Transcript: Nightly Business Report – October 14, 2015

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

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Wal-Mart`s big
warning. It took investors by surprise, sank the stock more than 10
percent, and dragged the broader market down with it.

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: $50 billion target. The
best performing stock on the Dow this year just set an ambitious target for
itself.

MATHISEN: Netflix stumbles. There was one thing in the company`s
earnings report that disappointed investors, and we will tell you what it
was.

All that and more tonight on NIGHTLY BUSINESS REPORT for Wednesday,
October 14th.

HERERA: Good evening, everyone.

A stunning admission from Wal-Mart. The world`s largest retailer by
sales shocked the financial markets when it said profit and revenue for the
year won`t be as strong as it once thought. And according to some, far
worse than anyone expected. The reasons include higher wages for employees
and big investments in e-commerce. That sent shares plummeting, down 10
percent, its worst day in 27 years, according to FactSet, knocking more
than $20 billion off its market cap.

The revelation underscores the difficulty that company is having
reigniting growth.

Courtney Reagan has more on Wal-Mart`s unpleasant surprise.

(BEGIN VIDEOTAPE)

COURTNEY REAGAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Well, no one
saw that coming. Today, Wal-Mart lost nearly $20 billion in market cap
after surprising Wall Street with new earnings guidance at its annual
investor meeting at the New York Stock Exchange.

The world`s largest retailer lowered its sales outlook for the current
year, citing negative currency impacts and said the cost of higher wages
and investments in e-commerce will lower earnings by as much as 12 percent
in 2017.

Wal-Mart`s CEO, Doug McMillon, is asking investors for patience and
told analysts that these investments are the right ones to make for the
future. The company forecasting it will return to current levels of
profitability in fiscal year 2019, though investors are hurting now.

Retail consultant and former department store executive Jan Kniffen
was at the meeting today and thinks the pain is necessary.

JAN KNIFFEN, J. ROGERS KNIFFEN WORLDWIDE ENTERPRISESS CEO: I don`t
think they have a choice of how they`re going to compete. They`ve got to
be competitive with the Amazons of the world. They`ve got to be
competitive in the grocery space.

They`ve got to do what they`re doing. They had to raise salaries,
which was part of the hit they`re taking here. I don`t think there was an
option for them to do something different. The pain is how much it`s going
to cost to get from here to there.

REAGAN: While Wal-Mart announced the wage increases back in February,
some say the retailer didn`t detail the cost impact beyond the first year
as much as it`s doing now, which is part of the reason for the surprise and
subsequent stock plunge.

But McMillon tried to ensure analysts that he isn`t losing track of
shareholders.

DOUG MCMILLON, WAL-MART INC. CEO: We`ll protect shareholder value.
I`m not one that believes in just writing something off because it might be
perceived well by some. I`m trying to manage this situation like it`s your
money and my money, because it is my money, and I know it`s your money.

So, we`ve got to be thoughtful about what we do, and not everything
will happen overnight, but we`re clear that we have to win in some certain
areas.

REAGAN: One of those areas is investment in Wal-Mart`s hallmark —
everyday low prices.

The retailer didn`t go into detail about how it will execute, but one
analyst expects it to spend roughly $2 billion to continue to deliver cost
savings to customers.

Wal-Mart didn`t bring a win for shareholders today but did say
Christmas will be, quote, “fine”.

For NIGHTLY BUSINESS REPORT, I`m Courtney Reagan.

(END VIDEOTAPE)

MATHISEN: Even though Wal-Mart`s issue is specific to the company,
retailers across the board fell along with Wal-Mart today. Discounters
Dollar General and Dollar Tree fell more than 3 percent. Rival Target off
3.5 percent. And even the department store Sears and high-end retailer
Nordstrom slid today.

HERERA: Joe Feldman joins us now to talk more about Wal-Mart`s
warning and what nay mean for the rest of the retail sect your. He is
senior managing director at Telsey Advisory Group.

Joe, welcome. Nice to have you here.

JOE FELDMAN, TELSEY ADVISORY GROUP SR. MANAGING DIRECTOR: Thanks for
having me.

HERERA: You know, were you as surprised as almost everyone on the
street was by Wal-Mart`s announcement this morning? And what does it mean
for this company?

