Transcript: Nightly Business Report- October 16, 2015

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

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Strong quarter. What
shares of General Electric (NYSE:GE) did today that they haven`t done in
years.

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Move (NASDAQ:MOVE) or
improve. Why homeowners are choosing to put a lot more money into their
current home.

MATHISEN: And buy and hold. The stocks our market monitor says
should be in your portfolio for a year or more.

All that and more tonight on NIGHTLY BUSINESS REPORT for Friday,
October 16th.

HERERA: Good evening, everyone, and welcome.

A seven-year high, that`s where General Electric (NYSE:GE) shares
finished the day after reporting strong third quarter results. The
conglomerate said its earnings improved as it continues a massive
restructuring and a return to its industrial roots.

The stock that`s widely held in mutual funds rose more than 3 percent
today to just about $29 a share, easily making it the best-performing stock
on the Dow Jones Industrial Average. And shares rose despite reporting
revenue that fell short of expectations.

Mary Thompson has more on what`s going right for GE.

(BEGIN VIDEOTAPE)

MARY THOMPSON, NIGHTLY BUSINESS REPORT CORRESPONDENT: In what CEO
Jeff Immelt called a slow growth and volatile environment, GE held the line
on costs and helped by strength in its aviation and transportation
businesses beat earnings expectations in the third quarter.

DEANE DRAY, RBC CAPITAL MARKETS: Crisp execution in tough markets,
that`s the hallmark of a well-managed company.

THOMPSON: Even as revenue missed forecasts, Immelt reiterating the
firm should meet its profit targets for the year, which is turning out to
be its most transformative ever. The firm is ahead of schedule on its plan
to sell $200 billion in assets for its finance arm, as it shrinks the once
mighty unit. It`s about to close on its largest deal ever, the purchase of
the French power company Alstom. And if market conditions permit, it will
sell its stake in majority stake in the retail finance firm Synchrony this
month — a move that will let it buy back $20 billion in stock.

It`s all part of Immelt`s plan to return more cash to shareholders and
generate 90 percent of the firm`s profits from its industrial businesses by
2018.

The plan and execution getting attention from investors who sent the
stock to a seven-year high on the back of the earnings news, building on
gains that GE`s seen since activist investor Nelson Peltz took a $2.5
billion stake in the company earlier this month.

On the earnings call, Immelt saying the strategy Peltz`s firm would
like to see GE embrace are mostly in line with his own.

JEFF IMMELT, GENERAL ELECTRIC CHAIRMAN & CEO: I think the white paper
kind of lays out their thesis. You know, we don`t agree with everything,
but it`s pretty consistent with what we`ve done and what we`re doing.

THOMPSON: Immelt and his management team doing a lot of work in short
order to end the long-running underperformance of GE`s stock.

For NIGHTLY BUSINESS REPORT, I`m Mary Thompson.

(END VIDEOTAPE)

MATHISEN: That retail finance arm that Mary just mentioned saw its
profits rise and top Wall Street expectations. Synchrony Financial, the
provider of store credit cards, saw purchase volume grow double digits in
the most recent quarter. Earlier this week, Synchrony won approval to
split off from General Electric (NYSE:GE). Nevertheless, shares fell more
than 3 1/2 percent.

HERERA: On Wall Street, stocks closed higher for the third straight
week. Mixed economic data pushed out expectations for the timing of a rate
hike and that`s being viewed as a good thing for stock investors.

By the close, the Dow Jones Industrial Average gained 74 points to
finish at 17,215. The NASDAQ rose 16. The S&P 500 added 9. For the week,
all three major averages rose. The NASDAQ seeing the biggest gain of more
than 1 percent.

MATHISEN: The number of job openings across the country pulled back
in August from the record set in July, but it still remains at the second
highest level ever. The number of positions waiting to be filled dropped
slightly to 5.3 million. The Labor Department report also showed that the
quit rate held steady for the fifth month in a row.

HERERA: Consumer sentiment climbed more than forecast in October.
This as gasoline prices fell and many believe wage gains will accelerate.
According to a survey by the University of Michigan, consumers anticipate
continued economic expansion but they also expect some headwinds from weak
global growth.

