Transcript: Thursday, July 31, 2014

NBR ThumANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and
Susie Gharib.

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Stocks routed. Wall
Street ends the month in ugly fashion. The Dow having its worst day since
February, early February, down more than 300 points.

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: France on line one.
T-Mobile shares jump as the French cell phone company bids $15 billion for
the U.S. business of T-Mobile.

HERERA: And a surprise call.

(BEGIN VIDEO CLIP)

MATHISEN: Tre, meet Warren Buffett.

WARREN BUFFETT, BERKSHIRE HATHAWAY CEO: Yes, I want to give him
$50,000.

(LAUGHTER)

BUFFETT: (INAUDIBLE) $70,000 for me.

(END VIDEO CLIP)

HERERA: Find out what happens when a 17-year-old recovering cancer
patient and a Wall Street wannabe connects with the world`s most famous
investor.

All that and more for Thursday, July 31st.

And good evening, everyone. I`m Sue Herera, in tonight for Susie
Gharib.

MATHISEN: And I`m Tyler Mathisen. Welcome from me, as well.

Remember those stock market records from a couple weeks ago? Well,
you can forget about them for now. Today, stocks had their worst session
in months, almost six months to be exact for the Dow Jones Industrials. It
fell 317 points to finish at 16,563. NASDAQ slumped 93 to $43.69, and S&P
500 dropped 39 points to 1,930 and change.

All 10 S&P 500 sectors were lower today, all 30 Dow components lost
money, too. Now look at this graphic to see how far the major indexes have
slid since their peak, just a few days ago. Small company shares suffered
the most. The Russell 2000 is off almost 8 percent.

And if the indexes weren`t negative already for July, today`s losses
made them so. The monthly drop for the Dow and S&P was the first since
January. For the Russell, the worst since May of 2012.

Here is Bob Pisani.

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: It was an ugly
start and ugly close for the day. There were several reasons for the drop
in the markets.

First, it started in Europe. Portugal`s biggest bank reported a
multibillion dollars loss, much greater than expected.

Second, the rhetoric in the Ukraine is heating up, but the prime
minister there saying Russia was seeking to revise the outcome of World War
II by annexing Ukraine and so many wars.

Then, Argentina defaulting on its debt, put pressure on Latin American
stocks and other emerging markets.

And then, interest rates in the U.S. spiked when a gauged of
employment costs came in much higher than expected. That had many worried
that it may cause the Feds to hike rates sooner rather than later.

Finally, we had a number of big companies with disappointing earnings
or guidance, including shoe manufacturers Adidas, which had considerable
sales in Russia, and home builders Ryland and Beazer, both of whom reported
disappointing earnings.

Now, we get the July`s jobs report tomorrow. Traders want to see
clear signs that the job market improvement is continuing.

For NIGHTLY BUSINESS REPORT, I`m Bob Pisani, at the New York Stock
Exchange.

(END VIDEOTAPE)

HERERA: And joining us to talk more about today`s selloff and what it
means for you and your investments — Art Hogan joins us. And, of course,
he`s a market specialist and he is with Wunderlich Securities.

Good to see you, Art.

What do you make of what happened today? I mean, does it change the
overall bull trend that you have been predicting and have been right on so
far?

ART HOGAN, WUNDERLICH SECURITIES: No, I don`t think it does so. I
think it`s helpful to take everything that Bob just went through and
aggregate. And I think what really happened today we got some physical
evidence of what we`ve been concerned about on the global macron. By that,
I mean, all of these things, Russia, Ukraine, Gaza, Israel, geopolitical
hot spots on the world are emotional events.

But when we actually get physical evidence, whether it was the
deflationary economic report out of the euro zone today or Adidas and Embed
(ph) and ExxonMobil (NYSE:XOM), all talking about a slowdown in demand
because of what`s going on in Russia and I think that is the market
manifested to the selloff today.

And, oh, by the way, this is a selloff that`s been a long time coming.
I think we`ve gone a considerable period of time without much volatility
whatsoever. So, I think this is the garden variety selloff that we`re
going to see. You know, we`re down 3 percent in the S&P. I don`t think we
get down much more than that. We closed on support. We`ll see what
tomorrow brings.

