<Show: NIGHTLY BUSINESS REPORT> <Date: May 21, 2013> <Time: 18:30:00> <Tran: 052101cb.

118> <Type: SHOW> <Head: NIGHTLY BUSINESS REPORT for May 21, 2013, PBS> <Sect: News; Domestic> <Byline: Susie Gharib, Tyler Mathisen, Eamon Javers, Kayla Tausche, Jane Wells, John Harwood, Jon Fortt, Bertha Coombs> <Guest: David Kocieniewski> <Spec: Apple (NASDAQ:AAPL); Business; Congress; Tim Cook; Policies; Oklahoma; Disasters; Storms; Taxes; IRS; Government; Watson; IBM; Computers; Health and Medicine; Technology> <Time: 18:30:00>

ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and Susie Gharib, brought to you by --

(COMMERCIAL AD)

(BEGIN VIDEO CLIP)

TIM COOK, APPLE CEO: We pay all the taxes we owe every single dollar.

We don`t stash money on some Caribbean island.

(END VIDEO CLIP)

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: A defiant Apple (NASDAQ:AAPL) CEO on Capitol Hill defending his company`s tax strategy as billions of dollars sit overseas.

(BEGIN VIDEO CLIP)

SEN. ORRIN HATCH (R), UTAH: It`s a lie by admission.

STEVEN MILLER, IRS COMMISSIONER: Mr. Hatch, I did not lie.

HATCH: You what?

MILLER: I did not lie, sir.

(END VIDEO CLIP)

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: A defiant IRS executive also on Capitol Hill, disputing allegations he kept the practice of targeting conservative groups a secret from Congress.

MATHISEN: And our series on the future of health care kicks off tonight with a look how super computers are revolutionizing the way we treat cancer.

All that and more tonight on NIGHTLY BUSINESS REPORT for Tuesday, May 21st.

GHARIB: New milestones for the Dow and S&P 500 today. They stand at new record highs.

On Wall Street, stocks got a big boost after two top Federal Reserve bank presidents say they don`t expect the central bank to ease back on its massive bond-buying program just yet. They also said when the time is right the Fed will adjust its buying of assets up or down as needed.

Well, investors liked what they heard. The Dow stocks added 52 points, and scoring another record by making gains for the 19th Tuesday in a row. A lot of people are keeping on that Tuesday watch. The NASDAQ edged up two points and the S&P added five points.

MATHISEN: Well, Susie, politics and business met head on on Capitol Hill today. And it made for riveting theater.

The issue: Apple (NASDAQ:AAPL) Computers tax practices and whether the company uses gimmicks to avoid paying its fair share. In feisty Senate testimony today, CEO Tim Cook defended Apple`s practice of storing profits in overseas subsidiaries, most notably in Ireland.

A Senate report says Apple`s tactics helped it pay little or no tax anywhere on at least $74 billion in income over the past four years.

Eamon Javers was there for every minute of today`s continuous events and joins us now from Washington -- Eamon.

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

Well, we expected fireworks today at this hearing today. What we didn`t expect is that we would get those fireworks before Tim Cook even began to testify. There was a dispute here between Senator Rand Paul of Kentucky and Senator Carl Levin, the chairman of this committee.

Senator Paul didn`t believe this hearing should be held in the first place. Take a listen.

(BEGIN VIDEO CLIPS)

SEN. RAND PAUL (R), KENTUCKY: Frankly, I`m offended by the tone and tenor of this hearing. I`m offended by a $4 trillion government bullying, berating, and badgering one of America`s greatest success stories.

If anyone should be on trial here, it should be Congress. I frankly think the committee should apologize to Apple (NASDAQ:AAPL). I think that the Congress should be on trial here for creating a bizarre and byzantine tax code.

SEN. CARL LEVIN (D), MICHIGAN: Senator Paul, you are, of course, free to apologize if you wish. You can apologize to anyone you want. This subcommittee is not going to apologize to Apple (NASDAQ:AAPL). We did not drag them in front of this subcommittee.

(END VIDEO CLIPS)

JAVERS: So, you see Carl Levin not in the mood to apologize to Apple (NASDAQ:AAPL) and, in fact, he did not apologize to Apple (NASDAQ:AAPL). Instead, he drilled down on very specific and at times uncomfortable questions for the Apple (NASDAQ:AAPL) executives who were there, including Tim Cook.

