7/27/2019 Nightly Business Report - Tuesday July 23 2013
1/27
ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and
Susie Gharib, brought to you by --
(COMMERCIAL AD)
TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Apple(NASDAQ:AAPL)
of your eye. The company that was once the darling of Wall Street said
strong iPhone sales helped boost results. Is this the catalyst that will
7/27/2019 Nightly Business Report - Tuesday July 23 2013
2/27
turn the stock around?
SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Health care scams.
Critics say the new exchanges are right for abuse. So, what are officials
going to get out in front of the fraudsters?
MATHISEN: Working longer. More Americans are doing it so they don`t
outlive their money. Tonight, we`ll meet one woman who`s doing it on her
terms -- in the second part of our series, "How to Not Outlive Your Money."
All that and more on NIGHTLY BUSINESS REPORT for Tuesday, July 23rd.
GHARIB: Good evening, everyone.
Apple (NASDAQ:AAPL) got some of its shine back late today. It
surprised investors with stronger than expected earnings after the bell,
and that`s thanks to massive sales of its iPhones over the past three
months. But sales of iPads and Macs came in below forecast.
Seema Mody has been tracking all of this. She has more on the results
from the NASDAQ exchange.
Seema, over to you.
SEEMA MODY, NIGHTLY BUSINESS REPORT: Hi, Susie.
7/27/2019 Nightly Business Report - Tuesday July 23 2013
3/27
Well, technology earnings have not been off to a strong start,
expectations coming into Apple`s report quite low. However, Apple
(NASDAQ:AAPL) did beat the street expectations on its top and bottom line.
But the big number that is getting Wall Street really excited, iPhone
shipments of 31.2 million came in much higher than what Wall Street was
expecting.
Now, CEO Tim Cook says, quote, "We`re especially proud of the iPhone
sales of 31 million and the strong growth of revenue from iTunes, software
and services."
Now, on Apple`s product pipeline, Cook says we are laser-focused and
working hard on some amazing new products, that we will introduce in the
fall and across 2014.
Now, Apple (NASDAQ:AAPL) did return $18.8 billion in cash to
shareholders through dividends -- excuse me, through share repurchases this
quarter. Morningstar (NASDAQ:MORN) analyst Brian Colello says what caught
his was apple`s massive $16 billion stock buy back this quarter.
Lastly, Apple`s upbeat results are helping many suppliers like
Qualcomm (NASDAQ:QCOM) and Texas Instruments (NYSE:TXN) move to the upside.
Tyler, back to you.
7/27/2019 Nightly Business Report - Tuesday July 23 2013
4/27
MATHISEN: Seema, thank you very much.
Here now with their thoughts on Apple`s earnings and the prospects
overall, Max Wolff, senior analyst at Greencrest Capital, and, Gregg
Abella, portfolio manager at Investment Partners Asset Management.
Welcome to you both.
Max, let me begin with you. These numbers on certainly the bottom
line were a positive surprise here, but there were some worries on market
share in the iPhone -- in the marketplace and also on gross margins. Take
us through those.
MAX WOLFF, GREENCREAST CAPITAL SENIOR ANALYST: Sure. Well, thanks
for having me. Always a pleasure to join you and to be with you, Tyler.
I think the big story in the handset and tablet space. And the tablet
space was quite disappointing. So, they came in about 3 1/2 million below
our expectation. But a good quote here, credit where it`s due, a good
pushback against the sort of irrational bears who think the company is
washed up or finished, which is, of course, not the case. In fact, the
company`s chief and it has great prospects, 31 million phones sold,
excellent, although, a lot of them looked like they were the 4 and 4S,
hence the high offshore portion of the phone sales that they made.
7/27/2019 Nightly Business Report - Tuesday July 23 2013
5/27
But this is really a story first and foremost, the headset business,
about two things: margin and market share. They are the stories a little
bit less good.
