Transcript: Nightly Business Report — May 8, 2015

NBR-ThumANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and Sue Herera.

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: A jobs fueled rally, stocks flirt with record closing highs as Wall Street and Main Street cheer the April jobs report.

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Just do it. President Obama pitches his global trade deal at Nike (NYSE:NKE) headquarters — but not without controversy.

MATHISEN: And big twist. The man who exposed the secret of Swiss banking went from whistleblower to prison inmate. But his tale doesn`t end there.

The final part of our series tonight on NIGHTLY BUSINESS REPORT for Friday, May 8th.

HERERA: Good evening, everyone, and welcome. It was the jobs report everyone was looking for. Wall Street liked it because it was strong but not too strong. Main Street liked it because more than 220,000 jobs were created last month, while the unemployment rate fell to 5.4 percent, the lowest rate since 2008.

The goldilocks report sent stocks soaring, with job growth that many said was just good enough to hold off a Federal Reserve rate hike until the second half of the year. The Dow Jones Industrial Average capped the week with a gain of 267 points to 18,191. The NASDAQ rose 58 and the S&P 500 added 28 points.

Hampton Pearson has on a spring rebound in jobs.


Led by a boost in the service sector, construction and health care, the job market rebounded sharply in April, good news for President Obama.

BARACK OBAMA, PRESIDENT OF THE UNITED STATES: That`s 3 million new jobs over the past 12 months, nearly the fastest pace in over a decade.

PEARSON: March it turns out was worse than previously reported, producing just 85,000 jobs. April, however, added nearly three times as many new workers.

On Wall Street, a sigh of relief from leading economists.

JAN HATZIUS, GOLDMAN SACHS CHIEF ECONOMIST: I would expect something like 200,000 from here on out. So maybe a little less than this report if there was an element of snap back there.

DAVID KELLY, JP MORGAN FUNDS CHIEF GLOBAL STRATEGIST: The underlying trend growth of the economy is probably about 2.5 percent right now and that`s fine. I mean, there`s nothing wrong with that. It is easing up capacity. I think we still have the slack is diminishing all over the place.

PEARSON: But the pace of job games has slowed. Just 191,000 per month during the first quarter of this year, compared to 260,000 per month last year.

There is little growth in workers` pay, about $25 an hour an average up just 2.2 percent in the last 12 months.

At this Home Depot (NYSE:HD) job fair just outside of Boston, part of a nationwide effort to hire 80,000 seasonal workers — a reality check from job seekers.

OVID MACKINNON, JOB SEEKER: I don`t know. I`ve been looking for employment now for almost six or eight weeks. So I really don`t know. And before, I never had a problem finding employment. So I believe — I don`t know if it is getting better or worse.

JASPER DOWNEY, JOB SEEKER: Two years, really hard job market to get.
Sometimes, you are lucky, sometimes you won`t. But it`s really, really looking good that I got this job today.

PEARSON (on camera): The unemployment rate is now at a seven-year low and at 5.4 percent, moving closer to the Feds target for full employment with no threat from inflation.

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


MATHISEN: So, how will the Fed view today`s job report and what does that mean for the market?

Erik Ristuben is chief investment strategist at Russell Investments and he joins us now.

Erik, welcome back. Good to see you.

How healthy really do you think the U.S. economy is? This number was a good one, but some of the other numbers that we`ve seen indicate that basically the first quarter was flat.

Well, actually the first quarter was a bad economic number. We think the U.S. economy is healthy. A recession is very unlikely.

This number is an indication that that is not full hearty thought.
Really, we`re expecting a U.S. economy to accelerate, to kind of 3 percent range in the back half of this year. And, it`s not great, but it`s certainly better than we have in the first quarter, better than we`ve had over the last several years.

HERERA: Erik, do you agree with those who say that this report in particular does show strength but not too much strength, and therefore, it does still give the Fed a little bit of cover to not raise internet rates at the June meeting.

RISTUBEN: Yes, we don`t think June. We thought yesterday, September, we think September, maybe even a little bit more today.

This jobs number supports probably a September move rather than a December move because it wasn`t also weak. That was something that people would begin to think about.

September, 223 actually gives you a dead bang in September because wage pressure is likely to push up in the United States as unemployment rate continues to fall.