Take a listen to that.

(BEGIN VIDEO CLIP)

LEVIN: You point out, and accurately so, Mr. Cook, that 95 percent of the creativity that goes into those products is in California. But two- thirds of the profits are in Ireland, and you`ve made a decision, which you have a right to do, not to bring that money home.

COOK: Senator, we`re proud that all of our R&D, or the vast majority of it, is in the United States.

LEVIN: I know, but the profits that result from it are sitting in Ireland in corporations that you control that don`t pay taxes. You ought to be proud --

(END VIDEO CLIP)

JAVERS: So, some tense moments there. Tense moments between these senators.

And, Tyler, politically an interesting moment here was when Senator John McCain had to jump in and sort of leap to the defense of Carl Levin here, his Democratic colleague. John McCain, of course, a Republican, former presidential candidate, Tyler.

GHARIB: All right. Eamon, it`s Susie here.

A lot of tough conversation back-and-forth. How do you think Apple (NASDAQ:AAPL) came out through all of this and Tim Cook in particular? Do you think Apple`s reputation was hurt by this hearing today?

JAVERS: Susie, I don`t. I think there was less damage done here to Apple (NASDAQ:AAPL) than a lot of folks in Washington expected, particularly given the tough revelations in that Senate report that came out last night. The Senate report said that Apple (NASDAQ:AAPL) had actually created three companies around the world that were not legal tax

residents of any country anywhere in the world. That was the first time these senate investigators had seen anything like that.

Given that Senate report, Apple (NASDAQ:AAPL) came off pretty light today. A lot of people were heaping praise on the company and holding up their iPhones and saying how great they thought iPhone was.

GHARIB: Fascinating hearing to watch. Thank you so much, Eamon.

Eamon Javers reporting from Washington.

And coming up a little later in the program, how many other big corporations are taking advantage of tax loopholes and what`s the impact? We`ll discuss it with David Kocieniewski of "The New York Times (NYSE:NYT)."

Tyler?

MATHISEN: Well, Susie, Apple`s Tim Cook wasn`t the only CEO under fire today. Jamie Dimon, the chairman and CEO of JPMorgan (NYSE:JPM) Chase faced a backlash from some of its company`s shareholders. They wanted to strip Dimon of his chairman title, saying the bank and Dimon himself needs more oversight following a $6 billion trading loss last year.

But the effort failed and Dimon gets to keep both titles.

Kayla Tausche has more.

(BEGIN VIDEOTAPE)

KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT (voiceover): America`s biggest bank is keeping its larger than life leader. Jamie Dimon, chairman and CEO of JPMorgan (NYSE:JPM) Chase since 2006 is holding on to both of those titles, despite a proposal by some shareholders to split them. Thirty-two percent of shareholders voted for it, that`s far fewer than support of the same move last year, coming right after the bank disclosed a gaping trading loss.

REV. SEAMUS FINN, OMI, OIP INVESTMENT TRUST: Compared to last year, I thought it was an easier meeting. For a number of reasons, the $6 billion loss was huge. So, that`s material and substance.

Obviously, they already knew what the votes were on the question of separation and CEO, so I think probably relaxed everybody up there, because 40 percent last year and this year, 32 percent.

TAUSCHE (on camera): There have certainly been other troubles at the house of Dimon, currently, no fewer than eight regulators investigating over trading, wrongful foreclosures and more.

(voice-over): Appointing an independent chairman was how four pension funds said the company could ease concerns the board was doing too little to keep Dimon and his deputies in check.

But two weeks ago, a new fear emerged: strip Dimon of one title and he`ll resign from both.

MICHAEL GARLAND, NEW YORK CITY COMPTROLLER`S OFFICE: We expected a higher vote this year and I think it became a referendum on Jamie Dimon and his leadership, and it was never intended as a referendum on Jamie Dimon and his leadership. It was about putting an independent chairman in place. I think by making it about Jamie Dimon, they did deflect votes away from him, but votes landed against the directors of the risk committee.

