<Show: NIGHTLY BUSINESS REPORT>

<Date: April 12, 2013>

<Time: 18:30:00>

<Tran: 041201cb.118>

<Type: SHOW>

<Head: NIGHTLY BUSINESS REPORT for April 12, 2013, PBS>

<Sect: News; International>

<Byline: Susie Gharib, Courtney Reagan, Eunice Yoon, Sharon Epperson, Bertha Coombs>

<Guest: Fred Cannon, Ann Miletti>

<Spec: Business; Banking; Economy; JPMorgan (NYSE:JPM); Wells Fargo (NYSE:WFC);

China; Trade; Policies; World Affairs>

<Time: 18:30:00>

ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and

Susie Gharib, brought to you by --

(COMMERCIAL AD)

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Banking on the banks.

JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC), two of the nation`s biggest

lenders, out with earnings. What their numbers say about next week`s bank

results.

The China challenge. The obstacles American companies face as they do

business in one of the most important markets.

And bright ideas. How one start-up is helping others by bringing

investors together.

We have all that and more coming up on NIGHTLY BUSINESS REPORT, for

Friday, April 12th.

Good evening, everyone. Thanks for joining us. Tyler is off tonight.

Our top story: record earnings from two of the nation`s biggest banks

but stocks ended their winning streak. JPMorgan (NYSE:JPM) and Wells Fargo

(NYSE:WFC) reported big profits, but investors were not impressed focusing

on a decline in the mortgage business. The worry is that weak loan demand

could jeopardize the U.S. recovery.

Looking at those quarterly results now, JPMorgan`s earnings jumped

more than 30 percent to $1.59 a share, 20 cents more than analysts`

estimates. That`s thanks to gains in investment banking, not loan growth.

Revenues fell 3 percent to $25.8 billion. That was slightly below

expectations.

And a similar story at Wells Fargo (NYSE:WFC), where profits soared,

92 cents a share, beating estimates by 4 cents a share.

Revenues, however, fell 1.6 percent below expectations. Joining us

with more analysis, Fred Cannon. He is the director of the bank research

firm Keefe Bruvette & Woods.

Fred, what is the most important take away from these reports today

from JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC)?

FRED CANNON, KEEFEE BRUVETTE & WOODS BANK RESEARCH DIRECTOR:

What`s

the important takeaway is these big banks, revenue growth is very hard to

find. It seems like every time something kind of goes wrong, something

else is going wrong. As you said, the trading income was strong, mortgage

income under pressure. So, to get this record earnings, what they have to

do is they have to have great credit, that is everybody is paying back

their loans. And also keep expenses under control.

So, they continue to post good numbers.

GHARIB: Everyone was focused on what was going on in the mortgage

side of the Business. Mortgage loans and applications were down. And yet,

with we know that home prices and home sales are up. So it seems like

there`s a bit of a disconnect. You would have expected more loan growth.

CANNON: One would expect, but remember, it`s all about refinances

today. And what would happen last year was not only that we had record

refinances because of very low rates, interest rates, and the federal

government`s programs to help people refi, but we also had few mortgage

banks lending last year. So the spreads in the business was huge.

What`s happening is there`s a bit fewer loans but what is happening is

the competition form is so tough by the banks now because of the profits.

Those spreads are coming and that`s really what`s pressuring earnings right

now.

GHARIB: All right. So, today was all about JPMorgan (NYSE:JPM) and

Wells Fargo (NYSE:WFC). On Monday, it is Citigroup (NYSE:C), and then on

Wednesday, Bank of America (NYSE:BAC). Are we going to hear the same

story, the same themes from those banks?

CANNON: You bet, these two set the scene, because they are the two

bellwether stocks. And so, next week, good trading, pretty good investment

banking. But, boy, that domestic revenue is under pressures, spreads are

down, mortgage banking is down.

GHARIB: Looking at the recommendations, the bank stocks that you are

recommending right now, you`ve got Citi and Wells Fargo (NYSE:WFC).

Let`s start with Citi. You know, investors had to be patient for a

long time. How much longer do they have to wait if you buy the stock at

$44 a share?

