Transcript: Tuesday, February 4, 2014

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

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(BEGIN VIDEO CLIP)

BILL GATES, MICROSOFT CO-FOUNDER: Satya`s got the right background to lead the company during this era.

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SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Microsoft (NASDAQ:MSFT) officially starts its next chapter, naming insider Satya Nadella as the company`s third CEO in its 40-year history. Is this the fresh start investors have been looking for or more of the same?

Opportunity knocks? Stocks bounce back today but have taken a beating this year, leading many to wonder if there`s value to be found in some of the bluest of the blue chips.

Like it or not, Facebook (NASDAQ:FB) turns 10. But what does the site that redefined our online lives have planned for the next decade?

We have all that and more tonight on NIGHTLY BUSINESS REPORT for Tuesday, February 4th.

Good evening, everyone. Tyler is off tonight.

We begin with a historic change at Microsoft (NASDAQ:MSFT) today. The legendary software giant named a new chief executive. Now, as we told you last week, he`s Satya Nadella.

And now, it`s official. The new man in charge is an engineer, a Microsoft (NASDAQ:MSFT) insider, and a native of India. And he`s only the third CEO in the company`s 40-year history, stepping into a job held first by cofounder Bill Gates and later Steve Ballmer.

Both Gates and Ballmer will continue to serve on the Microsoft (NASDAQ:MSFT) board, and Gates will become a technology adviser to Nadella.

But the critical question now: does all that shuffling chairs really mean a new chapter of innovation for Microsoft (NASDAQ:MSFT) or business as usual for the same old company?

Josh Lipton reports.

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SATYA NADELLA, MICROSOFT`S NEW CEO: When we think about our product innovation —

JOSH LIPTON, NIGHTLY BUSINESS REPORT CORRESPONDENT: After a six-month search, Microsoft (NASDAQ:MSFT) ultimately chose an insider as its new CEO. Satya Nadella is a veteran of the software giant. He`s been working there for more than 22 years. Most recently, he was the V.P. of Cloud and Enterprise, a key segment for the company going forward.

Supporters of Nadella say that he was the best choice as his background will help maintain Microsoft`s momentum in the commercial side of the business which accounts for 65 percent of the company`s gross profits. There are concerns though about Nadella, including how he`ll fix the biggest challenge facing the company.

PATRICK MOORHEAD, MOOR INSIGHTS & STRATEGY: Now, I don`t think this pick addresses their biggest challenge, which is consumer — whether it`s consumer devices, consumer services, or consumer software. Consumers are looking to Apple (NASDAQ:AAPL), they`re looking to Google (NASDAQ:GOOG) and companies like Samsung for those types of products and services.

NADELLA: I`m a lifelong learner.

LIPTON: Analysts say Nadella either figures out how to win in the consumer space or exit those businesses.

Another worry: Nadella has run various business divisions but he`s has never worked as a CEO.

RICHARD SHERLUND, HOMURA SECURITIES: I think for Satya not having been a CEO on stepping into a 130,000-person company, he`s going to be a work in progress probably for awhile, kind of ramping up. There`s so much for him to accomplish strategically and operationally.

GATES: I`m proud of the things we`ve accomplished.

LIPTON: Bill Gates will be at his side to start. Gates will step down as chairman of Microsoft (NASDAQ:MSFT) and into a new role as technology adviser.

John Thompson will assume the role as chairman. His record is mixed. And as CEO of Symantec (NASDAQ:SYMC), he grew revenue ten-fold but he also oversaw the controversial acquisition of Veritas in 2004. Analysts say Thompson left Symantec (NASDAQ:SYMC) in far worse shape because of that deal.

As for Steve Ballmer, he remains on the board at least for now. One issue for Nadella, will he have room to operate as the CEO or will Gates and Ballmer try and dominate the board room?

So, while several changes were made today, the question remains about whether this new leadership team can help Microsoft (NASDAQ:MSFT) transition to a company focused on mobile and cloud technology.

Nadella has the experience in the cloud and will soon find out whether he has the ability to take on the many challenges facing Microsoft (NASDAQ:MSFT).

Josh Lipton, NIGHTLY BUSINESS REPORT, Silicon Valley.