So, Android is the dominating operating system. That`s not about to
change. It didn t change this quarter. And the margins came down albeit
from 43 percent to about 36 percent. Still the best margins in the
business and Apple (NASDAQ:AAPL) takes home more than half the total profit
in the mobile space.
GHARIB: Well, what is -- Gregg, let`s get you in the conversation.
GREGG ABELLA, INVESTMENT PARTNERS ASSET MANAGEMENT : Sure.
GHARIB: What does this mean for Apple (NASDAQ:AAPL) stock? So many
investors are not sure, should I be buying at $419 or sell into the rally
perhaps?
ABELLA: Well, this is really a stock of inflection points. If you
look back one year ago, this is a company that couldn`t do anything wrong.
The earnings estimates were 50 percent higher than they are now.
And, you know, they set the bar so low, I think this time, that they
couldn`t help but beat the phone count as Max put it, certainly exceeded
7/27/2019 Nightly Business Report - Tuesday July 23 2013
6/27
and I think that`s going to boost sort of a relief in the shares. But, you
know, I don`t think this is a stock that`s going to mark its way straight
back to $700 any time soon.
But it would look very washed out to me. It`s six to seven times
forward earnings, x cash --
MATHISEN: Let`s get both of your views on where you think the stock
can go.
Max, let`s start with you. Where do you think this stock is, let`s
say, a year from now?
WOLFF: It depends a little bit to the other point there that it
really has to do with the iOS7, the new operating system, works out. And
what we see for a broader range of iPhone 5S or iPhone 6 coming.
That being said, this is a $475 to $525 share price. That`s where it
should be given the cash, given the buybacks, given its market share.
Unless it falls flat on it`s face, there`s no reason to expect that. It`s
still cheap with the $11 shares have spiked up in the aftermarket trade
since the 5:00 conference call began.
GHARIB: Gregg, you`re nodding your head --
7/27/2019 Nightly Business Report - Tuesday July 23 2013
7/27
ABELLA: Absolutely. If you look just -- forget just earnings but,
you know, Tim Cook mentioned that there is going to be amazing products --
MATHISEN: Where are they? Where are they?
GHARIB: Everybody is looking for these cool products. Right.
ABELLA: The stock price really is discounting any of those sort of
products coming out. This is a company that it takes its time and it comes
out with a product that resonates with consumers, as opposed to competitors
that put something out, and I won`t name names and write a billion dollars
of them off a couple of quarters later. They don`t tend to do that.
GHARIB: But can Apple (NASDAQ:AAPL) and Tim Cook come out with that
cool next gadget? Whether it`s a phone or a TV or a watch, whatever it is,
it seems like, has it lost its mojo?
ABELLA: I don`t think they had a couple of -- they had their time in
the barrel and every tech stock gets that way. And thank goodness, because
that`s a good opportunity for us.
But in terms of what they are looking forward to, I imagine there will
be penetration to the living room, there really has to be. There just
isn`t a battle for eyeballs to deliver content after you wake up --
7/27/2019 Nightly Business Report - Tuesday July 23 2013
8/27
MATHISEN: Final thought, Max, what should they do with all that cash?
Buy back more stock, pay a higher dividend? What?
WOLFF: Well, we`ve seen them try to do some things. I think we ought
to be honest, too. Their last major product, to some extent, was a major
flop, too. There was the whole maps fiasco. They can`t have that again.
Very quietly, in the last two weeks, they bought two other mapping
companies. It looks they`re taking another bite at the Apple
(NASDAQ:AAPL). I really think the go-forward story for Apple (NASDAQ:AAPL)
has to be: can they hold what they are good at? And that`s a lot of
things, with a lot of revenue behind them, and can they get iOS7 right? If
they really get this right, we`re going to be talking about a $500 to $600
story in six to 12 months. If they don`t, they`re going to have trouble
depending $425.
MATHISEN: All right. Got to leave there, guys. Max Wolff of
Greencrest Capital, Gregg Abella, thanks very much, Investment Partners
Asset Management.
ABELLA: Terrific, thanks.
