Nightly Business Report - Thursday April 4 2013

7/28/2019 Nightly Business Report - Thursday April 4 2013

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ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen andSusie Gharib. Brought to you by --

(COMMERCIAL AD)

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Help from abroad.

Investors cheer aggressive stimulus out of Japan, and that helps send stocks higher.


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SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Lackluster labor.

Softening data on the jobs front has some concerned about tomorrow s employment report. Arestocks ignoring the numbers?

MATHISEN: And heading home. Facebook (NASDAQ:FB) hopes its new software willbe all the rage in the mobile telephone industry.

All that and more, coming up.

Good evening, everyone. And welcome to our public television viewer.

Susie, welcome back, number one. Number two, several crosscurrents in the markettoday.

GHARIB: Absolutely.

And, you know, Tyler, it was kind of a wait-and-see kind of day today on Wall Street asinvestors sorted through mixed economic reports here at home and outside the United States.

In the job market, first-time unemployment claims came in higher than expected. Theyrose by 28,000. That raised concerns that tomorrow`s employment report could show thatAmerican businesses weren`t doing much hiring in March.

Meanwhile, investors were encouraged by some news from Japan. Its central bank is

launching a program to stimulate the Japanese economy through a bond buying program.

While stocks rallied in Japan, and some of that enthusiasm spread to Wall Street, with themajor stock averages bouncing back from yesterday`s losses. The Dow rose 55 points. TheNASDAQ and S&P both added six points.


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MATHISEN: But a bumpy run of economic data in recent days, including those joblessclaims numbers that Susie just mentioned has put a more halting rhythm in stocks over the pastweek, and it has raised the stakes for tomorrow`s official employment report from thegovernment.

Hampton Pearson has more now from Washington.

(BEGIN VIDEOTAPE)

HAMPTON PEARSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):

The lines at unemployment offices across the country got a little longer last week. Joblessclaims increased by 28,000. That`s the third straight weekly hike. And the new seasonallyadjusted average of 385,000 has not been this high since the end of November.

Unemployment claims are often a proxy for future layoffs.

A closely watched report from Challenger, Gray & Christmas shows employersannounced just over 49,000 job cuts last month, down 11 percent from February, but 30 percenthigher than a year ago.

JOHN CHALLENGER, CHALLENGER, GRAY CHRISTMAS CEO: Certainly, itmeans there is volatility out there, and there are certain sectors of the economy that seem to betaking the hit harder than others.

PEARSON: Earlier this week, there was also disappointing news about private sector jobgrowth. Businesses only added 158,000 jobs last month.

According to the closely watched survey from payroll processor ADP, far short of economists`expectations for nearly 200,000 new jobs.


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Last month, the Labor Department told us payrolls increased by 236,000, and theunemployment rate fell to 7.7 percent. But this week`s soft jobs data has Wall Street traderssoftening expectations about tomorrow`s jobs numbers.

ART CASHIN, UBS FLOOR TRADER: Starting to hear people dial back to 160, 170,somewhere in there.

PEARSON (on camera): If tomorrow s jobs numbers from here at the Labor Departmentcome in lower than expected, look for businesses and investors to start to worry about stillanother soft patch for the economy.

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

(END VIDEOTAPE)

GHARIB: Well, what happens with the economy will shape what`s next for stocks.

Joining us to talk about what we can expect, Bruce Kasman. He`s chief economist atJPMorgan (NYSE:JPM). And Bob Doll, chief investment strategist at Nuveen AssetManagement.

Gentlemen, welcome to you both.

Bruce, let me begin with you in asking you about the economy. You say you`re a halfglass full kind of guy on this topic. But what do you say to the critics who say that the economyis slowing down there, there`s some bad data coming, and this isn`t going to be good for thestock market?

BRUCE KASMAN, JP MORGAN CHIEF ECONOMIST: Well, I think we came intothe year with a real surprise to the upside. There were some temporary lifts to growth.Consumers proved more resilient than the face of tax increases.


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The first quarter right now is tracking about 3.5 percent growth. I don`t think 3.5 percentis where the underlying trend. I think we`ve got some slowing. We`ve got the sequestrationdrag in.

The second quarter is going to be slowing. But I think when we look through it, we`regoing to feel the economy is growing 2.5 percent in the face of a fiscal drag. And I think we`regoing to look at this economy and say this is pretty solid performance.