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GHARIB: Joining us now to talk more about Microsoft`s new CEO is Brent Thill. He`s senior analyst at UBS.

Brent, you`ve probably heard all the talk on Wall Street today. They wanted a new CEO to run Microsoft (NASDAQ:MSFT), someone that was an outsider from the company.

So let`s just begin with your point of view. Is Satya Nadella the right guy for this job?

BRENT THILL, UBS SENIOR ANALYST: Yes, we think he is. He was our pick from the get-go. While Wall Street wanted an outsider, we think they`re most capable on the inside. He`s been in the company over 20 years and successfully steered a number of their businesses, including turning around their server business, leading their Cloud business.

So, there`s a lot of question marks if he`s the right guy. But we think he`s shown internally that he is.

GHARIB: You know, a lot of questions also about what is Microsoft (NASDAQ:MSFT) going to be? Some people on Wall Street saying they`d like to see the company split or at least spin off, its consumer businesses like Xbox, like tablets, and then just focus on the software side.

What do you think?

THILL: They`re very strong in Enterprise. Their consumer business has been their weak link. We think Satya`s experience again on the Enterprise business.

So, we don`t think — you know, some have said, hey, he`s not a consumer-oriented CEO, but we think he`s leading the strongest part of their business, which is over 60 percent of their revenue. So, yes, they have to make up ground. The consumer, I think that`s his biggest challenge and mobility, right? That`s the number one issue.

GHARIB: OK.

Brent, you`re recommending Microsoft (NASDAQ:MSFT) stock. Why is it a buy at $36?

THILL: It was a buy last year, went up over 40 percent. Everyone gave us a lot of heat. We were one of only 30 percent of the analysts recommending it.

We think it was the right call. We think the stock grinds higher, not flies higher. It`s already had a big move.

So, we think the stock can go into the low 40s predicated on a low teen multiple on earnings.

GHARIB: OK. Well, I`m sorry we`re going to have to leave it there. Brent, thank you so much.

THILL: Thank you.

GHARIB: Brent Thill, senior analyst at UBS.

Also late today, Nadella`s pay package was made public. His base salary will increase to more than $1 million, and he`ll receive a stock award valued at more than $13 million.

On Wall Street today, the markets bounced back a bit with traders swooping in to buy up beaten down stocks following yesterday`s massive selloff. Also encouraging investors, a report showing that factory orders rose for the third straight month if you take out the volatile auto and aircraft sector. The Dow rose 72 points. The NASDAQ was up 34, closing above the key 4,000 mark again. And the S&P added 13 points.

Now with the Dow falling nearly 7 percent so far this year, many stocks have taken a beating. But for value hunter, this could be a buying opportunity especially in many of the well-known names.

Dominic Chu has more.

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DOMINIC CHU, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): The word correction is making its way back into trader and investor chatter. Generally speaking, a correction is loosely defined as a pull back in the stock market by 10 percent or more. Within the S&P 500 index of large cap companies, over 100 stocks have hit that mark. And around 30 stocks are within striking distance of that mark.

This does represent a buying opportunity for some experts.

THOMAS LEE, JPMORGAN CHIEF U.S. EQUITY STRATEGIST: If we`re in a bull market, this pull back is giving us a really good entry point, something we haven`t seen in months, actually. So, I`m actually pretty encouraged. But I do think people have to be careful.

CHU: So, if you`ve got the stomach, these are some of the names that are making their way onto investor`s shopping lists in case markets do manage to recover from losses. They are big blue chip well-known companies.

Take diversified manufacturing company 3M (NYSE:MMM), you know, the ones who make everything from post-it sticky notes to Scotch Brite sponges and cleaning supplies. It`s a Dow component and it`s down 10 percent this year.

Integrated oil giant ExxonMobil (NYSE:XOM) does everything from extract the stuff from the ground to refining it and selling it as gasoline. Its shares have fallen by 11 percent.

And then, there`s General Electric (NYSE:GE), which makes everything from refrigerators and light bulbs to aircraft engines and locomotives. G.E. is the worst performing stock in the Dow this year, off by 12 percent.

Still, there are those who believe that stocks have further to fall and now may not be the time to get into the market.

