Transcript: Nightly Business Report – September 25, 2015

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

(BEGIN VIDEO CLIP)

REP. JOHN BOEHNER (R-OH), SPEAKER OF THE HOUSE: It`s become clear to
me that this prolonged leadership turmoil would do irreparable harm to the
institution. So, this morning, I informed my colleagues that I would
resign from the speakership and resign from Congress at the end of October.

(END VIDEO CLIP)

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Speaker splits. House
Speaker John Boehner steps down. What does his departure mean for a
potential government shutdown, Wall Street uncertainty and even interest
rates?

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: The hack stops here.
China and the U.S. agree not to commit cyber thefts against each other, but
President Obama wants action more than words.

HERERA: And clearing the air. Volkswagen announces a corporate
overhaul. While here, government regulators tighten testing standards in
the wake of the automaker`s emissions scandal.

All that and more tonight on NIGHTLY BUSINESS REPORT for Friday,
September 25th.

MATHISEN: Good evening, everyone, and welcome.

Bombshell news on Capitol Hill today. Speaker of the House John
Boehner announcing his resignation just days ahead of a potential
government shutdown at the end of September.

So what does it all mean?

Eamon Javers takes a look at the implications.

(BEGIN VIDEOTAPE)

BOEHNER: This morning, I woke up and I said my prayers, as I always
do, and I decided, you know, today`s the day I`m going to do this.

EAMON JAVERS, NIGHTLY BUSINESS REPORT CORRESPONDENT: The announcement
caught Republicans on Capitol Hill by surprise, even though tensions had
been building in their conference for months. Evidence of that tension in
the Republican Party the exuberant reaction by conservatives at the Values
Voters Summit in Washington.

SEN. MARCO RUBIO (R-FL), PRESIDENTIAL CANDIDATE: Just a few minutes
ago, Speaker Boehner announced that he will be resigning.

(CHEERS AND APPLAUSE)

JAVERS: Some of the most conservative members of Congress cheered the
decision in their own way.

REP. TIM HUELSKAMP (R), KANSAS: He is not the man to lead the
Republican party into 2016 and I think it`s a great day. Finally, we can
hopefully elect a speaker that actually can not only believe in but
articulate conservatives` principles.

JAVERS: At the White House, President Obama offered some praise for
the ousted leader as a dealmaker, the very thing that frustrated
conservative Republicans about him.

BARACK OBAMA, PRESIDENT OF THE UNITED STATES: He is somebody who has
been gracious, and I think maybe most importantly he`s somebody who
understands that in government, in governance, you don`t get 100 percent of
what you want but you have to work with people who you disagree with,
sometimes strongly, in order to do the people`s business.

JAVERS: The early betting is Boehner`s resignation makes it easier to
cut a deal next week and avoid a government shutdown. But over the long
term, whoever inherits Boehner`s speakership is likely to be in more of a
move to fight than to cut a deal.

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

(END VIDEOTAPE)

HERERA: So, does John Boehner`s resignation today bring more
uncertainty or clarity to Wall Street?

Greg Valliere is chief political strategist at Potomac Research Group,
and Michael Farr is president of Farr, Miller and Washington. They both
join us tonight.

Good evening, gentlemen.

Greg, I`m going to start with you if I could.

Specifically, what does Mr. Boehner`s resignation mean for Wall Street
and also the prospect as Wall Street is watching very closely of a possible
government shutdown?

GREG VALLIERE, POTOMAC RESEARCH GROUP CHIEF POLITICAL STRATEGIST: It
doesn`t mean a lot, Sue, for a shutdown next week. I think we`ll get a
deal on that. The big story is December. I think in mid-December, we
could see a crisis over spending levels, over the debt ceiling, and for
Wall Street what that means is that the Fed, the FOMC, is going to have a
meeting the next week after their deadline of December 11th for the budget.

So, how can Janet Yellen raise rates if we have a government shutdown?

MATHISEN: Michael, do you agree with that?

MICHAEL FARR, FARR, MILLER & WASHINGTON PRESIDENT: I do. And I`ve
got to tell you Greg Valliere is my must read. I read Greg`s notes every
morning. He`s my go-to guy.

I think what this means, a couple of things. Even with a Fed to do
something it wasn`t a shift in policy. They were going to remain
accommodative. So this was going to be a nominal thing.