MATHISEN: Let`s talk about stocks and where they see their valuations today. Are they too highly valued in the U.S.?

RISTUBEN: Well, we think they are expensive but we`re also, you know, note that in this part of the cycle, we are late in the market cycle, stocks usually are expensive. They tend to actually stay expensive, and get even more expensive.

The thing — the reason to buy stocks isn`t because you think they are incredibly cheap. The reason to buy stocks is that you think the economy is going to grow, earnings is going to grow and that`s going to give you a good return in stocks, particularly when you compare them to bonds.

MATHISEN: All right, Erik. And they got more expensive today, the stocks did, didn`t they?

Erik Ristuben with Russell Investments —

RISTUBEN: Yes, they did.

MATHISEN: — have a great weekend.

HERERA: Worldwide sales at McDonald`s (NYSE:MCD) fell last month but the decline was less than expected. The world`s biggest hamburger chain saw a weakness across most regions, with the biggest drop in Asia-Pacific, Middle East, and Africa markets. The report comes just days after the company outlined the first part of its turnaround effort.

MATHISEN: Today, fellow Dow component Nike (NYSE:NKE) backed President Obama in his push for a new global trade agreement. Speaking at Nike (NYSE:NKE) headquarters, President Obama pushed for his proposed Pacific trade deal and for its part, Nike (NYSE:NKE) said it would help bring thousands of jobs to the U.S.

Our Sara Eisen has more now for Beaverton, Oregon.


SARA EISEN, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): Many are calling it a controversial move. President Obama visiting Nike
(NYSE:NKE) headquarters to drum up support for his Trans Pacific Trade partnership.

OBAMA: This deal will strengthen our hand overseas by giving us the tools to open other markets to our goods and services, and make sure they play by the fair rules we help write.

EISEN: Critics say Nike (NYSE:NKE) is a poster child for outsourcing American jobs to Asia, factories that pay low wages and often have poor working conditions.

MARK PARKER, NIKE CEO & PRESIDENT: We have a deep commitments to workers rights, to improving conditions within our contract factors, to create a greener more sustainable supply chain, a massive commitment from Nike (NYSE:NKE), very proud of the results.

EISEN: Nike (NYSE:NKE) says this trade deal will actually pave the way for news jobs to be created in the United States, because it will ease the burden of high taxes Nike (NYSE:NKE) has to pay when they import manufactured products back home.

PARKER: With the relief that we expect within the TPP, we can use that — that — those funds to actually support innovation to drive advanced manufacturing here in the United States.

EISEN (on camera): The problem — President Obama has to convince many members of his own party to help Congress pass fast track legislation for this deal. Many Democrats point to NAFTA, a dealer brokered with Mexico and Canada backed in 1993 by President Bill Clinton as harmful to American workers and wages. Criticisms Obama addressed today here at Nike (NYSE:NKE).

OBAMA: Past trade agreements, it`s true, didn`t always reflect our values or didn`t always do enough to protect American workers. But that`s why we`re designing a different kind of trade deal.

EISEN (voice-over): If it passes, Nike (NYSE:NKE) says it will invest to build a factory in the U.S. that will create at least 10,000 jobs and over 40,000 indirect jobs over 10 years. It`s a drop in the bucket compared to the 1 million-plus work force overseas, but it would boost the potential for sneakers to be made in the USA.

OBAMA: Just do it, everybody. Thank you. God bless you.



HERERA: Now back to that April jobs report, where despite an unemployment rate, teen unemployment remains in the double-digits. Summer jobs aren`t as plentiful as they once were, and that can have long term consequences for teens who have trouble making that first crucial step into the working world.

Mary Thompson has more from Verizon (NYSE:VZ) operations center in Basking Ridge, New Jersey, on a program aimed at getting high school students on the right employment track.


Before shadowing workers at Ernst & Young, cartoons shaped 17-year-old Shazeb Rizvi`s view of white-collar work.

SHAZEB RIZVI, JAMES MADISON HIGH SCHOOL STUDENT: You see people working in cubicles and their wearing a white shirt and black tie and they are look stressed out about work.

THOMPSON: Instead at the accounting firm, Rizvi saw engaged and enthusiastic workers, changing his mind about the kind of job he wants.