FELDMAN: Yes, no, I definitely was as surprised as everybody else.
It was — you know, we were forecasting, say, earnings to be up 5 percent
or so next year. Now they`re talking about being down 6 percent to 12
percent. That`s a huge swing.

You know, we knew there was going to be investment spending. We knew
that they were going to raise wages by a dollar to $10 is the minimum
level, and we knew there was going to be some e-commerce spending, but boy,
the impact of that was definitely not as well telegraphed as I think they
could have done that over the past year.

And this is like the third time now or so in the past three quarters
or so when they`ve, you know, come out and had to add some things that are
investment spending that are driving down earnings a little bit.

MATHISEN: You know, I think of the Walt Kelly quote from “Pogo”, “We
have met the enemy and he is us.” Is that — is this the case with Wal-
Mart?

FELDMAN: Well, it`s a very big ship and it takes a lot to turn it,
and I do believe that this investment spending that they`re doing is
necessary. They are seeing benefits from it already. If you think about
the investments that they`ve made in labor, in their staffing in the
stores, they`re actually seeing better same-store sales trends. This year,
sales have not been the problem. It`s really on the expense side.

HERERA: So, Joe, they obviously had to do this because they had to
upgrade the technology, so it`s an investment in the future.

FELDMAN: Mm-hmm.

HERERA: Can the street see past that? Because they took down a lot
of the retailers today in sympathy with Wal-Mart. Was that appropriate?
Does it have that kind of a ripple effect through the rest of the retail
stocks?

FELDMAN: I think the street put one and one together and they said
that, OK, well, Wal-Mart sounds lousy, and the retail sales data coming out
of the U.S. government this morning was a little bit softer than expected.
It wasn`t horrible, but it was a touch softer. And so, everybody said,
boy, get out of retail, it must be bad.

And I think it`s a misread to say that Wal-Mart`s pressures are really
going to impact everybody else. I think they`re doing things to change
their business model a little bit to focus more on digital, have a seamless
experience for the customer, to have better in-store experience.

That`s very Wal-Mart specific versus the rest of retail. I think
there are some opportunities that came up today with some of the selling.

HERERA: All right, perhaps. Maybe people will go in and buy that
dip.

FELDMAN: Yes.

HERERA: Joe, thank you very much. Joe Feldman with the Telsey
Advisory Group.

FELDMAN: Thank you.

HERERA: Ty?

MATHISEN: Wal-Mart`s drop lower weighed on the broader market, as we
mentioned earlier. And weaker-than-expected economic data didn`t help,
either. More that in just a moment.

By the close, the Dow Jones industrial average fell 157 points to
16,924, back below 17,000. The NASDAQ was off 13 points, and the S&P 500
fell 9.

HERERA: Netflix disappointed investors with its after-the-bell
results. Earnings of 7 cents a share missed estimates by a penny and
revenue also missing consensus slightly but rose from the same period last
year. Shares tumbled before coming back a bit in initial after-hours
trading.

But there was another key metric that Wall Street was watching — user
growth.

Julia Boorstin has more on those numbers.

(BEGIN VIDEOTAPE)

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT: The most
important number Netflix`s result, subscriber additions. While the company
added slightly more total subscribers to finish the quarter with 69.17
million, better than expected, its U.S. subscriber growth fell a bit short.
Netflix added just 880,000 new U.S. subscribers compared to the 1.15
million the company itself projected.

It attributed that shortfall to what it called involuntary turn, its
inability to collect as people transition to chip-based credit cards and
fail to update their payment information.

Similarly, the company`s fourth-quarter outlook also forecast smaller
U.S. subscriber growth than Wall Street analysts projected.

But international growth is compensating for that domestic shortfall.
Netflix added a greater-than-expected 2.74 million subscribers overseas in
the third quarter. This projecting stronger than expected international
growth in the fourth quarter as well as it continues its global expansion.

Back over to you.

(END VIDEOTAPE)

MATHISEN: All right, Julia Boorstin.

A number of big companies reported their quarterlies this morning,
including a handful of banks. And although the results may look good on
the surface, there`s more to them than meets the eye.

