Transcript: Nightly Business Report- October 20, 2015

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

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Pressure mounts. Yahoo
(NASDAQ:YHOO) misses earnings estimate and now, some say CEO Marissa Mayer
has only two options left.

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Wall Street`s worry.
Companies have just started reporting their results, but already one big
concern is emerging.

HERERA: The race to get ready for the flu season. Why it`s a six-
month mad dash to get the vaccine made. A look how it`s done in the second
part of our series, tonight on NIGHTLY BUSINESS REPORT for Tuesday, October
20th.

Good evening, everyone, and welcome. Thanks for joining us.

From Yahoo (NASDAQ:YHOO) to boo who. The pressure is building on
Yahoo (NASDAQ:YHOO)!`s CEO Marissa Mayer. The company reported earnings
and revenue after the bell, both numbers missed Wall Street estimates. The
result, another not so the hot quarter for a CEO trying to turn the company
around. Yahoo (NASDAQ:YHOO) earned 15 cents a share, but significantly,
that was a penny below expectations. Revenue also missing forecasts but at
least it was above year ago levels as you there.

As for the stock, it traded initially lower after the report and as
Josh Lipton reports, CEO Marissa Mayer may have only two options left.

(BEGIN VIDEOTAPE)

JOSH LIPTON, NIGHTLY BUSINESS REPORT CORRESPONDENT: Her stock is
down, her key lieutenants have left. So, what are Marissa Mayer`s options
at Yahoo (NASDAQ:YHOO)!?

For one, she could try and a turnaround at the business, that is
means driving revenue from the company`s mobile, video, native and social
ads.

These are the areas where Internet ad dollars are moving, but these
areas also represent only a relatively small part of Yahoo (NASDAQ:YHOO)!`s
overall business. That`s why Maier also needs to stabilize the company`s
core online ad business. But that won`t be easy because the competition is
fierce.

This year, eMarketer predicts Yahoo (NASDAQ:YHOO)! will capture just
2 percent of the $170 billion worldwide digital ad market. And meanwhile,
Google (NASDAQ:GOOG) commands 30 percent of the market, while Facebook
(NASDAQ:FB) controls 10 percent.

NEIL DOSHI, MIZUHO: Yahoo (NASDAQ:YHOO)! spent a lot of its time on
the product side and now it`s just focusing on ad monetization. So,
there`s a big gap that Yahoo (NASDAQ:YHOO)! has to fill, which is why we`re
cautiously optimistic that Yahoo (NASDAQ:YHOO)! can get there.

LIPTON: But even more critically in the near term than the health
the of the core business is the uncertainty surrounding Alibaba, the
Chinese ecommerce giant. Yahoo (NASDAQ:YHOO)! plans to go ahead with its
planned spinoff of its stake in Alibaba, even though the IRS won`t say
ahead of time whether that transaction will be tax-free. The difference
between no tax, Mayer`s preference, and a 40 percent capital gains tax
amounts to billions of dollars for Yahoo (NASDAQ:YHOO)! and its
shareholders.

If Mayer can`t can sell rate the turnaround of the business, then
Doshi has a more radical option, sell.

DOSHI: I think private equity would be very interested in
potentially owning still relevant asset with a lot of traffic and that`s
cash flow positive.

LIPTON: Despite its challenges, there are still plenty of Yahoo
(NASDAQ:YHOO)! fans on Wall Street. Nearly 70 percent of analysts rate the
stock a buy. That`s because they think that at this price, the stock
already reflects a lot of bad news. Either way, analysts say the pressure
is on for Mayer who is now more than three years into this turnaround for
this Silicon Valley company.

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

(END VIDEOTAPE)

HERERA: A trio of blue chip earnings from Verizon (NYSE:VZ),
Travelers and United Technologies (NYSE:UTX), all three reported better
than expected earnings per share and that helped send their shares higher
with United Technologies (NYSE:UTX) the top performer on the blue chip Dow
index today.

(BEGIN VIDEOTAPE)

HERERA: Verizon (NYSE:VZ) says its wireless business, the country`s
biggest and its FiOS Internet and TV business are both healthy. But it`s
betting on mobile video, tracking their 100 million wireless customers to
see what apps they`re using and what Web sites they`re visiting. Valuable
information for advertisers.