RIZVI: A job in the corporate world, a nice-paying job with friendly people, a job you like.

THOMPSON: Rizvi is a junior at Brooklyn`s James Madison High and part of a program of NAF, a public-private partnership connecting businesses and public schools.

NAF president J.D. Hoye said the program to show how classrooms connect to a working world the teens may not know exist. It`s done through special sessions, shadowing session, and internship.

J.D. HOYE, NATIONAL ACADEMY FOUNDATION PRESIDENT: For us, it is really the ultimate experience that makes education make sense.

THOMPSON (on camera): This summer, some of the more than 50 NAF interns will work here at the Verizon (NYSE:VZ) operations center, applying what they learn in math and science classes to some of these products.

(voice-over): They`ll test a phone`s durability in the company`s tumbler and monitor the network`s quality in its audio booth, experiences Verizon`s Nicki Palmer hopes may turn them on to a field that`s desperately in need of talent.

NICOLA PALMER, VERIZON: We can get students at the age where they are still thinking, well, maybe I want to be an engineer or maybe I don`t.

THOMPSON: And even if they learn they don`t want to be an engineer, the teens get the critical skills a first job provides.

MIKHAIL KREYSTER, JAMES MADISON SENIOR: I learned time management skills. I learned to be open with people.

THOMPSON: James Madison senior Mikhail Kreyster learned at the Verizon (NYSE:VZ) last summer, where he also managed inventory on Xcel files he created. Lessons professor Alicia Modestino says translates into life-long benefits for any teen who lands a summer job.

PROFESSOR ALICIA MODESTINO, NORTHEASTERN UNIVERSITY: We`ve actually seen some surveys that have shown that teens who don`t have those soft skills or haven`t been used to having good work habits typically have a more difficult time getting a job later on.

THOMPSON: Putting teens to work one way to better the work force.

From Basking Ridge, New Jersey, I`m Mary Thompson for NIGHTLY BUSINESS REPORT.


MATHISEN: Still ahead, the UBS whistleblower who went to prison only to receive life-changing news when he got out. The final part of the series is next.


MATHISEN: As we reported, investors cheered today`s jobs report but what should they do with their money in today`s market?

Our market monitor guest has some idea. He`s Mark Yusko, chief investor officer and CEO at Morgan Greek Capital Management. He manages about $4 billion.

Mark, welcome. Good to have you with us.

We could spend time talking about whether you think the Fed is going to raise rates in June, or July or September or never, but I`m bored with that. I`m bored with that. I want to get to your stock picks.

Your first one is an airline, why?

MARK YUSKO, MORGAN CREEK CAPITAL MANAGEMENT CIO & CEO: Yes, well, I think the common misperception is that the airline business is a bad business and, you know, for 30 years, that was true. It was a terrible business. They lost money as an industry for 30 years up until about three years ago when consolidation put a lot of pricing power back into the hands of the airline. So, we think it is a fantastic business and we think American in particular is very undervalued and has a lot of upside.

And I think people really don`t appreciate how much fuel savings they have with these lower oil prices. So, we think there is an upside in the airlines broadly and American in particular.

HERERA: And you also like Apple (NASDAQ:AAPL). A lot of people on the street like Apple (NASDAQ:AAPL) but they think perhaps near term it`s a little expensive. You disagree with that.

YUSKO: Yes, look, I think Apple (NASDAQ:AAPL) is cheap. I don`t know how you can call Apple (NASDAQ:AAPL) expensive, with the P/E ratio kind of sub 15, compared — you know, it`s actually below the market. And, you know, when you look at the company, it`s dominant. You walk through an airport or a mall, everybody has got an iPhone or an iPad, they`re looking at an Apple (NASDAQ:AAPL) screen. You know, they dominate their segment.

They made more money last quarter, in one quarter than the bottom 400 companies in the S&P in the last five years. They are just a dominant, dominant company. So, we agree with Carl Icahn that this company is worth more than $200.

MATHISEN: And your third choice is one whose companies has had good days and not so good lately. Kind of a little more flattish certainly than Apple (NASDAQ:AAPL), and that would be Google (NASDAQ:GOOG).