Separately, industrial production fell for a second straight month in
September on weakness in the energy sector, a strong dollar, and slow
growth across the globe.

MATHISEN: Next week will be dominated by earnings reports and
investors will be listening to what the companies have to say about the
economy and their future prospects.

Twelve Dow components report. You want to hear them? I hope so
because you`re going to hear them.

Including IBM, Travelers, Verizon (NYSE:VZ), United Tech, American
Express (NYSE:EXPR) (NYSE:AXP), Coke. Here we go. Boeing (NYSE:BA),
Microsoft (NASDAQ:MSFT), Caterpillar (NYSE:CAT), 3M (NYSE:MMM), McDonald`s
(NYSE:MCD), and Procter & Gamble (NYSE:PG).

HERERA: Come Monday, investors will get a fresh look at China`s
economy when that country releases its third quarter GDP. The slowdown in
China has roiled the global markets recently and pressured commodity
prices.

Seema Mody tells us exactly what markets will be watching.

(BEGIN VIDEOTAPE)

SEEMA MODY, NIGHTLY BUSINESS REPORT CORRESPONDENT: The big question,
will we see China`s annual growth forecast fall below 7 percent for the
first time since 2009?

Many economists say there`s a good chance that will happen, in part
because China is changing the way it reports GDP. It used to report
projections for annual growth four times a year. Now, it`s breaking out
GDP for the most recent quarter. The new quarterly GDP numbers are subject
to higher volatility, and that`s what has investors a bit worried.

Now, the Chinese government will give a measure of output by specific
industries. Services were outperforming manufacturing in China through the
first half of the year. But banks and brokerages likely suffered in the
third quarter as the Chinese stock market tanked.

Some analysts will be looking at things like health care, tourism, and
media to offset a drop in the financial sector. If they don`t, China`s GDP
is likely to take a hit.

Real estate is another area of interest. China`s property sales
recovered some in the second quarter, but real estate development slowed
drastically in the first eight months of 2015. And that slowdown has
weighed down commodity prices around the world.

JEFF KILBURG, KKM FINANCIAL FOUNDER AND CEO: It`s not the exposure
directly to China. It`s the exposure we have to Europe. In Europe, the
intense exposure they have to China it all comes full circle back to our
shores.

MODY: Infrastructure investment also slowed this year and those
numbers will be watched to see if China`s fiscal and monetary efforts are
working or if more stimulus is need. Still, mixed data out of China this
week didn`t pull the stock markets down, and there are some investors who
feel even if China`s growth rate slows below 7 percent, that stocks might
be OK.

JIM DUNIGAN, PNC WEALTH MANAGEMENT: Even in that 6, 6 1/2 handle for
the second largest economy of the world, to be growing at that rate, not as
bad as maybe the market is suggesting here.

MODY: Not bad as long as there are no surprises. Just remember what
happened to stocks after China surprised everyone by devaluing its currency
not so long ago in August.

For NIGHTLY BUSINESS REPORT, I`m Seema Mody.

And from China, we go to Europe now, where auto sales rose nearly 10
percent in September. That made the 25th consecutive month of growth in
the European Union for that metric.

But as Phil LeBeau reports, Volkswagen lost some market share. A
first sign that the emissions scandal is starting to pinch.

(BEGIN VIDEOTAPE)

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT: Almost a month
after the scandal surrounding rigged diesel emissions erupted at
Volkswagen, the German automaker is starting to feel the impact. European
auto sales in September show VW lost market share to competitors. Overall,
the company lost 0.3 percent to other automakers in Europe where some
countries have suspended sales of certain VW diesel models.

Volkswagen`s new CEO, Matthias Mueller is trying to quickly move his
company past the scandal, but it`s still too early to predict how many
billions of dollars it will ultimately cost the company. Officially, VW
has recalled more than 8 million diesel models in Europe and will start
repairing those vehicles early next year.

Meanwhile, here in the U.S., VW dealerships have diesel models parked
in the back of dealerships because the company has yet to find a solution
to bring those cars into compliance with EPA pollution standards.

While VW sales in September have only shown a slight impact from the
diesel scandal, the real test will come over the next couple of months.
That`s when Volkswagen will be working to restore sales of certain diesel
models not only in the United States but in many countries around Europe.