Verizon (NYSE:VZ) earned $1.04 per share in the third quarter,
beating estimates by 2 cents. Revenues also beat estimates up 5 percent
year over year.

Travelers, the insurance giant, says revenues were better than
expected, too. A quiet hurricane season has kept claims down, but the lack
of claims is also helping to keep premiums down. And investment income
fell. Overall, third quarter earnings beat expectations by 66 cents.

For most companies though, third quarter revenues have been a sore
spot and that was the case at United Technologies (NYSE:UTX). It makes
Pratt and Whitney jet engines, Otis elevators and Carrier air conditioning
equipment, but sales fell more than 5.5 percent in the third quarter.

The company blamed a strong dollar and delays on engine deliveries.
But it says it`s on target to meet earnings projections for the year.
Third quarter earnings beat estimates by 6 cents and United Technologies
(NYSE:UTX) will use money it made from selling off Sikorsky helicopters to
buy back $12 billion worth of stock.

(END VIDEOTAPE)

HERERA: And tomorrow, the Dow component slated to report include
Boeing (NYSE:BA), Coke and American Express (NYSE:EXPR) (NYSE:AXP).

MATHISEN: Earnings reports have only started to come in, but there
is one big issue that is already emerging.

Bob Pisani tells us what Wall Street is starting to worry about.

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: While it`s still
early in the earnings season, traders are already focused on the quarter
that really matters, and that this one, the fourth quarter. Analysts are
taking down earnings estimates in some cases very aggressively. And it`s
not an industry specific issue. Chip names like Micron and Rambus
(NASDAQ:RMBS) and commodity companies like Alcoa (NYSE:AA) and agricultural
companies like Monsanto (NYSE:MON) and companies like Yum! Brands and Wynn
Casinos, the earnings have all been coming down.

So, what`s behind all this? Well, simply put, there`s a revenue
recession going on. The S&P 500 is looking at four consecutive quarters of
revenue declines this year if the current estimates hold up. Partly, this
is due to the big decline in revenues from oil companies, you know that,
and to a stronger dollar. That`s hurt companies` earnings overseas.

But it`s bigger than that. Companies from IBM to United Technologies
(NYSE:UTX) to Eaton (NYSE:ETN) (ph) are all indicating revenues are lower
than projected and the conclusion is that the global economy remains weak.

As a result, corporations are spending less on new investments and
instead they`re using their available cash to buy back a lot of stocks.
That`s one reason the market held up pretty well this year.

Another reason stocks have held up well is that the margins have been
strong. The S&P has margins of a little over 10 percent, that`s near a
record. But consistently declining revenues means the margins are under
pressure. To keep the margins up, keep the stock market going, companies
have to keep cutting costs.

But how do you do that? Well, they`ve been cutting costs for years
but they`re already cut to the bone. If this continues, the only way to
cut those costs is layoffs. That`s why we need better revenue growth.

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

(END VIDEOTAPE)

HERERA: On Wall Street, the Dow snapped a three-day winning streak.
Earnings beat by Verizon (NYSE:VZ), Travelers, and United Technologies
(NYSE:UTX), as we told you, were not enough, though, to offset the weak
guidance from IBM that we mentioned to you last night.

By the closing bell, the Dow Jones Industrial Average dropped 13
points to 17,217, the NASDAQ fell 24, S&P 500 lost two.

MATHISEN: To the economy, housing starts rose to a near eight-year
high in the September, driven by an increase in multifamily construction.
The Commerce Department says ground breakings rose 6 1/2 percent to a
seasonally annually adjusted pace of $1.21 million. That is the sixth
straight month about 1 million units.

And new applications for building permits, an indication of future
construction, fell about 5 percent.

HERERA: From housing to politics — where Donald Trump remains the
Republican presidential front-runner according to the latest NBC News/”Wall
Street Journal” poll. Neurosurgeon Ben Carson, a close second with Marco
Rubio rounding out the top three.

While Republicans prepare for the next debate, there are questions in
Congress and within the Democratic Party about who will run for some
positions and what that could mean for the economy.

We`re happy to have John Harwood joining us in studio tonight.

Good to see you, John.

