Nightly Business Report - Thursday July 25 2013

7/27/2019 Nightly Business Report - Thursday July 25 2013

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

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PREET BHARARA, U.S. ATTORNEY: SAC became, over time, a veritable magnet formarket cheaters.


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TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Indicted. Thegovernment tightens the net around one of Wall Street`s biggest fish, the hedge fund run bybillionaire Steven Cohen. Does the move signal a fresh push to make Wall Street fairer forinvestors on Main Street?

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Corporate America`sreport card. The half way mark of earning season is here. We have the winners, the losers and alook at the health of the companies you`re invested in.

MATHISEN: The upside of downsizing: a smaller home, fewer expenses, less debt. It`sa way to make your nest egg last longer. But how practical is it really? Our series "How to NotOutlive Your Money"

continues tonight.

All that and more on NIGHTLY BUSINESS REPORT for Thursday, July 25th.

GHARIB: Good evening, everyone.

It is the story the business world is talking about: the federal government indicting one ofthe largest and most profitable hedge funds in the country, SAC Capital. The firm`s founder,Steven Cohen, was not charged personally, but the multibillionaire investor has been at thecenter of this year-long investigation.

The criminal indictment alleges that the firm traded on stocks based on confidentialinformation unavailable to the broader investing public.

The U.S. attorney in Manhattan is charging SAC with wire and securities fraud, and permitting a,quote, "systematic insider trading scheme to unfold between the years 1999 and 2010.


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BHARARA: The scope of illegal trading was deep and it was wide. It spanned morethan a decade in time, involves securities of at least 20 public companies, extended acrossmultiple sectors of the economy, and benefited SAC to the tune of at least hundreds of millionsof dollars.

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GHARIB: The hedge fund released a statement saying, "SAC has never encouraged,promoted or tolerated insider trading and takes its compliance and management obligation

seriously. SAC will continue to operate as we work through these matters."

Joining us now with more insight about the case and if this means the government isgetting serious about clamping down on Wall Street, Tom Ajamie. He`s managing partner of hisfirm Ajamie LLP, which represents investors in high profile cases of securities and financialfraud.

Tom, great to have you here.

You know, this story has so much drama and color to it, you know, big egos, big moneyhere. But, you know, prosecutors came down with one very simple statement saying that this is acase about corporate conduct and corporate responsibility.

So, as you look at this case, do you think that Wall Street -- that the prosecutors have afresh approach, a fresh strategy to get tough on Wall Street, to really make it fair for Main Street

investors?

THOMAS AJAMIE, AJAMIE LLP MANAGING PARTNER: Well, it certainly looksthat way, and I hope they keep it up. I mean, this is a very important case for a lot of reasons.The main reason is we need the stock market and financial markets to be fair and honest. Weneed to root out the people who are cheating. That hurts everyone else who is invested to their401(k)s, or through their pension funds, or just individually buying stocks.


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And so, I think the government is on a roll. They`ve gotten quite a few convictions.Some people just pled guilty, just flat out said that they were guilty, and now, they are goingafter the company and they`ll probably go after the big guy himself.

MATHISEN: And not just at SAC capital have these pleas come out.

Other ones like Galleon, Raj Rajaratnam, and other cases as well. The rhetoric that Mr. Bhararaused today is intent, "A veritable magnet for market cheaters. Not tolerance for low returns, buthigh tolerance for questionable conduct. The company seeded itself with corrupt tradersempowered by a culture that looked the other way despite red flags."

Simply put, Tom -- does the government want SAC Capital to die and will it succeed?

AJAMIE: It does and I think it`s going to succeed, yes. The rhetoric was hard, but Ithink the United States attorney wouldn`t use those words unless he had some facts backing himup. And when you read the indictment, it is full of information and it is full of very good facts,sad facts, frankly, of a lot of people at this company just cheating, using insider information anddoing things that they knew were wrong to get ahead.

GHARIB: All right. So, let`s say you`re right, and SAC in the end, at the end of the day,does collapse, what does this mean if you`re an investor and you have funds with SAC? Willyou be able to re-coop any of this?