I think the Fed put is gone. So if markets become a little bit shaky,
I don`t think the Fed rushes back in. I think that they`re out. But I
don`t think there`s any chance they raise policy here. I think Yellen said
as much yesterday and told markets that should something else happen, this
is that something else.

HERERA: So, Greg, what`s the next step in your book? I mean,
obviously we need to get a new speaker, and that in and of itself can
create uncertainty, depending upon who that person is.

VALLIERE: Yes. I think it`s probably going to be Kevin McCarthy.
He`s the odds-on favorite right now, Sue.

He`s going to have to listen to the right wing. He`s going to have to
be much more restrictive on any kind of new spending. He`s not going to be
able to deal with Nancy Pelosi as John Boehner did.

And that`s a big story for the health care sector. I think people who
look at lab stocks, health stocks that might have gotten a little increase
at the end of the year, I`m not sure anybody`s going to get a spending
increase at the end of the year.

MATHISEN: So, Michael, did I hear you just say that you do not think
there will be a rate hike this year because the turmoil in Washington will
be so intense as we head into that debt ceiling fight?

FARR: That`s exactly what I said, Tyler. I think that this shift
without Speaker Boehner there is a clear shift to the right. And
therefore, that partisanship that was so acerbic in the past year or a year
and a half ago comes back, and I think Greg Valliere has been dead on as
he`s been analyzing all of this.

So, health care becomes the question. And you`re going to start
looking at some of those stocks.

Sue`s question was clarity and uncertainty. I think we have more
clarity and more uncertainty. I think we got both with this resignation.

HERERA: What are you going to be watching for most, Greg, signals on
Capitol Hill? Often tell you what is going to come next. What signals are
you watching for?

VALLIERE: Two things, Sue. Number one, what will McCarthy say over
the next few days? Will he sound conciliatory or will he sound
confrontational?

Number two: let`s watch the Highway Trust Fund. It has to be
replenished in late October. If it`s done fairly simply and there`s money
for it, that would be a good sign getting into December. If we can`t even
get the Highway Trust Fund done in late October, that would not be a good
sign.

MATHISEN: Michael, what`s the implication for equities given the
political landscape that you and Greg outline here?

FARR: Well, I think that the risk trade is off. I think that all of
a sudden the notion that if markets really fall, that the Fed`s going to
step in and start buying more bonds or throwing more cash, that`s out of
here. So, you really do need to know what you own, you`d have to pay
attention to the balance sheets and why you own it.

I think the things that I`m going to watch for, though, he`s looking –
– Greg`s looking for Kevin McCarthy and the Highway Trust Fund. I`m going
to be looking at the price of gold. I`m going to be looking at the dollar.
And I`m going to be looking at interest rates particularly on the ten-year
treasury.

HERERA: You`re nodding your head in agreement, Greg.

VALLIERE: I think interest rates stay pretty darn low. Market rates
aren`t going up very far. There`s too much uncertainty. There`s more
fiscal restraint coming. To me that points to a low interest rate
scenario.

FARR: And remarkable that Yellen and the Fed seem to expect that we
won`t reach their 2 percent inflation target until sometime in 2018. I
mean, that was a stunning piece of data.

VALLIERE: Yes.

MATHISEN: All right, gentlemen, thank you very much.

FARR: Thank you.

MATHISEN: That was Greg Valliere with Potomac Research Group, and
Michael Farr with Farr, Miller & Washington.

Well, from Congress to the presidential race, where wage control and
taxes will be a — wage growth I should say and taxes will be a focal point
for the American public. Republican presidential hopeful Jeb Bush sat down
with John Harwood and talked about those very things.

(BEGIN VIDEO CLIP)

JEB BUSH (R), PRESIDENTIAL CANDIDATE: Wage growth has been flat for a
long time in the country. We have this big challenge that we have to fix.
Growth by itself isn`t going to create higher wages but higher growth will
create more wage growth than no growth. And if you do it in the right way,
where you`re putting money in people`s pockets, which I think is important,
you can create economic activity.

JOHN HARWOOD, CNBC: Given the trend toward income inequality, which
you have been concerned about, given the trend within your party about
deficits, why would you take the risk of a policy that confers a huge
proportion of its gains in the immediate sense on people at the top of the
income scale and if it doesn`t have the growth effects you`re talking about
would substantially increase the deficit?

