`t do as
well, you think as well you still want to be nice to people and go out
there and work hard.

PISANI: BTIG is hopeful they`ll raise roughly $5 million today for
charity, after all the men and women who work on this floor, the hope is
that back will counteract some other negative PR that`s been around about
Wall Street.

For NIGHTLY BUSINESS REPORT, I`m Bob Pisani.

MANNING: And I`m Eli Manning.

PISANI: At the BTIG charity event.

(END VIDEOTAPE)

MATHISEN: What a nice guy he is, Eli Manning. Thank you, Eli.

And finally tonight, another big charitable event — the annual Robin Hood
Foundation Dinner bringing hundreds of celebrities in Wall Street`s biggest
investors together to raise money for New York City food programs, homeless
shelters and job training services.

Look at some the people attending, Bill Ackman of Pershing Square, in the
middle that Valeant fight for Allergan (NYSE:AGN), Jeff Bezos, from Amazon
(NASDAQ:AMZN), Congressman Eric Cantor of Virginia, and the tennis legend
and bad boy, John McEnroe, putting on a nice smile their. Monday`s night
gala raise $60 million, including $35 million for the American Dream Fund
to help new immigrants struggling in poverty.

Wall Street giving back.

GHARIB: Sixty million there, $5 million there, it dads up to big money

MATHISEN: 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
evening. We`ll see you here tomorrow night.

END

Nightly Business Report transcripts and video are available on-line post
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