SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Radio silence. A Wall
Street analyst issues a dire warning for a familiar retail name,
TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Pay off. A very
different story for Apple (NASDAQ:AAPL) — shares rebound as investors try
to determine whether its new mobile payment systems will change the way
consumers spend and business gets done.
GHARIB: And oil slick. Why it is a bad time to be in energy bull.
We have all that and more tonight on NIGHTLY BUSINESS REPORT for
Wednesday, September 10th.
MATHISEN: Good evening, everyone. Welcome and thanks for joining us.
It was a tale of two companies on Wall Street today. One, an
innovator who saw its stock climbed, taking the entire tech sector along
for the ride. The other, a beaten down retailer that one top analyst
predicts may not be around much longer.
We begin tonight with the innovator, Apple (NASDAQ:AAPL), the tech
giant`s splashy star-filled launch with U2 of two new iPhones, its first
ever smart watch, and an all new mobile payment system took place
yesterday. But it took until today for investors to rally around the
country. They sent shares 3 percent higher.
Traders say today they took little notice of those larger and updated
smartphones and the watch, instead they focused on Apple (NASDAQ:AAPL) Pay.
That`s the all-new mobile platform, and the enormous power it might give
Apple (NASDAQ:AAPL) in the $4.5 trillion consumer marketplace.
Now, Apple (NASDAQ:AAPL) already known as a disrupter, shaking up and
challenging the movie, the music, the phone, and computer industry. But
now, with Apple (NASDAQ:AAPL) taking on the stodgy, slow to catch on world
of mobile payments hoping to succeed where others have failed in taking
your wallet off your hip and putting it on your phone.
Mary Thompson has more.
MARY THOMPSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): A
new iPhone and a new business for Apple (NASDAQ:AAPL).
TIM COOK, APPLE CEO: Our vision is to replace this.
THOMPSON: CEO Tim Cook aiming to replace your wallet with Apple
(NASDAQ:AAPL) Pay, a mobile wallet. This lets an iPhone 6 user scan his
thumbprint before they tap and go, or pay per purchase with the wave of
their phone. The payment made possible by a technology called near field
communications or NFC, the transaction made more secure because it`s not
your credit card information stored on the phone. It`s a scrambled set of
numbers representing your data called a token.
CHRIS MCWILTON, MASTERCARD PRESIDENT, NORTH AMERICA: You`ve got all
kinds of protection. We think it`s a safe, secure way to do it.
THOMPSON: MasterCard (NYSE:MA), along with Visa (NYSE:V), American
Express (NYSE:EXPR) (NYSE:AXP) and a number of banks will partner with
Apple (NASDAQ:AAPL), paying an undisclosed fee for each Apple (NASDAQ:AAPL)
Pay transaction, expecting to recover the fees through higher transaction
(on camera): Apple (NASDAQ:AAPL) is not the first with the mobile
wallet. Google (NASDAQ:GOOG) wallet has been around for a couple of years,
but resistance from retailers, among other things, slowed its adoption.
(voice-over): So, Apple (NASDAQ:AAPL) is bringing retailers on board,
partnering with Macy`s, McDonalds, and others who will accept Apple
(NASDAQ:AAPL) Pay. Their clients getting speedier check outs from a system
security analysts say will cut down on fraud.
AVIVAH LITAN, GARTNER RESEARCH SECURITY ANALYST: In the end, the
retailers are still responsible for anything that happens at their site.
But because Apple (NASDAQ:AAPL) is turning the credit cards into tokens,
there is much less risk that anyone can breach a retailer and get a credit
card from them.
THOMPSON: Still, only a fraction of the U.S. stores will accept Apple
(NASDAQ:AAPL) Pay for now. Analysts see that number growing quickly,
thanks to the new rollout of new point of sales systems that will accept
NFC transactions, as well as consumers` broader adoption of mobile
GIL LURIA, WEDBUSH SECURITIES MANAGING DIRECTOR: If retailers adopt
NFC broadly, agree to the concept of mobile wallet, get used to it, start
using that platform to provide offers, that`s going to be great for PayPal
and Google (NASDAQ:GOOG) wallet because they will be able to add a lot of
mobile wallet customers themselves.