(BEGIN VIDEOTAPE)

MATHISEN: The mortgage business has made Wells Fargo a pillar of
strength among banks. So far this earnings season, it`s the only major
bank to grow revenue in the third quarter. But despite an earnings beat,
by a penny, and despite growth in the number of loans it`s making, the
profit margins on those loans fell because mortgage rates are so low.

JOHN SHREWSBERRY, WELLS FARGO: We definitely make more money in a
higher-rate environment, but the results that we`ve generated in a zero
interest rate environment for several years now have been record results
for Wells Fargo.

MATHISEN: Among the other big banks, Bank of America beat by 4 cents.
It`s now gone a full year without having to worry about legal fees eating
into its profit, and it continues to cut costs. The bank now has about
215,000 employees, down more than 6 percent from a year ago.

Still to come this week, reports from Citigroup, Goldman Sachs and
Morgan Stanley. Among the regional banks, PNC beat estimates by 11 cents.
Profits rose, but revenues were down. Again, low interest rates are the
culprit here, but the bank made more loans and managed to cut expenses,
too.

Blackrock, the world`s largest asset manager, posted an earnings beat
by 43 cents. Profits, though, down 8 percent from a year ago, during the
stock market`s worst third quarter since 2011.

And while low energy prices make it riskier for banks to make loans to
energy companies, they are good, very, very good for travel. Delta
Airlines beat estimates by 3 cents. It reported record quarterly profits
$1.4 billion, and did so even though revenue was down slightly.

RICHARD ANDERSON, DELTA AIR LINES CEO: In 4Q, we expect another
record quarter, 16 percent to 18 percent op margin. And as we get into
2016, we`ll be lapping higher fuel prices. And right now in the S&P 500, I
think if you look at analysts` forward estimates, we probably have some of
the top EPS growth expected by the street in 2016.

MATHISEN: Delta says it`s using profit from lower fuel costs to help
keep its ticket prices down.

(END VIDEOTAPE)

MATHISEN: And here`s how shares of those companies finished the day.
Wells Fargo and Bank of America moved fractionally. PNC fell, while
Blackrock and Delta were higher.

HERERA: To the economy now, and a report from the Federal Reserve
that shows the economy growing at a modest pace. The Fed`s beige book,
which is a snapshot of the economy from its 12 regional banks, showed
steady consumer spending and an improving housing market, but the strong
dollar slowed activity in manufacturing, energy and tourism.

MATHISEN: Retail sales and the latest report on inflation
disappointed. The Commerce Department reports that sales at stores and
online rose 0.1 percent, which was below expectation. Producer prices
posted their biggest decline in eight months, dropping 0.5 percent, and
that sent the yield on the 10-year bond back below 2 percent.

And this weaker-than-expected economic data isn`t going unnoticed by
the Federal Reserve, which as Steve Liesman reports, is becoming more
divided over the timing of a rate hike.

(BEGIN VIDEOTAPE)

STEVE LIESMAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Chances of a
Fed rate hike this year seems to be slipping away after the government
reported lower-than-expected retail sales in September. There was weakness
in gasoline station, grocery store and electronics sales.

That was offset somewhat by strong car, clothing and furniture sales.
And the overall numbers eked out a small gain. But there was a downward
revision to overall spending in August, adding to the sense of an economy
that has weakened, if not stalled in the third quarter.

The data-supported comments from two Fed officials who have said in
recent days they were more worried about risk to the economy and did not
support rate hikes this year.

DANIEL TARULLO, FEDERAL RESERVE GOVERNOR: Right now, my expectation
is, given where I think the economy would go, I wouldn`t expect it would be
appropriate to raise rates. But I would hasten to add that that is an
outlook that changes based on developments in the economy and our being
forward looking about it.

LIESMAN: Fed Governor Tarullo`s comments, along with those of
Governor Lael Brainard, have Wall Street thinking the first rate hike in
nine years looks more like a story for 2016 than 2015.

DAN GREENHAUS, BTIG CHIEF GLOBAL STRATEGIST: The market`s pricing in
a fairly low probability of a hike in October. Whatever level that
probability is at is too high. At this point, you have to assume it`s zero
for October. The probability of a hike in December`s currently being
priced in around one-third. That`s probably two high as well at this
point.