JOHN HARWOOD, NIGHTLY BUSINESS REPORT CORRESPONDENT: Good to be
here.

HERERA: Let`s start with speaker of the House position. Is Paul
Ryan going to accept that position if formally asked?

HARWOOD: It feels like it`s moving that way. He`s been reluctant
for good reason. The House is very difficult place to run right now with
this Republican caucus. But he`s getting so much pressure from Republicans
that I think in the end, it`s going to be difficult for him to turn down.
He`s asking for conditions that he not have to mortgage his running of the
house to a particular faction. He`s not going to have to agree to changes
they want. Not clear that he`s going to get the assurances he needs, but
it feels like it`s moving in that direction.

MATHISEN: Let`s switch to the Democratic side. What can we expect
from Joe Biden and when?

HARWOOD: I believe that a week from now, we will know whether Joe
Biden is in this race or not. I think the answer will be no. He is
thinking about it very seriously. His staff has prepared options for him.
But I suspect he`s not going to do it in the end.

MATHISEN: Does Hillary Clinton`s performance in front of a Benghazi
committee on Thursday influence his decision one way or another.

HARWOOD: I don`t think so. I think Tyler, this is a much bigger
issue for Joe Biden than how she does. First of all, because you can
assume especially after that debate that she`s going to perform well. She
usually he does in set piece moments like that.

But Joe Biden has got to decide whether he has the stomach for this,
whether his family has the stomach for it, whether there`s a path to
victory. And I think the answer to all those questions is going to come up
no.

MATHISEN: And also the fund-raising issue which may not be an issue
for Michael Bloomberg because he is a very wealthy man. And reports are
that he may consider jumping into the race.

HARWOOD: Michael Bloomberg could be a credible independent candidate
for president. He`s got the money for it. I`ll believe it when I see it.
He`s been reluctant so far. He took himself out previously. See if he
changes his mind.

HERERA: All right. John, great to see you.

HARWOOD: You bet.

HERERA: Thanks for coming by.

MATHISEN: Great to have your analysis.

All right. Still ahead, small business owners are considered job
creators. So why do they feel — why so many of them feel they are being
shortchanged?

(MUSIC)

MATHISEN: Ferrari has reportedly priced its IPO near the top of the
expected range. According to “Reuters”, shares of the luxury sports
carmaker priced at $52 apiece, raising nearly $900 million. The IPO will
give Ferrari a market value of close to $10 billion.

HERERA: Toyota`s Lexus is the most reliable car brand. That`s
according to “Consumer Reports`” annual survey. Buick is the only Detroit
brand to make the top 10. However, Tesla`s Model S fell off the
recommended list because of below average reliability. And that pressured
the shares which tumbled more than 6 percent.

MATHISEN: States spend billions of dollars every year trying to
attract business and jobs. But a new study says most of that money may
well be misspent and is not going to the real job creators.

Scott Cohn joins from us San Jose with the story — Scott.

SCOTT COHN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Hi, Tyler.

We hear this all the time especially during campaign season. The big
job creators are small businesses, companies with 100 employees or less.
But it certainly seems like states are always giving tax breaks and
subsidies to the big companies to set up shop there.

Well, there are now some hard numbers to tell us just what is going
on. The nonpartisan watchdog group good jobs first examined more than
4,200 state assistance awards supposed to be open to business of all sizes.
We`re talking about more than $3 billion worth of subsidies in 14 states.
On average, 90 percent of that money went to big firms. In some cases,
it`s even higher.

In Indiana, 96 percent of the Hoosier economic development tax
credits awarded over the last four years went to big businesses. Same
number for personal property tax exemptions in Nevada. And even for the
most equitable program that was measured in the study, in Wisconsin, 80
percent of the money went to big firms.

One small business group says it is stunned by the findings but not
exactly surprised — Sue and Tyler.

MATHISEN: All right. Scott, so does the study make any suggestions
about how to change things?

COHN: Well, the study suggests that this money should be better
focused on areas where it`s going to be making a difference. With small
businesses in particular, expanding their access to credit, access to
capital which still is curtailed even now after the Great Recession. That,
they say, would be more effective.

HERERA: Scott, is there any rationale for the states devoting so
much money to big business? I mean, is there an argument to be made?