THOMPSON: Meaning Apple (NASDAQ:AAPL) could pay off for their rivals,
For NIGHTLY BUSINESS REPORT, I`m Mary Thompson.
GHARIB: On the flip side of Apple (NASDAQ:AAPL) today, the troubled
electronic retailer RadioShack. Shares of the specialty chain tumbled
today, down as much as 13 percent at one point, after an analyst set his
price target on the stock to zero, and said a bankruptcy filing is
So, how close is the chain to packing it in and can RadioShack turn
Morgan Brennan reports.
MORGAN BRENNAN, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):
RadioShack is a retail icon, but to some users, it`s becoming a bit of a
UNIDENTIFIED FEMALE: I can find things at other places. It`s not my
BRENNAN: More than one analyst sees the stock now under a dollar a
share heading to zero, and lenders are becoming increasingly wary as
RadioShack burns through cash, losing almost $100 million in just three
months earlier this year, while same store sales fell about 14 percent.
ANTHONY CHUKUMBA, BG&T CAPITAL MARKETS: Everybody knew that
RadioShack was struggling, that was no surprise. But the magnitude of the
losses was shocking, quite frankly. I don`t know if the fat lady is
singing yet, but she is definitely warming up.
I do not think that RadioShack has added the liquidity to make it
BRENNAN: It`s not secret that brick and mortar electronic stores are
struggling, not good news for RadioShack, which is hurting as much if not
more than many of them.
(on camera): In its glory days, RadioShack was always there for
people who liked to make things, hobbyists who build ham radios, or if your
computer needed a new battery or adapter. But nowadays, consumers are
increasingly turning elsewhere, ordering parts online or buying new
electronics altogether, even a push into mobile phone accessories part of
RadioShack`s attempt at a turnaround has not been enough to stave off the
dramatic sales slump.
CHUKUMBA: They used to have this convenience advantage. There was a
RadioShack within a five-minute drive with a vast majority of the U.S.
population, but now, they`ve got so much more competition and nothing is
more convenient than the Internet.
BRENNAN (voice-over): RadioShack is also trying to move past an image
that screamed the `80s. The updated stores are doing OK, but it`s not
likely the company can afford to renovate or open many more of them. In
fact, it`s been closing certain locations.
What to do? At least one shopper has a couple of ideas.
UNIDENTIFIED MALE: I think that RadioShack could expand in terms of
its services and showing people how to use their devices more
intelligently. I think they can show them how to build their web pages and
do things like that. I think it`s a terrific store. And I hope it`s keep
BRENNAN: For now, though, the clock seems to be ticking,
For NIGHTLY BUSINESS REPORT, I`m Morgan Brennan in New York City.
MATHISEN: Michael Pachter joins us now to discuss his bankruptcy call
on RadioShack. He`s the managing director of equity research at Wedbush.
Mr. Pachter, welcome. Good to see you again, Michael.
MICHAEL PACHTER, WEDBUSH MANAGING DIRECTOR OF EQUITY RESEARCH: Hey,
Tyler, thanks for having me.
MATHISEN: You know, I like RadioShack. I was just saying to Susie, I
like to go there because there`s nobody there, it`s always empty and you
can get out in a hurry.
Do you think this store can make it even into the Christmas holiday
season this year given its liquidity position?
PACHTER: I think without a capital infusion, they can`t. I don`t
think they have enough cash to buy inventory for the holidays. I don`t
think that vendors are going to advance them inventory without, you know,
And their cash balance is below $100 million. You know, as the
reporter said they`re losing about $100 million a quarter. So, they`re
going to be out of cash before Christmas. I`d say that if they don`t get
the capital infusion before November 1st they don`t keep the doors open.
So, money is coming in somehow. My call is that money is going to
come from a very savvy creditor who is going to insist on becoming senior
to all existing creditors. And that is easiest if they force a bankruptcy,
wipe out the equity holder, allow the company to renegotiate existing
leases. That will put the company in better financial health if they
declare bankruptcy first.
GHARIB: You have to wonder why anyone would want to put good money
after bad. I guess that`s, you know, somebody who has some kind of vision.
But absent that, is it possible? I mean, what`s next for RadioShack? Will
somebody else buy it? Would pick it up at some retailer?