JOSH BROWN, RITHOLTZ WEALTH MANAGEMENT CEO & CO-FOUNDER: I think that really depends on the investor`s time frame. But if you`re really looking for the perfect timing to buy in, chances are these type of selloffs last longer than just a handful of days or weeks. And so, there might be a better buying opportunity coming down the pike.

CHU (on camera): Of course, the decision to buy in and sell stocks depends a lot upon how you`re willing to wait and what your resting tolerance is. In any event, prudent advice is to proceed with caution.

For NIGHTLY BUSINESS REPORT, I`m Dominic Chu.

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GHARIB: Now, NIGHTLY BUSINESS REPORT spoke today with some individual investors. We asked them, what worries you about the markets right now? And are you finding safe places to put your money?

Let`s take a listen.

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UNIDENTIFIED MALE: We go through this all the time. So, it`s just a matter of the market readjusting itself.

UNIDENTIFIED MALE: We`ll take some profits and they put their money back into it.

UNIDENTIFIED FEMALE: I have concerns only if it just keeps on going down.

UNIDENTIFIED MALE: It`s just dropped 300 plus points. Would you be concerned?

UNIDENTIFIED FEMALE: I think there`s been stock market volatility since the economy crashed a couple of years ago. And I don`t think anybody feels secure in the stock market anymore.

UNIDENTIFIED FEMALE: We had a long run up. Probably more than was actually justified by what was going on in business. So, you have an adjustment.

(END VIDEOTAPE)

GHARIB: Let`s get the thoughts now of a veteran money manager who`s seen many pullbacks in his long Wall Street career. Mike Holland joins us now. He`s chairman of Holland and Company.

Hi, Mike. Nice to have you on with us.

MIKE HOLLAND, HOLLAND & COMPANY CHAIRMAN: Great to be back, Susie.

GHARIB: All right. So, you heard those comments — a kind of a mixed bag. You know, some people kind of matter of fact about the selloff yesterday and others very concerned. What are you telling individual investors about how to look at the situation that we`re in?

HOLLAND: Well, compared to previous cycles, this one is very moderate at this point. And the fundamentals are actually quite good at this point.

One comment from that package you just had a second ago that jumped out at me was the woman who said people just don`t feel secure ever since the crash of I`m going to say 2008. And I think that`s the backdrop to a lot of what`s going on in the markets right now. There`s — in a very short period of time, Dominic Chu was just talking about how some stocks like Exxon and 3M (NYSE:MMM) and General Electric (NYSE:GE) are down over 10 percent.

Well, they`re up a lot last year. The stock market was up over 30 percent last year. But you didn`t have a lot of people cheering with new highs in the Dow. But now, that the market is off 7 percent, 8 percent to 9 percent overall, people are quite concerned.

There`s a lot more fear than greed, Susie, and that`s not a bad thing. It keeps prices relatively low. I have to say that compared to previous market cycles, when we had lots of inflation and a true recession, we don`t — we`re out of recession. It doesn`t feel like it because psychology is so bad. But companies are doing OK.

GHARIB: You know, when you talk about the psychology. I mean, a number of those people were saying it`s an adjustment. They`ve kind of gotten used to selloffs and then there`s an adjustment. There seem to be a sense in the markets today that the selling is over and that, you know, we`re back on our way again.

Is the selling over? Are we in for more in this correction cycle?

HOLLAND: Well, I`ve been around too long to give you an answer other than I don`t know. But when you have this kind of a very quick, fast, severe reaction, 7 percent, 8 percent, 9 percent, 10 percent, you normally have a bounce back as you did today.

The next couple of days will be important. Twitter, for example, reports its earnings tomorrow after the close. It will be interesting what they report and how market reacts.

Friday, very important jobs report for people who are very short-term market. How many jobs were created in the U.S. that will be another point that people will be looking at.

But I have to tell you, I was remarking to you earlier today that a number of companies have reported earnings are OK. They`re up several percentage points over the year ago.

We also have China I was over there a couple of weeks ago, same thing over there. Growing not as fast as we used to, but we`re still growing. So, overall the fundamentals are good. Inflation is very low and prices are relatively low.