Phil LeBeau, NIGHTLY BUSINESS REPORT, Chicago.

(END VIDEOTAPE)

HERERA: The recently named CEO of United Continental Airlines has
been hospitalized. In a statement, the airline offered no details about
the condition of Oscar Munoz but did say the airline was operating
normally. Munoz replaced former CEO Jeff Smisek last month amid a federal
probe involving the Port Authority of New York and New Jersey. Shares of
the airline fell 3 percent on the trading day.

MATHISEN: And the last ever U.S. Airways flight will take off tonight
from San Francisco. This as the carrier`s merger with American nears
completion.

Once flight number 1939, named for the year the airline was founded,
lands in Philadelphia, there will be no more U.S. Airways. All flights
will fly under the American Airlines brand.

And still ahead, show me the money. After years of cash flowing into
start-ups, are things starting it to change in Silicon Valley?

(MUSIC)

MATHISEN: Money has been pouring into Silicon Valley start-ups.
According to a new report, venture capital spending is on track for a
record year. PricewaterhouseCoopers says $16 billion was invested in more
than 1,000 deals in just the third quarter. But that`s a 5 percent decline
from the second quarter.

And as Josh Lipton reports, some are now wondering if the venture
capital market is starting to cool.

(BEGIN VIDEOTAPE)

JOSH LIPTON, NIGHTLY BUSINESS REPORT CORRESPONDENT: It is a great
time to be an entrepreneur in America. That`s one take from recent data
showing the surge of money flowing into start-ups.

There has now been seven straight quarters of more than $10 billion
deployed to these young companies. In part, venture capitalists say this
rush of money can be traced right back to the Federal Reserve. As central
bankers leave interest rates near zero, investors are forced to chase
returns and potentially higher-yielding assets like the equity of start-
ups.

VENKY GANESAN, MENLO VENTURES: With the Fed`s decision to keep
interest rates low and push out the rise in interest rates, what they`re
doing is encouraging people to push up the risk and people are searching
for growth, the one cyclical growth area of technology. So, there`s a lot
of capital which is pushing up the risk of looking for growth and they`re
going into technology.

LIPTON: The flow of money has boosted the number of so-called
unicorns, or start-ups valued above $1 billion. There were 79 unicorns
around the world at the end of last year, according to CB Insights, a firm
that tracks and analyzes venture capital. Today, there are 142.

The question now is whether the good times continue. Ganesan says
venture capitalists if they`re going to keep pumping money into start-ups
need to start seeing actual cash returns on their investments, meaning
start-ups need to go public or sell.

GANESAN: I think they`re getting close to the show me the money
stage. For this kind of investment to continue you need to see
distributions coming from IPOs in M&A markets and as you know the IPO
market has been choppy. But if you don`t see those distributions start
coming soon, we will start seeing this investment come down.

LIPTON: There also could be signs of cracks already developing in the
startup community. Note-taking app Evernote recently announced layoffs,
and mutual fund investors in Dropbox reportedly marked down the value of
their holdings in the company by 20 percent.

Venture capitalists have already invested more than $47 billion in the
first three quarters of this year. The next few quarters will be critical
in determining whether the party continues or whether startup founders will
have a tougher time raising those big rounds of funding.

For NIGHTLY BUSINESS REPORT, I`m Josh Lipton in San Francisco.

(END VIDEOTAPE)

HERERA: Daily fantasy sports sites have been dealt another setback.
Nevada regulators are banning them from operating in the state until they
get a gambling license. The decision was made by the Nevada gaming control
board. Thursday evening both Draft Kings and Fan Duel pulled out of that
state.

Comcast (NASDAQ:CMCSA) (NYSE:CCS) Ventures and NBC Sports Ventures
have stakes in Fan Duel. Comcast (NASDAQ:CMCSA) (NYSE:CCS) is the parent
company of CNBC, which produces this program.

MATHISEN: Now to the race for the White House. John Harwood recently
interviewed a number of presidential candidates from Jeb Bush to Donald
Trump about their plans for the economy. Tonight, he talks with Mike
Huckabee about his proposals for Wall Street and your money.