WOLFF: Thank you.
GHARIB: Turning now to what happened in Wall Street today. Investors
7/27/2019 Nightly Business Report - Tuesday July 23 2013
9/27
focused on the bash of pretty solid earnings and some conflicting economic
data. The Federal Reserve Bank of Richmond reporting that manufacturing in
the central Atlantic region declined this month, while the federal
government says home prices in May rose more than 7 percent from a year
ago.
Still, the Dow managed to close at a new record high. Those blue
chips added 22 points, ending at 15,567. The NASDAQ, though, was down 21,
and the S&P 500 lost three points.
MATHISEN: The computer networking company and Dow component Cisco
(NASDAQ:CSCO) agreed to buy cyber security services company Sourcefire
(NASDAQ:FIRE) for $2.7 billion in cash. Cisco (NASDAQ:CSCO) shares ended a
bit lower. Shares of Sourcefire (NASDAQ:FIRE) red hot up nearly 28
percent.
The deal comes a day after a survey was released that said cybercrimes
like identity theft and hackings cost the U.S. economy a half a million
jobs and as much as $100 billion each year.
GHARIB: Turning now to our market focus. Four Dow components
reported earnings today.
Let`s begin with United Technologies (NYSE:UTX). Profits surged 17
percent in the quarter, benefiting from a big increase in orders in the
7/27/2019 Nightly Business Report - Tuesday July 23 2013
10/27
engine division and Otis elevator. The company also raised its earnings
outlook for the year. Investors bid the stock up to a new all-time high.
United Technologies (NYSE:UTX) rose 3 percent to $105.
DuPont also touched a new high after profits came in above just above
estimates, but revenues were shy of what Wall Street expected. DuPont said
it was exploring alternatives for its performance chemicals unit. After
the early high, DuPont shares dwindled a bit as investors sold off at twice
the usual volume. DuPont closed at $57.12, down slightly on the day.
And disappointing results after the bell today from AT&T (NYSE:T).
The Dow component reported higher revenues than expected, as it added more
than half a million wireless subscribers, but profits slid 2 percent as
operating expenses jumped. Shares at AT&T (NYSE:T) were slightly higher
during the regular session, closing at $35.81 before losing a fraction on
the earnings news in after-hours.
MATHISEN: Travelers was in the Dow basement today after saying it
would cut auto insurance prices to compete with rivals and would cost to
maintain margins after loss of customers. So, despite profits well above
estimates, investors lost interest in the stock and travelers closed down
nearly 4 percent on triple the usual volume $82.21 the close.
UPS profits met lowered estimates today after the company warned last
week. The CFO said results were below expectation because a disappointing
7/27/2019 Nightly Business Report - Tuesday July 23 2013
11/27
performance in freight forwarding. UPS does expect growth in earnings.
Shares dropped a dime on the day. They finished at $87.51, down a
fraction.
GHARIB: Netflix (NASDAQ:NFLX) shares fell 4.5 percent today.
Investors got a chance to react to the news that we told you about last
night that quarterly earnings were better than expected but the number of
new subscribers came in lower than analyst estimate. Still, Netflix
(NASDAQ:NFLX) shares are up more than 180 percent from a year ago. So
what`s next for the streaming video giant? And where does CEO Reed
Hastings see growth for the industry?
Julia Boorstin gets answers.
(BEGIN VIDEOTAPE)
JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Netflix`sReed
Hastings dismissed concerns about stocks declines and subscriber growth,
pointing to the company`s total turnaround.
REED HASTINGS, NETFLIX CEO: There is always ups and downs in the
short term of the stock price but the big picture is great. A year ago, we
are at $80. Now, we`re at $250. Five years ago, we`re at $30. So, we`re
feeling great about the long term.
7/27/2019 Nightly Business Report - Tuesday July 23 2013
12/27
BOORSTIN: Netflix (NASDAQ:NFLX) has undergone a transformation from
renting DVDs by mail, to having 37 1/2 million subscribers to its streaming
business, dwarfing its DVD by mail business, which has just 7 1/2 million.
