Transcript: Nightly Business Report – June 13, 2016

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

(NASDAQ:MSFT) to buy LinkedIn (NYSE:LNKD), its biggest purchase ever.  Will the deal provide the                                                                         growth Microsoft (NASDAQ:MSFT) wants?

vote across the Atlantic makes some investors very nervous.

MATHISEN:  One simple click.  That`s all it takes for a hacker to get into
your smartphone.  We`ll tell you the simple ways you can protect yourself.

All that and more tonight on NIGHTLY BUSINESS REPORT for Monday, June 13th.

HERERA:  Good evening, everyone, and welcome.

A blockbuster technology deal.  Microsoft (NASDAQ:MSFT) is buying LinkedIn
(NYSE:LNKD) for more than $26 billion, making it one of the largest tech
acquisitions on record.  But at first glance, that tie-up may seem a little
odd — a stalwart of software wanting to buy a social media network for

But experts say the combination of Microsoft`s Office 365 and the world`s
largest professional social network may in fact help create a new workplace
for the modern age.  The purchase sent shares of LinkedIn (NYSE:LNKD)
soaring 36 percent.  Microsoft (NASDAQ:MSFT) fell more than 2.5 percent,
making it the worst-performing stock on the Dow.

The big question now is, whether the purchase of LinkedIn (NYSE:LNKD) will
provide Microsoft (NASDAQ:MSFT) with the growth it`s been searching for.

Jon Fortt has our story.


purchase Microsoft (NASDAQ:MSFT) has ever made.  And the boldest move by
the CEO Satya Nadella.  What does Microsoft (NASDAQ:MSFT) see in LinkedIn
(NYSE:LNKD) that inspired it to pay about seven times what the Silicon
Valley network is expected to make in 2016 sales?

SATYA NADELLA, MICROSOFT CEO:  Reid, Jeff and I have known each other for a
while and talking about these things together for a while.  But to me, this
is about the next phase of growth for Microsoft (NASDAQ:MSFT).  Of course,
we can do things commercially in terms of integration.  But where I think
of the opportunity ahead, around productivity, business process, and the
professional network, it`s a tremendous opportunity to expand our ability
to grow.

FORTT:  If Microsoft (NASDAQ:MSFT) can get users of Microsoft (NASDAQ:MSFT)
office to spend more time on LinkedIn (NYSE:LNKD) and can get more LinkedIn
(NYSE:LNKD) users to subscribe to Microsoft (NASDAQ:MSFT) Office in the
cloud, it should boost the software giant`s sales and make its cloud
services smarter.  So far, the investing community seems willing to give
this big bet a shot.

it`s the first big thing that Satya has done in Microsoft (NASDAQ:MSFT),
makes a big play in both cloud and social, which they really didn`t have a
play in social.

FORTT:  The cloud factor is especially important this year with all the
major tech titans, including Google (NASDAQ:GOOG), Amazon (NASDAQ:AMZN),
Facebook (NASDAQ:FB), and Apple (NASDAQ:AAPL) spending money and time on
artificially intelligent services.

The goal is to build software clever enough to understand spoken requests
and make helpful suggestions even before you know what you want.  When has
Microsoft (NASDAQ:MSFT) ever tried to buy something this big?  Just once.
Eight years ago, it bid more than $44 billion for Yahoo (NASDAQ:YHOO), a
company investors are now happy Microsoft (NASDAQ:MSFT) didn`t end up

The question is whether eight years from now Microsoft (NASDAQ:MSFT)
investors will be happy they connected with LinkedIn (NYSE:LNKD).



HERERA:  Following that deal announcement, moody`s warned that Microsoft
(NASDAQ:MSFT) could lose its top-notch AAA credit rating.  The ratings
agency is concerned about Microsoft`s plans to fund the deal through new
debt.  Separately, Standard & Poor`s reaffirmed Microsoft`s AAA crediting

MATHISEN:  Rodney Nelson joins to us now to talk more about this big
Microsoft (NASDAQ:MSFT)/LinkedIn (NYSE:LNKD) deal and what it means for the
future of the two companies.  He`s enterprise software analyst at
Morningstar (NASDAQ:MORN).

Rodney, welcome.