AJAMIE: The government said today they`re going to work with SAC to try to make anordinarily transition out of the company and to protect.

I`m going to take the government at their word.

I think, Tyler, it goes back to what you said. The government wants this institution shutdown. It`s tired of these companies out there cheating to get ahead and not making profit inhonest way.

MATHISEN: We should point out, obviously, that these are allegations.


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This is the government`s claim against SAC Capital. But let me broaden it out a little bit. Howrampant, he says, Mr. Bharara, that the trading, insider trading was rampant at SAC Capital. Hehas previously said it`s rampant on Wall Street.

If I`m an individual investor, do you have a fair shake? Do I have a chance?

AJAMIE: Well, those aren`t really reassuring words are they, when he says it`s sorampant on the street. You know, I think we do have a chance in certain types of stocks andcertain types of companies. But, you know, clearly, guys like Steve Cohen, if they have donewhat the government alleges he`s done and people at his company have done what thegovernment says they have done, do make it difficult for all of us, and make it a very difficultplace for us to invest.

We need cops like the United States attorney cleaning up things from time to time.

GHARIB: Real quickly, we`ve been reporting on this as journalist for years, so haveyou, Ivan Boesky, Michael Milken, Raj Rajaratnam that Tyler was just talking about, and now,this case. Really are these government prosecutors going to be able to clean up Wall Street?

AJAMIE: They`re not going to stop people cheating to make money.

That happens every day and is going to continue to happen. Unfortunately, there is always goingto be bad apples there.

But like we need to stop people who rob banks, we need to stop people who sell illegaldrugs, you need to have a policeman on the beat stopping these illegal insider traders.

GHARIB: All right. Thank you so much, Tom Ajamie of Ajamie LLP.

MATHISEN: On Wall Street today, the big drama surrounding the indictments did nottranslate into any kind of big move for stocks one way or the other. Good earnings from theDow component 3M (NYSE:MMM) and the social media stock Facebook (NASDAQ:FB) were


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not enough to give the broad market a major push into positive territory. More on these earningsin just a couple moments.

In the end, however, overall, the Dow finished up 13 points 15,555 -- fives are wild onthe board there. The NASDAQ gained 25, the S&P 500 up by four.

Corporate America is now at the half way mark of earning season, and today, two well-known companies reported earnings after the closing bell, each with very different stories.Starbucks (NASDAQ:SBUX), first, beat street estimates and raised its full year earningsforecast. Results at the world`s biggest coffee chain were helped by strong sells in the U.S.

Meanwhile, Amazon (NASDAQ:AMZN) swung to a loss of two cents a share and issueda cautious forecast for the third quarter, as the Internet company`s expansion plans continued toweigh on results.

MATHISEN: Well, Susie, today was the single biggest day of earnings reports forcompanies in the S&P 500. And now, more than half the firms in that index have said what theymade or lost last quarter.

To put the numbers in context is John Butters, senior earnings analyst at FactSet.

John, welcome back. Good to see you.

Simple question, how are we doing?

JOHN BUTTERS, FACTSET SENIOR EARNINGS ANALYST: Well, Tyler, relativeday. In those (ph) expectations, it s been a very average quarter. We had over half thecompanies report earnings at this point in time, and 74 percent of companies have beat theearnings expectations.


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Now, that might not sound like a high number, but it`s actually just a little bit higher thanthe average over the past four years, 73 percent.

And on the revenue side, we`ve seen 54 percent of companies beat the sales estimates andthat`s a little bit below the average of 58 percent.

However, it`s much better than the performance we`ve seen in recent quarters. In three of thepast four quarters, more companies have missed revenue estimates than beat. So, again, a littlebit better performance on the revenue side than we`ve seen in recent quarters.

GHARIB: And let`s look ahead because everybody always looks to see what`s theguidance that they hear from company executives. We heard yesterdays from Caterpillar(NYSE:CAT), weak guidance going forward.

As you look at that, what can we expect for the third quarter, the current quarter andfourth quarter?