HASTINGS: I used to spend my time on postal equipment, looking at
bending stresses, and trying to figure out the right polycarbonate to use.
And now, it`s all streaming.
But you think about the next thing, it`s probably a very long time
away, because streaming is going to be around for a long time.
BOORSTIN: Hasting says he`s not interested in having Netflix
(NASDAQ:NFLX) offer live program or selling video on demand downloads like
Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) do, but rather, he wants to
stick with what Netflix (NASDAQ:NFLX) does best.
UNIDENTIFIED MALE: I don`t trust anyone.
BOORSTIN: The Netflix` expertise is no longer hit movies and TV
shows, but now also, original content. Four of the company`s five
originals including "House of Cards and "Orange is the New Black" were so
popular they`ve been picked up for a second season. While "Arrested
Development" drove an uptick in subscribers.
MARK MAHANEY, ANALYST: They are giving Netflix (NASDAQ:NFLX)
7/27/2019 Nightly Business Report - Tuesday July 23 2013
13/27
subscribers a reason to stick with the service that they never had before,
this proprietary original content on the site that will work it`s way
through the model stock that should go higher.
BOORSTIN: Netflix (NASDAQ:NFLX) faces growing competition from Amazon
(NASDAQ:AMZN) and Hulu, ramping up their spending on original shows and
exclusive content.
But Hastings says he`s not concerned.
HASTINGS: They are really just like two different channels, ABC and
CBS (NYSE:CBS). I mean, they compete a little bit for viewing and time but
it`s not direct competition. People watch shows from both us and Hulu and
Amazon (NASDAQ:AMZN). And, by the way, the one with the most content is
cable and satellite, and they`re continuing to get watched.
BOORSTIN: So, what will the clouded landscape mean for Netflix`s
stock down the line?
HASTINGS: That`s hard to tell. I have to go see my crystal ball.
BOORSTIN: For NIGHTLY BUSINESS REPORT, I m Julia Boorstin, in Silicon
Valley.
(END VIDEOTAPE)
7/27/2019 Nightly Business Report - Tuesday July 23 2013
14/27
MATHISEN: Still ahead, will the new health exchanges be a boom for
identity thieves? Find out what officials are doing to prevent potential
fraud and abuse.
But, first, a look at how the international markets closed today.
(MUSIC)
MATHISEN: We told you yesterday, Golden Sachs, Morgan Stanley
(NASDAQ:NBXH) (NYSE:MS), JPMorgan (NYSE:JPM) made an estimated $4 billion
in commodity-related revenues last year. Today, a Senate Banking Committee
hearing questioned whether big commercial banks should also be allowed to
control warehouses where metals are stored, and whether that`s harming
consumers and businesses.
At today`s hearing, an executive from Miller Coors described the
impact on his company.
(BEGIN VIDEO CLIP)
TIMOTHY WEINER, MILLERCOORS GLOBAL RISK MANAGER: The banks being
incented because they receive rent each day the aluminum stays in the
warehouse. This makes it harder and more expensive for Miller Coors and
other aluminum consumers to get the aluminum we need to make the fine
7/27/2019 Nightly Business Report - Tuesday July 23 2013
15/27
products we sell, to keep our employees working.
(END VIDEO CLIP)
MATHISEN: Added cost of aluminum cans alone is estimated to be
another $15 billion passed on to consumers over the past three years.
GHARIB: A survey of corporate chief financial officers finds a
majority of them gave the U.S. economy the highest score in five years and
showed confidence about even more growth in 2013. But, when they were
asked about the potential negative impacts on the economy this year, an
overwhelming number of them cited healthcare costs, and the changes facing
companies complying with changes in the Affordable Care Act.
MATHISEN: And as part of that Affordable Care Act, dozens of states
are now preparing to open health insurance exchanges, new competitive
marketplaces for healthcare, by October`s deadline. But the rush to open
them up is raising concerns about fraud and privacy issues for those
applying for coverage.