MATHISEN: All right. Let`s bring in John Stoltzfus. He`s chief
market strategist with Oppenheimer and Company.

John, welcome.

JOHN STOLTZFUS, OPPENHEIMER & CO. CHIEF MARKET STRATEGIST: Thanks,
Tyler.

MATHISEN: What happened today? Was it a hiccup or something more?

STOLTZFUS: Tyler, I`d have to say — I think it was a little bit more
than a hiccup. It was a confluence thing — a confluence of things from
around the globe that had already been mentioned. We add to everything
when you consider the impact of just a potential speed bump with Argentina.

We`ve been through this before with Argentina over the years, but it
all leads to a good opportunity to take profits. It hasn`t been a bad year
on the back of 2013 when we were up about 30, so we would have to think
that at this juncture, a little selling, and we`ve been here before. In
February, we had a spike in VIX. We had to pull back, concerns about
growth, but we are in the process of an economic expansion coming out of an
economic recovery that`s been significant.

HERERA: So, Art, in the past, as John just pointed out, we`ve had
these hiccups where in some cases more of a selloff and the lesson to be
learned from those was that you should have bought. Do you feel the same
way with today?

HOGAN: I do, sue. That opportunity might not present itself
tomorrow. It`s a Friday at a summertime. We`ve just got one of the worst
days we`ve seen in six months. But I think as next week begins and we
start to see the dust settle a bit, you`re going to realize when these
things happen, realize, the market was down pretty much across the board,
almost the exact same percentage point and nobody was running to gold and
bonds were acting funny.

So, you got a market that basically was every industry seemed to be
down about 2 percent that creates bargains. You know, you want to get out
the shopping list and with the same brush that everything else was sold
with and look at the stocks you`ve been waiting to buy and have gotten
ahead of you. So, I think those opportunities probably and they probably
come as early as next week. I think tomorrow might be another day to wait
and see. You know, it`s difficult on a Friday in the summertime after a
very difficult day like we had today.

MATHISEN: John, if this turns out to be a buying opportunity for
equities, what would be on your buy list?

STOLTZFUS: Tyler, I looking to add technology, industrials, materials
and select items in consumer discretionary.

MATHISEN: What — tell me about consumer discretionary because we`ve
had some bumpy results out of the consumer sector. What are you driving at
there? Kinds, if you don`t want to name names, go ahead, I invite you to,
but if you can`t, what kinds of companies are you pointing to?

STOLTZFUS: Well, I`d be glad to mention a few names. Companies like
Home Depot (NYSE:HD) and Tiffany`s would be among those that we want to
buy, sort of a barbell there. Home renovation and on the other end,
quality jewelry, both affordable end as well as expensive end. And on a
global basis for Tiffany (NYSE:TIF) and of course, Home Depot (NYSE:HD),
it`s a U.S. story.

We would also consider here within the consumer discretionary arena,
we`d want to be still exposed to automobiles, average age of the automobile
fleet remains stuck at around 11 years and people are going to continue
buying cars.

HERERA: All right. We`ll leave it at that.

All right. Home Improvement and Tiffany`s, good jewelry as you repair
your home. Thank you, guys.

MATHISEN: You get me the hammer, I`ll get you the ring.

HERERA: There you go.

All right. Art, John, thank you.

Ty?

MATHISEN: The biggest loser on the Dow today, ExxonMobil (NYSE:XOM)
even though the largest publicly traded oil company posted second quarter
earnings to beat expectations. But, its shares fell 4 percent because its
production dropped to the lowest level since 2009, just under 4 million
barrels a day, but don`t cry for Exxon. Save that for defaulting
Argentina. Exxon still managed to earn nearly $9 billion in the quarter,
$9 billion in three months, and its revenue, $111 billion.

HERERA: The French low cost telecommunications company Iliad confirms
it made a $15 billion cash offer for more than half of T-Mobile today. In
the meantime, T-Mobile has turned its first net profit in a year and signed
up another 1.5 million customers.

Morgan Brennan has more on what this all means.

(BEGIN VIDEOTAPE)

MORGAN BRENNAN, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):
America`s fourth largest wireless provider has been shaking up the
industry, aggressively slashing prices to spark competition with larger
U.S. rivals, Sprint, AT&T (NYSE:T) and Verizon (NYSE:VZ).