You like or have liked Microsoft (NASDAQ:MSFT) quite a bit.  Do you like it
more today given this acquisition?

evening, guys.  I would say that we`re about the same on Microsoft
(NASDAQ:MSFT) as we were coming into this deal.  So, I think — heading
into the trade is today, we had a fair value estimate of $61 per share on
the name.  The deal as it stands today is about neutral in our view.
There`s obviously a lot of opportunities that Microsoft (NASDAQ:MSFT) can
leverage from the data that LinkedIn (NYSE:LNKD) provides in terms of a
social network that`s geared towards working professionals.  There`s a lot
of synergies that Microsoft (NASDAQ:MSFT) can create.

But in terms of where we stand on the stocks our outlook is mostly neutral
when you incorporate the LinkedIn (NYSE:LNKD) acquisition.

HERERA:  Moody`s (NYSE:MCO) put them on watch for a possible downgrade
because of the issuance of new debt.  Others point out the fact that, yes,
they are going to be issuing a lot of new debt but they`re doing it at
record low rates.  How do you feel about that?

NELSON:  Right.  So, obviously, Microsoft (NASDAQ:MSFT) holds a AAA credit
rating for most major credit agencies.  The cash flow of this business is
robust as ever.  Obviously, they have some legacy businesses that are in
decline and that may be part of the reason why the credit rating agencies
have placed Microsoft (NASDAQ:MSFT) shares under review in terms of a
credit rating standpoint.

But we think that the decline in some of those legacy businesses is going
to be extremely gradual and the cash flow profile of this business is going
to remain exceptionally robust.  And, looking long term, when you think
some of the cloud-based initiatives that this company has taken on over the
last several years, when you think about Azure, Office 365, and Dynamic
CRM, we think the cash flow profile of Microsoft (NASDAQ:MSFT) is going to
remain exceptionally strong the next several years.

MATHISEN:  You know, LinkedIn (NYSE:LNKD) got a premium price today
compared with where the stock had been selling.  But the price Microsoft
(NASDAQ:MSFT) pay, at about $196 a share or thereabouts, is way below what
LinkedIn (NYSE:LNKD) was trading for six, eight months ago.  The stock,
along with a lot of social media stocks, if you call these social media,
have gone down — I wonder what you see Microsoft (NASDAQ:MSFT) seeing in
LinkedIn (NYSE:LNKD), given the fact that it will add revenue, it has a
growing user base, but profits aren`t that huge for a company as big as
Microsoft (NASDAQ:MSFT).  They`re going to move the needle there.

NELSON:  Right.  So I think one of the things that we really need to focus
on is the opportunity that the data sets that LinkedIn (NYSE:LNKD) is
providing to Microsoft (NASDAQ:MSFT), so obviously there`s about a 430
million user base in LinkedIn (NYSE:LNKD) as a stand-alone entity, that
user base is incredibly valuable when you think about the data that can be
leveraged in some of Microsoft`s existing applications.

So when you think about the use cases that could be applied to, say, Office
365, incorporating some of the contact information that exists in your
LinkedIn (NYSE:LNKD) network could theoretically bolster your ability to
generate warm leads for sales efficacy.  Those warm leads are extremely
valuable in terms of shortening closing durations when you`re an enterprise
salesperson.  So, if I`m trying to sell you a piece of software, for
example, I can utilize the data LinkedIn (NYSE:LNKD) provides, maybe get a
feel for where my contact went to school, I can slip in maybe a brief
tidbit about one of their sports teams did, and I can generate some warm
leads that way instead of making a cold call.

MATTHEWS:  You`re really — it`s really the value of the data more than the
value of the profit stream.

Rodney Nelson, thanks very much.  Rodney is with Morningstar (NASDAQ:MORN).

HERERA:  Well, if you don`t own individual shares of Microsoft
(NASDAQ:MSFT), you likely own them in one of your mutual funds.  According
to Morningstar (NASDAQ:MORN), the top three fund holders of Microsoft
(NASDAQ:MSFT) are the Vanguard Total Stock Market Index, the Vanguard 500
Index, and the Vanguard Institutional Index.