BUTTERS: If you look at the guidance for the third quarter. Right now, 49 companieshave issued EPS guidance, 39 of those companies have issued negative guidance. So, that`s arate of 80 percent, and that s consistent with what we saw in the previous quarter. We saw asimilar number back in Q1, but it`s much higher than the long-term average of 62 percent andwe`ve seen a lot of negative guidance from companies in the technology sector, and that`s one ofthe sectors we`ve seen significant cuts to estimates for Q3 at this point in time.

MATHISEN: You know, John, if I am a long-term investor as opposed to a trader, whatI care about most is not whether a company beats the Wall Street estimate or not on profit orrevenue, what I care about is what is the absolute level of growth. So in terms of earnings, howfast are profits growing, and how fast are revenues growing?

BUTTERS: Well, in terms of earnings and revenue. We`re having a fairly weak quarter.On the earnings side, the growth rate is 1.8 percent.

Now, that`s an improvement over where we were coming into the earning season, at just anexpectation of eight tenths of a percent. But if we finished at 1.8 percent, that would be the thirdlowest growth we`ve seen in the past four years.


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And on the revenue side, we`re seeing similar growth. That`s around

1.2 percent. That`s a little bit better than we`ve seen in recent quarters. Over the last three orfour quarters, revenue growth has been spotty.

So, again, on the earnings side while we`re seeing companies beat on expectations, theearnings is relatively weak at just under 2 percent.

GHARIB: John, we`re at the half way point. So, there`s still another half of companiesto hear from, a lot of big retailers like Walmart have yet to report, big oil companies like Exxon.What can we expect to hear from this new wave of earnings?

BUTTERS: Yes, as I mentioned, so coming into the second half of the earning season,we`ll hear from a lot of companies in the energy sector and utility sector. And then, later on theearnings season, we`ll hear from the retailers, and they are such an important barometer for thehealth of the consumer. We`re certainly keeping an eye on what their comments are goingforward.

The companies in that -- those companies are part of the consumer discretionary sector.

That sector is reporting growth of 4 percent right now. That`s the third highest in the index. So,again, we`ll keep an eye on that performance to see if it moves that growth rate for the consumerdiscretionary.

MATHISEN: You know, John, if you`ve got profits growing at 2 percent but prices ofstocks growing at 20 percent so far this year, you got to wonder, don`t you?

BUTTERS: Right, it could be a case for the markets looking ahead past this quarter, tofuture quarters. As we mentioned, for the third quarter, although the growth rates come down,analysts are still looking for just 6 percent growth in Q3, and that`s expected to jump up to 11.5percent in Q4.

So, it could be a case really the markets are already looking past Q2 and looking for betterexpectations for earnings through the second half of

2013 and into 2014.


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MATHISEN: John, thank you very much.

John Butters with FactSet.

GHARIB: More earnings to tell you about now in "Market Focus", starting with GeneralMotors (NYSE:GM). G.M. touching a new two-year high as its profit topped expectations.North American sales offset losses in Europe and tracking firms say July sales should be up 15percent.

By the close, shares have sold off a bit. G.M. down a fraction to $37 and change.

3M`s profits rose 2 1/2 percent on growing sales. The company raced its full yearguidance and also increased its stock buyback plan by $1.5 billion. And 3M (NYSE:MMM)execs told investors they`ll be pursuing acquisitions to grow faster. 3M (NYSE:MMM) sharesadded a quarter higher to $16.55.

Quarterly earnings tumbled 17 percent at Bristol-Myers-Squibb. The company blamed it

on the loss of patent protection on its one-time blockbuster Plavix, as well as a slow launch ofnew blood thinner developed with Pfizer (NYSE:PFE).

Disappointed investors sold shares. BMY down 1 1/2 percent to $43.93.

MATHISEN: Celgene (NASDAQ:CELG) on the other hand was a strong performer,raising its outlook on stronger sales of its multiple myeloma treatment, reporting increased profitand revenues. Investors boosted shares there by 3.5 percent. They closed at $140.65.

And many investors took a second look at Facebook`s mobile strategy after thoseblowout earnings we told you about yesterday. Facebook

(NASDAQ:FB) shares traded at 10 times the normal volume today. And hit levels last seen theweek of its IPO 15 months ago. At day`s end, Facebook


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(NASDAQ:FB) shares were up almost 30 percent on the day. The close at $34.36.