BUSH: The broad tax policy that we`re proposing does the opposite of
what you`re suggesting, which is it provides tax relief for the middle
class. 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: What does eliminating the estate tax, how does that help
anybody`s right to rise?

BUSH: Well, it means that a family won`t lose their business. We`re
not —

HARWOOD: But these are people — that tax only applies to people who
have made it big-time. They`ve risen.

BUSH: Or they`re dead.

(LAUGHTER)

BUSH: They`ve risen — hopefully they`re up there.

What we`ve suggested is an asset, a family asset doesn`t get taken
away. That allows for second-generation businesses to continue to
flourish.

I mean, when I campaigned, there were a lot of people — maybe it`s
just because of my campaign. I don`t know. But I don`t see a lot of big
corporation guys hanging out in the political process. I do see a whole
lot of family-owned businesses that are creating a lot of vitality and
communities.

And having an onerous tax code, you know, creates problems. Yes, we
have an exemption. But people have earned this through good fortune and a
lot of hard work and taken risks and I don`t think you should take that
away from families.

(END VIDEO CLIP)

MATHISEN: Well, if you want to watch the rest of John`s interview
with Jeb Bush, log on to our Web site. It`s called NBR.com.

HERERA: It was a mixed day on Wall Street. Stocks were higher for
most of the day but the biotech sector had its worst day in nearly a year
and a half and is that dragged everybody lower. The Dow stayed above
water, thanks to a 9 percent jump in Nike (NYSE:NKE) following the earnings
numbers that we told you about last night.

In the end, the Dow Jones Industrial Average rose 113 points, the
NASDAQ fell about 48, and the S&P 500 was off just a fraction. For the
week, all three indices were lower, but the NASDAQ was the biggest loser.
It was down about 3 percent.

MATHISEN: While the drama of Speaker Boehner`s resignation was
playing out on Capitol Hill, Chinese President Xi Jinping and President
Obama held high-level meetings at the White House today to discuss cyber
security and a number of issues of contention between the two countries.

Michelle Caruso-Cabrera has more from the White House.

(BEGIN VIDEOTAPE)

MICHELLE CARUSO-CABRERA, NIGHTLY BUSINESS REPORT CORRESPONDENT: The
leaders of the world`s two largest economies announced an agreement on
environmental goals with China, the world`s largest polluter, agreeing to a
cap and trade program to reduce carbon emissions. The two presidents also
claiming progress on cyber espionage. It was an agreement that neither
government will conduct or knowingly support cyber-enabled theft of
intellectual property or trade secrets.

But even President Obama sounded uncertain about whether the Chinese
would follow through.

OBAMA: What I`ve said to President Xi and what I say to the American
people is, the question now is, are words followed by actions? And we will
be watching carefully to make an assessment as to whether progress has been
made in this area.

CARUSO-CABRERA: President Xi was greeted on the south lawn with the
most senior members of President Obama`s cabinet on hand to receive him.
While Xi and Obama went on to meetings in the Oval Office and the cabinet
room the two first ladies, Michelle Obama and Peng Liyuan, went to visit
the Chinese pandas living at the national zoo.

Some moments of drama at the joint press conference when the Chinese
president took questions from two American reporters, one on cyber security
and another on the economy. He answered both of them, repeating what he
said in a speech in Seattle on Tuesday night.

XI JINPING, CHINESE PRESIDENT: China strongly opposes and combats the
theft of commercial secrets and other kinds of hacking attacks.

CARUSO-CABRERA: Still, the moment was significant. His predecessor,
Hu Jintao, back in 2011, ignored an American reporter`s question about
human rights, then pretended that he was having technical issues and
couldn`t hear before finally giving an awkward answer.

No such awkwardness today, even though cyber security is clearly a
tense issue. Just last week, President Obama raised the possibility of
sanctions in retaliation for alleged Chinese military hacking. Today,
President Obama said that has to stop.

For NIGHTLY BUSINESS REPORT, Michelle Caruso-Cabrera at the White
House.

(END VIDEOTAPE)

HERERA: And in Germany, Volkswagen is making changes following the
emissions scandal that has embroiled that company, and here, government
regulators are tightening the screws when it comes to testing vehicles as a
result of that scandal.

Hampton Pearson has all the details.