So, for people who actually have the stomach to do it, when these things go down if they do go down some more stocks like G.E., 3M (NYSE:MMM) and ExxonMobil (NYSE:XOM) — which Dominic Chu talks about — are all attractive. I don`t know why they`re all down.

GHARIB: And you talked about the jobs report just a moment ago. Let`s talk about that, because that is the next big thing on the checklist.

We came off of a pretty lousy jobs report for the month of December. If the January one is also not so good, is that going to be a reason to sell? And conversely, what if it`s a good report? Is that an all clear to buy?

HOLLAND: What an important question. For the people who don`t follow this on a day-to-day basis, that`s going to be really important to what`s going on in house prices and stock prices generally around the world.

The reason I say that, if — one of the reasons I feel sanguine about where things are right now, is that the central banks beginning with the Federal Reserve of the United States, they`ve said, we`ve learned from our mistakes in the past, 2008. We`re not going to do that. We`re not going to do the great depression. What we`re going to support the financial markets to the extent we can to help the economy to grow jobs.

If the number on Friday for the jobs creation is a bad number, meaning a very low number, they will then have to reassess where they are — they, the Federal Reserve of the United States, and the other central banks. So I actually feel we have our backs being watched by the Federal Reserve in terms of the stocks. I actually believe they would slow their taper if we got a bad labor — I don`t think it`s going to happen. People much smarter than I am are saying that the jobs number will be OK to a surprise to the up side. So if that happens then the market will say that`s OK as well.

GHARIB: All right. So, just one last question — I mean, you`ve been in this business a long time. You`ve seen your share of pullbacks and crashes and worse.

How does this selloff that we are just starting into, how does this compare with all the other ones that you`ve seen over the years?

HOLLAND: This one does not have the force of a zephyr. It`s compared to — when I came into the business the market was in a recession and in a bear market. And the economy was in stagflation, double-digit inflation, and it was just crazy stuff. There were reasons for people to be very concerned about financial assets. Today, we have the opposite.

So, you get these ups and downs in the market, doesn`t feel good when they go down. I don`t like the phrase buying opportunity because it means I own things like G.E. that went down. But having said that, I feel pretty good about the backdrop of what`s going on. And so, I don`t really consider this to be much.

Now, you have Japan which was up 56 percent a year ago. They`re off 12 percent. That`s still a pretty good deal.

GHARIB: Right.

HOLLAND: So, even people there can`t feel too bad. We`re up 30 percent. We`re down 7 percent or 8 percent, that`s not so bad. Down 5 percent now after today.

GHARIB: All right. Always reassuring words from you, Mike. Thank you so much for coming on the program.

HOLLAND: Thank you, Susie.

GHARIB: We`ve been speaking with Mike Holland of Holland & Company.

And still ahead on the program, a Target (NYSE:TGT) executive warned Congress that credit card breaches will become very common. But who`s responsible for protecting shoppers — retailers or the banks that issue the cards?

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GHARIB: A little piece of paradise getting some bad news today. The S&P ratings services slashed its ratings on Puerto Rican bonds into so-called junk territory. The firm cuts its rating to DD-plus and put all the island`s debt on watch for more possible downgrades.

A thousand miles away, it was a busy day on Capitol Hill. The nearly $1 trillion farm bill is now a done deal in Congress. The Senate passed the long-delayed legislation. It trims food stamps for the poor but expand federal crop insurance.

It ends direct payments to farmers and consolidates agricultural conservation problems. The measure already passed in the House last week and will be now sent to President Obama to sign it into law.

Also in Washington, the Congressional Budget Office released its estimate for the next fiscal year`s federal budget deficit. And as usual, it`s full of some surprises and some controversy. John Harwood joins us now from Washington with more.

So, John, let`s first start out with just the basics. What is the CBO`s forecast of the budget deficit? Which, by the way, is going to be the smallest since President Obama took office.

JOHN HARWOOD, NIGHTLY BUSINESS REPORT CORRESPONDENT: Exactly. They show $514 billion for the current fiscal year. That`s about $44 billion less than they estimated a year ago. And more importantly, they say that the deficit is going to be in the range of 3 percent of the size of the economy, 3 percent of GDP, through the end of Obama`s presidency.