Bertha Coombs has the story.
(BEGIN VIDEOTAPE)
AD NARRATOR: At Connect for Health Colorado, you can shop, compare,
7/27/2019 Nightly Business Report - Tuesday July 23 2013
16/27
pick and purchase the health plan --
BERTHA COOMBS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):
States are starting to roll education campaigns about signing up for
coverage under the Affordable Care Act.
But with controversy and confusion still surrounding the program, the
former executive director of Massachusetts exchange says a key task for
officials this fall will be building trust in the system.
JON KINGSDALE, MASS. HEALTH CONNECTOR FORMER EXEC. DIR.: Trust isa
critical element because people in general are confused. Go back five
years ago, they are confused about health insurance. And this is a very
complex, comprehensive set of changes.
COOMBS: Americans will be asked for Social Security and income data
when they sign up for coverage on the exchanges this fall. Last week,
members of the House grilled Obama health officials about whether they will
be able to trust that their data will be safe on the exchanges.
REP. SCOTT DESJARLAIS (R), TENNESSEE: Are you 100 percent finished
establishing appropriate privacy protections?
HENRY CHAO, CMS DEPUTY CHIEF INFORMATION OFFICER: No, we are not.
7/27/2019 Nightly Business Report - Tuesday July 23 2013
17/27
DESLARLAIS: OK. If not, how much and when will you be?
CHAO: We`re probably and this is a very kind of hot, ballpark,
generalized, roll-it-up kind of figure, I would say, with regards to
privacy and security, we`re probably about 80 percent.
COOMBS: In California, the state`s exchange is set to hire 21,000 so-
called navigators to help residents with the enrollment process.
Insurance commissioner Dave Jones worries there aren`t enough
safeguards in place to weed out identity thieves.
DAVE JONES, CALIFORNIA INSURANCE COMMISSIONER: We`re (ph)convinced
Covered California, our health benefits exchange, to adopt a system of
fingerprinting, background checks, some minimal training and certification,
but we believe they should go further.
COOMBS: Eva Velasquez of Identity Theft Resource Center agrees,
officials need to get out in front of fraudsters.
EVA VELASQUEZ, IDENTITY THIEF RESOURCE CTR. PRES. & CEO: They tendto
be 10 steps ahead of law enforcement.
7/27/2019 Nightly Business Report - Tuesday July 23 2013
18/27
COOMBS: Velasquez sees the biggest potential for fraud happening
online, through imposter exchange web sites and official looking e-mails.
VELASQUEZ: This is going to be a situation where consumers are going
to feel compelled to respond to e-mails because it is a law and we want to
make sure they realize that that could get them into trouble.
COOMBS (voice-over): Officials with New York state`s health benefit
exchange say they won`t be launch their campaign until later this summer,
but a big component of their outreach will be making sure that residents
know they should only sign up tied with insurance with certified and
officially recognized navigators, counselors and brokers in order to avoid
being scammed.
For NIGHTLY BUSINESS REPORT, I`m Bertha Coombs, New York.
(END VIDEOTAPE)
GHARIB: For the first time ever, Major League Baseball suspended a
player for more than 50 games, even though he had no prior violations of
its drug policy. Milwaukee Brewers outfielder Ryan Braun, a former
National League most valuable player, will miss the rest of the 2013
season. Now, he`s not contesting the suspension which comes as baseball
deals with lower national TV ratings and falling attendance in some
markets.
7/27/2019 Nightly Business Report - Tuesday July 23 2013
19/27
Here with his take on whether the multibillion-dollar business of
baseball could use some performance enhancement is "USA Today`s" sports
baseball columnist Bob Nightengale from St. Louis.
So, Bob, is this news a good development for baseball -- the sport and
the business?