(BEGIN VIDEOTAPE)

HAMPTON PEARSON, NIGHTLY BUSINESS REPORT CORRESPONDENT: Volkswagen in
hopes of clearing the air after it was caught cheating on diesel emissions
tests in the U.S. today announced plans for a corporate overhaul. It named
Matthias Mueller, the head of its Porsche division, as its new CEO.

Meanwhile, Michael Horn will remain CEO of the Volkswagen group in
America.

Members of the supervisory board pledged to do everything possible to
win back the public trust in the wake of the emissions scandal.

BERTHOLD HUBER, VOLKSWAGEN SUPERVISORY BOARD CHAIRMAN: The test
manipulation on diesel engines for Volkswagen mean a moral and political
disaster. The non-compliant actions of developers and engineers and
development shocked Volkswagen as it did the general public.

PEARSON: VW has admitted installing so-called defeat devices on
Volkswagen and Audi cars with four-cylinder diesel engines on some 11
million cars worldwide including about 500,000 vehicles in the U.S.

Late Friday, the Justice Department announced its own investigation.
Meanwhile, the Environmental Protection Agency is sending letters to all
auto manufacturers outlining major changes to the way it tests for diesel
emissions.

CHRISTOPHER GRUNDLER, EPA DIR. OF TRANSPORTATION & AIR QUALITY: We
are putting vehicle manufacturers on notice that our testing is now going
to include additional valuation and tests designed to look for potential
defeat devices.

PEARSON: The EPA says VW could face $18 billion in fines. And
attorneys general for more than two dozen states are launching their own
investigation ahead of what could be an avalanche of class action lawsuits.

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

(END VIDEOTAPE)

MATHISEN: Coming up, this week`s market monitor says if you are
looking for growth it`s time to get into the game. He`ll explain.

(MUSIC)

MATHISEN: At the United Nations, Pope Francis addressed the world,
calling on leaders to take concrete steps to protect the environment,
presenting it as a human rights issue. He also made an emotional visit to
ground zero, where he asked for prayers of peace.

Mary Thompson has more.

(BEGIN VIDEOTAPE)

MARY THOMPSON, NIGHTLY BUSINESS REPORT CORRESPONDENT: On his day and
a half trip to New York City, Pope Francis visiting hallowed ground.

POPE FRANCIS (through translator): You can feel the pain here. It`s
palpable.

THOMPSON: At an interfaith service at the 9/11 Memorial Museum, the
pope appealing for peace, echoing remarks made earlier at the United
Nations.

POPE FRANCIS (through translator): War is the negation of all rights,
and it`s a dramatic assault on the environment.

TOMPSON: The environment, the focus of Francis`s speech to the
general assembly, framing the protection of the earth as a human rights
issue. The pope saying the misuse of natural resources harming the
marginalized the most, who become what he calls a by-product of the culture
of waste.

POPE FRANCIS (through translator): They are cast off by society,
forced to live off what is discarded and suffer unjustly from the
consequences of the abuse of the environment.

THOMPSON: Francis also asking for restraint in response to financial
crises, saying harsh terms put on developing economies` debt hurts rather
than helps them. He also asked for aid in dealing with the migrant crisis.

In his 40 hours in New York City, Francis traveled 57 miles. From
Ground Zero, he went north to a Catholic school in East Harlem, then
through Central Park in a motorcade on his way to Madison Square Garden
(NASDAQ:MSG), where he`ll say mass for 20,000.

A brief visit marked by words and memories made for a lifetime.

In New York City, I`m Mary Thompson for NIGHTLY BUSINESS REPORT.

(END VIDEOTAPE)

MATHISEN: A product announcement and disappointing quarterlies from
BlackBerry, and that`s where we begin tonight`s “Market Focus”.

The smartphone maker reporting an adjusted loss as it is still trying
to turn its business around. The company also announcing it will launch a
new android phone to help its device business. Shares tumbled over 7 1/2
percent. They finished at $6.49.

Shares of Finish Line plunged after the athletic apparel retailer
reported that profit fell in its most recent quarter. On top of that,
sales missed analyst estimates as higher overhead expenses weighed on the
top line there. The company did see same-store sales rise, though. Still
the stock slid nearly 20 percent on the day to $19.91.

