Transcript: Nightly Business Report – September 28, 2015

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

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Stocks clobbered. The
Dow gives up more than 300 points, triggered by a decline in commodities
and a battering in biotech.

Dancing on the debt ceiling. A government shutdown may likely be
averted but a much larger issue is still looming in Washington.

New way to pay. What consumers need to know about the more secure
credit cards that go into effect later this week.

All that and more tonight on NIGHTLY BUSINESS REPORT for Monday,
September 28th.

Good evening, everyone. I`m Sue Herera. Tyler Mathisen is off
tonight.

A rough start to this week. The major indices were dragged south by
concerns over global growth, especially in China. That pressured commodity
prices further, a trend that is starting to take a toll on a number of
recognizable companies.

By the close, the Dow Jones Industrial Average dropped 312 points to
16,001. The S&P declined by 49 points falling below 1,900. And the NASDAQ
took the biggest hit, down 3 percent.

The main drag on the NASDAQ was the biotech sector. The biotech ETF
fell more than 6 percent, putting it in bear market territory.

As for oil, domestic crude was off nearly 3 percent.

Mary Thompson has more on the sell-off from the New York Stock
Exchange.

(BEGIN VIDEOTAPE)

MARY THOMPSON, NIGHTLY BUSINESS REPORT CORRESPONDENT: Another sell-
off on Wall Street blamed on some familiar culprits. Concerns about
slowing growth in China leading to weakness in commodity stocks, and then
there was additional weakness in the once high-flying biotech space.

Stocks down from the opening bell on the heels of a sell-off in Europe
and on news of a decline in China`s industrial profits for the month of
August. Even as the dollar weakened, oil sank, copper and gold failed to
get a bid and the weakness in commodities spilled over into material and
energy stocks, two sectors that helped to pace the market`s decline.

Also hit, biotech stocks. Concerns about price gouging dogging this
group since last week. The group down over 17 percent for the month.
Adding fuel to the fire in Monday`s session, news House Democrats want to
subpoena the specialty pharma firm Valeant about price hikes from some of
its products.

Monday selloff pushing the S&P into correction territory, meaning it
is now 10 percent below its recent high. And with the third quarter
wrapping up on Wednesday, the Dow is on track for its third straight
quarterly decline, while the NASDAQ is set to snap a ten-quarter winning
streak.

For NIGHTLY BUSINESS REPORT, I`m Mary Thompson from the New York Stock
Exchange.

(END VIDEOTAPE)

HERERA: One of those companies feeling the impact of the falling
commodity prices is Alcoa (NYSE:AA), the nation`s biggest aluminum producer
will split into two publicly traded companies as it tries to deal with an
oversupply of the metal and falling prices. The market liked the plan,
sending shares of the former Dow component higher.

Morgan Brennan has the details.

(BEGIN VIDEOTAPE)

MORGAN BRENNAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: CEO and
Chairman Klaus Kleinfeld saying the decision to split Alcoa (NYSE:AA) is
the culmination of a multiyear transformation within the company, from
simply an aluminum producer to a finished products manufacturer.

KLAUS KLEINFELD, ALCOA CEO AND CHAIRMAN: This allows us to put both
businesses onto their own path independently to pursue their own
strategies, which are very distinct.

BRENNAN: The upstream company focused on mining and smelting of
aluminum and other metals will keep the Alcoa (NYSE:AA) name. It will have
the world`s largest bauxite mining operations, the largest aluminum
refining business, the fourth largest aluminum production output, as well
as casting houses and significant energy assets, particularly in hydro
power.

The second company name still to be decided will be comprised of value
add businesses. This will include mid-stream and downstream segments,
global rolled products, engineered products and solutions and
transportation and construction solutions. Basically, all of Alcoa`s
manufactured products for the aerospace, automotive, and construction
industries.

KLEINFELD: In this type (ph), the key businesses that we have in the
value add, we looked at how many of those products are number one or number
two positions, and it`s 80 percent of those products are number one or
number two positions. So, this is fantastic. It gives you a good idea of
how massively competitive these businesses are all by itself.

BRENNAN: The decision to split coming on the heels of ongoing
commodity weakness. As aluminum prices have fallen nearly 15 percent this
year, weighing on the company`s earnings. Analysts say this move will be a
positive for Alcoa`s diverse portfolio of assets. The reason shares soared
on the news.

