Nightly Business Report - Thursday July 18 2013

7/28/2019 Nightly Business Report - Thursday July 18 2013

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

(COMMERCIAL AD)

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Tech tanks. Microsoft

(NASDAQ:MSFT) misses big, Google (NASDAQ:GOOG) falls short -- but are tech stocks stillworth owning as the Dow and S&P are at historic highs?


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TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Detroit bankrupt.

The city filed for Chapter 9 protection, making it the largest city in U.S.

history to do so.

GHARIB: And, Dell (NASDAQ:DELL) drama. Today was supposed to be the dayDell`s future was decided but a key shareholder vote was delayed. So, what happens next?

We have all that and more tonight on NIGHTLY BUSINESS REPORT for Thursday,July 18th.

MATHISEN: Welcome, everyone. And good evening.

It is the heart of earning season and tonight, we heard from two of the biggest names intechnology. That would be Google (NASDAQ:GOOG) and Microsoft (NASDAQ:MSFT).

Seema Mody is here to break down numbers for us, which weren`t so hot.

Let`s start with Google (NASDAQ:GOOG).

SEEMA MODY, NIGHTLY BUSINESS REPORT CORRESPONDENT: Let`s startwith Microsoft (NASDAQ:MSFT), Tyler.

MATHISEN: Oh, all right. Great.

MODY: It`s reported (INAUDIBLE) -- it`s reported a huge miss on the bottom line withfourth quarter earnings with 66 cents a share, versus an analyst estimate of 75 cents. Revenuesalso came in weak. Microsoft


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(NASDAQ:MSFT) has been hurt by ongoing weakness in the P.C. market and the ongoingconsumer shift to tablets.

Microsoft (NASDAQ:MSFT) CEO (ph) Amy Hood says, "While our fourth quarterresults were impacted by the decline in the P.C. market, we continue to see strong demand forour enterprise and Cloud offerings."

One bright spot, Microsoft`s entertainment and device business, which includes Xboxgame console. That business saw a 7.5 percent jump in sales.

Shares of Microsoft (NASDAQ:MSFT) while down after hours still up about 30 percent year-to-date.

Now, Tyler, on to that tech giant Google (NASDAQ:GOOG), which reported a hugemiss, posting a quarterly profit of $3.2 billion up from $2.8 million. Total revenue grew 19percent to $14.1 billion, but that did not satisfy Wall Street.

Another key number analysts looked for, cost per click, that`s the average price thatcharges advertisers every time someone clicks on their ad on a Google (NASDAQ:GOOG) websearch engine. That dropped year over year.

On the conference call, CEO Larry Page talked about how when Google

(NASDAQ:GOOG) started, they were just dealing one ecosystem, the P.C. Now, there are manydevices, platforms and spaces to really penetrate and how that`s not only a challenge but also anopportunity for Google (NASDAQ:GOOG).

MATHISEN: All right. Seema, thank you very much.

Google (NASDAQ:GOOG), Microsoft (NASDAQ:MSFT), it doesn`t matter which oneyou begin with. Thanks very much, Seema Mody.

All right. Joining us now to react to the numbers, Skip Aylesworth.


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He`s co-portfolio manager of the Hennessey Technology Fund.

Mr. Aylesworth, welcome.

Take your choice, which one do you want to start with here, Google

(NASDAQ:GOOG) or Microsoft (NASDAQ:MSFT), and what did you think?

SKIP AYLESWORTH, HENNESSY TECHNOLOGY FUND: Well, on the big picture,probably a little disappointed in both. Let`s look at Google (NASDAQ:GOOG), though, becauseI think when you peel back the numbers here, there were some positive things for the future.

One of those is research and development are Cap X, which is an expense, which kept revenuesdown or profits down. For Google (NASDAQ:GOOG), up about 30 percent this quarter.

So, an additional $400 million spend on R&D and Cap X.

Second major issue of a positive nature is the head count shrunk, almost 9,000employees.

These are two positive elements for the future.

On the negative side --

GHARIB: I --

AYLESWORTH: Go ahead.

GHARIB: I was going to jump in, Skip, and ask you about Microsoft(NASDAQ:MSFT). What happened with Microsoft (NASDAQ:MSFT) and especially justcoming off of this massive reorganization that they announced last week, they have all of theseproduct offerings.