So far, the plan seems to be working. T-Mobile continues to add
monthly wireless subscribers and now, it`s attracting potential buyers.

JOHN LEGERE, T-MOBILE U.S. CEO: We`ve always said in the long term,
scale is extremely important. I have to point out that we have multiple
options to create long-term scale for this company, one of which is been
long rumored and is one possibility.

BRENNAN: Multiple options is right. While it`s been widely believed
that Sprint could put a bid in for T-Mobile, another company has beaten it
to the punch. Today, a French telecom upstart called Iliad confirmed its
$15 billion offer for majority stake, sending shares of T-Mobile higher,
even as a broader market sold off.

(on camera): Experts say such a deal could face fewer regulatory
hurdles, since it would maintain the current number of wireless carriers,
but it also strikes right at the center of a heated price war, and that`s
redefining the U.S. wireless space. Experts say a deal like this could be
good for consumers, since a Sprint, T-Mobile merger would have potentially
decreased the competition.

CRAIG MOFFETT, MOFFETTNATHANSON SENIOR ANALYST: AT&T (NYSE:T) and
Verizon (NYSE:VZ) paradoxically would have benefitted if Sprint and T-
Mobile merged because you`d see four players going to three and the
presumption was from investors that that would mean higher prices for
consumers and therefore more profitability for the wireless carriers. And
so, simply the fact that those stocks are going down, in a funny way
confirms exactly what the concern of the regulators was all along, that it
would lead to higher consumer prices.

BRENNAN (voice-over): But what about Sprint? The country`s third
largest carrier is pouring billions of dollars into network up grades,
losing monthly subscribers for the past 2 1/2 years. While those upgrades
are expected to be completed this year, analysts say it would need more
scale to better compete for customers. A potential deal with T-Mobile
could have provided that.

Still, this is only the beginning. T-Mobile has confirmed Iliad`s bid
but declines to comment, making it unclear whether the offer is viable.
And Sprint could still counter, and then, any deal struck would have to get
government approval.

For NIGHTLY BUSINESS REPORT, I`m Morgan Brennan.

(END VIDEOTAPE)

HERERA: Shares of T-Mobile were higher, but all of the other major
telecom companies fell on the news.

MATHISEN: And coming up, Under Armour`s new strategy. What the
sportswear company is betting big on to fuel growth.

(MUSIC)

MATHISEN: House Republican leaders have cancelled a vote on a $659
million bill to improve security at the U.S.-Mexico border and have not
adjourned as they had planned. They did so because of divisions within the
party and a lack of support from Democrats. It`s unclear what Congress is
going to do now, if anything to deal with the tens of thousands of Central
American immigrants, mostly children who are coming into this country
illegally.

Speaker John Boehner does say that the House will continue to seek
solutions to the crisis.

HERERA: Congressman Paul Ryan`s bold budget cutting proposals have
impressed Republicans but haven`t passed Congress. And now, his new anti-
poverty plan doesn`t cut a dime.

Our John Harwood asked him why and whether Congress will get anything
done in the next two years.

(BEGIN VIDEOTAPE)

REP. PAUL RYAN (R), WISCONSIN: I didn`t want to get into a debate
about proper funding levels of the status quo because we would spend all
this time about budget numbers. I wanted a debate how to reform the status
quo. Now, the fact of the matter is, that these reforms could occur at any
spending level, you can decide later on.

JOHN HARWOOD, NIGHTLY BUSINESS REPORT CORRESPONDENT: Two objections
that I`ve heard. One, I talked to Hillary Clinton last week. She said
this is not a good idea because if governors won`t take federal money, free
money, to expand Medicaid, they can`t be trusted to protect programs, A.
And, B, that you eliminate the automatic stabilizer function of these
programs that allows them to expand when the economy is worst.

RYAN: Yes. So, I`ll take the last one first. The baseline of
funding changes per the economy, and I would anticipate doing the same
thing here. What you call automatic stabilizers.

The first point, though, I just disagree with. This isn`t free money.
States are getting put on the hook with Obamacare and the federal
government ratchets down matching rights. So, it is an unfunded mandate at
the end of the day.