COHN: Well, you know — yes, we spoke to a site selection consultant
who is at the heart of all these deals and the competition to get a plant
to move to this state or that. And he points out that these subsidies
ultimately benefit everybody. It`s not a case of states giving checks to
these companies. There`s often infrastructure improvements, workforce
development that benefits the entire area. And it is a global economy.

There`s global competition. So, it`s not just states competing
against states. States are competing against other countries and sometimes
— at least according to this consultant — those subsidies can make a
difference as far as the cost advantage is concerned.

HERERA: All right. Scott Cohn, thanks. Good to see you. >

Industrials have been beaten down and battered this year but there
are some areas within the group that are doing better than others. So,
Morgan Brennan digs into the sector and finds potential opportunities for
investors.

(BEGIN VIDEOTAPE)

MORGAN BRENNAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Industrial
stocks have slumped thanks not only to the collapse of the commodity
complex, but because of emerging market exposure, as well.

Take Caterpillar (NYSE:CAT). The mining equipment maker is down more
than 20 percent this year. As equipment demand has waned partly due to
economic weakness in China and Brazil. Emerging markets represent about a
third of the company`s revenue and investors will be watching closely when
it reports earnings later this week.

And it isn`t the only one. Analysts are looking to hear how
companies plan to navigate the global economic environment heading into
2016.

BARB NOVERINI, MORNINGSTAR: We`d expect to see some additional
modification to near term expectations. And even beyond the third quarter
going into fourth quarter, where many diversified industrials provide their
2016 outlooks, we expect to hear more details about how these companies are
planning to change their near term strategies, either to mitigate or
possibly even take advantage of the slower global growth environment that
we`re in.

BRENNAN: But there has been a bright spot, aerospace and defense.
The industry group is down less than 1 percent for year, outperforming both
the overall sector and the broader S&P 500.

Defense stocks have been safe havens, as investors have rotated out
of more cyclical industrial names, helped by multiyear backlogs, increasing
international sales and buyback activity.

Shares of Lockheed Martin (NYSE:LMT), Northrop Grumman (NYSE:NOC),
Raytheon (NYSE:RTN) Company, and General Dynamics (NYSE:GD) are all in the
green for 2015. In the short term, uncertainty around the fiscal 2016
defense budget in the U.S. could be a headwind. But many analysts remain
bullish on the group.

The same can be said of aerospace.

NOVERINI: Any company that has been exposed to the aviation up cycle
if you will, GE, United Technologies (NYSE:UTX), Honeywell, they`ve all
seen a good results flow through their aviation segments, and we expect
that to continue as aviation, the aviation business still appears to be
quite strong.

BRENNAN: From the biggest losers this year have been transports,
with Dow Jones transportation average down 11 percent. But, historically,
many of these stocks do tend to outperform in the final three months of the
year, benefitting from the peak holiday season.

According to the data firm Kensho, dating back to 1995, JB Hunt and
Union Pacific (NYSE:UNP) have both traded higher 90 percent of the time.
Each hauling outsized gains that on average have been better than the
broader market.

For NIGHTLY BUSINESS REPORT, I`m Morgan Brennan.

MATHISEN: The casual dining chain Chipotle reported its earnings
after the bell today, and that is where we begin tonight`s “Market Focus”.

The company posted mixed results as it continues see slower same
store sales. Chipotle also raised its target, however, for opening new
restaurants from 190 to 205 stores, to 215 to 225 next year. Shares of the
eatery down almost 2 percent during regular trading to finish at $705.63
and they took another salsa dip after the bell.

Yum Brands (NYSE:YUM) known for its KFC and Pizza Hut brands
announcing that it will spin off its China business. The move comes after
a food safety scandal last summer, as well as slowing sales and more
competition locally over in China.

The news sent Yum shares up just shy of 2 percent to $73.06.

And the physicians services supply Amsurg (NASDAQ:AMSG) offered to
buy medical staffing company Team (NASDAQ:TISI) Health for more than $5
billion. This comes after the two companies met last month to discuss a
merger. No deal was reached at that time. Shares of Team (NASDAQ:TISI)
Health up almost 20 percent to $62.59, while Amsurg (NASDAQ:AMSG) fell more
than 4 percent to $74.88.