LIESMAN: Comments from the two Fed governors raised another issue,
whether Fed Chair Janet Yellen controls her committee. Yellen has said she
expects rates to rise this year. It`s rare for governors appointed by the
president and confirmed by the Senate and with offices right next to Yellen
to disagree with the chair, let alone dissent.

The 12 district Fed presidents are often more outspoken than the
Washington governors.

That has some Fed observers wondering if there`s been an internal
revolt at the Fed among the doves closest to Yellen. It certainly led to a
confused message.

GREENHAUS: If the Fed`s message is garbled, it`s not necessarily
because the Fed is doing something wrong, but it`s more about the fact that
the economy and the data continues to sort of interfere with what the Fed
expects it`s going to do.

LIESMAN: Come December, if the data is clear about the direction of
the economy, then Fed officials may be clear and united about the direction
of rates.

For NIGHTLY BUSINESS REPORT, I`m Steve Liesman.

(END VIDEOTAPE)

HERERA: Still ahead, the ambitious, long-term goal Nike is setting
for itself.

(MUSIC)

MATHISEN: Nike set some big goals for itself. The world`s largest
athletic gear-maker has a plan to increase its growth not only in the U.S.,
but across the globe.

Sara Eisen has more from Nike headquarters in Beaverton, Oregon.

(BEGIN VIDEOTAPE)

UNIDENTIFIED MALE: What we`ve discovered is —

SARA EISEN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Global consumer
giant Nike announcing an ambitious, new plan to grow sales to $50 billion
by 2020. That`s $20 billion ahead of where it is now. That growth starts
in its home market.

MARK PARKER, NIKE CEO: The growth for North America for Nike`s
actually quite exceptional. We have a strong category offense in play, we
have great relationships with our wholesale partners, and Nike expects to
grow our e-commerce business to $7 billion by 2020. It`s at $1.2 billion
today, so that`s healthy growth.

EISEN: Another part of the growth story is China. At a time when its
economy is slowing and other companies are struggling in the region, Nike
sees double-digit growth there.

Analysts say Nike is also doing a good job appealing to the right
demographic group.

MATT POWELL, NPD GROUP: The millennial consumer is driving the
business across the world. So, even though maybe the luxury business in
China`s not as good right now because the economy has cooled off, et
cetera, we`re really still seeing a strong trend with millennials in sport.

EISEN: Nike says that will help drive its Jordan brand beyond
sneakers to a $4.5 billion business in the next five years.

TREVOR EDWARDS, NIKE BRAND PRESIDENT: We will go into the training
category as a great example, where you know, if you want to be fit and you
want to be, you know, just be a part of that brand, that will be a great
opportunity for us.

But we`ll also, obviously, continue in basketball, but we`ll also have
great products for young athletes.

EISEN: All of these growth initiatives have helped them reach the top
of the Dow. It`s up more than 30 percent so far this year. Under Armour
stock is doing even better.

It`s because in a world where apparel spending has been sluggish,
along with overall glow consumer spending disappointing, at leisure is a
bright spot. It`s going to be up to these companies to keep the
innovations coming and the new products exciting to keep that fashion trend
alive. Nike says its pipeline has never been better.

For NIGHTLY BUSINESS REPORT, I`m Sara Eisen.

(END VIDEOTAPE)

HERERA: We begin tonight`s “Market Focus” with a $1.5 billion deal.

The consumer products company Jarden is buying the parent company of
Jostens, a firm that makes class rings and other memorabilia. Jostens
generates nearly $1 billion a year in revenue. Shares rose a fraction to
$51.08.

Priceline and TripAdvisor are teaming up. The online travel company
announced an instant booking partnership with Priceline. Now, TripAdvisor
users will be able to book through Priceline`s booking.com. TripAdvisor
surged 25 percent to $83.72. Priceline was off 2 1/2 percent to $1,311.08.

MATHISEN: Goldman Sachs reportedly the target of an FBI and Justice
Department probe. According to “The Wall Street Journal,” the bank is
being investigated for its role as an advisor to a Malaysian state
development fund. Shares at Goldman fell a fraction to $179.51.