BOB NIGHTENGALE, USA TODAY SPORTS MLB COLUMNIST: I think it`s good
for the future. It`s bad for the immediate impact. I mean, right now,
fans are upset. They don`t know what is clean, who is dirty, but Major
League Baseball is coming out and saying, hey, if you guys cheat, we`re
going to catch you. So, we`re going to make this sport completely clean
and you guys can believe in us again.
So, it may affect right now, but they believe 2014 and beyond it will
be a better sport and more people will like it.
MATHISEN: Do you think the business of baseball is sick today, Bob,
the business?
NIGHTENGALE: No, it`s down. I mean, the weather hasn`t helped. You
know, we`ve had, what, 32 postponements. We only had 28 all last year.
Some of the big market teams, the New York teams are down.
7/27/2019 Nightly Business Report - Tuesday July 23 2013
20/27
So that chance is down there, so the TV ratings are way down. I think
the TV ratings for the Yankees are down 40 percent, just with the team
struggling and losing all the star power.
But the sport is very healthy. It`s going to be $8.5 billion this
year in revenue, which is an all-time high.
GHARIB: But here, if you look at this whole incident as sort of
crisis management, what does the MLB have to do to restore trust and
restore credibility to the sport?
NIGHTENGALE: You know, I think in this case they are saying hey,
we`ll go after bigger stars here. We`re not just going after these small
fries or guys you haven`t heard of. You`re talking about Ryan Braun. He
lives -- he plays for the Milwaukee Brewers, which is Commissioner Bud
Selig`s hometown. He was supposed to be the next Derek Jeter. You know,
wonderful talent, good looking guy, well-spoken. He`s one of the last guys
they want to catch.
So, baseball is saying if we can take him down, we`ll take down
anybody for the good of the game.
MATHISEN: You know, you got Braun, a former MVP, A-Rod, a former MVP,
and tied to these performance-enhancing drugs, to the biogenesis group,
Melky Cabrera, who is the leading contender for the MVP last year, took a
7/27/2019 Nightly Business Report - Tuesday July 23 2013
21/27
suspension for the Giants, Bartolo Colon, one of this year`s contenders for
the Cy Young -- all at one time or another tied or linked to these things.
They`ve got guaranteed contracts. Is the only way, Bob, to clean up
the sport to make those contracts not guaranteed, if you cheat, if you use
PEDs, you lose the money?
NIGHTENGALE: Yes, that`s very interesting to see if that comes up in
the next labor agreement, Tyler, as far as that clause. Right now, I think
the union would go ahead and say you can do that but you got to ever sure
it`s intentional cheating and not accidental.
So, in the case of Ryan Braun here, he loses $3.4 million in salary
this year, but he still has $127 million coming. I guarantee if the
Brewers could get the contract, they would do so.
Same with the Yankees who still owe Alex Rodriguez another $98
million.
MATHISEN: What do you mean by accidental cheating, Bob? Quickly.
NIGHTENGALE: Well, if you take something from a store and you didn`t
realize it was tainted. You ran in some cases with, you know, GNC product
years ago, didn`t know that was tainted. So, something like that, instead
of intentionally going through like a biogenesis clinic and deliberately
7/27/2019 Nightly Business Report - Tuesday July 23 2013
22/27
cheating.
GHARIB: All right. We`re going to be talking about this for quite
awhile. I`m sure this season is not over yet.
Thank you so much, Bob. Bob Nightengale of "USA Today" sports.
And still ahead on the program, we continue our special series on how
to not out-live your money. One way to do that is to work longer and we`re
going to meet a woman who is doing just that but on her own terms.
But, first, here`s a check on today`s action in commodities,
treasuries, and currencies.
(MUSIC)
GHARIB: Ford Motor (NYSE:F) will post earnings tomorrow and today, it
posted help wanted signs. The automaker plans to hire more than 3,000
white-collar workers by the end of this year, 30 percent more than earlier
estimates. Most of the new hires will be in technical areas, like
engineering and software, and will work at Ford`s Dearborn, Michigan,
headquarters.