PACHTER: You know, I think that it made a lot of sense to Best Buy
(NYSE:BBY), handful of years ago, five or six years ago, Best Buy
(NYSE:BBY) was making a big push into, you know, stand-alone mobile stores
and RadioShack has about the right size and about the retail footprint for
that. Best Buy (NYSE:BBY) really can`t afford to do that right now, so I
don`t think that`s a possibility. And nobody is really looking for small
sized stores. I mean, you have game shop with 5,000 or 6,000 small stores,
they are slowly converting to an AT&T (NYSE:T) third party carrier
I don`t see anybody stepping up and buying small format stores. I
think if RadioShack and declares bankruptcy, someone may come in and buy a
piece of it or the name, but I don`t think anybody buys old company.
MATHISEN: I know when you and I last spoke, we were talking about
Best Buy (NYSE:BBY) and really the disruption of this particular space. I
don`t know how many stores Radio Shack has now. But what might be ideal
for them in terms of a share store count if in fact somebody comes in and
does take them on and try and operate them.
PACHTER: They probably would thrive with about half as many stores.
So 2,000 to 3,000 stores would probably make sense.
I think they need to carry a broader array of products. I think they
need some capital to bring people back in the store.
So, their problem is not really what they offer in the store. Their
problem is driving traffic there. They don`t have the money to market, so
even though they`re actually doing a great job of reformatting the stores,
they just aren`t making anybody aware of it. They can`t afford to market.
So, that`s killing them.
GHARIB: Right. Michael, in just a few words — I mean, what is the
RadioShack lesson here? That you have to be a big serious player on the
Internet, online? I mean, what`s the story?
PACHTER: Well, the lesson is that convenience is the Internet. It`s
easier to buy things on the Internet than it is to get up and go out to a
store for a convenience item. RadioShack is a convenience store. They`re
doomed because of that, I think.
MATHISEN: On that note, we end it.
Michael Pachter, thank you very much.
PACHTER: Thank you.
MATHISEN: Michael (INAUDIBLE) today from Wedbush.
GHARIB: On Wall Street today, stocks were able to turn around early
losses, thanks to a rally in those Apple (NASDAQ:AAPL) shares we told you
about. And enthusiasm for Apple (NASDAQ:AAPL) helped lift the entire tech
sector. The Dow rose 54 points, the NASDAQ added 34, the S&P was up seven
Now, energy was the biggest decliner in the S&P, after a government
report showed U.S. oil supplies were higher than forecast last week. And
crude prices fell to an eight-month low. West Texas Intermediate fell to
$157 a barrel, Brent Crude also down 1 percent to $98 and change.
Bob Pisani takes a look at the reasons behind the drop in oil prices
and what`s next for the energy sector.
BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): Oil
dropped to an eight-month low today. That is great news for consumers and
it`s a big help for an improving economy. Now, you think with all this
chaos in the Middle East, oil prices would be skyrocketing.
But the opposite is happening. That`s because despite the chaos, the
demand for oil is weak, because with the exception of the U.S. the global
economy is not doing that well. And there`s plentiful supplies of oil,
because the U.S. has become a big additional supplier. So, we have lower
demand and plentiful supplies.
Little wonder that energy stocks are lagging the stock market. The
major energy ETF, the XLE, is sitting at a four-month low. And stocks like
Exxon and Chevron (NYSE:CVX) have been a major drag on the Dow in the month
Other big global energy stocks like Total, Petrobras, and PetroChina
were also down today and they have been weak for days.
There is a larger problem for energy. There is not a lot of
visibility on demand growth. So if you can project how much economic
growth there will be in the world if you have some certainty on what you
think the global GDP will be, for example, you can project a model that
will be project demand for oil.
But without a clear viewpoint on global growth, you`re lost trying to
figure out the price of oil should be.
The president is speaking tonight on what he will do about the ISIS
threat in Iraq and Syria. What traders want to hear is that the president
will find a way to get this problem under control. It will mean more
certainty for the global economy and stability is what everybody wants
For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock
GHARIB: Well, as Bob just reported, President Obama will address the
nation at 9 p.m. Eastern Time tonight. The president is expected to
outline a broad strategy to defeat the Islamic militants in the Middle
East. How will that strategy play out in the markets and how will
Joining us now, Mike Holland. He`s chairman of his own money firm
Holland and Company.