ANDREW LANE, MORNINGSTAR: I can`t tell you how many investors I`ve
spoken to who really like the long-term attractive growth prospects of
Alcoa`s downstream segments but just can`t get their arms around the
uncertainty associated with the upstream segments. And so, this split of
the company into two separate entities really allows investors who like
that downstream exposure to invest directly in it.

BRENNAN: Alcoa (NYSE:AA) expects aluminum demand to grow 6 1/2
percent this year and double this decade. It forecasts 9 percent growth in
aerospace through 2017. The announcement comes ahead of next week`s
quarterly results as well, when the metals giant unofficially kicks off
earnings season.

For NIGHTLY BUSINESS REPORT, I`m Morgan Brennan.

(END VIDEOTAPE)

HERERA: It`s not just Alcoa (NYSE:AA). A number of other companies
are feeling the pressure of declining commodity prices including Glencore.
It`s one of the world`s largest producers and traders of commodities.

And as Seema Mody, explains those low commodity prices are crushing
companies that borrowed money in order to grow.

(BEGIN VIDEOTAPE)

SEEMA MODY, NIGHTLY BUSINESS REPORT CORRESPONDENT: It`s a sign of the
times but how bad can it get? Swiss mining giant Glencore, once a symbol
of a decade-long boom in commodities, is used to digging through mountains,
but clearing a mountain of debt, roughly $30 billion, won`t be easy while
commodity prices are buried.

Four years ago, it went public. Its top executives became
billionaires. Last year, it collected more than $220 billion in revenues.
This year, it`s ranked tenth on “Fortune`s” global 500 list.

But now, low prices for copper and zinc are hurting profits. Copper
is at six-year lows, and even though it just raised $2.5 billion to pay off
debt with a stock offering, investors have to be cringing after Glencore`s
shares dropped by nearly a third at one point today. And they`ve been cut
almost in half since the equity sale a few weeks ago.

China`s slowing economy, especially in the power sector, which uses a
lot of copper, is just one of the culprits ganging up on companies like
Glencore, which is hardly alone.

Lower prices for aluminum were behind today`s announcement by Alcoa
(NYSE:AA) to split up in order to find growth. Also today, in a deal worth
more than $32 billion, Williams Company agreed to be sold to Dallas-based
Energy Transfer. That`s more than $15 billion less than Energy Transfer
had offered back in June.

But with nat gas prices and oil down, the shares of energy companies
have been beaten down as well. Even the giants like Royal Dutch Shell are
not immune. Shell today said it will stop drilling off the shores of
Alaska, an expensive and controversial project that cost billions and
caused a surge of protests.

The Arctic is one of the few remaining unexplored oil frontiers and
Shell wanted in. Even with oil prices down over the last 20 months. But
drilling this summer showed only traces of oil and gas, and for now, it
can`t justify the costs involved.

For NIGHTLY BUSINESS REPORT, I`m Seema Mody.

(END VIDEOTAPE)

HERERA: And as we mentioned, the once high-flying biotechnology
sector fell sharply again today.

Brian Skorney joins us to put the sell-off into context. He`s the
senior biotechnology analyst at R.W. Baird.

Welcome. It`s nice to have you here, Brian.

BRIAN SKORNEY, R.W. BAIRD SR. BIOTECHNOLOGY ANALYST: Well, thank you
very much for having me, Sue.

HERERA: Why don`t you do that? Put it in perspective for us because
we had seen phenomenal gains in this particular sector for some time.

SKORNEY: Sure. Yes, I really think we really do have to look at this
in context. If you look at the various biotech indexes over the last four
years, they`re up almost 200 percent. So, you know, the fact that we`re
seeing a very sharp sell-off over the last couple of weeks, I think we have
to put it in perspective and say, you know, biotech has been the leader in
a multiyear bull market to begin with and when — you know, just when we
start seeing some macro selling, because it is a leader, it has a tendency
as a sector to lead the downturn, too. So, it`s not totally surprising
that when the overall markets are in decline that we`re seeing biotech sort
of leading the trend downwards.

HERERA: A lot people today were wondering whether or not this sector
was starting to bottom. You don`t think so.