But, more importantly, it`s sort of an apple`s to oranges comparison.
It`s not the same thing for a governor to say, I don`t want to take this
top down, heavy-handed approach from Washington of a government health care
system, there is nothing inconsistent with the government and saying yes to
I want more flexibility for how to customize benefits to get people from
welfare to work. So, I just don`t see that as an accurate comparison.

HARWOOD: Isn`t the actual reason that you haven`t passed in the house
free standing entitlement reform, that even though you`re willing to do it,
you`re colleagues are not?

RYAN: No, I don`t think that`s it. I think we know that the Senate
won`t act on these things, and we`re trying to pass a lot of bills that we
think have a chance, a reasonable chance of passing into law to make a
difference in people`s lives.

I think if we had willing partners on the other side of the isle, if
we had a president who`s actually willing to tackle our tough fiscal
issues, our members in the House would be more than willing to participate
in that. But it`s been abundantly clear to us. But the Senate and White
House is not interested in tackling the really big problems facing our
country fiscally.

HARWOOD: If the Republicans take the Senate in midterms this fall,
what changes in the next two years? Anything?

RYAN: I think if we were to obtain the Senate, we would actually have
the ability of passing legislation all the way through Congress, not just
half the way through Congress, and giving the president the opportunity to
make a decision whether or not to support legislation.

HARWOOD: Shouldn`t the message for the conclusion that average
Americans should draw is that there is really nothing that`s going to
happen until we have a new president, whether it`s one party —

RYAN: Well, I hate to think like that. Unfortunately, I think there
is merit to that criticism.

(END VIDEOTAPE)

HERERA: Let`s bring John Harwood into the conversation now.

John, couple of things, first of all, did he comment at all on tax
inversions where U.S. corporations have been increasingly locating overseas
to get the lower tax rates?

HARWOOD: He did, Sue. But he said that could only happen in the
context of comprehensive tax reform. It wouldn`t be effective if you try
to do it as a single rifle shot proposal, and he said the broader tax
reform is also one of those big issues that can`t get dealt with by
Congress until we have a new president.

MATHISEN: John, do I understand correctly that Congressman Ryan is
going to move from the chairmanship of the Budget Committee to the
chairmanship of Ways and Means, which is the principal tax-writing
committee? Does that mean that his focus in the next Congress is going to
be on tax reform?

HARWOOD: Appears that way. Paul Ryan is considering and told me he`s
keeping his options open about potentially running for president but is in
line to become weighs and means chair and when I asked whether he would do
that job than run for president, he said I like the path I`m on in the
House. So I think he is going to stay there, focus on tax reform and
entitlement reform, and we`ll see whether he can get anything done.

HERERA: You know, we`re coming up on the August recess, John, and
there is pending legislation that we mentioned earlier, immigration reform,
et cetera. Where do the House and Senate stand in terms of taking the
recess or not?

HARWOOD: They are going to take the recess. The House is going to be
in tomorrow. The Senate plans to finish its votes tonight, will pass the
V.A. bill, pass the version of the highway bill. It looks like nothing
will happen on the border crisis.

HERERA: Thanks, John, as always. John Harwood in Washington.

MATHISEN: Synchrony Financial makes it trading debut in the biggest
initial public offering so far this year. They did it on a bad day.
That`s where we begin tonight`s “Market Focus”.

The credit card company, which was spun off from General Electric
(NYSE:GE), raised nearly $3 billion in the offering. It sold 125 million
shares 23 bucks a piece. That was at the low end of the expected pricing
range. Shares flat, $23, right there.

Tesla Motors (NASDAQ:TSLA) posted after the bell earnings that easily
topped estimates. The electric car maker sales of its Model S matched
estimates to begin deliveries to China.

Separately, Panasonic (NYSE:PC) announced earlier today that it will
invest in Tesla`s battery manufacturing plant. After the bell, shares were
volatile. During the regular session, the stock was down 2 1/2 percent to
$223.30.

Newly public GoPro also out with late earnings. They report a wider
quarterly loss as costs nearly doubled. But the action camera results
actually beat estimates. Still, shares way down, right after the report,
during regular trading. The stock on this down day was 3 1/2 percent
higher at $47.97.