YUSKO: Yes. So, you know, I think Google (NASDAQ:GOOG) is an example of a coiled spring. You know, again, a company that just dominates what they do and they`ve got a lot of embedded options, shall we say, inside of the company that we think will be realized in the coming years.
So, we think technology broadly is the place you want to invest, we think it`s more defensive in a time where they may or may not raise rates. And if they do, we think technology is defensive.

MATHISEN: Quickly, Mark, why has Google (NASDAQ:GOOG) not felt the love?

YUSKO: Well, you know, they ran very hard. You know, kind of the previous six, 12 months. And I think stocks are cyclical and they kind of go in bits and starts and it needed a pause that refreshed and now, it`s ready to run again.

MATHISEN: All right. Mark, thanks very much. Have a great weekend.

YUSKO: You, too. Thanks for having me.

MATHISEN: Mark Yusko, Morgan Creek Capital Management.

HERERA: Shares of AOL (NYSE:AOL) spike on an earnings speed and that is where we begin tonight`s “Market Focus”.

The company`s quarterly focus was better than expected with revenue well above forecast. CEO Tim Armstrong says the positive results were driven primarily by advertising.


TIM ARMSTRONG, AOL (NYSE:AOL) CHAIRMAN & CEO: The strength that you see in these numbers are essentially our ability to grow very strong sets of supply across mobile, video, programmatic, and second of all, just seeing ad pricing going up, we are doing a very job navigating, you know, the flat form shift from offline to online and that`s really great.


HERERA: And the shares responded, popping up 10 percent to $43.42.

The agro chemicals company Syngenta rejected a $45 billion takeover offer from Monsanto (NYSE:MON). Syngenta says the bid undervalues its company and didn`t take into account regulatory risks. Monsanto (NYSE:MON) was up more than 1 percent to $120.79. Syngenta surged 11 percent, to close at $85.75.

MATHISEN: Well, Sue, Tempur Sealy (NYSE:ZZ) shareholders have voted to remove the company`s CEO and two members of its board, its chairman as well. They`re going to need a good mattress tonight. This as the company has been a target of an activist investor pressuring it to improve performance. Shares there were 3 percent higher on this at $62 a share.

Investors had a strong appetite for the past casual chain Bojangles in its trading debut. The joint which specializes in chicken and biscuits
— sounds really good — offered 8 million shares priced at $19 a piece.
Shares soared to $23.75, an increase of 25 percent on a day of BOJA.

HERERA: The Department of Justice is reportedly pushing to reach settlements with five banks over currency rigging that will include guilty pleas. As first reported by Bloomberg, those settlements could come mid- next week and will include five banks, one more than previously reported.

The fifth bank is UBS based in Switzerland. The others include Citi, J.P. Morgan, Barclays and the Royal Bank of Scotland.

MATHISEN: Bradley Birkenfeld went from Swiss banker to the uber wealthy, to whistleblower, to prison inmate. But his tale didn`t end there. There`s one more big twist as Eamon Javers explains in the final chapter of his “Whistleblower” series.


After serving 2.5 years in prison for his role as a Swiss banker hiding millions of dollars for wealthy American clients, Bradley Birkenfeld moved into a small rental home in New Hampshire with no immediate plans for the future. About a month later, he got some life changing news.

BRADLEY BIRKENFELD, UBS WHISTLEBLOWER: My attorney informed me that the IRS whistle blowing office was going to grant me a very large award.

JAVERS (on camera): For $104 million.

BIRKENFELD: Yes. Well, they actually had taken taxes off the top.

JAVERS: You got to pay your taxes.

BIRKENFELD: I paid my taxes.

JAVERS: You learned that.

BIRKENFELD: Probably the largest taxpayer around, yes.

JAVERS (voice-over): He also became the highest paid whistleblower in U.S. history.

BIRKENFELD: It was vindication. And what made me even more happy was it vindicated me against the Department of Justice.

JAVERS (on camera): You don`t think they were happy to write you that check.

BIRKENFELD: They were pissed and I`m pleased.

JAVERS (voice-over): But Birkenfeld is still angry. He`s on a quest, he said, to force the Justice Department to explain why it was so aggressive in prosecuting him but let nearly everyone else involved in the scam get off with light penalties or none at all.