TAUSCHE: Meaning, the bank won the battle, but not the war. Overall at the board level could be near. Three members of the board`s risk committee barely won approval. The lead director, Lee Raymond, formerly of ExxonMobil (NYSE:XOM), says issues there need to be addressed.

JPMorgan (NYSE:JPM) shares, though, rising to highs not seen before the financial crisis as investors breathed easy that Dimon would stay. Still, the war maybe over at the $250 billion bank, but similar battles rage on in boardrooms across the nation.

MIKE MAYO, CLSA BANK ANALYST: This is a major event in terms of shareholder rights. Shareholder rights is at a tipping point. And so, this is just one step of many that are likely to happen over the next few years.

TAUSCHE: Kayla Tausche, NIGHTLY BUSINESS REPORT, Tampa, Florida.

(END VIDEOTAPE)

MATHISEN: So, JPMorgan (NYSE:JPM) does keep the rest of the shareholders at bay, at least for now, but no question investors are speaking more and more about how companies govern themselves and whether having a single person as chairman and CEO is an inherent conflict of interest.

GHARIB: Let`s turn to other news.

At least two dozen and hundreds more injured. That`s the toll so far from that devastating tornado that ripped through the town of Moore, Oklahoma. President Obama promised the victims that the American people and the U.S. government will be there for them.

Jane Wells saw the damage firsthand and has the latest developments and what some businesses are doing to help -- Jane.

(BEGIN VIDEOTAPE)

JANE WELLS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): Thunderstorms and hail throughout much of the day made it very difficult to continue searching here, let alone begin recovery. But here at city hall, late in the afternoon, officials said they believe they have accounted for nearly all of the missing from a tornado that has now been upgraded by the Weather Service to the most powerful category, an EF-5, and the economic toll will be catastrophic.

GOV. MARY FALLIN (R), OKLAHOMA: It will be billions, billions of dollars, I believe, because of all the tremendous amount of structures and, certainly, the interruption of business in this area. And it`s going to take a long time to get all this cleaned up to rebuild the structures. We had five schools that were hit with this storm, and we lost several of the schools totally. The hospital was hit, huge movie theater was hit. Many different facilities and buildings, a bank was destroyed.

WELLS: Now, as the recovery and the rebuilding begins, an army of national guardsmen, FEMA, and others will be joined by the private sector, volunteers with supplies from Lowe`s, a million dollars from Home Depot (NYSE:HD), which is also letting first responders use its store as a command center here in Moore, Oklahoma . Water is being trucked in from Wal-Mart (NYSE:WMT), portable cell towers from Verizon (NYSE:VZ) Wireless and a reported $6 million plus pledge from Oklahoma`s large energy companies, and Oklahoma City Thunder star player Kevin Durant is contributing $1 million to the city he`s adopted.

For NIGHTLY BUSINESS REPORT, Jane Wells, Moore, Oklahoma.

(END VIDEOTAPE)

GHARIB: And coming up a little later in the program, we`re going to show you some new ways that companies are helping to keep cell phones charged during the Oklahoma crisis and also in everyday life.

MATHISEN: Still ahead, senators were on the attack and IRS officials were firing back during the latest hearing into the scandal at the agency. But do we know more now than we did before?

First, though, stocks have closed at 52-week highs today.

(MUSIC)

GHARIB: What did the former head of the IRS know and when did he know it? Those are the key questions lawmakers asked Douglas Shulman at the Senate Finance hearing today regarding the tax agency subjecting conservative political groups seeking tax-exempt status to extra scrutiny.

John Harwood joins us now from Capitol Hill with the latest.

Over to you, John.

JOHN HARWOOD, NIGHTLY BUSINESS REPORT CORRESPONDENT: Well, he said he didn`t know much. That`s the short version of what he told the Senate Finance Committee. We didn`t learn much new from Doug Shulman or from Steven Miller, who replaced him as the acting IRS commissioner until President Obama fired him last week.

Steve Miller did acknowledge that he was the one who orchestrated that planted question at a bar conference that resulted in the disclosure of this in advance of the I.G. report, and he took some flak from senators on the committee for not having corrected the record after earlier IRS officials had said the targeting had not taken place.