MATHISEN:  On Wall Street, stocks dropped today following the lead of
markets over in Europe and Asia.  Government bond yields fell as investors
grew concerned about global growth and the effectiveness of central bank
policies around the world.  The Dow Jones Industrial Average off 132.  It
finished at 17,732.  NASDAQ down 46.  S&P 500 fell 17.

Another cause for concern is the upcoming U.K. vote on whether to remain in
the European Union.  And a new poll out today added to the anxiety there.

Bob Pisani has more now from the New York Stock Exchange.


starting to get a case of nerves over the prospect that the U.K. may leave
the European Union.  A new poll this morning from the British paper “The
Guardian” and ICM show that support for leaving the E.U. is strengthening
with phone and online surveys reporting a 6-point lead in favor of exit, or
Brexit, as it`s called.  That came out close to the European close at 11:30
a.m. Eastern Time this morning.  And European markets already down more
than 1 percent dropped to the lows of the day.

Now, our markets weakened a bit as well on that news.  Why all this
anxiety?  The market has convinced itself that a U.K. exit would be
negative for the British pound and negative for U.K. banks which may be
less influential in continental affairs in the event of a Brexit.

But it`s more than that, there`s also a feeling a Brexit would be negative
for the euro, that it would be negative for European equities, and, in
fact, it would negative for the whole European unity project that came out
of the ashes of World War II.

In that sense, this Brexit thing has become a referendum on the future of
Europe.  Some markets think hanging together is good, hanging separately is
not good.

This is creating a bid for relatively safe government bonds, even when they
have a near-zero yield, as they do in Europe.

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


HERERA:  So, let`s turn to our next guest for more context on what`s
bothering the stock market and what it will mean for your investments.

Scott Clemons joins us, chief investment strategist to Brown Brothers
Harriman Private Bank.

Good to see you, Scott.  Welcome back.

with you.

HERERA:  Let`s start with the, quote-unquote, “Brexit”.  The vote is coming
up next week, of course.  How concerned are you about that vote and its
ability to create volatility?

CLEMONS:  Well, it`s a concern for all the reasons Bob laid out.  It does
call into question not just Britain`s commitment to the European Union, but
the stability of the entire European Union project.  The threat it poses to
global financial markets is one of sentiment and disruption.

But the trouble with the markets today, in my opinion, is the trouble
within the markets today.  Mainly without any real firm direction from
corporate earnings growth, of which there is precious little, or more
supportive valuations, the market`s primed to overreact to any external
stimulus.  This week, it`s the Fed, next week, it`s Brexit, there are a
couple of political conventions in July.  The calendar is full of potential
disruptions this whole summer.

MATHISEN:  So, basically, market tippy toeing on eggshells here because the
profits aren`t there to give it the foundation that you`d like to see.  Fed
meeting later this week, I know you are in the camp that they won`t do
anything in June but might well in July?

CLEMONS:  I think the Fed still very much wants to continue along the very
slow path toward restoring more normal monetary policy.  The May jobs
report is likely to stay their hand this week.  I think a week ahead of the
U.K. referendum on the European Union, they don`t want to be more
disruptive either.

Now, Fed watchers will parse the reports and will parse the Fed`s statement
coming out this week for indications as to the Fed`s thinking about the
timing of it.  I still think July is very much on the table, if not July,

The timing really isn`t as important as the Fed`s intent to continue
raising rates, albeit at a very gradual pace, without any real pressure
from inflation yet.

HERERA:  You`re watching wage growth.  I see from my notes you think it`s
one of the single-most important economic indicators between now and the
end of the year, why?

CLEMONS:  Two reasons, one, it`s an indicator of potential inflation.
Wage-driven inflation that might accelerate the Fed`s course of higher
interest rates.  That`s the negative part.  The positive part is it might
be wage gains that loosen up a little bit more money out of consumers`
pockets and provided a much-needed shot in the arm, both to the economy and
to corporate earnings as well.  This could be a good development.  Stay
tuned to that development.

HERERA:  All right.  Scott, thank you so much.  Scott Clemons with Brown
Brothers Harriman.

CLEMONS:  Thank you, Sue.  Thank you, Tyler.

MATHISEN:  You bet.

Now to the story that has reignited the discussion in America about guns
and our preparedness in the war on terror.  The attack in Orlando, the
deadliest mass shooting in U.S. history.