HERERA: Motorcycle maker Harley-Davidson (NYSE:HOG) reported its
third quarter earnings and the street did not respond well. The company
cut its shipment guidance for the rest of the year as it continues to lose
market share in the U.S. Shares today falling nearly 14 percent to $48.25.

Defense contractor Lockheed Martin (NYSE:LMT) cited strong sales in
its aeronautics unit, which helped lift overall revenue. Despite the
strong sales, the company though did see a drop in profit for the quarter.
Shares of Lockheed down slightly to $208.73.

Brinker International (NYSE:EAT), owner of restaurant chains such
Chili`s showed a decline in foot traffic in restaurants and it cut its
revenue growth forecast for the year. Shares of Brinker down over 7
percent to $47.67 to end the day.

MATHISEN: Well, late yesterday, United Continental named its general
counsel Brett Hart acting CEO. The move comes as its current CEO, Oscar
Munoz, recovers from a heart attack suffered last week. But does this
temporary replacement settle questions about the company`s next steps?

Bill George former CEO, of Medtronic (NYSE:MDT) now professor of
management practice at Harvard Business School joins us to discuss. He`s
also on the board of Goldman Sachs (NYSE:GS) and Exxon.

Bill, forgive me for asking a somewhat long question but take me
inside the board here. Are you moral concerned about the delay produced by
United in appointing this new interim CEO.

We first got news of Mr. Munoz`s heart attack on Thursday, as I
recall, and this didn`t come until last month night. Or are you more
troubled by the speed with which the board moved to appoint Mr. Munoz in
the first place after the former CEO Jeff Smisek was ousted for association
with a scandal?

BILL GEORGE, HARVARD BUSINESS SCHOOL: Tyler, I`m concerned about the
latter. That they moved too quickly.

Let me just say — they didn`t have a lot of information on Thursday
or even on Friday about the severity of Mr. Munoz`s heart attack and I`m
quite familiar with this area. I have a lot of empathy for what they went
through. So they moved on Monday. I`ll cut them a lot of slack for that.

But let`s go all the way back to Jeff Smisek`s termination. I don`t
think they had a succession plans in place. And why not? Where was the
short-term succession?

Every board I`ve served on, it has a clear short term succession plan
and a long-term plan, and they didn`t have one in place. And frankly, if
they didn`t have anyone inside, I would rather have seen them appointed a
board member as interim CEO, somebody like Henry Myer (ph) who is a lead
director could have stepped into that role while they conduct a search.
Mr. Munoz got off to a good started, but I would rather see an airline
veteran take this role. This airline is a mess and needs real experience
and expertise to put it back on track.

HERERA: Yes, Bill, what I was going to say is, how much of what
we`re seeing or not seeing from United is because of the other issues that
are going on with the airline?

GEORGE: Well, they`ve got a lot of issues going on. I can tell you,
it`s just not well organized. I don`t know why they paid Smisek almost $20
million to go away after he did an appropriate deal with the Port Authority
of New York. The same person hob had gotten in trouble over the bridgegate
crisis, on the GW bridge.

So, I think they`ve got to sharpen up right now and they need to
conduct a very good external search and find somebody from the industry
that really knows this business. Brett Hart is clearly an interim. But
they need somebody that operationally, this is an operational mess. I sat
in an airplane the other day for an hour and no one told us why we were
being delayed. The executive saying paperwork.

MATHISEN: Paperwork. Well —

HERERA: Paperwork.

MATHISEN: And, Mr. Munoz came from the transportation industry from
the very different part of it, from the railroad business, though he had
been on the board here. What you seem to be driving at is the need for
boards to be prepared for any contingency both short term and long-term,
and to have someone presumably in-house whom they can go to on a moment`s
notice at least as an interim.

GEORGE: Absolutely. You should have one of your top senior people
ready to go as an interim, maybe even as a permanent for three to five
years until you get the right CEO.

Look, I think their management is going to need a lot of turnover.
Someone`s going to have to do a can complete restructuring of United.
Compared to Delta, it`s almost an embarrassment. These are no longer the
friendly skies of United.

MATHISEN: Right.