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Do you see anything here that says that Microsoft (NASDAQ:MSFT) has a vision forwhere they are going for growth?

AYLESWORTH: Well, I think as the CEO said, it s in these new services, Cloud-basedorganizations -- Cloud-based offerings. What`s really hurting Microsoft (NASDAQ:MSFT), ofcourse, is it`s relying on the PC and windows environment -- much like the story of Dell(NASDAQ:DELL) to a certain extent and HP. So they hurt on that but are trying to turn the shiparound and go down these other paths to generate new sources of revenues.

MATHISEN: Skip, both of the stocks have had pretty nice runs so far this year.Microsoft (NASDAQ:MSFT) at one point was one of the leading stocks in the Dow so far this

year.

Would you buy either of these stocks at today`s prices?

AYLESWORTH: I think that -- well, from an individual standpoint, it`s really -- yourfocus on the future, and I would be more positive on the Google (NASDAQ:GOOG) side than Iwould be on the Microsoft (NASDAQ:MSFT) side.

GHARIB: All right. --

AYLESWORTH: So I would buy the Google (NASDAQ:GOOG).

GHARIB: You would buy Google (NASDAQ:GOOG) and I know you have Google

(NASDAQ:GOOG) in your portfolio.

AYLESWORTH: Yes.


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GHARIB: Would you buy it at $873? Do they buy more?

AYLESWORTH: I would -- any time you have a price decline like there wasaftermarket, it`s a good time to add to positions, as long as you have a long-term outlook.

GHARIB: All right. Real quickly, we`ve seen the stock market hitting all these newhighs, but the technology stocks have been holding back a bit. Just, generally, on tech stocks,you run a tech fund. What is your view what s going on with tech overall?

AYLESWORTH: Well, on the big tech names, it`s very hard to see this consistentgrowth just because the numbers are so large for both Microsoft

(NASDAQ:MSFT) and Google (NASDAQ:GOOG). A little shift of, quote, "a billion dollars" isjust a small percentage.

I think the opportunities and the small cap sector will provide and might be morerewarding from an appreciation standing.

The overall environment, you know, technology is the key for productivity increases and

everybody likes the greatest and best new widgets. So, we`re all awaiting Apple s next product.

MATHISEN: Mr. Aylesworth, thank you very much.

Skip Aylesworth runs the Hennessy Technology Fund.

GHARIB: New records on Wall Street today. The Dow and S&P 500 posted fresh alltime highs, thanks to another batch of positive news on earnings and a drop in jobless claims.Investors were also encouraged by more reassuring words from Ben Bernanke. In day two histestimony on Capitol Hill, the Federal Reserve chairman told Senate lawmakers that the Fed willcontinue stimulating the U.S. economy as long as necessary.


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By the closing bell, the Dow rose 78 points to 15,549. That`s the new record. TheNASDAQ added about a point, and the S&P was up 8 1/2 points to 16.89.

MATHISEN: Well, Susie, the city of Detroit has just become the largest municipality inU.S. history to file for bankruptcy. The city`s state-appointed emergency manager, Kevin Orr,asked a federal judge for permission to place the insolvent city in Chapter 9 protection.

Scott Cohn is with us with more on what that bankruptcy filing means for the city and itsresidents and for its creditors.

SCOTT COHN, NIGHTLY BUSINESS REPORT CORRESPONDENT: And for the

nation, Tyler.

MATHISEN: Right.

COHN: This is a major event.

Detroit, you know, once had 1.8 million residents. Now, it has less than half that. It wasthe cradle of American manufacturing. Today, a shell of its former self, with vacant homes,blighted neighborhood, and an unemployment rate in the metropolitan area of 9 percent, muchhigher in the city proper.

Kevin Orr is the emergency manager appointed by the state to handle Detroit`s longfestering fiscal woes. He had tried to reach an agreement with creditors to stave off thisbankruptcy. He could not.

Michigan Governor Rick Snyder who appointed Orr called this decision painful but saysthere was no other valuable option.