Lower fuel costs helped J.B. Hunt post better than expected earnings.
The transportation company saw earnings rise as demand grew for moving
shipping containers. Shares were more than 3 percent higher to $75.09.

And Xilinx saw its earnings fall in its most recent quarter, but it
still managed to beat estimates. Revenue came in short of consensus,
however. Still, shares surged initially after the close. During the
regular session, the stock was 2 percent higher to finish the day at
$45.38.

HERERA: Despite low oil prices, some companies are spending a lot of
money to upgrade the infrastructure that helps haul crude safely from one
place to another. And one of those companies is Tesoro.

Morgan Brennan has our report tonight from Vancouver, Washington.

(BEGIN VIDEOTAPE)

MORGAN BRENNAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Even with oil
prices stuck below $50 a barrel, Tesoro is proposing one of the biggest oil
infrastructure projects in the country.

KEITH CASEY, TESORO EXECUTIVE VP OF OPERATIONS: This is a fantastic
spot. It`s in the port of Vancouver in Washington. It`s been an active
port for over 100 years, and what we`re proposing to build here is a crude-
by-rail transfer facility, to be able to bring North American crude to the
West Coast refineries.

BRENNAN: The $210 million facility part of a joint venture with
logistics firm Savage Companies, would receive up to 360,000 barrels of
crude per day, much of it from the Bakken oil patch, coming by train, then
loaded on to tanker ships headed to regional refineries, including
Tesoro`s.

CASEY: If the infrastructure`s not in place, we don`t have access to
the oil. So, with the infrastructure, then it`s the price of the crude,
the price of transportation and the quality of the crude, which the quality
really means how much gasoline and diesel can you make out of that crude
oil.

BRENNAN: Energy analysts say the strategy makes sense, since Bakken
oil is light and sweet, meaning easier to process and better on the
environment.

DENTON CINQUEGRANA, OIL PRICE INFORMATION SERVICE CHIEF OIL ANALYST:
It would be a benefit to the refineries in the area. They`d be able to use
domestically produced crude oil, versus importing it.

BRENNAN: West Coast refineries used to get most of their oil from
Alaska, but dramatic declines in production there have forced them to
import more from the Middle East and elsewhere. And while the shale
revolution unlocked vast quantities of crude, the region has lacked
infrastructure to access it. Pipelines are at full capacity, and no new
ones are being constructed. That makes train the only option to bring more
domestic oil to the west coast. According to the EIA, crude by rail to the
region soared from an average of 23,000 barrels per day in 2012 to 157,000
in 2014.

ANDREW LIPOW, LIPOW OIL ASSOCIATES PRESIDENT: What we`ve seen is
refineries in the Pacific Northwest have put in these crude by rail
facilities to take advantage of the increasing production not only in North
Dakota, but as well as in the rocky mountains in order to supply their
refineries, given the declines in Alaskan north slope production.

MORGAN: Tesoro and Savage`s Vancouver Energy as well as other
companies, including NuSTAR and even Shell, have all proposed new crude by
rail facilities, but all are inching along through a review process.

Meantime, Tesoro has just begun receiving some of the 210 brand-new
tank cars it ordered in 2014. Ahead of the final oil train rules issued by
regulators earlier this year.

These more accident-resistant tank cars, DOT-120s, will begin
transporting domestic crude before the year`s end on train`s run by
Berkshire Hathaway`s BNSF railway. Sturdier cars are key to ensuring
safety and easing local community`s fears about an oil train accident,
especially as this site goes through the approval process.

For NIGHTLY BUSINESS REPORT, I`m Morgan Brennan in Vancouver,
Washington.

(END VIDEOTAPE)

MATHISEN: Coming up, even as home prices rise, there is still a way
to find a house at a relative discount.

(MUSIC)

MATHISEN: What to watch tomorrow. Dow components Goldman Sachs and
UnitedHealth Group report earnings. The consumer price index is out.
That`s, of course, the main indicator of inflation. And we will find out
how many Americans filed for unemployment benefits last week. And that`s
what to watch Thursday.

HERERA: Digital payments company Square has filed to go public. The
firm run by Twitter`s CEO, Jack Dorsey, plans to raise up to $275 million
in its initial public offering. It will trade on the New York Stock
Exchange under the symbol SQ.