Today, Disney (NYSE:DIS), which operates a total of four theme parks and 27
resort hotels in that city, said it was ramping up its security measures
after 49 people were killed over the weekend at a gay nightclub in Orlando
by an American-born man who pledged allegiance to ISIS.

Eamon Javers has our report.


Orlando, Florida, you`ve got to talk about the big hometown company here,
and that`s Disney (NYSE:DIS).  Disney (NYSE:DIS) putting out a statement
late in the day responding to news reports that the shooter at the Pulse
nightclub, Omar Mateen, may have gone to Disneyworld here in Orlando,
Florida, to scout it as a possible site for an additional attack or instead
of the Pulse nightclub attack.

Disney (NYSE:DIS) putting out this statement late in the day saying,
“during this time, we have increased our security measures across our
properties, adding such visible safeguards as magnetometers, additional K-9
units, and law enforcement officers on-site, as well as less-visible
systems that employ state-of-the-art security technologies.”

We also heard today from the FBI Director James Comey who described three
different phone calls to 911 that Mateen made as the shooting was
unfolding.  Two calls that he made to 911 and an additional call to 911
operator made to him in a desperate attempt to communicate as all of this
was going on.

Here`s what the FBI director said about those calls earlier today.

JAMES COMEY, FBI DIRECTOR:  During the calls he said he was doing this for
the leader of ISIL, who he named, and pledged loyalty to.  But he also
appeared to claim solidarity with the perpetrators of the Boston marathon
bombing and solidarity with a Florida man who died as a suicide bomber in
Syria for al Nusra front, a group in conflict with the so-called Islamic

JAVERS:  Meanwhile, we`re learning additional details about Mateen`s
communications devices.  We`re told he didn`t have an apple iPhone.  You
remember the iPhone security became such a big issue after the San
Bernardino shooting in California earlier in the year.  That apparently
won`t be an issue in this case.

Also, we`re learning his phones have been sent to Quantico, Virginia, for
analysis at an FBI lab and one grim postscript to that, the phones had to
be cleared of blood from the attack before they could be sent to the lab.

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


MATHISEN:  One day after the Orlando murders, shares of gun makers rose.
Smith and Wesson gained more than 6.5 percent.  Sturm Ruger (NYSE:RGR) rose
more than 8 percent.  Investors bought the shares on the theory that sales
will rise in anticipation of tougher gun laws.  That same pattern occurred
after previous mass shootings.

HERERA:  Still ahead, you are just one click away from a hacker gaining
access to your smartphone.  But there are things you can do to protect your
device and your information.


MATHISEN:  The Organization of Petroleum Exporting Countries says the world
oil market will be more balanced in the second half of the year.  In its
monthly report, OPEC says the outages in Nigeria and the disruption out of
Canada from that fire tightened the oil market and brought supply and
demand more closely into alignment.

Today, domestic crude prices edged a bit lower to just under $49 a barrel.

HERERA:  In Washington, the Supreme Court ruled against Puerto Rico in its
attempt to restructure its crushing debt load.  But the 5-2 majority
decision deals a low to the Puerto Rican government and it supports the
arguments made my major bondholders, agencies and utilities.  The ruling
comes a few days after the House passed a rescue bill that would give
Puerto Rico restructuring authority and create an oversight board.  Puerto
Rico`s next step payment of $2 billion is due July 1st.

MATHISEN:  A cyber security giant in the making, and that is where we begin
tonight`s “Market Focus.”

Symantec (NASDAQ:SYMC) will buy privately owned Blue Coat Systems
(NASDAQ:BCSI) for more than $4.5 billion.  Symantec (NASDAQ:SYMC), which
makes anti-virus software, says the deal will provide better protection for
its customers.  Blue Coat`s CEO will take over the top job at Symantec
(NASDAQ:SYMC).  That post has been opened since April.  Shares of Symantec
(NASDAQ:SYMC) up 5 percent to $18.21.

Walgreens is cutting ties with Theranos.  The move comes after U.S.
regulators launched an investigation into the blood testing company`s lab
testing processes.  Effective immediately, Walgreens will close all of the
Theranos Wellness Centers at the drugstore locations.  Walgreens shares up
2 percent to $84.36.