SKORNEY: Well, you know, I don`t know so. I think fundamentally, you
know, I don`t see a lot of down side to the sector. You know, I think the
big issue that`s been weighing on the group over the last week and a half
has really been renewed dialogue around drug pricing. I think we all know
drugs in this country are expensive and there were a couple of occurrences
that happened recently leading to a number of the presidential candidates
speaking out, particularly about drug pricing.

And that`s a concern that has constantly weighed on the sector. If
there is some major overhaul in the drug pricing system in this country, I
think investors view that in large part that would be a big negative.
Whether it justifies, even if we do overhaul the system, the level of
decline that we`ve seen over the past couple of weeks remains to be seen.

But I think that`s certainly what`s weighing on the sector. Given
that we`re going to have presidential candidates speaking over the next 12
months, I think there is that headline risk.

So, I think it`s hard to call a bottom to the declines but I certainly
don`t think that the sell-off is fundamentally rational. And I wouldn`t be
surprised to see a bounce in the not too distant future.

HERERA: All right, Brian, we`ll leave it there. Thank you so much.

SKORNEY: Thank you.

HERERA: Brian Skorney with R.W. Baird.

World leaders are in New York for the first day of the United Nations
General Assembly. And it was the war in Syria that played out on the world
stage, with President Obama and Russia`s president Putin sharing their
divergent views on how to resolve the conflict, which has led to a
humanitarian crisis as thousands become refugees fleeing to Europe,
stressing those already very fragile economies.

Michelle Caruso-Cabrera reports.

(BEGIN VIDEOTAPE)

MICHELLE CARUSO-CABRERA, NIGHTLY BUSINESS REPORT CORRESPONDENT: How
to resolve the crisis in Syria at the top of the agenda here at the U.N.,
especially in the speeches by both President Obama and president Putin.
President Obama told the U.N. General Assembly that while the U.S. is
willing to work with Iran and Russia to fight the terrorist group ISIS,
which would help stabilize Syria, he also said the dictator of the country,
Bashar al Assad, should step down.

BARACK OBAMA, PRESIDENT OF THE UNITED STATES: Yes, realism dictates
that compromise will be required to end the fighting and ultimately stamp
out ISIL. But realism also required a managed transition away from Assad
and to a new leader, and an inclusive government that recognizes there must
be an end to this chaos so that the Syrian people can begin to rebuild.

CARUSO-CABRERA: But Russian leader Vladimir Putin is a strong
supporter of Assad, having spent extensive amounts of military equipment to
the Syrian leader to help him fight the terrorist insurgency in his
country, fighter jets, attack helicopters, tanks, and surface-to-air
missiles. He`s also providing military intelligence.

And Putin made clear his support for Assad again today.

VLADIMIR PUTIN, RUSSIAN PRESIDENT (through translator): We think it
is an enormous mistake to refuse to cooperate with the Syrian government
and its armed forces valiantly fighting terrorism face to face. We should
finally acknowledge that no one but President Assad`s forces and Kurds
militia are truly fighting the Islamic State and other terrorist
organizations in Syria.

CARUSO-CABRERA: With President Obama unwilling to take a more
interventionist role in Syria, Putin has a wide opening to get involved and
put his stamp on the region. The U.S. and Europe have been trying to
isolate him economically with sanctions in retaliation for his involvement
in Ukraine. However, with the massive refugee crisis engulfing countries
like Germany, they may be softening their stance toward Putin, especially
if they think he can help.

For NIGHTLY BUSINESS REPORT, Michelle Caruso-Cabrera, the U.N.

(END VIDEOTAPE)

HERERA: Today, Becky Quick spoke with former President Bill Clinton
at the Clinton Global Initiative`s annual meeting, which brings together
heads of state, government and business leaders, as well as scholars. She
spoke with him about a number of issues, including what he thinks of the
Federal Reserve`s latest decision not to increase interest rates.

(BEGIN VIDEO CLIP)

BECKY QUICK, CNBC: The Federal Reserve, they just decided not to
raise interest rates and in doing so, they cited a couple of factors that
aren`t in their dual mandate. They talked about China. They talked about
the stronger dollar. Were they right to be looking at all these additional
conditions and were they right in the choice not to raise interest rates?