GHARIB: It`s being called the largest hacking fraud case in history.

Prosecutors indicted Russian hackers today for stealing at least $160 million credit card numbersfrom institutions ranging from JCPenney to the NASDAQ, resulting in losses of hundreds ofmillions of dollars.

Andrea Day reports.

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PAUL J. FISHMAN, NEW JERSEY ATTORNEY: This type of crime is really thecutting edge of financial fraud.

ANDREA DAY, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):It`s the largest hacking and data breach scheme ever prosecuted in the United States.

FISHMAN: They targeted some of the largest companies in the world, stealing millionsof credit and debit card numbers, and causing hundreds of millions of dollars in losses to theirvictims.

DAY: The five alleged Russian hackers using sophisticated software and breaking intomajor institutions like NASDAQ, Dow Jones and JetBlue Airlines. Seventeen companiescompromised, three alone left with at least

$300 million in damages.

FISHMAN: The individuals charged and arrested in this case are the ones at the top, theones who steal the data that they sell to the folks who cash out. We believe we have taken amajor step towards dismantling this organization.


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DAY: Prosecutors say the alleged hackers were so relentless, they would spend monthsat a time trying to break into a company`s computer system, working around the clock to stealcredit and debit card numbers, and reams of personal information. They would then sell theinformation on the black market.

FISHMAN: Charging $10 for an American credit card number, $50 for European creditcard number, $15 for Canadian credit card numbers. He even offered quantity discounts anddiscounts for repeat customers.

DAY: And they were brazen. Law enforcement intercepting text messages between thesuspects. In this one, after they hacked into the NASDAQ stock market, the hacker texts his co-conspirator, "NASDAQ is owned."

FISHMAN: I think this prosecution also demonstrates that while the hackers arepersistent and patient, so are we.

DAY: For NIGHTLY BUSINESS REPORT, I`m Andrea Day.

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MATHISEN: More trouble for the embattled smartphone maker BlackBerry.

The company has laid off about $250 people at its headquarters in Waterloo, Ontario, as part ofits move to trim cost. Last month, BlackBerry reported weak quarterly results as sales of itsmuch hyped line of new smartphones came in well below expectations.

GHARIB: Still ahead on the program, the benefits of downsizing. Is it the best optionfor most retirees looking to stretch their savings?

We`ll get an answer to that as we continue our series, "How to Not Outlive Your Money".

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


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MATHISEN: The fifth home builder to go public this year began trading today. WCICommunities, which develops luxury residential communities and homes in coastal Florida,made its debut with a whimper. Shares finished the day just fractionally higher from its IPOprice of $15 a share.

GHARIB: A different builder Pulte got pummeled today. The nation`s second largesthomebuilder reported earnings that missed analyst expectations, selling far fewer units thanexpected.

Meanwhile, DR Horton reported better than expected profits, thanks to higher homeprices. But it did say rising mortgage rates contributed to increased cancellations and a drop offtraffic in June. And that`s the trend that s worrying investors.

Looking at how the stocks did today, Pulte fell 10 percent. DR Horton off by 8 percent.

MATHISEN: Builders like Pulte, DR Horton and others say that buyers demand greaterenergy efficiency, but those same consumers worry about the price of those innovations. What`smore, in valuing a home, appraisers and banks don`t always give due credit for going green.That may be about to change with new legislation in Congress.

Diana Olick has the story.

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DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):

Solar panel, tankless hot water heaters, and extra insulation can save homeowners hundreds ofdollars a month on their energy bill.


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Now, Senator Johnny Isakson has cosponsored a bill to have lenders factor those savingsin when figuring a mortgage.

SEN. JOHNNY ISAKSON (R), GEORGIA: It`s about energy efficiency. It`s aboutsavings. It`s about increasing the borrowing power of the borrower.

I think it`s a win-win proposition for the industry.