BIRKENFELD: The DOJ is aiding and abetting a crime. These people have not been indicted. Why?

JAVERS (on camera): That`s tough to say the DOJ is aiding and abetting a crime.

BIRKENFELD: Put me in front of the Senate (ph) and I`ll raise my right hand and tell you again.

JAVERS (voice-over): In a statement, the Department of Justice said the department continues to work with the Internal Revenue Service and other domestic and international law enforcement partners to aggressively pursue those who assist U.S. taxpayers in offshore tax evasion, and to identify the individuals who have evaded their federal tax obligations. So far, the IRS has collected as much as $7 billion from Americans with secret off shore accounts and that number continues to grow. Since Birkenfeld helped put that ball in motion, his lawyers say he deserves a cut of all of that money.

(on camera): How much do you think you are entitled to?

BIRKENFELD: Honestly, you have to check with my attorneys. I have no idea.

JAVERS: Should you get a billion?

BIRKENFELD: Again, you have to talk to my lawyers on that.

JAVERS: Two billion.

BIRKENFELD: Talk to my lawyers.

JAVERS: You got yourself a new car.

(voice-over): He is having some fun with the multi-millions he`s already collected, including two Porsches.

(on camera): I love this license plate.

BIRKENFELD: Well, this is pay homage to my old employer, UBS.

JAVERS: That`s UBS`s marketing slogan on your car.

BIRKENFELD: On my car.

JAVERS (voice-over): And his own Boston Bruins luxury box to which he invites local police officers, charitable organizations and friends.

(on camera): The Department of Justice guys don`t come up here.

BIRKENFELD: No. They don`t come up here. We won`t invite them up here, no.

JAVERS (voice-over): He`s still seething over the fact that he government has allowed 50,000 Americans to admit they broke the law but remain safely anonymous by simply paying penalties and fees.

BIRKENFELD: It bothers me that you can buy yourself out of a situation and that means that our government is for sale.

JAVERS (on camera): So part of it is you are doing this on the merits, but part of it is that you like to fight.

BIRKENFELD: Oh, I`m a hammer looking for nails.

JAVERS: You`re a hammer looking for nails.

BIRKENFELD: A chainsaw looking for trees.

JAVERS (voice-over): It appears Birkenfeld`s battle is just beginning.


JAVERS: And, Tyler and Sue, Bradley Birkenfeld will finally be done with the federal prison system in November when he gets off federal probation and then he can really begin the beginning of the rest of his life, guys.

HERERA: And I have a funny feeling you`re going to keep up with him, too, Eamon.

JAVERS: Interesting guy.

HERERA: What he`s going to do now?

JAVERS: Well, you know, he told me he wants to move to Germany ultimately. He loved living in Europe. He`d like to go back there. Not so sure what his reception will be in Switzerland, though, because his whistleblowing disrupted an entire way of life in Switzerland among those secret bankers.

MATHISEN: What has happened in terms of banking secrecy? Is it all over?

JAVERS: It is ending. A lot of the experts we talk to in putting together this series said that after Birkenfeld, we saw the UBS settlement, we saw Credit Suisse settle, we saw a number of other smaller Swiss banks targeted by the Department of Justice. And then we saw a new law called FATCA come in in 2010. That`s going to force a lot of banks around the world with American clients to disclose their American clientele to the United States and the experts tell us that might be the beginning of the end of global bank secrecy.

If you want to keep your money safe now and secret from the U.S.
government around the world, you have to go to riskier and riskier jurisdictions to do it.

HERERA: Wow. Eamon, terrific series. Really enjoyed.

JAVERS: Thank you.

HERERA: Eamon Javers in Washington.

MATHISEN: And folks, to read more about the UBS whistleblower case, head to our Web site,

HERERA: Coming up, meet the teen entrepreneur who helps run a multi- million dollar company after school, with a little help from mom.


HERERA: Here is a look at what to watch next week. Dow component Cisco (NASDAQ:CSCO) is out with earnings. On the data front, we`ll get retail sales and the producer price index, and Euro finance ministers meet to discuss the Greece`s debt. And that`s what`s on the agenda for next week.