Hi, Mike. So, complicated situation here. What do you believe the
president will say? Will it have a market reaction especially tomorrow,
especially as we`re coming close, and tomorrow is the anniversary of 9/11?
MIKE HOLLAND, HOLLAND & COMPANY CHAIRMAN: Well, Susie, as Bob Pisani
just reported, the market is coming into this with a preview of its
thoughts about that question. And that is that there will be no surprises.
We, unfortunately, have begun to get used to the terrorist threat over
hanging us, as you said, a bunch of years ago, 9/11, was in New York that
day. That was — our wake-up call. We`re living with it. It`s now
getting worse and we presume it`s going to be with us for a long time.
He`s going to tell us that tonight.
I think a lot of what he`s going to say has already been thought about
by the markets. The stock market is not political. It was up a little
I think the stock market, actually, Susie, is more worried about
what`s going on with Mr. Putin and Eastern Europe, and actually, in a
shorter term basis, what`s going on in the U.K. and Scotland. They are
coming up for a separation vote in just several days. And that was
actually something that scared the market a little bit today, when it
looked as if there was a possibility that they would vote to separate from
the U.K. That would be disrupted.
But tomorrow, market is not looking for surprises whatsoever.
MATHISEN: Let`s talk, Mike, a little bit about the defense sector and
whether in light of the president`s new strategy that he will unveil
tonight, there could be decreased spending in the United States. And if
so, would it be the aerospace company? The drone makers? Where?
HOLLAND: Ty, I think you put your finger on something. This is going
to be with us, the president already said this is going to be a three-year
plan, and it`s going to be much more than that. And all of the sectors you
just talked about will be longer term beneficiaries of this.
So, I think the answer is yes, yes, and yes.
GHARIB: Let me just ask. So, this war — it`s going to be a long
war. That`s what the president says, three years, you`re saying, or more.
With that overhanging all of this — I mean, what are you as an
experienced investor doing with your portfolio? Are you making any tweaks
to it? Adjusting things to allow for this kind of long-term conflict?
HOLLAND: That`s the right question for the viewers, Susie, because I
learned just coming into the business many years ago that one of the most
important things about investing is to survive. You survive the fair
markets and the way to do that is when we are hitting the new highs as we
are right now, given all of these negative headlines, that one would like
to take some off the table. That`s just what I`m doing myself.
I still got a very full equity portfolio, but I`m taking some chips
off the table. And in 2008, when things were very ugly, as Warren Buffet
said, that`s when you buy some things. So, right now, I`m actually pairing
back, I`m not selling willy-nilly, but I`m taking some things off the
table, just in the last several days.
GHARIB: OK. Thanks, Mike for putting it all in perspective. Mike
Holland with Holland and Company.
HOLLAND: Thank you.
MATHISEN: And still ahead, why Microsoft (NASDAQ:MSFT) may be about
to shell out roughly $2 billion for a videogame maker.
GHARIB: We talked a lot about Apple (NASDAQ:AAPL)`s new gadgets, but
Apple (NASDAQ:AAPL) isn`t the only company launching a new product.
Activision Blizzard (NASDAQ:ATVI) says that the release of its sci-fi
shooter videogame “Destiny” on Tuesday was the biggest videogame launch
ever, with half a billion dollars in pre-order to stores and consumers in
just one day.
MATHISEN: Well, another popular game title is making news. Microsoft
(NASDAQ:MSFT) is hoping to lure mobile customers, especially younger games,
by buying the maker of the “Minecraft” video game.
So, why is Microsoft (NASDAQ:MSFT) making a big move into gaming? And
will the strategy work?
Josh Lipton has more.
JOSH LIPTON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): You
might not know this videogame, but your kids probably do. “Minecraft” is a
game in which players face off against monsters and it`s become a global
blockbuster. Over 50 million copies of the game have been sold in the past
five years, and it`s the number one paid app on iTunes.
SARTORI BERNBECK, EEDAR, SENIOR MARKET ANALYST: It really allows
players to on such a core distinct level create magnificent worlds to share
and play around with other people. And it`s the same sort of inspiration
and feeling that you get from building LEGO blocks as a child.