MATHISEN: Bob, it`s nice to see. I haven`t seen you since you moved over to Nuveen.It`s been a while.

I want to ask you about treasuries. What are treasuries saying, if anything, about the stateof the U.S. economy, or are there yields coming down based on global tensions?

BOB DOLL, NUVEEN ASSET MGMT. CHIEF EQUITY STRATEGIST: I thinkthey`re coming down, Tyler, because there is some slowing going on because we have goodnews for monetary policy out of Japan. And it`s breathing a sigh of relief.

Look, we`ve been trading in this 180 to 2 percent for a 10-year treasury, really since thefirst of the year. So I don`t want to make too much of the fact that rates have dropped a little bithere. But we`ll keep our eye on it carefully. A break below 180 in the 10-year treasury, and webetter talk about.

GHARIB: You know, Bob, a lot of people are talking about a correction in the stockmarket, maybe 5 percent, maybe more. What do you say to that?

DOLL: Well, Susie, lots of people waiting for that correction, really, since the end of lastyear. And, of course, we had a great first quarter. And it seemed like there weren t any downdays. Of course there were.


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The stock markets always have corrections, predicting them is impossible. Having saidthat, I think the stock market is acting a little tired. Really, despite some recent new all-timehighs, the stock market today is about where it was a month ago. So it`s really marked time andbegun to consolidate.

MATHISEN: You know, Bruce, I would like to get your thoughts on where you thinkthe economy will be a year from now or over the next year in terms of the overall growth rate,and whether you think that at that growth rate, profits, corporate profits can continue to grow andsupport stock prices.

KASMAN: Well, we have growth on average about 2.5 percent. And again, I wouldemphasize that`s an outcome that does reflect strong underlying performance, absorbing fiscaldrag, still pretty soft global backdrop as well -- a private sector that is doing well, and maybe

picking up steam as time goes on here. I think the other point to make here is corporates aresitting with relatively good leverage. Labor costs aren`t growing very rapidly. They don`t havemuch in terms of pressure on any kind of an underlying cost.

So I think it`s a good solid environment in terms of profit growth.

It`s a solid environment for growth here with a lot of wiggles. And we`re probably going to bewiggling a little softer here in the next couple of months.

But I don`t think there is anything serious. And, in fact, I would argue, the big event ofthe last six months as we moved a lot of tail risks from the picture, events in Europe not being athreat to global financial stability, and the U.S. political scene not really being a threat hereanymore as well.

GHARIB: Bob, Bruce is just talking about corporate profits. I wanted to ask you aboutthat. As you look near term, which is more important for investors in the stock market. It isgoing to be earnings that come out throughout the next couple of weeks, or it is tomorrow`s jobs

report? Is the labor report more important?

DOLL: I think the labor market is really important here, Susie. It gives us some idea ofwhat corporations are thinking about the future.

Earnings will be what they were, and they`re already history, as we know.


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And, of course, forward guidance will be important.

I think Bruce hit the nail on the head, however. The reason the stock market has donewell is a bunch of them. But the main one is the reduction of tail risk, the absence or the loweredprobability of a real problem.

That`s caused investors to get a little less concerned, maybe a little more confident.

MATHISEN: Bruce, speaking of tail risks there, is North Korea the kind of tail risk youworry about?

KASMAN: Certainly there is a lot of things geopolitically, including North Korea,which can keep me up at night. But those are things I can`t control in terms of myunderstanding.

I think Europe is still weak, but it s not a threat to global financial stability. China is notbooming, but it`s not a threat of weakening substantially. And we have taken out I think thethreat of a fiscal cliff, of a debt ceiling crisis in the U.S.

So the picture is relatively clean from the macroeconomic policy risks that we`ve beenworrying about a lot for the last year.

GHARIB: OK. Interesting discussion. Thank you so much, Bruce and Bob.

Bruce Kasman of JPMorgan (NYSE:JPM) and Bob Doll of Nuveen Asset Management.

MATHISEN: And we just mentioned North Korea. North Korea is showing no sign ofbacking down in its stand off with South Korea and the United States. Today, North Koreamoving a medium-range missile, similar to the one you see here, to its eastern coast, minus themusic.


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The missile does not have the range to reach the United States, but it could hit the U.S.territory of Guam, as well as South Korea, and even Japan.

GHARIB: Let`s turn now to "Market Focus".