CANNON: Well, I think you still have to be patient. This is a long

term turnaround. It`s probably the biggest restructuring story in U.S.

financial history perhaps and maybe in the whole U.S. economy.

But we do think they`re going to continue to post good progress on

that restructuring, number one. Number two, the mortgage banking really is

not a big revenue item for Citi. They`re not doing that much. But the

backdrop you mentioned is increasing home prices really helps clean up some

of the legacy problems there.

GHARIB: Tell us your thinking with Wells Fargo (NYSE:WFC). That`s

the other one you`re recommending at $37. It was down today. But long-

term, you think it`s a good buy?

CANNON: Right. Long-term, I mean, everybody is worried about the

short-term mortgage banking numbers as you talk about. That was like 19 of

the 20 questions on the Wells Fargo (NYSE:WFC) call was about it.

But if you think in the bigger picture: rising home prices -- and we

are seeing a strong market this spring -- are very a good thing for banks.

It means assets are better. It means credit quality is better. And at the

end of the day, higher home prices means people are going to be borrowing

more money.

GHARIB: We have a few seconds left. Bank stocks have been rallying

actually since December. Is this the end of the rally or is there some

upside overall?

CANNON: I think that home prices is a very good backdrop for it. But

remember, the other problem is the 10-year yield curve -- the 10-year bond

yield has come down. It`s a little bit tough for the banks in the short-

term. But over the next year, we think there still will be some background

because of those home prices.

GHARIB: Fred, any disclosure? You own any of these stocks?

CANNON: I don`t.

GHARIB: OK. All right. We`ll leave it there. Have a great weekend.

Thanks so much, Fred.

Fred Cannon --

CANNON: Thanks, Susie. Great to be on.

GHARIB: -- director of research at Keefe Bruvette & Woods.

Well, besides those disappointing bank reports, discouraging news

about the consumer also weighed on the markets today. Retail sales fell in

March. That was a sign of sluggish consumer spending, and an index of

consumer confidence from the University of Michigan showed a sharp drop in

April.

By the closing bell, here`s how the week ended on Wall Street:

The Dow down at much as 74 percent -- 74 points, rather at the lows of

the day, and ended just a fraction of a point lower. The NASDAQ off five,

and the S&P down 4 points. Still those averages were up for the week by as

much as 2 percent.

Meanwhile, in the community markets, gold prices plunged 4 percent to

$1,500 an ounce, down $63 to the lowest level since July 2011.

Well, despite the discouraging reports on retail spending, Terry

Lundgren, the CEO of Macy`s (NYSE:M), says that his stores customers are

still opening their wallets, even though the payroll tax increase has

forced other consumers to pull back.

(BEGIN VIDEO CLIP)

TERRY LUNDGREN, MACY`S CEO: Our customer seems to be resilient and

seems to be continuing to buy when the product is right, when the value is

there, and when it makes sense on a price/value relationship. So, we

continue to be confident at least in our case that the consumer is still in

a buying mode.

(END VIDEO CLIP)

GHARIB: Our Courtney Reagan also keeps tabs on the buying habits of

consumers. She is at the state Supreme Court house in Washington. She`s

been following the trial pitting Macy`s against JCPenney over the rights to

sell Martha Stewart branded goods.

Courtney, we`re going to get to that trial in a moment. But, first,

it`s to get your take on what Terry Lundgren said, do you think that

consumers are in that buying mode? I know you`re always checking in at the

stores. What do you think?

COURTNEY REAGAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: That

is true,

Susie.

I think it depends on the consumer and the store. It`s not a very

easy answer. We heard earnings from Family Dollar earlier this week.

There`s some concern about that consumer, the lower income consumer. Of

course, if you are one of the folks that is looking for a job and has been

unable to find one, you are likely to be in the camp that is spending a

little less.

We`ve got those retail sales numbers today from the government,

disappointing. And if you look into the details, it`s the discretionary

spending that seems to be taking bigger hits. Department stores down 1.1

percent for the month, general merchandise sales down 1.2 percent for the

month, much bigger than the couple fraction of a percentage, that the

entire number was down.