Wave of media earnings to tell you about. Time Warner (NYSE:TWX)
Cable posted earnings and revenue that came in shy as its core video
business continues to struggle. DirecTV, on the other hand, better than
expected results on the top and bottom line, stronger ad revenue.
Discovery Communications (NASDAQ:DISCA) also had results that beat the
consensus and shares of Time Warner (NYSE:TWX) and DirecTV were down,
discovery was higher.

Trulia`s second quarter loss widen as the online real estate company`s
rising cost outpaced revenue. Despite that, its results better than
forecast. Shares popped initially after the report. During the regular
trading day, the stock down 3 percent or so, $60.53.

HERERA: Well, it was a soggy trading day for cereal maker Kellogg`s.
The company reported its fifth straight quarterly decline in cereal sales
and it cut its full year profit and sales forecast as demand continues to
fall in the U.S. Shares tumbled 6 percent to $59.83.

Colgate-Palmolive (NYSE:CL) saw its profit rise in its second quarter
as it was helped by increase unit sales and pricing. Revenue came in
slightly short of estimates, and the company reaffirmed its guidance for
the full year. Shares dropped nonetheless 4 percent to $63.40.

And MasterCard`s second quarter net income climbed as the company was
helped by volume growth and by an increase in consumer spending. Despite
that, the company CEO was cautious about the U.S. economic recovery. The
stock fell 2 percent to $74.15.

And Target (NYSE:TGT) is bringing in an outsider as its CEO for the
first time, as it fights to redefine itself. Brian Cornell was an
executive with PepsiCo. He replaces interim CEO John Mulligan, who was
Target`s chief financial officer. Cornell will lead the effort to help the
retailer recover from the massive data breach. Shares were off almost 3
percent to $59.59.

MATHISEN: Another retailer in the midst of a strategic rethinking
Under Armour (NYSE:UA). The Maryland company has traditionally focused on
men`s active wear and now, it`s trying to win over women.

Here`s Sara Eisen.

(BEGIN VIDEOTAPE)

SARA EISEN, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): Under
Armour (NYSE:UA) is making a big bet on women. The fast-growing sportswear
company launching a major marketing campaign in New York, centered around
ballerina Misty Copeland. Not exactly what you`d expect from a company
that`s fueled growth by selling compression t-shirt and other men`s
performance apparel created by former college football player and CEO Kevin
Plank.

KEVIN PLANK, UNDER ARMOUR CEO: This transition from Under Armour
(NYSE:UA) just being about the female athlete, to being a story about the
athletic female. Don`t just think about it as sports bras and compression
shorts, there`s much more style. Style is cool and style is incredibly
important.

EISEN: The women`s active wear market is about $15 billion, according
to KMB Group, and that`s grown 8 percent from this time last year. Under
Armour (NYSE:UA) at this point only has a tiny slice of that market, but
says it can grow to a billion dollar business, and even be bigger than its
men`s business. Major players include Lululemon, Nike (NYSE:NKE) and Gap`s
Athleta.

Well, Plank isn`t worried about competition.

PLANK: I don`t think anyone else controls the destiny of Under Armour
(NYSE:UA). We`ve got this opportunity to build really a great business.
It`s not size, but something where, you know, our women`s business side
(ph) has been outpacing the growth since our IPO in 2005.

EISEN: For men and women, sports apparel has been booming, growing
four times as fast as the overall apparel industry. That`s certainly
helped Under Armour (NYSE:UA) sales explode, on track to grow 29 percent
this year to $3 billion. It`s stock, up more than 60 percent this year,
more than 10 times the broader gain of the S&P 500.

(on camera): No question Under Armour (NYSE:UA) has the momentum, but
to catch up with Nike (NYSE:NKE), it`s going to have to grow and it`s going
to have to grow internationally. Nike (NYSE:NKE) still has nine times
total sales.

For Kevin Plank, the CEO, that means focusing on growth,
international, footwear and women`s, even at the start of football season.

For NIGHTLY BUSINESS REPORT, I`m Sara Eisen.

(END VIDEOTAPE)

HERERA: Coming up, the teen who has Wall Street ambitions and got
some pearls of wisdom from none other than Warren Buffett. That`s next.