Investors were buying up Best Buy (NYSE:BBY) today. It was the biggest gainer on theS&P 500, thanks to a vote of confidence from Samsung.

The two companies said Samsung will open mini stores in 1,400 Best Buy

(NYSE:BBY) locations.

Best Buy (NYSE:BBY) shares surged more than 16 percent, up $3.48 to

$25 and change. Quite a rebound. Best Buy (NYSE:BBY) shares have more than doubled yearto date.

A big management change today at Hewlett-Packard (NYSE:HPQ) as the revolving doorcontinues to turn at the troubled company. Ray Lane this time stepping down as chairman, justafter two and a half years in that job. He`s been blamed for the botched acquisition of Britishsoftware- maker Autonomy.

The news was announced at HP`s annual meeting today. Meg Whitman, by the way,continues as CEO.

Hewlett-Packard (NYSE:HPQ) shares were up almost 2 percent in the regular session androse a little bit more in after hours.

And Dow component Johnson & Johnson (NYSE:JNJ) turned around after an appealscourt ruled in its favor in a patent infringement case. That ruling wipes out a half billionjudgment against one of the company`s subsidiaries. J&J`s shares were drifting down until thatnews broke, and then bounced back, ending up at $82 a share.


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GHARIB: Well, the Bank of Japan`s monetary stimulus announced today gave U.S.investors opportunities in the American shares of some major Japanese banks and automakers.Take a look.

Nomura Holdings and Mitsubishi Financial up the most, over 9 percent.

The carmakers Honda and Toyota (NYSE:TM) also up in the 4 percent to 5 percent range.

Goldman Sachs (NYSE:GS) upgrading Panera and raising its price target there to $215 ashare, saying Panera is a good growth story. Panera shares up more than 3 1/2 percent today to$175.78, a $6 and change gain.

Well, a new report today by the Government Accountability Office says efforts toregulate the gathering and sharing of potentially market moving political intelligence would bevery difficult to implement. The study was the result of a 2012 law aimed at clamping down oninsider trading by congressional lawmakers and their staffs.

Today`s report targeting so-called political intelligence firms said it was difficult to turnup much about the industry because there is so little disclosure required of it. The report said theSEC believes more disclosure about the firm`s activities would help it enforce insider tradingrules.

GHARIB: Former Enron CEO Jeffrey Skilling could get out of prison early. He iscurrently serving a 24-year sentence for his part in the company`s collapse. Six years afterskilling went to jail, the Justice Department said today it`s considering a possible deal withSkilling that would shorten his sentence, though it`s not clear by how much or even when a judgewould make a decision.

The government watchdogs are supposed to be in place to make sure corruption isstopped and your taxpayer money is looked after. Sometimes people and companies get awaywith it. Sometimes they don`t.

Eamon Javers is our watchdog and he is keeping an eye out on where fraud might belurking.


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And, Eamon, I know you have been studying this for a while. What are you finding?

EAMON JAVERS, NIGHTLY BUSINESS REPORT CORRESPONDENT: Hi, Susie.

Well, if you`re an investor, shareholder or a tax holder, there are people out there everyday looking to separate you from your money. Now we`re going to tell you who they are,bringing you the latest in alleged scams, frauds, and abuse. Think of it as a regular reminder towatch your money.

This week, we`ve got two-stories that could have affected you if you`ve got a mortgageor if you pay federal taxes. Just today, for example, the Consumer Financial Protection Bureauannounced four enforcement actions to end what it said were improper kickbacks paid bymortgage brokers to mortgage lenders. The proposals would require four national insurancecompanies to pay $15 million in penalties.

GHARIB: So, Eamon, what did they allegedly do wrong there? Tell us how this wholething unfolded.

JAVERS: Well, the CFPB says the insurance firms provided kickbacks to lenders bypurchasing what were essentially worthless reinsurance that was designed to make a profit forthose lenders. And that could have inflated the cost that homeowners paid in their mortgagesevery month.

One of the firms, Genworth U.S. Mortgage Insurance said it will pay

$4.5 million. And the firm said it agreed to settle so we can, quote, "focus our sources on

working with customers."