(BEGIN VIDEO CLIP)

HATCH: You didn`t mention any of this in your responses to me, to the Senate, or any other congressional body. Mr. Miller, that`s a lie by omission. There`s no question about that in my mind. It`s a lie by omission.

MILLER: Mr. Hatch, I did not lie.

HATCH: You what?

MILLER: I did not lie, sir.

HATCH: You lied by omission. You knew it was going on, and you knew that we had asked. You should have told us.

(END VIDEO CLIP)

HARWOOD: Now, we don`t expect to get much news tomorrow either at the House Oversight Committee, but that doesn`t mean it won`t be a bad day for the White House, because we heard that IRS official Lois Lerner plans to take the Fifth Amendment against -- the right to against self incrimination. That has the potential for lending an air of criminality to something the inspector general didn`t even find partisan in its motivation, much less criminal.

MATHISEN: So, John, let me ask you a question about the fact that the White House counsel, one of the things we`ve learned since last week, was that the White House counsel was aware of some of the contents of an inspector general`s report for at least a couple of weeks before that information was made public.

Is that likely to come up and continue to keep the coals burning under this scandal?

HARWOOD: It will come up, but I don`t think it`s significant, Tyler, because the I.G. report had not come out. We`re simply talking about a delay of a couple of days or a discrepancy of a couple of days in when they were notified about something that was about to come out and the White House couldn`t do anything as Jay Carney kept saying over and over until the I.G. report came out anyway.

It`s not about the underlying conduct, why it happened, what motivated it.

MATHISEN: And tomorrow, an IRS official presumably going to take the Fifth Amendment, very interesting.

John Harwood, thank you very much.

And we begin tonight`s "Market Focus" with a number of big retailers out with earnings. Home Depot (NYSE:HD) reported better than expected results, even its raised full year sales and profit outlooks.

The world`s largest home improvement chain credits the recovery in U.S. housing for the boost. The results sent the stock to an all-time high, closing 2 1/2 percent higher in today`s session. It sits at $78.71.

GHARIB: Shares of Saks (NYSE:SKS) also rose after better than expected quarterly results. The upscale department store said sales at stores open, at least a year, were well-above estimates. The company is in the middle of a multiyear, multimillion effort to close underperforming stores, upgrade its computer systems, and improve online sales.

The stock jumped more than 11 percent to $13.67, and then moved higher in after hours trading on an unconfirmed report of a possible sale.

Well, it`s different story at Best Buy (NYSE:BBY). The nation`s biggest electronics retailer reported a loss last quarter, after selling its stake in Best Buy (NYSE:BBY) Europe. Excluding that European sale, Best Buy (NYSE:BBY) posted a profit that did beat analysts` forecast.

But investors still dumped the stock on concerns about stiff competition from companies like Amazon (NASDAQ:AMZN). Best Buy (NYSE:BBY) fell more than 4 percent to $25.64.

MATHISEN: Carnival (NYSE:CCL) shares also near the bottom of the S&P 500 today after a pair of analyst downgrades a day after the cruise ship operator cut its full year forecast for the second time in less than three months. That follows, of course, a string of highly publicized incidents aboard its ships, forcing the company to lower ticket prices to attract more passengers.

Shares fell more than 4 percent today. They finished at $33.81.

Well, as we mentioned earlier, Apple (NASDAQ:AAPL) CEO Tim Cook fielded a lot of heated questions about the company`s tax strategies today. And, in fact, the corporate tax code itself was a subject of great debate.

Our next guest is here to shed light on what he says big loopholes at Apple (NASDAQ:AAPL) and tech companies in general. David Kocieniewski is business reporter at "The New York Times (NYSE:NYT)." He`s won Pulitzer Prizes for his coverage of Apple (NASDAQ:AAPL), and for a series on corporate tax havens.

David, welcome, good to have you with us.

DAVID KOCIENIEWSKI, THE NEW YORK TIMES: Thanks for having me.

MATHISEN: You know, Mr. Cook today said, quote, "Apple (NASDAQ:AAPL) pays all the taxes we owe, every single dollar."

Have they?

KOCIENIEWSKI: I think -- I think they have. I think the question here is not a question of legality, but a question of pushing the envelope. And that`s when if you looked at the hearings, there`s a lot of discussion about when is a company a shell company, when is it a real company, when is money that`s held in U.S. banks by Apple (NASDAQ:AAPL) affiliates considered offshore income.