I think consumers have gotten smarter. They spend when they feel

confident. And those consumer confidence numbers also hitting nine month

lows.

GHARIB: Right, absolutely. Well, you know, a lot of what have is

going on at JCPenney is going to depend on consumers spending money in that

store. And there`s so many issues there.

Let`s first start with this court battle. A lot of news coming out of

the courthouse today. What`s the latest?

REAGAN: That`s true, Susie. So what happened today is that the judge

ruled that JCPenney will be allowed at least temporarily to sell the goods

that Martha Stewart designed but do not have her name. They`re currently

labeled JCP Everyday. Many of these products are in the categories that

Macy`s (NYSE:M) is arguing it has the exclusive right to sell.

A Citi analyst values this inventory at about $100 million. So the

judge is going to allow JCPenney to sell the JCP Everyday merchandise at

this point.

The trial itself, potentially weeks from being over and when the final

decision comes down, all of that could change very quickly.

GHARIB: And you are going to be back in the courthouse next week and

we`ll be counting on your reports from there. Thank you so much, Courtney.

Courtney Reagan reporting on JCPenney.

Well, our market monitor guest says today`s pull back in the stock

market is a good thing. She`s Ann Miletti, senior portfolio manager at

Wells Fargo (NYSE:WFC) Advantage Funds.

So, Ann, you are be looking for a 10 percent pullback. You said you

would welcome it. Why should investors welcome that?

ANN MILETTI, WELLS FARGO ADVANTAGE FUNDS SR. PORTFOLIO

MANAGER: Well,

it`s hard to know exactly how much of a pullback we will get if any at all.

But I`m hopeful that we will get some. I think the market has gotten ahead

of fundamentals right now. So, it seems to be the multiple that`s

increasing but not necessarily the earnings.

I think we are headed into the -- into the announcement season and

preannouncement season actually for Q1 and if we see too many disappoints,

I think there is a chance that the market is going to be disappointed and

sell off.

GHARIB: You know, the Dow is up something like 13 percent so far this

year. The S&P is about the same, 11 percent. Is this as good as it gets?

Investors have been hoping for a summer rally?

MILETTI: Yes. You know, I think after a 13 percent run in one

quarter of the first quarter of the year, that`s a pretty remarkable

return. And I don`t think that one most investors expected to get right

out of the gate.

And so, I`d like to see a pullback, or, you know, even just some

stability here, because we are bullish longer term, and we want more

opportunities to invest.

GHARIB: And yet, you still see that there are some good values, some

good stocks to buy and let`s look at your list. Actually, you have a very

controversial one. At the very top of your list,. Carnival (NYSE:CCL)

Cruise Lines.

Very interested to know why you are interested in CCL. What is the

attraction given all of their problems that they`ve had?

MILETTI: Good question, Susie. Well, outside of the events that have

made the news. The underlying fundamentals for the cruise industry are

actually pretty good. There`s less capacity in the industry today than

there was years ago.

And Carnival (NYSE:CCL), they are net yields are actually up year over

year and pricing is up. And so, although these events could have near term

impacts to the stock, we are looking out over the next two to three years

and think the stock is trading at a big discount because of these events.

So, we`re looking at the event as being an opportunity to get involved.

GHARIB: Fascinating. Let`s look at Nuance Communication. This is

NUAN on the NASDAQ. Actually, Carl Icahn made news this week. He bought a

9 percent stake in this company earlier this week.

Is that a good sign?

MILETTI: Well, you know, he`s certainly findings some valuation

attraction, much like we did. We`ve been involved since the beginning of

the year in this name. It`s a voice recognition software system that`s

applied. Most consumers know about it from their cell phones, their Dragon

technology or Siri if you have an iPhone.

But it actually has business applications that can provide a lot of

cost savings. So, for example, in the health care system, where you are

taking paper records and trying to digitalize them, you can take their

technology and use voice transcription to turn into digital records for

patients.

GHARIB: All right, let`s see if we can get in the third one of your

recommendations. This is Dick`s Sporting Goods (NYSE:DKS). DKS on the New

York Stock Exchange.