(BEGIN VIDEOTAPE)

JOHN HARWOOD, NIGHTLY BUSINESS REPORT CORRESPONDENT: You were a
populist, a Republican populist before it was cool.

MIKE HUCKABEE (R), PRESIDENTIAL CANDIDATE: Whatever that is supposed
to mean.

HARWOOD: Well, that`s what I`m getting at. Now, you have Jeb Bush,
Marco Rubio, Ted Cruz, even Donald Trump saying we need to help the people
in the middle and working classes.

HUCKABEE: Eight years ago, nine years ago in the CNBC debate in fact,
in Dearborn, Michigan, I remember it well —

HARWOOD: I was there.

HUCKABEE: — we were all asked how the economy was doing and most
everybody was giving the standard Republican boilerplate language.

RUDY GUILIANI (R), THEN-PRESIDENTIAL CANDIDATE: Sky`s the limit.

SEN. JOHN MCCAIN (R), THEN-PRESIDENTIAL CANDIDATE: Wealth creates
wealth.

FRED THOMPSON (R), PRESIDENTIAL CANDIDATE: Stock market seems to be
doing pretty well.

HUCKABEE: That it`s doing great. I said, well, if you`re work in the
corner office, things are going swimmingly well.

But for a lot of Americans it`s not doing so well. The people who
handle the bags and make the beds at our hotels and serve the food, many of
them are having to work two jobs.

I was, I mean, just pilloried for that by the “Wall Street Journal”
and by others who thought that I was a total ignoramus when it came to how
the economy was functioning. Well, it turns out, I was pretty darn ahead
of my time because within a year the economy had fallen apart and the
people at the top were feeling what I was watching happen to the people at
the bottom already.

HARWOOD: Let me ask you about Wall Street and its relationship to the
rest of the economy.

HUCKABEE: Look, I`m not sure that the repeal of Glass-Steagall was a
brilliant idea because what you did, you erased the line between
traditional banks —

HARWOOD: Would you bring it back?

HUCKABEE: Very likely. Yes, and I`m not saying there shouldn`t be
some regulatory controls. And I hate to use the word “controls”, some
regulation. But what you don`t want is a referee that doesn`t simply
enforce the rules but tries to totally control the flow of the game.

HARWOOD: Now, Ben Bernanke said in an interview the other day that he
regretted the fact that no individual Wall Street executives were
prosecuted for their role in leading up to the financial crisis. Do you
agree with him that somebody should have been prosecuted?

HUCKABEE: Absolutely, they should have. These were the smartest
people in the room. John, these were the people that were supposed to be
the geniuses. These were all ivy leaguers. And they knew darn well what
they were doing is shuffling paper around and getting paid ridiculous sums
of money.

HARWOOD: Why do you think none of those prosecutions ever happened?

HUCKABEE: Money. Politics. That`s why I say, look, the contributors
keep flowing to Washington, Washington keeps doing the dance. I`ve said
that Washington is like a strip club.

You`ve got people tossing dollars and people doing the dance. It was
a casino. And I got in trouble for saying that very thing eight years ago.
I`d like to say I was right.

HARWOOD: Governor, thanks so much for joining us.

HUCKABEE: Thank you, John. Enjoyed it.

(END VIDEOTAPE)

HERERA: John Harwood.

A sour earnings report puts shares of Kansas City Southern (NYSE:SO)
(NYSE:KSU) on the wrong track. That`s where we begin tonight`s “Market
Focus.”

The railroad company said earnings and revenue were hurt partially by
a depreciation of the Mexican peso. The company operates rails in Mexico.
Shares were off more than 10 percent to $87.37.

Honeywell International`s earnings beat Wall Street expectations but
sales were a different story. The conglomerate said revenue fell 5
percent, hit by a stronger dollar and weaker demand for oil and gas
equipment. The company also cut its full-year revenue forecast. Honeywell
shares fell 1 1/2 percent to $97.03.

SunTrust Banks (NYSE:STI) beat earnings targets on an adjusted basis.
The company was helped by an edge up in its loan business while keeping
costs in check. The street liked the news, sending shares up 1 percent to
$40.01.

MATHISEN: The industrial supply company WW Grainger cut its full-year
forecast as its earnings fell nearly 20 percent in its third quarter.
Grainger said its results reflect a challenging industrial economy in North
America and if you`re an industrial supply company that is not good news
for you. Shares fell 6 percent, 207.65.