Detroit, as you heard, is the largest American city ever to file for bankruptcy -- in fact, byfar the largest. Its long-term debt as high as


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$20 billion and not a lot of --

(CROSSDTASLK)

MATHISEN: So what do the creditors stand to lose on this? Often there is arestructuring. They get paid off at pennies on the dollar. Do we have any idea?

COHN: We don`t. A federal judge first has to approve this. This was a request to gointo the Chapter 9 bankruptcy, which is the municipal branch, just to speak of --

MATHISEN: A corporate bankruptcy.

COHN: Right.

So the judge has to go throw a three-month process in approving this, and then there`s awhole reorganization plan they will have to work out agreements that they couldn`t up to nowwith all the creditors including the pensioners.

GHARIB: This is just so shocking, that something like that is happening in the UnitedStates. And, you know, we`ve heard about state finances in trouble, city`s finances in trouble. IsDetroit a one-time unique situation, or will we be hearing this about another major cities.

COHN: Well, you know, there has been a lot of talk about that for a while, since thefinancial crisis. Detroit for 40 years has been a place of extremes. Extreme racial strife, whiteflight, decline of the manufacturing base.

So, in a lot of ways, it isn`t extreme, but maybe a cautionary tale.

You know, this city that has had all of the issues that any municipality has had in terms ofdealing with labor cost, dealing with pension cost, dealing with the decline in housing base. Andso, other cities have to take a look at this.


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MATHISEN: You know, it`s very interesting two of the largest bankruptcies we`ve hadin the corporate world in recent years were in Detroit, General Motors (NYSE:GM) andChrysler. Those companies came out on the other side much, much stronger.

Can that happen for Detroit?

COHN: That certainly is the hope. And all the comments you`re hearing now as thislong-feared bankruptcy filing has finally happened are

-- you know, Detroit will come out of this. Maybe this is -- this is something that even thepeople who were opposing this for the longest time seem to be conceding that it was necessary,

that this was a necessary step.

Now, under bankruptcy, the whole purpose of the bankruptcy law is to allow the city toget out from under its debts, meet obligations with its creditors, reorganize and move on. Andthat`s the goal here.

MATHISEN: All right. Scott Cohn, thank you very much. Appreciate it.

GHARIB: Let`s hope that happens.

Meanwhile, some wind was taken out of the sails of the Windy City today, too. Ratingsagency Moody`s Investors Services lowered Chicago`s general obligation bond and sales taxratings by three notches, citing the city`s large and growing pension liabilities and budgetpressures. The credit downgrade affects $8.2 billion of Chicago`s bonds and sales stocks debt.Moody also says the outlook on the city is negative.

MATHISEN: Another twist in the long battle to take over Dell (NASDAQ:DELL),where shareholders were scheduled to vote today on the future of the company. But that didn`thappen. So, what do shareholders think and what is next for the world`s number three PCmaker?


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Jackie DeAngelis has more from Dell`s headquarters in Round Rock, Texas.

(BEGIN VIDEOTAPE)

JACKIE DEANGELIS, NIGHTLY BUSINES REPORT CORRESPONDENT (voice-over):

A vote on Michael Dell`s $24.4 billion deal with private equity firm Silver Lake Partners to takeDell (NASDAQ:DELL) private at $13.65 a share adjourned until next Wednesday. This asinvestor Carl Icahn and Southeastern Asset Management have put forth a competing proposal,one that keeps Dell (NASDAQ:DELL) public and values the company at $15.50 to $18 a share.

The pros for the Dell (NASDAQ:DELL) deal, if the founder and CEO is the right personto lead the turnout, privately, without Wall Street scrutiny.

But Icahn`s camp says that Dell`s offer undervalues the company, and analysts wonder ifthe Dell (NASDAQ:DELL) offer isn`t opportunistic.

BRENT WILSEY, WILSEY ASSET MANAGEMENT PRESIDENT: Carl Icahn says,

no, we can turn this company around publicly and shareholders will win from this. So I like CarlIcahn`s plan much better than do Dell (NASDAQ:DELL) because Michael Dell(NASDAQ:DELL) is just -- yes, the company will turn around, he`ll be well off from two yearsfrom now, but why can`t the shareholders benefit from that?

DEANGELIS: Roughly 300-plus investors attended the meeting today at Dell(NASDAQ:DELL) headquarters in Round Rock, Texas. Some concerned about the adjournmentand that it could send shares tumbling.