HERERA: Google (NASDAQ:GOOG) is reportedly under antitrust scrutiny
in the U.S. Regulators are investigating whether the search giant is using
its Android mobile operating system to stifle competition. Shares fell
just under 2 percent to $640.15.

Japan Tobacco is in advance talks to buy $5 billion in assets from
Reynolds American (NYSE:RAI). That report according to Bloomberg. Japan
Tobacco owns cigarette brands like Winston and Camel. Shares rose 2
percent to $42.99.

And a recall to tell you about. Sanderson Farms (NASDAQ:SAFM) is
recalling more than a half million pounds of chicken that may have been
contaminated with metal. That`s according to the U.S. Department of
Agriculture. Despite the news, the shares of Sanderson Farms (NASDAQ:SAFM)
slightly higher to $69.37.

MATHISEN: And now to our market monitor who has stock picks he thinks
could rise 20 percent over the next 12 months. Last time he was on with us
in April, he recommended Apple (NASDAQ:AAPL). Since then it is down 12
percent. IMAX down 13 percent. And Tesla, which is 17 percent higher.

He`s Ross Gerber, CEO and president of his own wealth management firm,
Gerber Kawasaki.

Ross, welcome back. Good to have you with us.

Do you still like Apple (NASDAQ:AAPL), IMAX, both of them down, and
Tesla 17 percent higher?

ROSS GERBER, GERBER KAWASAKI CEO & PRESIDENT: Absolutely. Apple
(NASDAQ:AAPL) more than ever. I mean, they`re just killing it today with
iPhone sales and we expect so much good stuff through the Christmas season.
And IMAX is still waiting for the global release of “Star Wars,” which is
the premise here.

So, the stocks have gone down a little bit for now but I think it`s a
great opportunity. And Tesla we love.

HERERA: Facebook (NASDAQ:FB) you like as well. We just heard from
the CEO the other day. Virtual reality.

GERBER: We love it. We think virtual reality has so much potential.
And Facebook (NASDAQ:FB) has built an amazing platform with the original
Facebook (NASDAQ:FB) obviously but also with Instagram and with WhatsApp,
and now with virtual reality growing like crazy, we think this is a great
opportunity to own a blue chip of the future.

MATHISEN: It`s selling in the $90s now. Where do you see it in a
year`s time?

GERBER: Well, we see if moving higher, ideally about 20 percent over
the next year. But, of course, with all investments, you know, there`s
risk and we`ll see how it goes.

HERERA: All right. T-Mobile, I`m not sure whether we want to focus
on the stock or the CEO, who is colorful I guess is the best word to
describe him.

GERBER: I love John. I think he`s doing a phenomenal job. He`s not
scared to take on the industry.

HERERA: He definitely isn`t.

GERBER: He`s honest and he tells you how he sees it.

But one of the things we have to consider, he`s incredibly smart and
he`s doing a great job taking customers from everybody else. And T-
Mobile`s growing and is growing really well.

HERERA: All of the carriers are getting away from — not giving away
but subsidizing phone prices. Is this the new model and is it going to
work not just for T-Mobile, who`s one of the first to get away from it and
get away from the contracts?

GERBER: It is working and it`s great tore consumers. It`s great for
the phone companies because they don`t have to come up with all the money
up front. And it`s great for Apple (NASDAQ:AAPL) and the device makers as
well because I just upgraded my Apple (NASDAQ:AAPL) phone and it`s only
been a year and now I`m able to do it.

So, it`s almost like you`re leasing a phone now instead of buying one.
So, it`s a win-win for everybody involved. And T-Mobile was really the
firm that got that that started.

HERERA: Let me turn to Washington with Mr. Boehner`s earlier
resignation. We had a discussion in the program about how that plays out
in terms of a possible government shutdown, whether it affects the Fed.

Does a fundamental news story like that affect your investment
strategy at all, Ross? How much attention do you pay to it?

GERBER: Unfortunately, I think the things holding the economy back is
Washington. And the resignation of John Boehner is not a positive, I don`t
think, for the Republicans. He was a steady hand in a very unsteady boat
that they`re in.

But I`m really scared about the political future for this country if
we don`t get some real candidates running for office here that are real
good.

MATHISEN: We led by saying you`ve got to get into the game if you
want growth. And your game pick here is Activision Blizzard (NASDAQ:ATVI).
Why? Blizzard.