The regional bank Comerica (NYSE:CMA) saw its earnings fall 12 percent
in part because of lower oil prices. The Texas-based bank lends to a lot
of companies in the energy sector. And that exposes it to those sharply
lower oil prices. Comerica (NYSE:CMA) shares were off about 1 percent to
$42.26.

And the worst performer in the Quanta, in the S&P 500 — well, I
jumped the gun there. It was Quanta Services (NYSE:PWR). The contracting
services company warned that this quarter`s profit will be below its prior
forecast and the company continues to see pressure on its margins. Shares
walloped today, losing more than a quarter of their value. They finished
the day at $18.74.

And shares of the fresh markets soared on a report that the specialty
grocer`s founder was considering a buyout bid as “Reuters” first reported,
the founder Ray Barry, not the football player, Ray Barry is teaming up
with a private equity firm to take the company private. The company says
it doesn`t comment on market speculation. Shares finished more than 7
percent higher to $26.19.

HERERA: And now to our market monitor who likes big and mid cap
stocks. He says they`re poised to do well in a volatile market. He is
Gene Peroni, portfolio manager at Advisers Asset Management. And last time
Gene was on 18 months ago he recommended Celgene (NASDAQ:CELG), which is up
36 percent, Polaris, which is down 17 percent, and Western Digital
(NYSE:WDC), which is off 20 percent.

Good to see you again, Gene. Welcome back.

GENE PERONI, ADVISERS ASSET MANAGEMENT PORTFOLIO MANAGER: Great to be
with you, Sue.

HERERA: Let`s start first of all with whether or not you still hold
those stocks that we outlined.

PERONI: Yes, Celgene (NASDAQ:CELG) I still like here very much.
Polaris I continue to like. It is down, as you mentioned. But I think the
stock looks attractive at these levels.

Western Digital (NYSE:WDC), a bit of a different story there. I`d say
it`s a hold, but I wouldn`t be looking at it as an aggressive buyer. I
think there are others that are more attractive in the technology category.

MATHISEN: Let`s take a look first at your overall market outlook.
You know, the market barometer`s been doing very well this month, one of
the best months of the year, by some measures in several years. Do you
expect this rally to hold into the end of the year, and if so why?

PERONI: I do. August 24th was a hideous day for the stock market.
The volatility index, which is often dubbed the fear index, went up to 53,
towering above the peaks that we saw last October amid the Ebola scare,
where it was about 31. So, you had real panic there and tremendous selling
at the opening.

Days later, we saw a key technical reversal in West Texas Intermediate
crude. And that`s held that reversal since. It went from 38 to near 50.
Back and fell about 50 percent which you would expect after reversal, and
it`s stabilized since.

So, that factor, that uncertainty is off the table now too. I think
energy looks attractive here that had been an uncertainty for some time for
the market.

Earnings seem like they`re coming in pretty well here for the third
quarter. And I think the fed is going to remain dovish for an extended
period of time. So, many of the underpinnings for this market look good.

Most importantly, the technicals are responding very favorably.
Healthy, which certainly corrected, has come back nicely. Technology is
coming back nicely. Consumer discretionary and now, we have the financials
and energy stocks joining the groups, the leadership groups.

HERERA: So, Gene, I asked you earlier about Celgene (NASDAQ:CELG).
It`s one of your recommendations tonight as well, with a price target of
$145.

You mentioned the correction in the health care industry. I would
assume that that pertains to Celgene (NASDAQ:CELG) as well and that`s one
reason why maybe you would add to a position here?

PERONI: Yes. Celgene (NASDAQ:CELG), I`m offering because it is a
real bellwether in the group. It`s a large cap name. But there are mid-
cap stocks in the biotech group that also look attractive.

Health care generally, there are so many different subcategories but
most of the subcategories of health care continue to look very attractive.
So, I think what we went through here in the last several weeks, kind of
politically triggered at one point, there was a correction that arguably
was overdue. Now, I think the group is poised to move higher.

MATHISEN: You mentioned earlier that there are several technology
companies that you like better than Western Digital (NYSE:WDC) and NXP
Semiconductor is one of them. Why?