NORM PETERS, DELL SHAREHOLDER: I`m now worried and concerned, andrealistically concerned. Yes, it`s going to have an impact that there are thousands of us out therewaiting to see what`s going to happen because there is an option for us to make more money thanthe $13.65 that he`s offering us at this point.


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DEANGELIS: Carl Icahn and Southeastern taking their own view on today`sdevelopment, saying in a statement, "We believe that this delay reflects the unhappiness of Dell(NASDAQ:DELL) stockholders with the Michael Dell (NASDAQ:DELL)/Silver Lake offer,which we believe substantially undervalues the company. This is not time to delay but the timeto move Dell (NASDAQ:DELL) forward."

(on camera): Investors came here today looking for a decision. But all they got wasmore uncertainty. Will Michael Dell (NASDAQ:DELL) sweeten his offer and get his dealpassed next week or will shareholders be reviewing Carl Icahn`s offer at the annual meeting?

For NIGHTLY BUSINESS REPORT, I`m Jackie DeAngelis.

(END VIDEOTAPE)

GHARIB: A sigh of relief for Boeing (NYSE:BA) in the wake of a fire on board one ofits 787 Dreamliners last week in London. Now, British aviation investigators are recommendingthat an emergency locating transmitter found on those aircraft made by Honeywell, not Boeing(NYSE:BA), be disabled.

MATHISEN: Earnings dominate tonight`s "Market Focus" and we begin with UnitedHealthcare. The Dow component and the nation`s largest health insurers signed up almost 10million new members and fewer people filed claims. That`s a good recipe and that boostedquarterly revenues and profits. They beat analysts` estimates.

The company also increased its outlook for the year. Let`s take a look at UNH shares,biggest gainers in the Dow, surging 6.5 percent today.

Morgan Stanley (NASDAQ:NBXH) (NYSE:MS) reported a billion-dollar profit and saidit plans to buyback 500 million shares, first since 2008.

Revenue grew in all major businesses, trading in particular. The stock finished the day up 4percent to $27.70.


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And it was a case of good news/bad news for Verizon (NYSE:VZ), the nation`s largestwireless carrier. First, let s give you the good news.

It activated more iPhones than expected in the last quarter. And now the bad -- the company sawsome weakness in it s traditional wire line unit, which pressured overall revenue. Andseparately, Verizon (NYSE:VZ) is joining rivals AT&T (NYSE:T) and T-Mobile instituting aninstallment plan for customers who want to update their devices every year instead of currentplan of every two years.

The stock finishing today lower by 1 1/2 percent. It closed at $49.97.

GHARIB: It was a tough day for Sherwin Williams. The paint maker reporteddisappointing second quarter results, issued a weak outlook for the current quarter and said that

Mexican regulators rejected the bid to buy a paint company in that country. The stock plunged 8percent to $167.94.

And earnings at Scholastic (NASDAQ:SCHL) tumbled 62 percent. This publisher ofchildren`s book is blaming weak sales of "The Hunger Games"

trilogy and lower book club revenue per order. Next year, the company plans to focus on neweducational technology program for the iPad, which it hopes will increase revenue.

Meanwhile, the stock was off by more than 8 percent today, to $29 and change.

MATHISEN: And still ahead, JPMorgan (NYSE:JPM) facing a record fine -

- the allegation it manipulated energy markets, but it is the only firm accused recently ofwrongdoing. Is there any way to stop businesses from behaving badly?

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

(MUSIC)


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MATHISEN: JPMorgan (NYSE:JPM) Chase now faces what could be the biggest fineever to settle allegations that it manipulated electricity markets in the Midwest and California.The Federal Energy Regulatory Commission is close to an agreement with the New York bank.That could mean a fine of nearly a half billion. But remember, JPMorgan (NYSE:JPM) made $6billion in profit last quarter. So, a half billion-dollar fine would be less than 10 percent of one

quarter`s profits.

Some legal experts say fines for misconduct need to get a lot bigger to deter corporatemisbehavior, of which there has seemingly been a lot lately.