Why are you recommending this one at $49 a share?

MILETTI: We think that Dick`s is a share gainer overall in the

sporting good space. They have great retail locations, primarily in the

East and Midwest. They`re going to be expanding out west with. In the

markets, they`ve been in, they have been share gainers, as I said earlier,

and we believe that`s going to continue and the new store growth on the

West will provide growth for a couple years to come, yes (ph).

GHARIB: All right. Lots to think about here.

Any disclosures, Ann?

MILETTI: We -- I do own the funds in which we are investors, in the

names that I talked about, but I don`t own them individually.

GHARIB: All right. Thank you.

MILETTI: Thanks, Susie.

GHARIB: Ann Miletti, senior portfolio manager at Wells Fargo

(NYSE:WFC) Advantage Fund.

Coming up, from Yum to Caterpillar (NYSE:CAT), the challenges American

companies face when doing businesses in one of the most lucrative markets

in the world.

But, first, a look at how the international markets closed today.

(MUSIC)

GHARIB: The Federal Reserve $85 million in bond purchases every month

has gotten a lot of credit for boosting the stock market and the overall

U.S. economy. But now, some members of the nation`s central bank are

debating whether it`s time to pull back on all that buying.

One of those policymakers is Eric Rosengren. He`s the president of

the Federal Reserve Bank of Boston. And he says the time is now.

(BEGIN VIDEO CLIP)

ERIC ROSENGREN, FEDERAL RESERVE BANK OF BOSTON PRESIDENT: I

think

there`s strength in the underlying economy. If you had asked me six months

ago, would we have the kind of growth that we have been getting with tax

increase, with the sequester, with the problems in Europe? I probably

would have expected a slower economy than what we`re actually finding.

So, I think we are going to get a pick up. I`m confident of that. I

want to taper, but I want to taper and stop our program, because we are

getting strong growth in the economy and strong improvement in the labor

marks.

(END VIDEO CLIP)

GHARIB: So maybe it was that underlying strength that helped lift

some consumer names in the market today. And that`s where we begin our

market focus.

Among the blue chip gainers, Home Depot (NYSE:HD), Walmart and Procter

& Gamble (NYSE:PG) touched all time highs.

Bed Bath & Beyond (NASDAQ:BBBY) was one of the best performing stocks

in the S&P today.

Home Depot (NYSE:HD) jumped 2 percent to $73 a share. Walmart gained

almost 1 percent to $78 and change, P&G rose a fraction to $80, and Bed

Bath & Beyond (NASDAQ:BBBY) up more than 4 percent.

The home builders saw gains. A noted housing analyst Ivy Zelman

upgraded several stocks, including Beazer, M/I Homes (NYSE:MHO) and KB

Homes to buy ratings. Zelman said that she likes stocks that are long

land, her words, and that California home building is strong now. At the

close today, Beazer gained 5 percent to $15.66, M/I Homes (NYSE:MHO) up

more than 2 percent, and KB Homes at half a percent, to $22 and change.

Now, today`s drop in gold took the shine off of gold mining stocks.

Newmont dropped to four year lows. It was down nearly 6 percent. But

other miners loss even more. Barrick tumbled more than 8 1/2 percent, and

Goldcorp (NYSE:GG) off by almost 5 percent.

And Infosys, this is a the Bangalore-based outsourcing giant, lost

fifth of its marketing cap on a gloomy earnings and revenue outlook.

Infosys says that sales will grow, but warn they will be well below

forecast. The company`s U.S. shares plunged more than 20 percent in heavy

volume.

There`s always challenges for American companies doing business

outside the U.S., and when that business is conducted in China, the rewards

maybe great, but so are the risks for companies and their employees.

Eunice Yoon has our story.

(BEGIN VIDEOTAPE)

EUNICE YOON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):

This

may look like an Apple (NASDAQ:AAPL) ad, but it`s an expose. An annual TV

show on consumer rights in China recently targeted Apple (NASDAQ:AAPL),

accusing of it as treating customers here as second class, compared to

other consumers around the world, including Americans.