Remember that early in his presidency, the deficit was 10 percent of GDP. And that drew a lot of alarm. So, the near-term picture is good. Longer term it`s more problematic both because of baby boomer retirements and because the CBO has downgraded its estimates of growth over the next 10 years.

GHARIB: And I was just saying a moment ago, there are always some surprises and controversy in this report. And today, some of the controversy was about the impact of the Affordable Care Act`s effects on the deficit and also on jobs. So, what`s the story? Clarify, you know, what the headline said.

HARWOOD: Susie, the most important controversy was over the jobs issue. The CBO said that the equivalent of 2 million people fewer would be in the workforce by 2017.

Why is that the case? Is it because employers will hire less? No.

What they said was it`s because fewer workers will feel the need to work because they`ve got options for getting health care other than work, and they`ve got subsidies from the government. They said part of it is that because the subsidies phase out the more money you make, some people will choose to work fewer hours. So, those are things that may be good for individual workers, but they`re a problem for the economy as a whole, because less labor output means less growth in the economy.

GHARIB: So, when you add it all up, what the CBO said about the deficit and Affordable Care Act and jobs and growth — what`s the bottom line?

HARWOOD: The bottom line is more debate. Look, the problematic picture at the highest level of importance is growth in the economy going forward. That was not a good number. It showed that it`s going down.

On the other hand, if people are feeling better off because they have health care and choose not to work, that`s not so bad for those individuals. And two other things that the administration is going to point to, the CBO said that the Obamacare health premiums are 15 percent lower than estimated, and they also said that there is no compelling evidence that we are shifting to a part-time economy as a result of this law.

GHARIB: OK. All good stuff.

All right. Thank you so much, John. John Harwood reporting from Washington.

And some more news out of D.C. today, as executives from some big-name retailers explained to a Senate panel how tense of millions of credit and debit card users had their data stolen and what retailers can do about it.

But today`s hearing is fuelling another battle. This one with credit card issuers and banks on how to step up safety measures to prevent more massive breaches.

Eamon Javers has the story.

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UNIDENTIFIED MALE: Please stand and raise your right hand.

EAMON JAVERS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): It was a day for Target (NYSE:TGT) to face the music on Capitol Hill, in the wake of a massive data breach that affected up to 70 million Americans.

JOHN MULLIGAN, TARGET CEO: To begin, I want to say how deeply sorry we are.

JAVERS: And Target (NYSE:TGT) wasn`t alone. A Neiman Marcus (NYSE:MCS) executive explained his company was stunned to find itself the victim of an extremely sophisticated cyber attack on 77 of its 85 stores.

MICHAEL KINGSTON, NEIMAN MARCUS CIO: We have never before been subjected to any sort of significant cyber security intrusion.

UNIDENTIFIED MALE: We all want to stop these attacks.

JAVERS: One Senate bill would set a standard for companies to disclose data breaches and require companies to protect consumer databases.

UNIDENTIFIED MALE: This is a crime that happens daily.

JAVERS: But now, there`s a new fight between retailers whose data is being stolen and the banks incurring the costs of reimbursing consumers and replacing hacked cards. The bankers made their frustration clear in a separate hearing this week.

SEN. JOHN TESTER (D), MONTANA: We`re going to make sure that customers were made whole and have zero liability. Who`s going to pay the bill? Is it going to be Target (NYSE:TGT), or is it going to be the banks?

JAMES REUTER, AMERICAN BANKERS ASSOCIATION: We as banks shoulder that responsibility. We`re the ones reimbursed.

TESTER: Target (NYSE:TGT) reimburses you then.

REUTER: No, they do not.

JAVERS: But the retailers put the blame right back on the banks.

MALLORY DUNCAN, NATIONAL RETAIL FEDERATION: What the card companies effectively say to merchants is that even though the sensitive information is visibly printed on the card, even though security information can be lifted off a magstrike by a reasonable sophisticated 12-year-old, and even though signatures are virtually worthless form of authentication, it is your responsibility to guard that information at all costs.

JAVERS (on camera): So, it`s clear that figuring out who has to foot the bill for all these steadily increasing hack attacks is going to be the key to the battle up on Capitol Hill.