(MUSIC)

HERERA: A judge has ruled against Microsoft (NASDAQ:MSFT), saying
U.S. law enforcement can force the company to turnover e-mails that it
stores in Ireland. The federal judge in New York ruled after hearing oral
arguments, but she agreed to stay the effect of her ruling to give the
company time to appeal. Microsoft (NASDAQ:MSFT) has said that rulings
forcing it to turnover e-mails threaten to rewrite the Constitution`s
protection against illegal search and seizure. Its arguments were joined
by Apple (NASDAQ:AAPL), AT&T (NYSE:T), Cisco (NASDAQ:CSCO) Systems and
Verizon (NYSE:VZ).

MATHISEN: Sometimes wishes do come true and this week, thanks to the
Make A Wish Foundation, one did for 17-year-old Tre Grinner of Alamo,
California. Trey wants to be an investment banker, maybe a money manager.
Last Christmas eve, he was diagnosed with Hodgkin`s Lymphoma.

A social worker at the hospital where he was treated hooked him up
with Make A Wish. It arranged for him to do a week-long internship in New
York City with Goldman Sachs (NYSE:GS). He`s hung with Lloyd Blankfein,
rung the opening bell at NASDAQ and met Derek Jeter on the field at the
stadium. And today, he had perhaps his biggest thrill of all during an
appearance on CNBC.

We surprised him with a phone call from Warren Buffett.

(BEGIN VIDEO CLIP)

BUFFETT: I understand that you`re being shown around Goldman and I
would like you to become my agent, because they`re going to try to sign you
up but the two of us can make a better deal with Lloyd than if he has him
to yourself. If we can get Jamie Dimond in the act, and everybody would be
competing for your services if we play this right.

MATHISEN: How, Mr. Buffet, would you counsel ordinary investors or a
guy like Trey out there trying to make money in his personal portfolio to
factor in all of the various crosscurrents we hear on the market on a day
like this, that wage inflation is coming back, Argentina is defaulting on
debt. There is increased tension in Europe and the European economy may
not be good.

How should people think about that on a day like this where they see a
very immediate effect in the prices of their stock?

BUFFETT: Well, if they are in a good business and they have got some
spare money, they like buying it yesterday, they should like buying it
better today. It really — the day-to-day stuff doesn`t make any
difference. You know, the trick in investing is to buy good businesses and
hold them for a long time and make a lot of money doing so. It`s a mistake
to pay attention to the day-to-day fluctuations.

If you found a good business in your hometown to buy into it, as a
private business, you wouldn`t think of buying and selling it every day
just based on headlines. You`d concentrate on buying the best business you
could and have the best management there that you could have.

MATHISEN: If you liked it yesterday, you might want to buy more of it
today.

Mr. Buffett, thank you so much.

Tre, any final words or questions for Warren?

TRE GRINNER: Well, I think your advice is really good on buying
(INAUDIBLE). If you liked it then, you`re going to love it now, and Dow is
down and I think it`s a good time to re-up position.

BUFFETT: Tre, we`d love you to come to the Berkshire Hathaway
(NYSE:BRK.A) annual meeting. I`d like to meet you.

MATHISEN: I bet we could make that happen, Mr. Buffett. Thank you so
much.

(END VIDEOTAPE)

MATHISEN: Tre told me he`s feeling well. He had his last chemo
treatment a month or so ago. His recovery is on track. And next for him
would be classes at the community college out in California, then may be
Cal Berkeley. And, oh, yes, Goldman promised to make another wish come
true next year, going to that Berkshire Hathaway (NYSE:BRK.A) powwow in
Omaha and meeting with Warren Buffett. He was a very impressive fellow.

HERERA: He really was, makes me kind of misty. He really does. Very
heartfelt story and we wish him the best of luck.

MATHISEN: And he`s had a hard way up and he`s battling his illness
effectively.

HERERA: But he`s feeling good. All right.

MATHISEN: Nice of Mr. Buffett to call in. We appreciate that.

HERERA: We do. Very much so.

That will do it for us on NIGHTLY BUSINESS REPORT. I`m Sue Herera, in
for Susie Gharib. Thanks for joining us.

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

This entry was posted in Transcripts. Bookmark the permalink.

Leave a Reply