So, you get into the vagaries and the arcane bits of the tax code and it becomes a matter of, you know, what -- how much should -- how much should you pay and is it fair for a corporation that has gotten as much out of the U.S. as Apple (NASDAQ:AAPL) to pay as little as it does.

GHARIB: You know, David, what it comes down to is the $2 trillion that is held overseas by American companies that have made these profits in other countries and how do you get that money back here. That`s the core of all this, and so, business leaders like Tim Cook are saying, you know, give us a lower tax rate. He was proposing single digits. Others have tax holidays, stuff like that.

What can the U.S. do to incentivize these companies to bring that money back?

KOCIENIEWSKI: I think there`s a question, a policy question, about should -- how much should they do to incentivize it. You know, the money is over there overseas. The companies can bring it back by paying the stated tax rate.

And if you want to give them a break, in 2004, they were allowed a 5 percent tax rate rather than 35 percent. The question then becomes does that give them an unfair competitive advantage with all the U.S. companies that cannot afford to offshore their tax -- their earnings. So, I think that is a question.

In 2004, I think $300 billion was brought back at a reduced rate. There was a big promise it was going to lead to hiring and investment in the U.S. In fact, just the opposite happened. The companies that brought the most back, laid off workers.

And a study later showed that 92 cents on the dollar was not sent to investment. It was given back to shareholders, which is fine. But if the inducement of doing it is that it`s some sort of stimulus, you know, the question why should taxpayers give a break to these shareholders.

MATHISEN: You`re of the point of view it would seem from your first answer that Apple (NASDAQ:AAPL) did, in fact, pay what it owed, but took advantage of gaps in both Irish and American tax law. If Apple (NASDAQ:AAPL) was living up to the letter of those laws and availing itself of the letter of the law, on the other hand, did it live up to the spirit of the law, in your view?

KOCIENIEWSKI: Well, I think that`s the question, and what the report pointed out was that Apple`s, by having these entities offshore, that technically in limbo. They are stateless companies that Apple (NASDAQ:AAPL) says do not owe taxes to any country, even though they are incorporated in Ireland, they have part ownership in the British Virgin Islands.

All the decision-making is done in the U.S., but they say this is stateless. So, we don`t owe any taxes.

I think the common sense sniff test says is that right. The report said that all the very highly sophisticated techniques that Apple (NASDAQ:AAPL) used might have saved company $10 billion a year in taxes in the U.S. and elsewhere.

MATHISEN: All right. David, thank you very much -- David Kocieniewski of "The New York Times (NYSE:NYT)."

GHARIB: And coming up in the program, there`s a new front in the war on cancer, and a key player here is Watson. This is the super computer of IBM, and he`s doing things never done before to treat the disease.

But first, let`s get a check on how commodities, treasuries, and currencies fared today.

(MUSIC)

MATHISEN: For millions of us, smartphones have become a lifeline for phone calls, texts, e-mails and access to the web. But what happens when your phone battery runs low or out and you can`t recharge it? Like so many people in Oklahoma today, they are unable to do that.

So, big companies are working on ways to keep devices fully charged and keep them working longer.

Jon Fortt has more now from the annual CTIA wireless convention in Las Vegas.

(BEGIN VIDEOTAPE)

UNIDENTIFIED MALE: This time it`s going to go --

JON FORTT, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): When disaster strikes, communication is a lifeline. People need their smartphones to keep connected to the outside world and stay on top of the latest developments. That`s led today`s relief organizations to try supplying more than just water and shelter.

(on camera): These days, disaster relief means taking care of your technology, too. This is the American Red Cross`s new prototype of their emergency response vehicle. Inside, you can charge your gadgets by USB and you`ve got Wi-Fi.

(voice-over): The Red Cross currently doesn`t have the wireless power stations. The organization plans to have about two dozen of the newer trucks in service by year end.

LINDA AUCK, RED CROSS VOLUNTEER: You know, it`s important when your life has been turned upside down to have contact with the outside world, know there are people out there that are caring for you and wanting to help you.