In an effort to attract a younger generation of workers, McDonald`s
(NYSE:MCD) confirms it will move its headquarters from suburban Chicago
right downtown.  Reports surfaced about two weeks ago that the fast food
chain would move to the former studio home of “The Oprah Winfrey Show”.
The move is expected to take place by 2018.  Shares of McDonald`s
(NYSE:MCD) up a fraction on the day to $122.99.

HERERA:  Tribune Media and Dish Network have failed to reach a new
distribution agreement, resulting in Tribune blocking out stations carried
on Dish.  Tribune is seeking higher carriage fees, something Dish said is
unreasonable considering the channels in dispute can be watched for free
with an antenna.  Shares of Tribune down 1 percent to $36.91.  Shares of
Dish fell 2 percent to $52.38.

And technology and engineering company Science Applications International
posted solid quarterly results, beating both profit and sales expectations.
The company cited an extra week in the quarter, additional sales from an
acquisition that finalized in 2015, and more frequent share buy-backs.
Shares finished the day up 2 percent to $58.56.

And Hanes Brands CEO said that he will step down to take on the role of
executive chairman at the clothing company starting in October.  The
company`s current chief operating officer will become the new CEO.  The
news sent shares down more than 2.5 percent to $26.14.

MATHISEN:  At Apple`s worldwide developers conference, it was all about the
software.  The company revealed a new version of its mobile operating
system, made changes to Apple (NASDAQ:AAPL) Music, and revealed updates to
Siri, apple`s voice-controlled personal assistant.  Apple (NASDAQ:AAPL) CEO
Tim Cook explained why these updates are necessary.


TIM COOK, APPLE CEO:  We believe that technology should lift humanity and
should enrich people`s lives in all the ways they want to experience it,
whether it`s on their wrist, in their living room, on their desk, in the
palm of their hand, in the car, or even automating their home.


MATHISEN:  Shares of Apple (NASDAQ:AAPL) fell 1.5 percent on the day.

HERERA:  Has your smartphone been hacked?  According to the experts, the
answer is probably yes.  If you own a business, chances are you have no
idea that your employees` devices may have also been compromised.

Andrea Day explains.


ADI SHARABANI, SKYCURE CO-FOUNDER:  At the end of the day, everything is
hackable.  What I`m surprised about is that people sometimes forget that
you can hack into these devices.

screen pop up on your iPhone when you connect to Wi-Fi, the one that says
continue?  Chances are you clicked it.

SHARABANI:  Everyone clicks continue.  Ninety-two percent of the people
click continue on the screen.

DAY:  But that simple click could make you a target for hackers.

SHARABANI:  Someone is trying to gain access to your e-mail, to your
password.  They`re trying to gain access to all of your contacts, who you
meet with, where and when.  Do you approve?  So, me as a security expert, I
always click cancel.

DAY:  Meet Adi Sharabani, he used to work for Israeli intelligence.  Now,
he`s cofounder of a company called Skycure.  They help organizations
identify and protect against mobile threats.

SHARABANI:  We have top pharmaceutical companies, insurance companies,
health care companies.

DAY:  But what Sharabani finds most shocking, he says unlike security for
desktop devices, most organizations have no clue their smartphones have
been hacked.  Even devices used by top execs.  Skycure runs attack
simulations for clients to show them what`s at risk.

SHARABANI:  I still wait for someone to give me a call saying, you know, my
phone demonstrated that attack you performed on me.  No one knows.

DAY:  And Sharabani`s not alone.  Alex McGeorge heads threat research for
the cyber security firm Immunity.

that you take everywhere with you that you do everything with, and that can
be talked to or receive data from almost anyone on the planet.  So, it`s
very difficult to secure mobile against your modern, sophisticated

DAY:  Despite the challenges, the wireless association CTIA tells us,
quote, “The entire wireless ecosystem is working together and individually
to vigilantly protect consumers.”  According to Sharabani, there are three
main ways hackers remotely invade your device.  One, an attack carried out
through unsecure Wi-Fi networks.

SHARABANI:  Immediately as they click “continue,” the password has been
shared with someone on that Internet.

DAY:  The second way, through operating system flaws or bugs.