For NIGHTLY BUSINESS REPORT, I`m Eamon Javers in Washington.

(END VIDEOTAPE)

GHARIB: Michael Kors was a shopper`s delight today and that is where we begin tonight`s “Market Focus”.

Profits at this fashion retailer jumped 77 percent in the third quarter, driven by a strong holiday season. Earnings crushed estimates and Kors raised its outlook for the year. The stock surged more than 17 percent to $89.91.

Toyota (NYSE:TM), the world`s best-selling automaker, expects a record net profit of nearly $19 billion for the year. The company`s profits zoomed higher this quarter and it raised its outlook, citing the positive effects of a weaker yen. Despite that, though, Toyota (NYSE:TM) shares were up slightly to $112.49.

Shares of J.C. Penney took a big hit in today`s session. The embattled retailer reported a modest rise in holiday sales but gave no details on its gross profit margin. Analysts at Sterne Agee weren`t impressed with the numbers, saying the pace of improvement isn`t quick enough. It slashed its price Target (NYSE:TGT) on Penney`s to $3 from $9.

The stock plunged down 10.5 percent to $5.08.

And Boeing (NYSE:BA) may up production on its single aisle 737 jets because of strong demand. The company already announced plans to crank out more of these aircrafts per month. But now, a senior executive says it might increase production even more because of a big backlog of orders. Shares were up slightly to $122.04.

And coming up next, a status update from Facebook (NASDAQ:FB) on its tenth anniversary. And what the company that changed the way we communicate wants to accomplish in its second decade.

But, first, here`s a look at how commodities performed today, including natural gas which climbed more than 9 percent.

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GHARIB: We told you earlier about the Microsoft (NASDAQ:MSFT) CEO`s pay package. Well, there`s also news out of Google (NASDAQ:GOOG). According to an SEC filing, the company`s giving its chairman a $6 million cash bonus and a $100 million in restricted stock.

And finally, tonight, Facebook (NASDAQ:FB) celebrates its tenth anniversary. Julia Boorstin has more on what was originally called The Facebook (NASDAQ:FB) has come and how it`s still evolving right now.

(BEGIN VIDEOTAPE)

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): Mark Zuckerberg`s Facebook (NASDAQ:FB) has transformed the way people keep in touch, share photos and communicate and it`s revolutionized advertising, allowing marketers to target consumers with socially relevant messages.

Zuckerberg says he`s most proud of connecting more than 1.2 billion people, dismissing concerns that Facebook`s losing its cool with teens.

MARK ZUCKERBERG, FACEBOOK`S CHAIRMAN AND CEO: We pay attention to every demographic in every country. So we`re going to focus on building things that teens are going to like and we`re also going to focus on building things that other folks are going to like and in different countries around the world.

BOORSTIN (on camera): Zuckerberg admits, Facebook (NASDAQ:FB) went through a rough patch. Its mobile products and profits were lagging.

But seemingly overnight he transformed Facebook (NASDAQ:FB) into a mobile powerhouse that has 945 million monthly active mobile users and over half its ad revenue comes from mobile.

ZUCKERBERG: Most companies I think probably would have made sure that their business was in good shape first. But decided, you know what, we care most about building the best service we can. We`re going to focus on doing that first.

And the result of that was that we improved the product, but we went through this year where our business wasn`t as good as people wanted it to be.

BOORSTIN (voice: Now, Zuckerberg says growth lies in helping people communicate in different ways with apps like Facebook`s Instagram and its new reader App Paper which launched Monday.

There`s going to be the core Facebook (NASDAQ:FB) experience you`ve gotten to know over the last 10 years. And we`re going to continually focus on improving that. But a lot of the next few years is also just going to be about building new great experiences for people that help people share and consume content in new ways as well.

BOORSTIN: If Facebook (NASDAQ:FB) succeeds in a decade, it will look like a very different company.

For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in Los Angeles.

(END VIDEOTAPE)

GHARIB: And that is NIGHTLY BUSINESS REPORT for tonight. I`m Susie Gharib. Have a great evening, everyone, and we`ll see you right back here tomorrow night.

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) 2014 CNBC, Inc.

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