And here is a case where taxpayers were allegedly paying for something they nevershould have been paying for in the first place. The Department of Justice announced that Fluor(NYSE:FLR) Hanford LLC has agreed to pay


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$1.1 million to settle allegations that it used federal taxpayer funds to pay for lobbying. Thegovernment says that Fluor (NYSE:FLR), an energy contractor, misused Department of Energyfunds that were supposed to train first responders at a federal nuclear site.

But instead of that training, the government says that Fluor

(NYSE:FLR) spent the money to lobby Congress for more federal funding.

Fluor (NYSE:FLR) says it did nothing wrong or unlawful in all of, this and it was prepared toshow that its actions were known fully and overseen by Department of Energy officials.

Now, we`re going to keep watching for these stories. So if you see a good one out, theresend it to us at NBR.com.

Thanks to you guys. Back to you guys.

GHARIB: Thank you so much, Eamon. Eamon Javers reporting from Washington.

MATHISEN: And coming up next, from stranded cruise liners to see-thru yoga pants,

the big P.R. problems that some big-name companies are facing.

But, first, let`s take a look at how the international markets fared today.

(MUSIC)

GHARIB: Carnival (NYSE:CCL) cruise lines once again navigating some troubledwaters. One person missing after the cruise ship Triumph broke away from its mooring at anAlabama port yesterday. This is just the latest problem or to the triumph and the troubled cruiseline.

Mary Thompson reports.


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(BEGIN VIDEOTAPE)

MARY THOMPSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):

It`s been anything but fun for Carnival (NYSE:CCL) cruise lines these days.

A ship adrift in the Gulf, passengers without toilets and running water, its Grand Turk CruiseCenter closed for health reasons, and the loss of 32 lives after its Costa Concordia capsized offthe coast of Italy last year.

For Verizon`s former president of communications Denny Strigl, it spells disaster.

DENNIS STRIGL, VERIZON COMMUNICATIONS FORMER PRESIDENT: This isno small company. This is a company with a $15 billion market gap, 90,000 employees, $25billion in sales a year. I`ll tell you, this could really hurt this company if and when it catches upwith the public that has booked cruises with Carnival (NYSE:CCL).

THOMPSON (on camera): But passengers keep coming. CEO of cruise planners

Michelle Fi tells CNBC Carnival`s bookings are down just slightly, a fact she attributes more tothe company canceling cruises than customers backing out.

(voice-over): Amid the mounting mishaps, investors backing out over the last threemonths. The maritime lawyer Jason Margulies points out the industry`s self insurance limits adisaster`s impact on the bottom line.

JASON MARGULIES, MARITIME LAWYER: Well, cruise lines generally are insuredwith protection and indemnification clubs. They have large deductibles on a per cruise basis, butthat limits their liability beyond those deductibles.

THOMPSON: A bigger cost may be to the firm`s reputation. Even as it has built theworld`s biggest cruise line, CEO Mickey Arison stayed quiet as his ships and company drift.


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STRIGL: This is an opportunity for a CEO to get front and center, to give hisshareholders, to give his -- about 90,000 employees at Carnival (NYSE:CCL), and his customerssome assurance that things are going to be OK.

THOMPSON: Arison`s public appearances, though, tied to his other business, theNBA`s Miami Heat. He has been seen courtside at their games, not dockside as crippled shipsand disgruntled passengers sail in, causing some to question his stewardship.

For NIGHTLY BUSINESS REPORT, I`m Mary Thompson.

(END VIDEOTAPE)

GHARIB: Looking at Carnival (NYSE:CCL) a stock, Carnival (NYSE:CCL) cruise linesclosed down 1 1/2 percent today. Looking year to date, Carnival (NYSE:CCL) has droppedalmost 10 percent -- Tyler.

MATHISEN: And Carnival (NYSE:CCL), Susie, of course, is just one well-known

company that is weathering some choppy waters. JCPenney much in the news. It`s been in themidst of a sweeping and controversial revamp under the new CEO Ron Johnson. And someinvestors have been voting with their feet.

Well, the stock was up 4.5 percent today on an analyst upgrade.

JCPenney shares are down 23 percent since the beginning of the year.

Meanwhile, the sportswear company Lululemon announced today its chief productofficer is stepping down. The move follows a string of recent product complaints and a recall ofyoga pants that were found to be too sheer.

Three companies with problems big and small -- so which CEO is handling the troublesproperly, and which is dropping the ball?


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Davia Temin is here to join us. She`s the president and CEO of Temin & Company, acrisis management firm.