SHARABANI:  We see that the average ratio is more than one vulnerability
being publicly disclosed every day.  And 10 percent of those are critical
vulnerabilities — vulnerabilities that allow someone remotely to gain
access to your device and control it.

DAY:  The third attack is through bad or malicious apps, especially apps
that are pushed or sent directly to you.

SHARABANI:  Delete those messages being prompted.  If something says, this
app will have access to your email.  Would you agree?

DAY:  That answer should be no.  Think about this — Sharabani says there`s
no such thing as being 100 percent secure.  But there are many ways to
reduce that risk.  Make sure you update your device as soon as upgrades are
released.  And think twice before you connect to that free Wi-Fi.



MATHISEN:  Coming up, the company that`s making a big investment in what it
hopes will power the auto industry`s future.


HERERA:  Here`s a look at what to watch for tomorrow.  The Federal Reserve
begins its two-day meeting which will be followed by a news conference on
Wednesday.  Retail sales for May will give invest areas look at the state
of the consumer.  E3, the video game industry`s annual trade show, starts
tomorrow.  That is what to watch for on Tuesday.

MATHISEN:  The two biggest daily fantasy sports companies are reportedly in
talks to merge.  As first reported by Bloomberg, DraftKings and FanDuel
have been trying to combine for some time.  Both face the same legal
chances that threaten their businesses.

Comcast (NASDAQ:CMCSA) (NYSE:CCS), the parent company of CNBC which
produces this program, is an investor in FanDuel.

HERERA:  Well, believe it or not, the total number of airline complaints
fell in April.  The Department of Transportation received more than 1,100
complaints from customers, but that`s down 20 percent from a year ago.
According to the air travel consumer report card, more flights arrived on
time and the number of canceled flights remained about the same.

MATHISEN:  From planes to cars, electric and autonomous cars are expected
to shape the auto industry`s future and there`s one company that wants to
be at the center of it all.

Phil LeBeau reports from Glendale, Wisconsin.


electric vehicles and lithium ion batteries is receiving plenty of
attention from investors, the folks here at Johnson Controls (NYSE:JCI)
just outside Milwaukee believe that traditional lead-acid battery still has
plenty of growth.  The company is doubling its capacity of its next-
generation start/stop batteries here in the United States.

These batteries, which turn off which a car is idling, are 5 percent more
efficient than traditional batteries and part of JCI`s push to improve the
overall performance of vehicles with smart diagnostics.  Right now, about
10 percent of the vehicles sold in the U.S. have start/stop batteries but
the CEO believes that demand will increase in the coming years as the auto
industry focuses on fuel efficiency and greater performance.

ALEX MOLINAROLI, JOHNSON CONTROLS CEO:  Trying to find a car in Europe
that`s not start/stop, you`re not going to.  Five years from now, it will
be difficult in the United States, China, or anywhere else to find a car
that`s not start/stop.

LEBEAU:  Johnson Controls (NYSE:JCI) recently announced plans to build a
fourth battery plant in China, the world`s largest auto market.  All of
this as it spins off its slower-growing automotive interiors division with

While shares of JCI have moved higher in recent weeks, this stock like so
many other automotive supplier stocks has largely been ignored by investors
over the last couple of years, mainly because they`re skeptical it will
generate significant returns in the years to come.

Phil LeBeau, NIGHTLY BUSINESS REPORT, Glendale, Wisconsin.


HERERA:  And finally tonight, the landmark musical about the Founding
Father Alexander Hamilton was the big winner at last night`s Tony Awards.
“Hamilton” took home 11 awards, including best musical.  But that number
fell just short of the record for a musical when “The Producers” won 12.

As we`ve been reporting, Broadway is coming off a record season, raking in
more than $1 billion in revenue.  And “Hamilton” is a big part of that.

MATHISEN:  You know I am obsessed with it.

HERERA:  You are, you should have read that story.  I hear it`s fantastic.
I can`t wait to see it.

That does it for NIGHTLY BUSINESS REPORT for tonight.  Thanks for joining

MATHISEN:  And thanks from me as well.  I`m Tyler Mathisen.  Have a great
evening, everybody, and we`ll see you back here tomorrow night.


Nightly Business Report transcripts and video are available on-line post
broadcast at 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) 2016 CNBC, Inc.

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