LIPTON: Gamers aren`t the only ones who like “Minecraft”. Microsoft
(NASDAQ:MSFT) is also a fan. The tech news site Re/code reports the
software giant could be buying Mojang, the Swedish maker of “Minecraft”,
for $2.5 billion.
Analysts who cover Microsoft (NASDAQ:MSFT) say the deal makes sense.
DANIEL IVES, FBR CAPITAL MARKETS: Microsoft (NASDAQ:MSFT) needs at
this point to get consumers on its mobile platform. “Minecraft” could be
key to that, especially with new key acquisition and the launch as we
expect next three to six months. As well as there were some wavering, if
Nadella was committed to Xbox, now this really cements that strategy.
LIPTON: The deal would be surprising in some ways given the history
of friction between Mojang and Microsoft (NASDAQ:MSFT). Mojang`s outspoken
co-founder Markus Persson once criticized Microsoft (NASDAQ:MSFT) on
Twitter for ruining the PC. But it`s not all negative. In another tweet,
he did call the company big and scary but also said he enjoyed working with
(on camera): Analysts say Microsoft (NASDAQ:MSFT) is working to
attract a younger demographic. It`s hard to imagine a better way to
accomplish that goal than buying a wildly popular and profitable video game
Josh Lipton, NIGHTLY BUSINESS REPORT, Silicon Valley.
GHARIB: An upbeat quarterly report from Lands End sends the stock
surging, and that`s where we begin tonight`s “Market Focus”.
The clothing retailer said its results improved since being spun off
from Sears (NASDAQ:SHLD), second-quarter profits jumped thanks to stronger
sales. The CEO said that the company continues to show progress, even in a
challenging retail environment. Shares soared 20 percent to $40.20.
We have an update on the dollar war saga. Dollar General (NYSE:DG)
has gone hostile with its $80 a share bid for Family Dollar. It`s taking
its offer directly to shareholders since Family Dollar has been proceeding
with plans to be acquired by the other dollar chain, Dollar Tree
(NASDAQ:DLTR). Shares of both companies were up a fraction.
Shares of NPS Pharmaceuticals (NASDAQ:NPSP) rose sharply after a
preliminary review by the Food and Drug Administration showed good results
in the company`s hormone replacement therapy clinical trials. This report
comes just days ahead of a meeting of FDA advisers, who will discuss
whether the drug should be approved. The stock soared 25 percent to
MATHISEN: Well, Google (NASDAQ:GOOG) is buying Lift Labs, to add to
its Google (NASDAQ:GOOG) X research unit, as part of its push into biotech.
The start-up makes a high-tech spoon, among other things, that helps people
with certain neurological disorders to eat. The terms of the deal weren`t
disclosed. Class A shares of Google (NASDAQ:GOOG) were down a little to
The network gear maker JDSUniphase says its splitting into two
separate public companies. This as it looks to expand in the data
communication market and strengthen its network business. It expects that
division to be finalized in the third quarter of 2015. So, that`s a long
Shares were higher after the announcement in after-hours trading, as
you see on that spike on the chart. During the regular day, though, the
stock was up 3 percent to $12.10.
A dividend hike to tell you about. It`s Yum Brands (NYSE:YUM), the
owner of Taco Bell and Pizza Hut, it`s upped its payout by 11 percent to 41
cents a share, added by a little extra sauce. That will be payable to
shareholders in November. After hours shares fell, but during regular
trading session, the stock was up slightly to $72.59.
GHARIB: And investors are lined up for the initial public stock
offering for Chinese ecommerce giant Alibaba, just two days after the IPO
was announced and just one day into its so-called road show by company
execs to sign up investors all over the globe. Alibaba has already
received enough orders to cover the entire $22 billion stock offering.
It`s expected to be the biggest IPO ever.