GERBER: You know, I love the video game business and I`ve been
involved with it on and off for a long time. But what`s happening now with
technology is the digital download business has increased margins hugely
and mobile gaming has increased the ability for the companies to sell their
games on different devices now, many different price points. Activision
has key franchises. As we go into the Christmas season, we expect them to
do very well but their margins are expanding and some of their new games
like Destiny are just taking off. So, we love the business and it`s also
going to have a big potential with virtual reality.

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

GERBER: Thank you.

MATHISEN: Ross Gerber with Gerber Kawasaki.

HERERA: Well, speaking of gaming, did you know that watching people
play video games is turning into a big business? May sound crazy but the
numbers are staggering and major companies are taking notice and action,
next.

(MUSIC)

MATHISEN: Apple`s latest iPhone 6S and 6S Plus went on sale in 12
countries today, and as expected customers across the globe lined up to get
their hands on the newest igadgets. The pope didn`t pick up one today.

HERERA: Not yet.

MATHISEN: Not yet. Maybe he`s going to get one.

Last week, the tech giant said new smartphones are on pace to top last
year`s record 10 million phones sold on an opening weekend. Analysts
expect up to 13 million this weekend.

HERERA: E-sports, or competitive video game playing, may not be
physically grueling like traditional sports but it is competitive and it is
big business.

Julia Boorstin looks at the booming business of watching people play
video games.

(BEGIN VIDEOTAPE)

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Over 110
million people around the world are e-sports fans, regularly watching
competitive video gaming. And now the business is going to primetime.
Turner and agency WME/IMG are teaming up to create a new e-sports league
broadcasting 20 Friday night telecasts on TBS every year.

And video game giant Activision Blizzard (NASDAQ:ATVI) announce the a
new global e-sports league for its mega hit “Call of Duty.” The league
will have a pro and amateur division and a $3 million prize pool. As the
game maker looks to cash in on the activity around its games after it sells
them.

EVAN WILSON, PACIFIC CREST SECURITIES: You think about the size of
the number of people like “call of duty,” 40 million people are playing and
watching that game on an annual basis. Potentially, you can deliver an
audience size of a similar size and caliber to what Thursday night football
is. And obviously there`s a lost monetization there.

BOORSTIN: As video games continue to grow in popularity and live
streaming capability improves, along with access to live stream games from
mobile devices, the popularity of e-sports is exploding. And so far, the
two main companies that have profited from the trend are YouTube and live-
streaming game app Twitch, which Amazon (NASDAQ:AMZN) bought for nearly a
billion dollars last year.

A range of traditional sports companies have moved into e-sports.
Last week, Draft Kings announced it`s bringing fantasy sports to video game
contests starting with the world championship for League of Legends in
Paris next week. And ESPN has aired various e-sports competitions.

Though ratings haven`t been as massive as expected based on the huge
audience for e-sports. That`s because until now e-sports have been greatly
fragmented.

WILSON: The risk is, again, that you produce the content poorly. I
think the obvious trend of people wanting to play skill-based video games
and other people wanting to watch them play is very clear. Now, the next
step we have to get to is we need companies to be able to create the
content that`s very attractive for everybody to watch in a television
format.

BOORSTIN: Now analyst Wilson along with the media giants are
optimistic that consolidating the business into a few major leagues will
create major ratings.

For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in San Francisco.

(END VIDEOTAPE)

MATHISEN: And finally tonight, they say a picture`s worth a thousand
words. Well, the people in this picture worth a whole lot more and we`re
not talking words. Estimating the executives surrounding Chinese Premier
Xi at a business forum in Seattle Wednesday represent firms with a combined
$2.5 trillion in market value. Front row, big one, Facebook`s Zuckerberg,
Chambers of Cisco (NASDAQ:CSCO), Alibaba`s Ma, IBM chief Ginni Rometty,
Apple`s Cook, and Amazon`s Bezos. That is $2 trillion alone.

HERERA: Wow.

MATHISEN: Front row seat.

HERERA: That`s a class picture for you.

MATHISEN: Yes.

HERERA: That does it for NIGHTLY BUSINESS REPORT for tonight. I`m
Sue Herera. Thanks for joining us.

MATHISEN: Have a great weekend, everybody. Enjoy it. We`ll see you
on 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.

This entry was posted in Transcripts. Bookmark the permalink.

Leave a Reply