Let`s start where Mary Thompson left off, and that is with Carnival

(NYSE:CCL) cruise lines. Has the CEO dropped the ball here by not being as present as somewould have him be?

DAVIA TEMIN, TEMIN &CO. PRESIDENT AND CEO: He has dropped it into theocean. He is using some of the lessons he might have known from sports where you go downand then you come right back up, and you don`t necessarily have to acknowledge what has gone

wrong. And he is applying them to a totally different industry, and he is not doing himself or hispassenger any good.

MATHISEN: But bookings took a slight hit. The stock is down a little, but not maybe asmuch as you would think --

TEMIN: Yes.

MATHISEN: -- given all the things the company has been through. Is the proof in theputting there, the proof in the numbers?

TEMIN: Yes. But, you know what? You never know when it can turn, and it can turnlike that. And I think it`s at the precipice to turn. So you watch those numbers, and I bet youthat they`re going to go down.

MATHISEN: All right. Let`s turn, then, while Susie gets some water in their throat here,to the question of JCPenney.

Here is a CEO whose career was in retailing of electronics products.


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He moves famously and lucratively to JCPenney, which is a broad line department store. Hisearly moves haven`t worked.

He seems to be trying his best. But it doesn`t seem to be working.

What should he do?

TEMIN: So the question is when do you keep on toughing it through and when do youturn and do something else? He knows Apple (NASDAQ:AAPL) customers very well, but theyare arguably not JCPenney. So, how does he start to learn about who JCPenney customers are?And has he not done it?

Has he done that quickly enough?

GHARIB: I think the question for all of these CEOs is what is her obligation to theirshareholders, their employees, and to their customers?

I mean, they`re looking for reassurances from their CEO. What do you think?

TEMIN: Yes. The CEOs seem to be in denial as opposed to stepping up to the plate.And coming out with positive statements that the passenger comes first, the passenger comesfirst. We put that before anyone else and as well as our employees. And I`m not hearing that toomuch.

MATHISEN: Let`s talk about Lululemon. They had the famous product issues with thepants that were too sheer. Today, they sacked apparently the product -- the chief product officerout there.

Is that an answer -- an example of a company that is doing the right things and movingswiftly to hold someone accountable and to make the changes that are called?

TEMIN: Yes, it is. And they had some problems before about --


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MATHISEN: Yes, it s not the first.

TEMIN: It`s not the first.

So, they toughed it out for the first. But then seeing this, then she moves, Christine Day,and I think she did the right thing.

GHARIB: I want to ask you going back to Carnival (NYSE:CCL), you think ofcompanies that have a product problem.

TEMIN: Yes.

GHARIB: In this case, it`s a huge ship. Do they do a recall?

TEMIN: Well, they surely do a refit. And they surely compensate people a little bit

better than they have done. I think they have to show that they`re on the passengers` side a littlebit more than they`ve been showing it, because eventually, it`s going to come back and bitethem.

GHARIB: Because you`re talking about a safety issue here.

TEMIN: Yes, you`re talking about safety and you`re talking about physical health if it`sthe gastroenteritis from norovirus.

MATHISEN: You know, it`s an interesting thing, compare the response there at Carnival(NYSE:CCL) to what`s happened, and it was government involvement here with Boeing(NYSE:BA) and the Dreamliner. Should Carnival


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(NYSE:CCL) shut down for a week and say, we`re bringing all our ships into port and we`regoing to check them out and make sure they`re safe?

TEMIN: Yes. Because your safety, dear passenger, is more important to us than ourbottom line.

MATHISEN: So, maybe that s the way it should have gone. So you`re critical ofArison. He wasn`t throughout too much. He is paying too much attention to LeBron maybe.

TEMIN: Yes.

MATHISEN: You give an A grade to Lululemon. And maybe sort of an incomplete toJCPenney?

TEMIN: JCPenney has yet to be seen. They`ve got the opportunity to turn it around, butwe`ll see how quickly they move.

MATHISEN: All right.

TEMIN: OK.

MATHISEN: Davia, nice to see you again, Davia Temin.

TEMIN: Good to see you.

GHARIB: Very good conversation.


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Coming up next, a new Facebook (NASDAQ:FB) experience coming to your phone.We`ll have the details of the Mark Zuckerberg`s big announcement.

But, first, a look at how commodities, treasuries and currencies did today.