(BEGIN VIDEOTAPE)

MATHISEN (voice-over): What`s a $500 million fine or settlement to a company thesize of JPMorgan (NYSE:JPM) Chase? Not so much says attorney Melissa Maxman.

MELISSA MAXMAN, ATTORNEY: If the fines are astronomical at this point, on theother hand, the companies better being find astronomical amounts can afford it.

MATHISEN: Maxman has seen both sides. Once a federal prosecutor, she now defends

companies accused of behaving badly.

MAXMAN: Sometimes companies do decide, make a financial decision to disregard alaw or break a law, because it`s in their financial interest to do it, and sometimes just as we allhave done in the past, maybe in school or otherwise, you know, we think we won`t get caught.

MATHISEN: But increasingly, they are, all around the globe.

Last year, British drugmaker GlaxoSmithKline pleaded guilty and agreed to U.S. civiland criminal penalties for $3 billion for unlawfully promoting prescription drugs among otheroffenses. It was the largest healthcare fraud settlement in history.


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That was 1/3 of the record $9 billion in settlements negotiated by the federal governmentin 2012, nearly triple the recoveries in 2011, and 50 percent more than the previous record holdback in 2006.

Just this year, BP was sentenced in January to pay $4 billion, a record for anenvironmental crime stemming from the 2010 Deepwater Horizon spill in the Gulf.

RBS Securities Japan agreed to pay $50 million fine in connection with the rigging ofLIBOR rates, bringing the RBS and RBS Japan totals in that case alone to $612 million.

And in May, Walmart pleaded guilty to violating the Clean Water Act and was sentenced

to pay a fine of more than $81 million.

Fines for antitrust and price-fixing allegations like the one JPMorgan

(NYSE:JPM) Chase faces have grown the most in resent years, topping $5 billion in 2012.

And still says University of Baltimore law professor, Bob Lande, companies are willingto take the risk. Lande, along with co-author John Connor from Perdue, says we only catch

about 25 percent of the market manipulators and at that rate, he says fines need to be five timeswhat they have been. Lande also says people tied to fix pricing and other violations should bebanned from their industries for life. That might be a deterrent.

But attorney Maxman figures her practice will stay busy no matter what.

MAXMAN; As long as profit maximization is going to be a primary motivator of acorporation, there will be incentives to bend the rules, cut corners.

(END VIDEOTAPE)


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GHARIB: Lawmakers are close to a deal that would lower the rate on new subsidizedstudent loans just weeks after allowing them to double to

6.8 percent. A bipartisan would reverse that rate hike on new Stafford loans that went into effecton July 1st. So, if it passes, undergraduates will be able to borrow at a rate of 3.9 percent,graduate students at 4.9 percent, and parents can borrow at 6.4 percent.

And coming up on the program, hedge fund manager John Paulson famously bet againsthousing before the bust. Now, he`s calling it the best investment anyone can make. But is it?

But, first, let`s take a look at home commodities, treasuries and currencies performedtoday.

(MUSIC)

GHARIB: The housing market has been red hot lately, and that may be why a Californiabuilder decided to go public on Wall Street. UCP began selling stock to the public for the firsttime today on the New York Stock Exchange. It`s the fourth home builder to go public this year.

But UCP is off to a disappointing start. Its shares tumbled nearly 7 percent.

Looking at the three other homebuilders that also went public this year, William Lyonand Tri Pointe are trading below their IPO prices. But Taylor Morrison up about 14 percent.

MATHISEN: Well, despite those disappointing IPOs, many investors are still bullish onhousing. And one of them is the hedge fund manager John Paulson, who made more than abillion betting against the housing industry just before it collapsed, but it`s now talking uphousing in a big way.

Listen to what he said yesterday about individual investment in housing.

(BEGIN VIDEO CLIP)


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JOHN PAULSON, PAULSON & CO: I still feel buying a home is the best investmentany individual can make. Affordability is still at an all-time high. It still costs less to own ahome after tax than it does to rent.

So, if anyone bought a home last year, let`s say for $100, you put down $20. Today, thathome is worth $112. So you made $12 on a $20 investment, 60 percent return.

(END VIDEO CLIP)

GHARIB: So, is John Paulson right on housing?

Our next guest disagrees. He`s Yale`s economics professor Robert Shiller, who is alsothe co-founder of the Case-Shiller Home Price Index.