All right. Bill, thank you very much. Bill George with Harvard
Business School. Former CEO —

GEORGE: Thank you, Tyler. Thanks, Sue.

MATHISEN: — at Medtronic (NYSE:MDT).

HERERA: Coming up, the complex journey a flu shot takes. It starts
on a farm and ends up in your arm. It`s the second part of our series on
the big business of the flu.

(MUSIC)

MATHISEN: The big business of preventing the flu, getting the shots
— a relatively simple process. You have to see a health care provider.
But making the vaccine is a very different story.

In the second part of our series, Meg Tirrell shows us how the flu
shot gets from a chicken farm to a manufacturing plant to your arm.

(BEGIN VIDEOTAPE)

MEG TIRRELL, NIGHTLY BUSINESS REPORT CORRESPONDENT: Flu vaccination
rates are on the rise, and manufacturers are distributing a record number
of doses in the U.S. this year, up to 179 million.

Wonder what goes into your shot? The manufacturing process is a six-
month mad dash, sometimes through multiple countries. And a chicken egg
all to be ready before flu season begins.

It`s so complicated because the strains of flu virus in circulation
can change every season.

MONCEF SLAOUI, GSK CHAIRMAN OF VACCINES: Every year, the world has
to reassess are those strains in the vaccine the right strains or not, and
adapts the vaccines.

TIRRELL: Companies can`t start the work until February when the
World Health Organization settles on the strains to be included based on
what`s circulating around the globe. They designate lead to for the
trivalent vaccine and four for the quadrivalent. Public health agencies
then provide seed strains to the manufacturers.

Next, enter the chicken egg or hundreds of thousands of them.

SLAOUI: The egg is actually a manufacturing facility, fully sterile,
totally equipped. All you need to do it is put it at the right temperature
and put the virus into it.

TIRRELL: GlaxoSmithKline`s chairman of vaccines, Moncef Slaoui
explains they`re not just any chicken eggs. These come from birds raised
on high bio security farms to ensure the safety of the flocks. The biggest
threat, bird flu.

Manufacturers say this year`s bird flu outbreak didn`t harm their
flocks. So, it`s a risk to using eggs for production.

Once the eggs arrive, they`re check for infection and to insure they
contain embryos, key to the manufacturing process. Then power washed,
injected with virus and left to incubate for four to five days while the
virus replicates. The virus is then extracted, killed and in GSK`s case,
shipped from their plants in Germany or Canada to their manufacturing
facility in Pennsylvania to be outfitted into syringes.

Every dose of this flu vaccine comes marked with a two-dimensional
barcode so it can be tracked every step of the way from when it leaves this
manufacturing facility to when it gets to your health care provider`s
office. It contains information like lot number and expiration date, which
can be scanned into their electronic medical record. Manufacturers have
until early summer to finish making the vaccine, perform quality control
and secure FDA clearance — a risk losing business to a competitor.

SLAOUI: It`s very, very important to be very fast in the
manufacturing because the — for instance in the U.S., the retailers want
to have the flu vaccine very early in the season in August. And they
negotiate access to doses during the early summer and if you don`t have
your manufacturing and you don`t have the doses, they don`t commit to you.
They commit to your competitor.

TIRRELL: GSK is supplying up to 38 million doses of its vaccine this
season. Its biggest competitor, Sanofi Pasteur plans to distribute at
least 65 million doses, a much smaller competitor, Protein Sciences
formulates a vaccine without using eggs at all, an option for those with
egg allergies.

In the rush to be ready for flu season, every day counts.

For NIGHTLY BUSINESS REPORT, I`m Meg Tirrell.

(END VIDEOTAPE)

HERERA: And that does it for NIGHTLY BUSINESS REPORT for tonight.
I`m Sue Herera. Thanks for watching.

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

Have a great evening, everybody. And we`ll see you back here
tomorrow night.

END

Nightly Business Report transcripts and video are available on-line post
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Transcriptions, LLC. Updates may be posted at a later date. The views of
our guests and commentators are their own and do not necessarily represent
the views of Nightly Business Report, or CNBC, Inc. Information presented
on Nightly Business Report is not and should not be considered as
investment advice. (c) 2015 CNBC, Inc.

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