(MUSIC)

MATHISEN: Facebook (NASDAQ:FB) is hoping there is no place like home.

CEO Mark Zuckerberg unveiling a new app for Android smartphones sort of called Home.

Julia Boorstin joins us from Facebook (NASDAQ:FB) headquarters our in Californiawith what it all means -- Julia.

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Tyler,Facebook (NASDAQ:FB) Home is more than an ordinary app. It gives you the option ofreplacing the phone`s home screen with Facebook (NASDAQ:FB) updates and photos. CEOMark Zuckerberg saying he wants to reorient phones so they`re about people and not apps.

(BEGIN VIDEO CLIP)

MARK ZUCKERBERG, FACEBOOK CEO: We don`t want to build some kind ofphone or operating system that only some people are going to be able to use. We want to buildthe best experience for every person on every phone.

(END VIDEO CLIP)

BOORSTIN: Facebook`s Home app, which will be available for download on certainHTC and Samsung phones on April 12th features a new tool called Chat Heads, which allowsyou to chat with friends via SMS or text when you`re on other apps so you can continueconversations across Instagram or even Fandango. A new HTC handset going on sale for $99 on


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April 12th called HTC First is tailored to work with Facebook (NASDAQ:FB) Home. It will besold exclusively by AT&T (NYSE:T).

To make sure there this and other Android phones running Facebook

(NASDAQ:FB) software run smoothly, Facebook (NASDAQ:FB) is partnering with Qualcomm(NASDAQ:QCOM).

(BEGIN VIDEO CLIP)

PAUL JACOBS, QUALCOMM (NASDAQ:QCOM) CEO: What is really important

with this kind of app is that battery life not being impacted and that you have all of the stuffscroll really smoothly and it`s multimedia. So, it`s important for that to be rendered really well.

So, redo all that interior pluming to make all that stuff work really, really well.

(END VIDEO CLIP)

BOORSTIN: CEO Mark Zuckerberg hopes that by making its tools successful on mobiledevices, no matter what else users are doing, will drive more Facebook (NASDAQ:FB) usageand ultimately drive more Facebook

(NASDAQ:FB) revenue -- Tyler.

GHARIB: Yes. So, Julia, do you think that people like Facebook

(NASDAQ:FB) enough that they would get a phone that is built around it?

How popular will this be with consumers? What were you hearing today?

BOORSTIN: You know, I think that the response is pretty positive. I think that ChatHeads looks really cool. And I think the key thing here is you`re not buying a Facebook


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(NASDAQ:FB) handset. You`re not buying a phone that`s made by Facebook (NASDAQ:FB).You`re buying a Google

(NASDAQ:GOOG) Android device.

And these are such popular devices, that it`s going to give people who already ownphones the option of using this. And if you`re a heavy Facebook (NASDAQ:FB) user, and thereare 680 million people who do use Facebook (NASDAQ:FB) on their phones every singlemonth, if you`re one of the people, then maybe you`ll think, hey, I would like to have the optionof using Facebook (NASDAQ:FB) more. Maybe I`ll buy a phone that is optimized to really runthe system and run the software.

MATHISEN: Julia Boorstin in Menlo Park for us tonight -- thank you very much, Julia.

GHARIB: Now, many of you have let us know over the past few weeks how much youmissed the NBR.com Web site. Well, we were listening to you.

We`re happy to tell you the new site is up and running. You`ll be able to watch video and hearpodcasts of every show, read transcripts as well as blog posts from Tyler and me and lots more.So, check it out at NBR.com.

MATHISEN: All righty. That will do it for tonight`s edition of NIGHTLY BUSINESSREPORT. We hope you will check out NBR.com. It`s up and running. We`re adding to itmoment by moment.

GHARIB: Have a great evening, everyone. And we`ll see you tomorrow.

And be sure to check out our website. There is a lot of interesting stuff out there.

END

Nightly Business Report transcripts and video are available on-line post broadcast athttp://nbr.com. The program is transcribed by CQRC Transcriptions, LLC. Updates may beposted at a later date. The views of our guests and commentators are their own and do notnecessarily represent the views of Nightly Business Report, or CNBC, Inc. Information


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presented on Nightly Business Report is not and should not be considered as investment advice.(c) 2013 CNBC, Inc.

Nightly Business Report - Thursday April 4 2013

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Transcript of Nightly Business Report - Thursday April 4 2013