WHEN: TODAY, WEDNESDAY, JULY 24, 2013
WHERE: CNBC'S "STREET SIGNS"
Following is the unofficial transcript of breaking news from CNBC's Kate Kelly. Following is a link to the video of the news on CNBC.com: http://video.cnbc.com/gallery/?play=1&video=3000185470.All references must be sourced to CNBC.
KATE KELLY: BRIAN THANKS SO MUCH. SO IN THE WAKE OF REPORTS THAT A DEVASTATING CRIMINAL INDICTMENT COULD HAPPEN AS EARLY AS THIS WEEK FOR THE FIRM SAC CAPITAL THE HEDGE FUND THAT HAS BEEN INVESTIGATED FOR A NUMBER OF YEARS. THE SAC MANAGEMENT IS TRYING TO REASSURE THE STAFF AND TODAY ISSUED AN EMAIL THIS MORNING IN FACT SAYING "THE FIRM WILL OPERATE NORMALLY AND WE HAVE EVERY EXPECTATION THAT WILL BE THE CASE GOING FORWARD." THAT'S FROM A MORNING EMAIL FROM PRESIDENT TOM COHNEENEY SENT OUT TO THE ENTIRE STAFF. THEY OTHER ISSUE THEY ARE TRYING TO LET PEOPLE KNOW ABOUT IS THAT THEIR PERFORMANCE HAS BEEN KIND OF SLOW AND STEADY AND THEY'RE NOW UP ABOUT 10% THAT'S THROUGH MID-JULY. FOR THE FIRST PART OF JULY THEY WERE UP 1.6%BUT BASED ON THE GAINS THEY MADE IN PRIOR MONTHS OF THE YEAR THAT GETS THEM TO ABOUT 10 AND THEIR AUM WHILE REDUCED IS STILL ABOUT $14.2B DOWN FROM $15B IN THE BEGINNING OF THE YEAR. NOW REMEMBER THEY'VE HAD BILLIONS OF DOLLARS IN INVESTOR WITHDRAWALS SO FAR THIS YEAR BUT THAT MONEY FLOWS OUT GRADUALLY THROUGH THE COURSE OF MULTIPLE QUARTERS SO WE ARE NOT GOING TO SEE THE FULL IMPACT OF IT ON THE AUM BRIAN UNTIL CLOSER TO THE END OF THE YEAR. SO THEY'RE KEEPING SPIRITS UP AS THEY AWAIT FOR MORE CONCRETE NEWS IT SEEMS.
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD , CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 390 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 16 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 8:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide.
CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps.
Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site athttp://www.nbcumv.com/mediavillage/networks/cnbc/