And coming up, trouble in Toyland. What some retailers are doing in
early September to make sure they are rewarded in December during the
MATHISEN: Detroit`s federal bankruptcy trial is on hold at least
until Monday after city officials reached a major deal with one of its top
creditors, holdout Wall Street bondholder Syncora is ending its opposition
to Detroit`s proposed debt-cutting plan, a so-called grand bargain that
softens pension cuts to municipal retirees and preserves the artwork, by
the way, at the Detroit Institute of Art. Syncora once called the proposal
GHARIB: Another tough blow for the Garden State, ratings firm S&P cut
New Jersey`s credit rating another notch, the state`s eighth consecutive
downgrade on concerns about the state`s hugely underfunded public employee
pension funds. That makes New Jersey the second lowest rated state by the
S&P, right behind Illinois.
MATHISEN: Christmas is still more than 100 days away, but the
nation`s biggest toy retailers aren`t playing around. They`re already
putting out their holiday hot toy list as stores and toymakers gear up for
what they hope will be a busy toy shopping season.
But are toys any match for the electronic gadgets that every kid seems
to want? And what are the year`s hottest toys? Mackie, I`ll be taking
Courtney Reagan takes a look.
COURTNEY REAGAN, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):
Kids across the country have hardly sharpened pencils for back-to-school.
And while there are still 105 days until Christmas, retailers are already
duking it out for the hit holiday toys.
Today, Walmart and Toys R Us unveiled hot holiday toy lists. K-mart
is promoting its layaway program with a tongue in cheek television ad.
UNIDENTIFIED FEMALE: It`s too early for Christmas. So, just to be
clear — this is not a Christmas commercial.
REAGAN (on camera): But there has been trouble in Toyland over the
last several years. There hasn`t been a must-have toy, and with the
proliferation of smartphones and tablets, kids are less interested in
(voice-over): Sluggish Barbie sales contributed to Mattel
(NASDAQ:MAT)`s 9 percent sales drop in the most recent quarter. The
toymaker stock is trading at two-year lows. Hasbro (NYSE:HAS), the
toymakers whose brands include Play School, Nerf and Play-Doh saw sales in
the U.S. and Canada fall 2 percent in the most recent quarter. The revenue
for the division that includes digital gaming grew 35 percent.
MPD Group says mobile app games are the most requested play products
for kids age 2 to 12. Parents in Times Square say they expect Apple
(NASDAQ:AAPL) will top their children`s wish list this holiday season.
DAWN SPURLIN, PARENT OF TEENS: It`s not exactly a toy, but I think
the iPhone 6 is going to be on the list this year.
SCOTT KOENIG, PARENT: Tangible toys are not really as much of a thing
for her as much as electronic toys at the present time.
REAGAN: Making it difficult to hit a holiday home run.
RON KLEIN, PWC RETAILER & CONSUMER PRACTICE ADVISORY DIR.: The
traditional toy retailers will continue to have to work hard with major
media plug ins, TV shows, movies, to get kids excited about their
characters and their games through all these angles of exposure.
And at the end of the day, there are kids who still want to play with
dolls, still want to play with toy cars. All of those experiences won`t be
replaced with mobile devices.
REAGAN: Toys that are keeping kids entertained are creative, tech or
movie-focused; better yet, a combination of the three. Retailers are
making sure their assortments skew towards toys that have a physical and
tech component. Some potential hits could be a LEGO kit with an iPad app,
or a Malibu Barbie house with a smartphone mount to act as a big screen TV
for the famous doll. And everything associated with the Disney (NYSE:DIS)
But while retailers continue to compete with each other and for
consumer dollars by pushing prices lower and lower, it may not be enough to
get kids off those touch screens to playing make-believe.
For NIGHTLY BUSINESS REPORT, I`m Courtney Reagan.
GHARIB: And finally tonight, the Park City, Utah ski season is a go
this winter. An update on a story we told you about a few weeks back where
a company that owns the bottom of the mountain resort where all the ski
lifts are located would not allow access to the top of the mountain. But
now, after a long dispute, the owner of the bottom has agreed to pay a $17
million bond to maintain access to the top, at least for the upcoming
season. You have to sell a lot of ski lift tickets but I don`t think they
should have a problem.
MATHISEN: No, that will be nice out there.
GHARIB: That`s NIGHTLY BUSINESS REPORT for us. I`m Susie Gharib.
Thanks for watching.
MATHISEN: And I`m Tyler Mathisen. Thanks from me as well. Have a
great evening, everybody. We`ll see you back here tomorrow night.
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