WILLIAM J. CLINTON, FORMER PRESIDENT: I think so. I think that in a
world where America looks like a good news story compared to the current
problems in China and the slow growth in Russia and the uncertainty caused
by the massive move of the refugees and to the European Union, I think they
didn`t want to take a chance on not only slowing growth on the United
States but having that impact on the rest of the world.

(END VIDEO CLIP)

HERERA: And just today, some key Fed officials commented on the
possible timing of an interest rate increase.

During a “Wall Street Journal”-sponsored event, New York Fed President
Bill Dudley said the Central Bank remains on track for a likely rate hike
this year and could reach its inflation target next year. San Francisco
Fed President John Williams reiterated similar timing.

But in a separate speech, Chicago Fed President Charles Evans said the
best time to hike rates may not come until the middle of next year.

Still ahead, the tax plan that would free nearly half of all Americans
from paying income tax.

(MUSIC)

HERERA: The odds of a government shutdown have fallen since the
surprise resignation of House Speaker John Boehner on Friday, but his
departure has increased uncertainty over a far bigger issue — the
country`s ability to pay its debt.

Eamon Javers is in Washington for us tonight.

So, Eamon, how contentious is this debate going to be about the debt
ceiling in this post-Boehner Congress?

EAMON JAVERS, NIGHTLY BUSINESS REPORT CORRESPONDENT: Sue, this is
what we call a fluid situation here in Washington, D.C. Not a lot of
people expected to see John Boehner resign. In the short term, it means
we`re unlikely to see a government shutdown this week. Boehner will have
the political freedom now to cut a deal with Democrats to avert that this
week.

But later on in the year, we`ve got two big things. We`ve got the
extension of that spending bill, which is only going to go until December
11th. And then we`ve also got the debt ceiling. Both of those things are
absolute core principles for these conservatives who threw John Boehner out
of the speakership this week. How they`re going to handle those is
anybody`s guess at this point. It`s a very volatile situation.

HERERA: Kevin McCarthy, speaking of the speakership, of California,
officially announcing that he`s running for speaker of the House. What are
the chances he`s going to get the job?

JAVERS: He looks like the favorite at this point. He is the number
two. He`s the majority leader now. He`s Boehner`s deputy.

So, the irony of all this is that the conservatives may have forced
out John Boehner and then gotten his deputy, who if anything is viewed as a
little bit more liberal than John Boehner just by a little bit, not a lot.
That might elevate McCarthy to the speakership unless the conservatives can
rally around another candidate. It`s not clear yet that we know who all
the candidates are going to be. It`s a real free-for-all.

HERERA: You work in the most interesting city. Today, General
Electric (NYSE:GE) —

(CROSSTALK)

HERERA: Never a dull moment — said it`s going to open a plant in
Canada and move 350 jobs north of the border, citing the failure of
Congress to reauthorize the Export-Import Bank. Does that pressure
Congress at all or not?

JAVERS: I think it does. I mean, you know, members of Congress are
politicians. Politicians pay attention to announcements about jobs,
particularly in their communities. But in this case, the Export-Import
Bank is caught up in this conservative firestorm up on Capitol Hill.

Conservatives don`t like the Export-Import Bank. They think it`s
crony capitalism. It exists just to benefit a couple of big companies and
it`s about picking winners and losers in the economy and not about real
free market economics. So, they want to shut it down and keep it shut
down. And so, this announcement may not have the effect that GE thinks
it`s going to have.

HERERA: Interesting to say the least.

Eamon, thanks as always.

JAVERS: You bet.

HERERA: Eamon Javers in Washington.

Meantime, in New York, Donald Trump outlined his tax plan, and it
would lower taxes for millions of Americans.

John Harwood has the details.

(BEGIN VIDEOTAPE)

JEB BUSH (R), PRESIDENTIAL CANDIDATE: Create high growth in this
country —

JOHN HARWOOD, NIGHTLY BUSINESS REPORT CORRESPONDENT: First, it was
Jeb Bush proposing a big tax cut and drawing a tax for ballooning the
deficit and rewarding the rich.

Now, Donald Trump has entered the debate with a bigger one on all
counts. Trump proposed a top personal rate of 25 percent, a top corporate
rate of 15 percent, ending the estate tax, and taking 31 million working-
class households off the tax altogether. He insisted growth and spending
cuts to offset the loss of revenue will both be huge.