PERONI: Well, specifically I do like NXP. I like that they`re
involved in a number of different areas including automotive entertainment,
and security systems and so on. So, they`re involved in a lot of very
favorable, in favor groups, I`d say, right now, somewhat to the consumer
focus.

But I also like the semiconductors generally. So, for us to recommend
a stock or put a stock in a portfolio, it`s not just a one off. We have to
not only like the individual stock we`re recommending but the group as
well. So, with NXP, we have both of those in our favor.

HERERA: I`ve got about 30 seconds left, Gene. Signature bank is the
last on the list.

PERONI: The financials are coming around here very nicely. I think
that we had mixed earnings for the third quarter and this group is doing so
well following the earnings is a very good sign for their outlooks.
Signature bank is a mid-cap player. I like the mid-cap financials here
right now very much. So, SPNY`s one of my favorite choices in that
category.

HERERA: Gene, good to see you. Have a great weekend. We`ll see you
again soon.

PERONI: Thanks, Sue. You too.

HERERA: Gene Peroni with Advisers Asset Management.

MATHISEN: Renovation nation. Why the timing may be perfect to take
on that home improvement project — but good luck finding a contractor.

(MUSIC)

HERERA: Here`s a look at what to watch for next week. It is the
busiest week for earnings seasons as Ty mentioned earlier — 104 S&P 500
companies are set to report, along with 12 Dow components. Three key
pieces of housing data: home builder sentiment, housing starts, and
existing home sales are out. And a number of Fed officials are scheduled
to speak. So hang on to your hats.

That`s what to watch for next week.

MATHISEN: Planning to remodel your kitchen, update the bathroom?
Yes, go for it. Find a contractor? Not so fast.

A new wave of remodeling has builders booked and shares of building
suppliers like Home Depot (NYSE:HD), Masco (NYSE:MAS) and Whirlpool
(NYSE:WHR) surging.

Diana Olick explains what`s behind the renovation boom.

(BEGIN VIDEOTAPE)

DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT: Homeowners are
feeling better about the value of their property, and that`s why they`re
suddenly more willing to add to that value.

ABBE WILL, HARVARD JOINT CENTER FOR HOUSING STUDIES: Homeowners are
once again turning to these discretionary projects, you know, that they
just didn`t feel confident in doing for so many years with the economy in
the housing downturn.

OLICK: Growth in home remodeling is expected to nearly tripling from
now until the middle of next year according to Harvard`s Joint Center for
Housing Studies. Why? Growth in both home sales and home values. When
you buy a home, you generally want to fix it up a bit and put your stamp on
it. But also, when you feel like your home value is growing, you don`t
mind spending more on it to get what you want.

D.C. area builder Peter Lustig says it`s a combination of confidence,
cash, and fear of rising rates.

PETER LUSTIG, LUSTIG ASSOCIATES: Because one can borrow so
inexpensively I think now, they would rather pull out the cash on a home
equity line or something of that nature and improve their home. It`s a
very safe — it`s a very safe investment.

OLICK: In fact, cash-out refinances jumped 68 percent this summer
compared to a year ago, according to Black Knight Financial Services. And
a lot of that cash has gone right back into that house in the form of
renovations. But finding someone to do the work is increasingly difficult.

WILL: We lost so many construction workers during the downturn.
Those workers are not necessarily coming back.

OLICK: Winter is usually the slow season for all construction, but
some contractors say they`re already booked through the spring. The rush
is on before higher rates threaten to take that new kitchen off the table.

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

(END VIDEOTAPE)

MATHISEN: For more on the remodeling wave, you can read Diana`s story
on our Web site, NBR.com.

HERERA: And here`s another look at the day on Wall Street for you.
The Dow Jones Industrial Average gained 74 points to close at 17,215. The
NASDAQ rose 16. The S&P 500 added 9. For the week, all three major
averages rose, the NASDAQ seeing the biggest gain, of more than 1 percent.

And that does it for NIGHTLY BUSINESS REPORT for tonight and for the
week.

MATHISEN: And have a great weekend, everybody. I`m Tyler Mathisen.
Thanks from me as well. We`ll see you Monday.

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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