Professor Shiller, so nice to have you on the program again. And really want to get yourpoint of view of why you disagree with John Paulson.

ROBERT SHILLER, CASE-SHILLER INDEX CO-FOUNDER: I don`t totally disagree.I think that home prices are moving up and they might for someone with a flipping plan whosegoing to get out, it might -- it might be an attractive investment.

But I think most people are not in that category. Most people are thinking of buy andhold. And for the longer run, I don`t -- I don`t think housing is a good investment, unless youwant the house.

MATHISEN: So you think that in the short-term, if I`m going to flip the house, it`s abetter deal than in the long term if I`m going to stay there and own the house.

Without wading too deeply into the numbers, explain why.


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SHILLER: Well, professional investors like John Paulson are very aware of anomalies inmarkets. One of them is momentum. It`s been remarked in the stock market, I`m sure he knowsthat very well. It`s also in the housing market.

And it has been much stronger in the housing market than in the stock

market. So when home prices start going up, they will probably go -- I

wrote a paper about this 20 years ago. It`s really true. Home prices move in the same direction.

They`re up 12 percent nationally in the last year. And so, they`ll probably do something

like that again for a year or so.

GHARIB: We`ve been raised to believe that, you know, our parents did this and theparents before them did this, that you buy a home, and you hold on to it and you`re set forretirement.

SHILLER: Right.

GHARIB: And then we had the housing crisis. So, I get that.

But are you saying that going forward that that rule of thumb no longer exists? I mean,what really changed here?

SHILLER: Well, it -- it -- if you want a home and you want to live there, fine. It`s -- you

know, Paulson is right. There is a tax advantage to homeownership.

But the question in my mind is are you going to buy a bigger home than you need as aninvestment or are you going to buy a second home and there -


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- I think that it`s not a good long-run prospect because historically, housing has not increasedabove the inflation rate. Home prices are down -

- now, there`s a big misperception that houses are cheap now. They`re not generally cheap.They`re just kind of back to an average level.

MATHISEN: So, your argument, basically, if I`m understanding you correctly, is afterinflation basis, you`re not going to make money owning a home?

SHILLER: The dividend comes in the form of a nice place to sleep, a family room, youknow, a place --

MATHISEN: You get value from that. Yes, right.

SHILLER: That`s it. Don`t expect capital gain.

Now, it is true that mortgage rates are still very low and I think of it more as a mortgagemarket play that might be enticing people in for the longer term.

If you really plan to stay in a house for 30 years, you can get a 30- year mortgage ratethat`s still a little over 4 percent. That`s very good by historical standards.

GHARIB: All right. Interesting conversation, thank you so much Professor Shiller.

SHILLER: Thank you.

GHARIB: Robert Shiller of Yale University.


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MATHISEN: Well, television history was made today at the Emmy nominations. Thepolitical thriller "House of Cards" produced by Netflix

(NASDAQ:NFLX) was nominated for best drama series, the first time a program that`s onlyavailable through an online streaming service was recognized by the television industry`s leadingawards organization. "House of Cards"

received nine nominations in all.

Also getting nominated, another popular Netflix (NASDAQ:NFLX) show, the situationcomedy "Arrested Development" got three nods, including for series co-star Jason Bateman asbest actor.

And before we go, which stocks would you like our market monitor guest to discusstomorrow? You can let us know by logging on to our Web site, NBR.com and don`t forget toinclude where you are from.

GHARIB: And next week, we also begin a five-part series on how to not outlive yourmoney. So please join us for that and I guess you can`t count on your home --

MATHISEN: To bail you out.

GHARIB: Yes, to bail you out according to Professor Shiller.

MATHISEN: You`re going to be off tomorrow. Have a nice day off.

GHARIB: Thanks.

MATHISEN: Nice long weekend. Survive the heat.

GHARIB: And I`ll be back on Monday.


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But that`s NIGHTLY BUSINESS REPORT for tonight. I`m Susie Gharib.

Thanks for being with us.

MATHISEN: And I`m Tyler Mathisen. Thanks from me as well. Have a great evening.Stay cool, everybody. See you back here tomorrow.

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

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Nightly Business Report - Thursday July 18 2013