DONALD TRUMP (R), PRESIDENTIAL CANDIDATE: Well, we`re looking at 3
percent but we think it could be 5 percent, it could even be 6 percent.
We`re going to have growth that will be tremendous.

And by the way, if we have more than 3, these numbers are really
spectacular. And one of the things that they don`t take into account in
any big league fashion is the cutting. There is so much waste in
government that I believe when I get in there, I`ll be able to cut without
losing anything to cut tremendous amounts.

HARWOOD: Bush didn`t go that far. The former Florida governor also
proposed middle-class tax cuts and ending the estate tax, but his top
personal rate was 28 percent. His top corporate rate, 20 percent.

Mr. Bush said higher growth would be worth bigger budget deficits.

BUSH: Everybody freaks out about the deficit. I mean, I worry about
the deficit, the structural deficit for sure, but if we grow our economy at
a faster rate, the dynamic nature of tax policy will kick in.

HARWOOD: Both men would need help to make their budget numbers add
up. Mr. Bush`s economic advisers say his plan could add as much as $3.5
trillion to the deficit. The cost of Mr. Trump`s plan, one liberal tax
group says $10 trillion.

For NIGHTLY BUSINESS REPORT, I`m John Harwood in Washington.

(END VIDEOTAPE)

HERERA: Cal-Maine`s results disappoint, weighing on its shares, and
that is where we begin tonight`s “Market Focus”.

The company actually reported a big increase in earnings. This as the
bird flu has impacted its rival egg producers. Still, the company`s bottom
line results fell short of estimates. Shares slid 12 percent to $50.63.

Vail Resorts (NYSE:MTN) also reporting disappointing quarterlies. The
ski resort company`s loss was wider than expected. It did report an
increase in revenue and season pass sales. Still, shares fell 4 percent to
$103.05.

Whole Foods is cutting 1,500 jobs over the next two months. The
upscale grocery chain says the move is part of its plan to lower prices for
its customers. The stock slipped 1 percent to $30.75.

And Apple (NASDAQ:AAPL) reporting record sales of its iPhone 6s and 6s
Plus in the devices` first weekend of availability. The Dow component sold
more than 13 million phones, setting a company record. Despite that,
though, the shares fell almost 2 percent on this down day to close at
$112.44.

Nexstar Broadcasting has offered nearly $2 billion to buy the local TV
station owner Media General (NYSE:MEG). The move is an attempt to break up
the company`s recent agreement to buy Meredith (NYSE:MDP) Corporation.
According to Nexstar, that deal would allow the combined companies to reach
about 40 percent of U.S. households. Media General (NYSE:MEG) surged 22
percent to $13.64. Nexstar fell more than 2 percent to $43.51.

So, it`s no surprise then that the media landscape is changing, and
it`s changing very quickly. That was the big topic of discussion at
Adweek, a gathering of thousands of executives from agencies, brands, and
traditional and digital media companies in New York.

Julia Boorstin was there as a number of companies shared their
strategies to stay ahead of the competition.

(BEGIN VIDEOTAPE)

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Facebook
(NASDAQ:FB), Google (NASDAQ:GOOG), Yahoo (NASDAQ:YHOO), AOL (NYSE:AOL),
they`re all announcing new tools to make their ads more targeted and
effective, as they fight to steal ad dollars from the television giants.

Facebook (NASDAQ:FB) now allowing marketers to buy ads using the
language and metrics of TV advertising, Nielsen ratings points.

And AOL (NYSE:AOL) is announcing a big push into live mobile video,
not only distributing its own content and of that Huff Po and Tech Crunch
to its nearly 2,000 partners, but creating a platform for any content
provider to create and distribute mobile video to about half a billion
mobile users around the world.

TIM ARMSTRONG, AOL (NYSE:AOL) CEO: It`s really an opportunity to take
the scale of what people are used to in traditional or online and
accelerate it to mobile. And we think live in mobile is probably going to
be the most important aspect of mobile in the future.

BOORSTIN: Ad execs see digital video advertising poised to overtake
TV, so TV is fight back. All the networks are streaming more video with
ads embedded. Viacom`s experimenting with cutting ad time at its networks
including MTV. And everyone`s looking for better measurements of who`s
actually watching.