MATHISEN: A story about a mom who starts a company with her daughters is pretty good to begin with, but there are so much more to it than that. Only 26 of the Fortune 500 CEOs are women right now. But that`s 14 more than there were when they got their bright idea, but not enough to keep them from asking why there aren`t more.


MATHISEN (voice-over): Lilly Sandler looks like a high school junior, but when was the last time you heard a 17-year-old say things like

LILY SANDLER, BLAMTASTIC: As we transition to mass retail —


L. SANDLER: The motive of this company is to prove that women can do everything that men can do.

MATHISEN: Lily, sister Melanie and their mother Renee Sandler have a company, Blamtastic. They might sell $10 million worth of skin care and beauty products this year alone.

It started after Renee Sandler read a 2007 “Wall Street Journal”
article that said that at that time, only 12 Fortune 500 CEOs were women.

RENEE SANDLER: When I read that number something snapped. I certainly thought about, are they going to be limited when they go out into the work force?

MATHISEN: So, Renee challenged her daughters then just 9 and 10 years old to start their own company. Little did she know, a slip of the tongue would put them all in business.

L. SANDLER: I was looking for my lip balm one day and I said mom where is my lamb blam.

R. SANDLER: And I said, blam? I said that would make a great name for a lip balm company.

MATHISEN: They wanted to make a lip balm, bright flavors, sun protection, all natural ingredients.

L. SANDLER: It`s mainly consists of aloe and bees wax.

MATHISEN: Renee Sandler, a paralegal, had never run a business before, but suddenly, she and her daughters were cooking up batches of lip balm or blam in their kitchen.

R. SANDLER: We ruined every pan in our house.

MATHISEN: Neighbor helped them tweak taste and texture, even suggesting they sell the stuff, which they did. First at a school yard sale, and then at a mall kiosk. The advertising was home made, too.

UNIDENTIFIED GIRL: The only thing better is Blamtastic.

MATHISEN: Soon, they were going to trade shows, retailers began to order, that meant they needed to find a real manufacturer.

R. SANDLER: They said no to us when we first pursued them. And I found out that the CEO of that company was a woman. And I called her and I said, listen, I`m really trying to set a example of empowerment for my daughters. I`m trying to teach to do through business, and she said OK.

MATHISEN: It`s more than lip balm now. They`ve got multiple manufacturers making a line of 25 different products.

Lily has her own company, earning high school credit and a few other perks, juggling homework with speaking engagements.

Lily and Renee have identified with the popular Like a Girl campaign aiming to change the way people think when they refer to doing anything like a girl.

UNIDENTIFIED BOY: Insulted girls but not my sister.

FAMA FRANCISCO, ALWAYS VICE PRESIDENT, GLOBAL: Every girl, whatever their dream is, and in Lily`s case, it`s being an entrepreneur. Every girl can make their dream happen. I think Lily is showing us proudly what she does like a girl.

L. SANDLER: I`m hoping we can change what that means and it can be a complement or a good thing to do something like a girl.

MATHISEN: A lesson well-learned thanks to mom.

L. SANDLER: I`m ever grateful and in debt to my mom for doing that, because she knew that were going to have to face it eventually. And I`m glad that we were exposed to it at a young age.


MATHISEN: Not a bad way to head into Mother`s Day weekend. In case you`re wondering, Lily Sandler is indeed planning to go to college when she graduates from high school next year. She`s hoping to keep on juggling and stay connected, though, to the family business while she`s studying — and I would suggest she do just that.

HERERA: Absolutely.


HERERA: I hope my daughters Jackie and Vicki watch that.

MATHISEN: That`s really cool, right?

HERERA: Absolutely. I think it`s fantastic.

MATHISEN: Hey, happy Mother`s Day.

HERERA: Thank you. (INAUDIBLE) too.

MATHISEN: Thank you very much.

And to all of you.

HERERA: Absolutely.

That does it for NIGHTLY BUSINESS REPORT for tonight. I`m also clipped (ph). I`m Sue Herera. Thanks for joining us.

HERERA: And I`m Tyler Mathisen. Thanks for joining us. Have a great weekend. We`ll see you Monday.


Nightly Business Report transcripts and video are available on-line post broadcast at 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) 2015 CNBC, Inc.

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