FORTT: To be prepared, shoppers can find a few gadgets that can be extra useful during disasters. This one, the adventure kit from Goal Zero uses solar power to charge phones and tablets, less than 150 bucks.

When the sun isn`t out, there are external batteries from companies like iWalk and Duracell that cost $100 or less. They charge a phone one or two times and hold a charge for several weeks. That`s become especially important today when we rely on so many gadgets.

RON RABINOWITZ, DURACELL POWER MAT CEO: Because batteries are so limited and the gap between the phone`s performance and what the battery is able to provide is only increasing, then having actually infrastructure, think of it like ATM machines, for example, or gas stations.

FORTT: And the goal, of course, is to stay connected, especially important during times like these.

For NIGHTLY BUSINESS REPORT, I`m Jon Fortt.

(END VIDEOTAPE)

MATHISEN: During a crisis, battery power and overloaded cellular infrastructure can be issues -- as it was following that tornado in Oklahoma. And that is why all the major carriers recommend that those in impacted areas of emergencies text rather than make phone calls.

GHARIB: And finally tonight, another story of technology helping out. This time big data could reap big benefits. A recent study says the use of real time analytics could cut health care costs up to 15 percent annually.

That works out as much as half a trillion dollars a year.

And now, there`s a push by private businesses to help medical researchers collect data and treat patients.

So, we kick off a new series on the future of health care tonight with how IBM`s Watson computer is helping doctors at the forefront of battling cancer.

Bertha Coombs reports.

(BEGIN VIDEOTAPE)

UNIDENTIFIED MALE: How are you doing?

MARK KRIS, MEMORIAL SLOAN-KETTERING CANCER CENTER: So many cancers we don`t have a good result in today, not enough people are cured. People are hurt by our therapies, and we`ve got to find a better way.

BERTHA COOMBS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voiceover): Mark Kris is chief of thoracic oncology at Memorial Sloan-Kettering Cancer Center.

KETTERING: There are some drug regiments that contain a targeted agent.

COOMBS: Oncologists from Sloan-Kettering have been working with IBM to turn Watson, the cognitive computer famous for winning at "Jeopardy", into a tool to help doctors provide the best cancer treatment options for patients.

UNIDENTIFIED FEMALE: They would be getting two agents. They`d be getting potentially a chemotherapy and (INAUDIBLE).

COOMBS: To train Watson, this last year, the team ingested more than 2.5 million pages of cancer data, written text from medical journals, clinical trial research, and 1,500 case files.

KRIS: Teaching the system how to read the medical records and medical reports, which is not a simple task.

COOMBS: Dr. Kris said Watson`s ability to literally learn from each set of recommendations was one thing that surprised him.

KRIS: And the second thing is just totally counterintuitive, that this machine is ultimately going to improve the care of each person. I mean, it`s going to be the ultimate in personalized medicine.

COOMBS: Also counterintuitive says IBM`s Manoj Saxena, Watson`s gotten smaller, using less server hardware, while getting smarter.

MANOJ SAXENA, GM, IBM WATSON SOLUTIONS: We reduce it down first to about this size, at about two racks server size.

COOMBS: Analysts say with the rising cost of cancer medications, there`s a big push towards more evidence-based medical care. Saxena says Watson gives providers overwhelmed by data the evidence they need.

SAXENA: So, it`s humanly impossible for the doctors to pull all of the medical records, pathology reports, your family history, the most recent diseases and drugs that are supposed to have done, and to bring it together to the point of treatment. That`s where Watson is a support system, we believe, will have breakthrough implications.

COOMBS: Until now, Watson has been used with file cases. This summer, beta testing begins with patients in real time. If the trial goes well, the commercial product should launch for cancer care providers by 2014.

In New York, I`m Bertha Coombs for NIGHTLY BUSINESS REPORT.

(END VIDEOTAPE)

GHARIB: Tomorrow in part two of our series, Bertha takes a look how real time data could be a game changer for improving patient care.

That`s it for us tonight, NIGHTLY BUSINESS REPORT. I`m Susie Gharib, thanks so much for joining us.

MATHISEN: And I`m Tyler Mathisen. Thanks from me, as well. Have a great evening, everybody, and we 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) 2013 CNBC, Inc.

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