Apple (NASDAQ:AAPL) apologized but the attack by the government-backed

media raised concerns that Beijing`s attitude towards international

companies is about to turn sour.

JOHN FRISBIE, PRESIDENT, U.S. CHINA BUSINESS COUNCIL: A foreign

company might be an easier to go after than a local one. I think we have

seen it in the past. You know, maybe we`ve seen it more recently.

YOON: For decades, Beijing courted companies from overseas. China

got jobs, everyone else got affordable goods.

(on camera): But now, more global firms are facing what they fear is

a new reality, a tougher business climate in an important market. Many

worry about cyber espionage, new taxes, and policies that seem to favor

Chinese brands. Despite long time frustrations, the playing field here is

far from fair.

DOUGLAS OBERHELMAN, CEO, CATERPILLAR: It`s hard to compete with a

government backed entity. We have done pretty well doing that I would say.

YOON: Do you think it`s fair?

OBERHELMAN: I don`t know if it`s fair or not, it`s China.

YOON (voice-over): Not all the concerns are related to the giant.

Yum Brands (NYSE:YUM), a fast food giant behind KFC, was blasted by the

state press. But it failed to detect problems in its poultry supply.

SAM SU, VICE PRESIDENT, YUM! BRANDS: It`s not perfect. We have

learned a few things this time. It`s not about legal requirement, or any

of that. We just say, if we put in a system, we should have and could have

make it perfect.

YOON: President Xi Jinping says China plays fair, but would do more

to improve the investor environment. Either way, international companies

are looking to stay in the game.

FRISBIE: The market matters and that`s why companies are here, and

that`s why they make the effort to do the tough work that is necessary to

grow their businesses here.

YOON: Amid a weaker global economy.

For NIGHTLY BUSINESS REPORT, I`m Eunice Yoon, in Beijing.

(END VIDEOTAPE)

GHARIB: American automakers are doing business in China, and next

week, we`ll have a series of reports from that country, including a look at

what Ford is doing to gain a bigger foothold in the world`s largest car

market.

But still on the program tonight, we`ll introduce you to a startup

that is helping other new ventures to get funding and fast.

But, first, here is a look at how commodities, treasuries and

currencies fare today.

(MUSIC)

GHARIB: The clock is ticking to Tax Day. April 15th is on Monday.

President and Mrs. Obama have already sent in their taxes and shared

the specifics today. They reported nearly $609,000 in adjusted gross

income for 2012, most of that came from the president`s salary and about 40

percent from book sales. The first couple paid a bit more than $112,000 in

taxes. That works out to a tax rate of 18.4 percent.

And they donated a quarter of their total income to charity.

Last year`s income actually was the lowest that the Obama`s had made

since taking office.

And for those of you who haven`t yet filed your taxes, you may be

surprised to discover that you might actually owe money or more than you

expected.

So how do you pay back Uncle Sam without breaking the bank?

Sharon Epperson reports.

(BEGIN VIDEOTAPE)

SHARON EPPERSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-

over):

If you think you may have trouble paying your tax bill, don`t panic. There

are ways to easy the burden. But whatever you do, don`t ignore Uncle Sam.

WILMA HAYES, H&R BLOCK TAX ASSOCIATE: You must file. The penalty for

not filing is 10 times more than the penalty for not paying.

EPPERSON: Fail to file by the April deadline face a penalty of 5

percent of your unpaid tax bill, plus interest for each month to return as

late, until that penalty hits 25 percent of what you owe.

File on time, but fail to pay what you owe and the penalty is only

half a percent of your unpaid tax bill plus interest each month.

(on camera): Need more time to gather paperwork? File for an

extension with the IRS by the 15th and you`ll have until October 15th to

submit your tax returns. Many people need that extra time.

More than 11 million taxpayers requested an extension from the IRS

last year.

HAYES: It`s an extension to file, not an extension to pay. They have

to understand that, because starting April 16th, if you have a tax

liability, interest and penalties begin to accrue.

EPPERSON (voice-over): To minimize the interest and penalties on

unpaid balances, start exploring payment options with the IRS.