OLICK: The bipartisan Save Act does two things: it requires lenders to factor energysavings in a home into how much a borrower can afford for the monthly mortgage payment,essentially subtracting the savings in the energy bill from the borrowers` overall monthly

expenses. It also tells lenders to add the value of expected energy savings to the value of thehome in the appraisal. Since mortgage amounts are based on a percentage of the value of thehome, this would allow borrowers to get a bigger mortgage.

And that`s where homeowners likely Tamara Lyons who already have green technologywill be able to make more money when they sell. The value of green will be in the appraisal.

TAMARA LYONS, HOMEOWNER: A lot of my neighbors feel that it s too much of a

initial investment and they don`t want to put that money down, but if they see that it`s going toadd to the value of their home for resale purposes, I think it would definitely make the idea moresexy and more appealing.

OLICK: It would also help companies that are investing heavily in green products, likeDow, Home Depot (NYSE:HD), Whirlpool (NYSE:WHR) and insulation manufacturers, not tomention, of course, solar.

STEPHEN COWELL, CONSERVATION SERVICES GROUP CEO: This would givemanufacturers, retailers, builders and retrofit companies all an opportunity to begin reachingconsumers to say if you take advantage, you put these products in. You can have an expandedvalue for your home.


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OLICK (on camera): This would be for loans bought or backed by the federalgovernment, but that`s about 90 percent of the market today. The hope is to get the big banks allon board, and make green technology as hot as those solar panels are right now.

For NIGHTLY BUSINESS REPORT, I`m Diana Olick in Washington.

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GHARIB: For retirees who still have a mortgage and house to maintain, downsizing canreduce one of their largest monthly expenses. That could help them stretch their retirementbudget at a crucial time.

Sharon Epperson explores the benefits of downsizing as we continue our special series,"How to Not Outlive Your Money".

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SHARON EPPERSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):

John and Carol Rhoder had visited Florida beaches many times, but when they calculate the costof living there, they eventually decided to leave New York and relocate.

JOHN RHODER, FLORIDA RETIREE: Financially, I mean, Florida is a very easyplace to live. You know, there`s not -- first of all, it s a no income tax state. That`s number two.But number two, living arrangements down here and the cost of living down here is a lot lessthan it is in New York.

CAROL RHODER, FLORIDA RETIREE: We still live the way we lived in New York.It`s just easier. It`s just -- you know, we go out when we want.

We go out for dinners and we travel and all that. It`s fine. It`s just -- it`s like living on vacation.It`s just easy.


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EPPERSON: The couple, who are both 69, had already downsized once, from an 80-year-old home to a new condo in suburban New York. Then, in 2010, they moved into theirvacation condo in Florida permanently.

John, a retired hospital administrator and, Carol, a retired psychologist, have significantlyreduced their debt and now live more comfortably on a fixed income.

C. RHODER: We have no mortgage. We own our car. You know, it`s so -

- we just this year remodeled the kitchen and two bathrooms in this place.

So, you know, we`re fine.

EPPERSON (on camera): When it comes to stretching retirement dollars, financialadvisors say downsizing is often overlooked by retirees that become attached to their familyhome, their neighborhood and their lifestyle.

TIM MAURER, FINANCIAL CONSULATE VICE PRESIDENT: If you`re trying todownsize right where you are and just change life and make it less expensive, often times, it

would have the appearance that life was better when you were working than when you wereretired.

EPPERSON (voice-over): But for some people, it`s the most practical and affordableoption.

MAURER: There are many folks out there who are feeling the pressure, having notmade a lot of money in the market over the course of the last decade or so, they feel like they arebehind in retirement savings. For them, it may feel like a need that they have to downsize. Butwhat I encourage people to do is to think about it more as an adventure.

EPPERSON: That`s how the Rhoders see it. For this couple, moving to Florida begananother fulfilling chapter in their lives.


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For NIGHTLY BUSINESS REPORT, I`m Sharon Epperson.

(END VIDEOTAPE)

GHARIB: For more on downsizing, log on to our Web site, NBR.com. And tomorrow,Sharon will wrap up our series with a look at whether starting an encore career is a smart way tonot out live your money.

MATHISEN: Still ahead, Amazon (NASDAQ:AMZN) wants to be a major player in the

big business of grocery delivery. How does it measure up?