MATHISEN: Well, staying at a job for longer than planned is one sure
way to keep money coming in after you reach the retirement age. But the
7/27/2019 Nightly Business Report - Tuesday July 23 2013
23/27
trick to that may be doing it on your own terms. A lot of baby boomers and
would-be retirees say they plan to start their own businesses. And since
many of them are already self-employed and turning a profit, they are
helping secure their own financial features.
In tonight`s installment of NBR`s week-long series of "How to Not
Outlive Your Money", Sharon Epperson takes a look at working longer.
(BEGIN VIDEOTAPE)
SHARON EPPERSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):
Mary Parker spent more than 30 years navigating two challenging industries
before taking the helm of her own firm.
MARY PARKER, ALL(N)1 SECURITY SERVICES CEO: I believe my career in
corporate America was very successful, I just believe that any time you
work for other people, there are so many limitations.
EPPERSON: After being downsized from her job at an auto manufacturing
plant early in her career, Parker saw an opening for a security officer.
She took it and started to learn that business from the ground up.
PARKER: What I learned was the security industry is a very, very
lucrative industry.
7/27/2019 Nightly Business Report - Tuesday July 23 2013
24/27
EPPERSON: In 2001, she started All(N)1 security. The 59-year-old
entrepreneur now runs a multimillion dollar enterprise based in Atlanta,
with more than 200 employees.
PARKER: We integrate our people with technology to afford our clients
with a full service, total security solution.
EPPERSON: Parker chose an industry like many self-employed workers
focuses on providing a service.
JEAN SETZFAND, AARP VICE PRESIDENT FOR FINANCIAL SECURITY: Whatwe
see is most of the individuals who start businesses later in life represent
professional services.
EPPERSON (on camera): A recent survey by AARP found 10 percent of
workers ages 45 to 74 plan to start a business after they retire. Fifteen
percent are already self-employed and the majority of their businesses are
successful.
SETZFAND: Once you have life experience, you probably have a shorter
pathway to being successful, and that is something else that we`re seeing.
So again, the majority of people who responded in survey are saying, again,
it`s roughly about 70 percent are profitable in their endeavors.
EPPERSON (voice-over): Parker says owning a security business has
7/27/2019 Nightly Business Report - Tuesday July 23 2013
25/27
certainly helped her own financial security. And with a diversified
portfolio of retirement funds and real estate investments, this CEO says
she`ll be ready to chart the next course.
PARKER: Ready to retire in the next three to five years.
Financially, I don`t have to worry about what that will look like. I will
not have to work, although I know I will continue to work.
EPPERSON: For NIGHTLY BUSINESS REPORT, I`m Sharon Epperson.
(END VIDEOTAPE)
MATHISEN: And for more on our story, log on to our Web site, NBR.com.
And tomorrow, our series continues at a look at why some investors are
considering less conventional retirement strategies to help them avoid
outliving their money.
GHARIB: And finally tonight, it doesn t pay to steal another man`s
winning lottery ticket. That`s what happened to a Syracuse, New York, man
who was sentenced today to 8 1/3 to 25 years in prison for stealing another
man`s winning $5 million scratch off lottery ticket. He stole the ticket
seven years from his parents convenience store. The judge imposed the
maximum sentence, saying this was, quote, "the most rapacious greed I`ve
seen in a long, long time."
7/27/2019 Nightly Business Report - Tuesday July 23 2013
26/27
MATHISEN: I`ve heard of making your own luck, but that goes beyond.
Let us know which stocks you`d like our market monitor discuss on
Friday afternoon/evening. All you have to do is log on our Web site,
NBR.com and click on the link there.
GHARIB: And that`s NIGHTLY BUSINESS REPORT for tonight. 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. 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.
7/27/2019 Nightly Business Report - Tuesday July 23 2013
27/27
displayed, published or broadcast without the prior written permission of
CQ-Roll Call. You may not alter or remove any trademark, copyright or other
notice from copies of the content.>
Top Related