ERIC SMITH, IRS SPOKESPERSON: About one in six taxpayers who filed

for return has a balance due on the return. For many people, this is a big

burden. They can`t pay what they owe or they can`t pay all of what they

owe. And for those folks, the payment agreement is very often the answer.

EPPERSON: Here is how it works, you set the terms and figure out the

largest monthly payment you can make, once approved you`ll be charged a

$105 fee, or $52 if you make direct debit payments from your account. If

you owe $50,000 or less and have already filed your return, set up

installment plan online at IRS.gov.

Just remember, don`t take too long to pay Uncle Sam, you will still be

charged penalties and interest, until the tax bill is paid.

For NIGHTLY BUSINESS REPORT, I`m Sharon Epperson.

(END VIDEOTAPE)

GHARIB: And, finally, this week`s bright idea is about the start up

that`s helping other startups when it comes to raising money. Retailers

have a tougher time getting funds compared to say, tech firms. But a new

company in San Francisco is helping to change that through a process called

crowd funding. It brings together groups of angel investors.

And as Bertha Coombs explains, for the start of the benefit, it`s like

a little bit of heaven.

(BEGIN VIDEOTAPE)

BERTHA COOMBS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-

over):

Rory Eakin and Ryan Caldbeck may not look like matchmakers but their start-

up firm CircleUp is in the business of bringing together entrepreneurs and

investors through crowd funding.

RYAN CALDBECK, CIRCLEUP FOUNDER & CEO: Crowd funding is the process

of connecting multiple people and allowing them to invest in a project or a

company.

COOMBS: Crowd funding is often associated with organizations like

KickStarter, that solicit donations using the Internet. Eakin and

Caldbeck, with backgrounds in private equity are using the model to group

angel investors hoping to make a profit. The angels buy in through a

broker who pays circle up a commission and they get on the ground floor of

small businesses like Little Duck Organics, a healthy snack food maker in

need of cash to grow.

ZAK NORMANDIN, LITTLE DUCK ORGANICS: I racked up $200,000 in debt.

COOMBS: Two years into his business, Zak Normandin had tapped out his

credit cards and the generosity of friends and family. He raised $400,000

from a group of outside investors and went from selling in 600 stores to

4,000 stores. To get to the next level, Little Duck was going to need a lot

more cash. Investors told him about CircleUp, and it wasn`t long before he

got funding.

NORMANDIN: We got up the phone and Ryan called up after and he`s like

we just had $60,000 I committed just on that phone call.

COOMBS: In just eight weeks, Eakin and Caldbeck helped Little Duck

raise a little more than a million. They have helped more than a dozen

firms raise similar amounts. All consumer package goods or CPC firms

poised for growth.

RORY EAKIN, CIRCLEUP FOUNDER & CEOO: Angels and venture capitalists

tend to focus on technology. And consumer is a little under represented.

CALDBECK: Traditionally, their only option to go raise money has been

to fly around to various angel groups around the country. We, by putting

into an online marketplace, make that more efficient.

COOMBS: It was the goal of the Bipartisan Jumpstart Our Business

Startups, or JOBS Act, signed by President Obama year ago, to help more

small businesses raise capital from investors. While the law eases some

private placement rules, the hope was the SEC would also ease standards

that limit investment to those with at least $200,000 in annual income, or

a net worth of more than a million dollars not including their home.

The SEC has yet to ask, but critics worry looser rules will expose

investors and maybe companies to fraud. Eakin and Caldbeck feel they`re

laying the groundwork on a model that works for both sides.

What makes it work for entrepreneurs like Zak Normandin is that beyond

the cash, he is getting connected to investors he feels believe in his

business.

NORMANDIN: They are vetting through the investors that are coming to

the table, so that we`re not getting like people that wouldn`t be a good

fit for our company.

COOMBS: For NIGHTLY BUSINESS REPORT, I`m Bertha Coombs.

(END VIDEOTAPE)

GHARIB: And that`s it for us, NIGHTLY BUSINESS REPORT, tonight. I`m

Susie Gharib. Thanks for watching and have a great weekend everyone. And

we hope to see all of you back here on Monday.

END

Nightly Business Report transcripts and video are available on-line post

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