We put the service to the test.

But, first, how the commodities, treasuries and currency markets performed today.

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MATHISEN: To Detroit now where the tunnel that connects the city to Canada hasfollowed the municipality into bankruptcy. American Roads, the operator of the Detroit-Windsor Tunnel, cited $830 million in debt and declining traffic. The company said therestructuring is not the result of the recent Detroit bankruptcy filing, but that the city`s financialproblems and the decline in population contributed to the tunnel`s unmanageable debt burden.

GHARIB: Well, one thing that is working for Detroit is the auto industry. And today,"Consumer Reports" is calling the 2014 Chevy Impala the best new sedan. And one of the bestcars it`s ever tested.

Only two cars now have a better score than General Motors (NYSE:GM) newlyredesigned Impala. It`s the Tesla Model S hatch back, and the BMW 135i Coupe.


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And you can read more about our story on our Web site, NBR.com.

Earlier in the program, we told you about Amazon`s quarterly results and a few weeksago, we told you about the online retailers move into the big business of fresh groceries.

Tonight, Jane Wells puts all that service to test.

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JANE WELLS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):

Groceries are a $650 billion business. But it`s one category that`s not been a big hit online, yet.

(on camera): Everybody wants bacon. Let me start with that.

(voice-over): Now, Amazon (NASDAQ:AMZN), the 800-pound gorilla of Internet retailis joining a growing food fight, expanding a grocery delivery business its had in Seattle, to parts

of Los Angeles.

KATE WENDT, WELLS FARGO: If you think about a $650 billion market, 10 percentof that is $65 billion. So, it would -- even that piece alone would be one of the biggest categoriesin retail.

WELLS (on camera): Seven o` eight.

(voice-over): The key to success is showing up on time.

(on camera): Seven forty-five.


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(voice-over): My order was set to be delivered between 7:00 and 8:00 a.m.

(on camera): Seven fifty-one.

(voice-over): Amazon`s L.A. experiment is only for prime members who must pay $299a year for the service.

Everything was in order with my order, plus some free water.

(on camera): I don`t remember ordering these.

(voice-over): Amazon (NASDAQ:AMZN) may not be making money on this yet, but thepoint maybe to get people to stop going to the store for anything.

WENDT: And as long as the company that is perfectly happy to operate slim operating

margins. They really want to drive volumes and drive market share and make customers happy.

WELLS: Rivals like yummy.com have been growing in Los Angeles, Yummyguarantees delivery in 30 minutes, a tight turn around Amazon (NASDAQ:AMZN) can`t meetbut Yummy`s CEO says no grocery chain should sit idly by.

BARNABY MONTGOMERY, YUMMY.COM: If they ignore the threat of Amazon

(NASDAQ:AMZN) and Amazon (NASDAQ:AMZN) fresh, it`s not that they are going to lose50 percent of their sales. It`s that they risk losing the 5 percent to 10 percent of their sales thatmake them profitable.

WELLS: All of this is happening a decade after Webvan so spectacularly failed in thedot-com bubble, back before people used smartphones, broadband or comfortable putting credit


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card numbers on the Internet. A dozen years later, times have changed. And whatever happenedto Webvan? Amazon (NASDAQ:AMZN) bought the domain name.

For NIGHTLY BUSINESS REPORT, Jane Wells, Los Angeles.

(END VIDEOTAPE)

MATHISEN: I like that Jane Wells had bacon and Oreo cookies there in her order. I`veused these services. They`re pretty doggone good.

But I did a documentary sometime ago about the grocery business. It`s about a 1.5percent margin. It is a very, very tough competitive business.

GHARIB: I still like going down the aisles --

MATHISEN: I do, too.

GHARIB: And checking and smelling the cantaloupe before I buy it.

MATHISEN: Yes.

GHARIB: That`s NIGHTLY BUSINESS REPORT for tonight. I`m Susie Gharib.Thanks for joining us.

MATHISEN: And I m Tyler Mathisen. Thanks from me as well. Everybody have agreat evening. We`ll see you here tomorrow.


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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 25 2013