Separately, Dow Jones is reporting that First Data priced its IPO at
$16 a share, below target. First Data is expected to be one of the biggest
IPOs of the year. And according to “Reuters”, Albertsons postponed the
pricing of its initial public offering. It was expected to happen tonight.

MATHISEN: Well, there`s a chronic shortage of air traffic
controllers, so warns the union that represents them. The National Air
Traffic Controllers Association says the number of controllers is at the
lowest level now in 27 years, and if left unchecked, the shortage could
lead to widespread flight delays. The FAA says budget cuts and the
government shutdown contributed to the shortage, and it is working to hire
at an increased rate to meet staffing needs.

HERERA: Real estate has always been about location, of course, but
never has that been more true than during this unique housing recovery.
And that`s because the price differential between close-in metropolitan
homes and the far-out suburbs has never been greater.

Diana Olick explains why.

(BEGIN VIDEOTAPE)

DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT: This Nearly New
Colonial will cost you more than twice as much as this Nearly New Colonial.
Why? Because the first one is in Bethesda, Maryland, a close-in suburb of
Washington, D.C. The second home is in Ashburn, Virginia, an hour`s
commute from downtown D.C.

BRIAN CULLEN, DEVELOPER, WILLOWSFORD: We`re still a little bit under
prerecession pricing, where the inner jurisdictions are now above their
previous pricing.

OLICK: The suburbs usually recover from a housing downturn more
slowly than their urban neighbors, but the divide this time around is
greater than ever, according to a study by John burns real estate
consulting.

Take Chicago. Home prices in closer-in Deerfield are about 15 percent
below their recent peak. But keep going out the interstate, and you see
prices are still as much as 30 percent below peak.

The same in L.A., where Glendale is already 2 percent above peak, but
farther out, Palmdale is 37 percent below.

And in D.C., the close-in suburb of Arlington, Virginia, is almost 8
percent above the peak of the housing boom, but head out to Ashburn, and
you see prices are nowhere close to recovering their peak values.

IAN WALSH, ASHBURN, VA HOMEOWNER: Just the size of the house you can
get for the dollar, it just drops dramatically as you get a little bit
outside of the city.

OLICK: Forty-year-old Ian Walsh and his young family moved out to
Ashburn three years ago, and Walsh does not regret the choice, despite his
hour commute to downtown D.C.

WALSH: When I get out here, especially I get into the neighborhood, I
kind of feel sort of the stress of the city roll off my shoulders a little
bit, and I can just sort of relax kind of instantly.

OLICK: Walsh may like the quiet of Ashburn, but the price to buy
between city and suburb is growing because of demand from two very large
generations on either side of him, millennials and active baby boomers.
They want the walkability and sociability of urban cores like Bethesda.

BRIAN MURPHY, BETHESDA, MD. REALTOR: It`s becoming more popular to
have walkability to downtown areas, to restaurants, to metro, everything
that`s down here in Bethesda. That`s exactly what people are paying for.

OLICK: For now, at least, the sky is the limit in downtown prices,
but as millennials age, the suburbs could see a rebirth. So, with the
price divide so great now, those far-out homes could see bigger price
growth down the road.

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

(END VIDEOTAPE)

MATHISEN: And the Chicago Cubs are heading to the National League
Championship Series. Maybe you know that. But if you were hoping to score
a ticket, you`re going to have to pay. The current average asking price on
the secondary market is more than $1,300. That makes it the most expensive
ticket price for any NLCS game, according to TiqIQ, a ticket aggregation
site.

HERERA: And here is a final look at the day on Wall Street: the Dow
Jones Industrial Average fell 157 points to 16,924, the NASDAQ was off by
13 points, and the S&P 500 fell 9. We`ll see what tomorrow holds with Wal-
Mart.

MATHISEN: Yes.

HERERA: See whether they come in and buy the dip or not. We`ll see.

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

MATHISEN: And I`m Tyler Mathisen. Thanks from me as well. Have a
great evening, everybody. We`ll hope to see you 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) 2015 CNBC, Inc.

This entry was posted in Transcripts. Bookmark the permalink.

Leave a Reply