Rentrak (NASDAQ:RENT) measures viewing on 120 million TV sets with
video on demand, for 28 days after a show first airs. Layering on top of
that viewing data: information about buying and voting habits.

BILL LIVEK, RENTRAK CEO: What we`re doing for television is precisely
measuring it and giving advertisers the ability to precisely target using
the demographic of the cars they buy, how they vote, and the products they
buy to put in their cupboard.

BOORSTIN: And it`s not just TV that faces challenges of ad skipping
and viewers switching to streaming. Mobile also faces a new threat, the
advent of ad blockers.

MICHAEL ROTH, INTERPUBLIC CHAIRMAN & CEO: I call it the vigilante
consumers. If you keep giving them stuff that`s not relevant, the
consumers are just going to turn you off.

BOORSTIN: While brands and agencies carefully navigate new waters,
Internet giants are pushing their tools to rival traditional media`s
dominance.

For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in New York.

(END VIDEOTAPE)

HERERA: Still ahead, a new way to pay. Why you`ll no longer be
swiping your credit or debit cards at most retailers nationwide.

(MUSIC)

HERERA: Here`s what to watch for tomorrow: A read on the state of
housing with the S&P Case-Shiller home price index. Also on the data
front, a report on consumer confidence, and the Senate is scheduled to vote
on a spending bill which, if passed, will give fresh funds to federal
agencies avoiding a government shutdown. And that is what to watch for on
Tuesday.

An update now on the Volkswagen investigation. Audi, mostly owned by
Volkswagen, has confirmed that more than 2 million of its cars have the
software that is able to skirt emissions testing. The majority of those
cars were sold in Europe, about 13,000 were sold in the U.S. and in Canada.

Well, you may have received a new credit card or debit card in the
mail with a microchip. As we`ve been reporting, it`s part of a nationwide
shift by major credit card issuers to offer added security and try and
combat credit card fraud, which has skyrocketed to more than $5 billion a
year. And it all goes into effect later this week on October 1st.

But what is this new technology, and how does it all work?

Sharon Epperson explains.

(BEGIN VIDEOTAPE)

SHARON EPPERSON, NIGHTLY BUSINESS REPORT CORRESPONDENT: The computer
chip on your credit or debit card is designed to give you an added layer of
protection against fraud.

MATT SCHULZ, CREDICARDS.COM SENIOR INDUSTRY ANALYST: It`s harder to
make an actual replica of that credit card and it creates a unique
transaction code that`s passed to the merchant every time you make a
purchase with the card. So that means that the merchant will have a lot
less of your usable data.

EPPERSON: That small metallic square on the front makes it more
secure. When read at a point of sale terminal, the chip creates a new
transaction code for every purchase you make.

SCHULZ: If somebody steals that unique transaction code from Target
(NYSE:TGT) or Home Depot (NYSE:HD) or wherever and tries to use it
someplace else to make a purchase, it won`t do them any good. It`s
essentially like having an expired password.

EPPERSON: Upgrading terminals to read the chip cards can cost $200 to
$1,000 per device, according to the Federal Reserve Bank of Chicago — a
hefty expense for some small business owners, now slowly starting to
transition.

MENA GRIES, MERCHANT: This machine doesn`t accept the chip card, but
I will contact the merchant service to upgrade it to a new machine to
accept the chip.

EPPERSON: Because as of October 1st, if there is card fraud and a
store has not changed its system to accept chip technology, the merchant,
not the card issuer or payment processor, could be held liable.

SCHULTZ: If a merchant doesn`t have a terminal that accepted EMV
cards and there`s an instance of fraud there, then that merchant is likely
to bear the liability, and that`s a big change from the past.

EPPERSON: Another big change, no more swiping the card along the
magnetic strip. Instead, you`ll dip so the terminal can read the new chip.

For NIGHTLY BUSINESS REPORT, I`m Sharon Epperson.

(END VIDEOTAPE)

HERERA: And that is NIGHTLY BUSINESS REPORT for tonight. I`m Sue
Herera. Thanks for watching. Have a great evening, everybody. We`ll see
you here tomorrow.

END

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) 2015 CNBC, Inc.

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