ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and
Susie Gharib, brought to you by —
TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Small stocks, big
gains. They`ve led the market this year and are now sitting at historic
highs. But at these lofty levels, which small companies are still “buys”?
SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Facebook`s facelift.
Shares topping $50 a share as investors on Wall Street fall in love with
the stock. So, what`s the company getting right that others aren`t?
MATHISEN: And, if you build it, will the uninsured come? One small
insurer is betting on it as it makes a big investment in those new health
All that and more tonight on NIGHTLY BUSINESS REPORT for Thursday,
GHARIB: Good evening, everyone.
Big things sometimes come in small packages. That was the talk on
Wall Street today. Stocks finally broke their five-day losing streak, but
it wasn`t the big well-known companies that lifted the markets. It was
small cap stocks. They have quietly and steadily risen in value, and today
the Russell 2000 index of smaller companies closed at a fresh all-time
So far this year, the Russell index has surged 27 percent. That`s a
lot more, 10 percent more, than the gains on the Dow average this year.
Also giving a boost to the markets today, good news about jobs.
Initial jobless claims dipped to a nearly six-year low. Looking at the
closing numbers, the Dow added 55 points, the NASDAQ rose 26, and the S&P
500 index up almost six points.
MATHISEN: So, Susie, with small companies stocks up 27 percent so far
this year, do they still have room to run?
Here to answer that question and more is Jay Kaplan, portfolio manager
and principal at the Royce Funds.
Mr. Kaplan, welcome.
So, why are the small companies outpacing the big blue chips by so
much and can they continue to?
JAY KAPLAN, THE ROYCE FUNDS PORTFOLIO MANAGER & PRINCIPAL: Well, you
know, it`s been a very good year, like you`ve talked about, because
interest rates have been zero, and we`ve had economic growth in the U.S.
albeit slow, but economic growth.
With those two things together, that`s been very good for stocks, been
very good for small caps. If you go back to the spring, when the Fed
started to talk about tapering, the implication there was that the economy
would grow even faster, the U.S. economy in particular. And small cap
stocks are very much leveraged to the U.S. economy. So, the market took
that as a signal to keep the small cap stocks going up, and they performed
better than the rest since then.
GHARIB: All right. So to follow on that line of thinking, Jay, if
the Fed is now saying that it`s going to hold off on these tapering plans
of the stimulus, that would mean that the economy is slowing down a bit,
and so, small cap stocks shouldn`t perform as well. Why are they
continuing to go up?
KAPLAN: Well, as long as the economy is performing at greater than
zero and it`s a couple 3 percent, that`s fine. And rates like I said,
still very low, that is also still fine. Now, that`s not to say that we
couldn`t have a correction in here at any point in time. It`s been a
So, if the small cap stocks went down 5 percent or 10 percent, that
would not surprise us at the Royce Funds. That`s kind of a normal
occurrence. But even with that kind of a dip, that would still make the
small cap performance for this year an absolutely terrific year.
MATHISEN: So if they`re up 27 percent, 28 percent so far this year,
that would suggest that some small cap stocks have gone out of the
undervalued territory and maybe are fully priced or maybe even a little
Are you still finding values anywhere? And if so, where?
KAPLAN: We are finding values. And at Royce, what we`re focused on
now is the quality trade. We think you need to own high quality small cap
companies — those companies that have very strong balance sheets and earn
high returns on capital. And if you think about the Russell 2000 for a
second, 30 percent of the stocks there don`t earn any money whatsoever.
Those have been the best performers. And the companies that earn a lot of
money and have great returns, those have been the ones that have lagged.
GHARIB: Jay, give us an example of some stocks if our viewers are
interested in dipping into this area. Can you give us a few names?
KAPLAN: Sure, I can give you a couple of names in the retailing space
and specialty retailing. One company we like very much is the Buckle
(NYSE:BKE). The Buckle (NYSE:BKE) sells apparel to folks between kind of
18 and 30 years old. It`s a focus on jeans, it`s a focus on higher-end
jeans so they`re not competing at $29.99 killer price point through them
all. They`re more of an $80, $90 jean product.
Wonderful company, great management, has a great track record of
paying dividends and that`s what we like quite a bit.
MATHISEN: How about some others? And I take your point. I mean,
you`re basically saying look at the balance sheet, look at the income
statement, and stay away from those stocks — those 30 percent of stocks —
that have no earnings at all. You`re pointing us to ones that actually are
turning up money, right?
KAPLAN: Right. We don`t want to earn the junk. Since rates have
been zeroed, the junky companies that maybe would have died in past
economic cycles were able to refinance their way back to life, kind of
zombie companies. And those have gone up.
I mean, another company we like still kind of in that apparel area,
really on your feet, is Shoe Carnival (NASDAQ:SCVL) (NYSE:CCL), a retailer
of shoes. They have a lot of good growth. They cater to the family.
There`s been some management changes there. They`ve reinvigorated
their store growth. They`re adding more brands. It`s a really wonderful
company. We like that one as well.
MATHISEN: I assume these two companies you mentioned, the Buckle
(NYSE:BKE) and Shoe Carnival (NASDAQ:SCVL) (NYSE:CCL) are ones that are in
a Royce portfolio somewhere?
KAPLAN: They are absolutely in Royce portfolios.
MATHISEN: You own them personally?
KAPLAN: I do not.
MATHISEN: All right. Jay, thank you very much for your help tonight.
We appreciate it.
KAPLAN: You`re welcome. Thank you.
MATHISEN: Jay Kaplan is portfolio manager and principal at the Royce
GHARIB: Well, only four days left for Congress to reach a deal on
legislation to keep the federal government up and running. But it won`t be
easy. House Speaker John Boehner had harsh words for President Obama
today, even as he urged fellow lawmakers in the Republican Party to be
flexible in crafting a deal.
(BEGIN VIDEO CLIP)
REP. JOHN BOEHNER (R-OH), SPEAKER OF THE HOUSE: Our president says,
“I`m not going to negotiate.” Well, I`m sorry, but it just doesn`t work
that way. We`re not going to ignore Washington`s spending problem. And
we`re not going to accept this new normal of a weak economy, no new jobs
and shrinking wages.
(END VIDEO CLIP)
GHARIB: John Harwood joins us now from Washington with the latest on
the race to avoid a government shutdown.
Now, John, President Obama was also out speaking today. What did we
learn from him?
JOHN HARWOOD, NIGHTLY BUSINESS REPORT CORRESPONDENT: He said he was
not going to negotiate, the very thing that John Boehner was reacting to,
which is why that race to avoid a shutdown was kind of like a race with
cement shoes on. Nobody moved. There was no action in the estimate.
We`re still waiting to see a final resolution of the extended government
spending in the Senate, then kick it back to the House.
And John Boehner said today that he`s not even going to address as a
speculative thing what the House is going to do when that bill comes back.
Unless they pass it by Monday, we`re going to have a shutdown.
MATHISEN: So, though, Mr. Boehner might not want to speculate. I`m
going to force you to. If that bill comes back to the House without the
shutdown or the defunding of Obamacare in it, what are the Republicans
likely to do? Are they likely to send the spending bill back to the Senate
that has some sort of condition attached to it?
HARWOOD: You know, I think, Tyler, that they may focus their energy
so much on the debt limit bill that they decide to let this one go, let —
avoid the government shutdown and get to a fight. Now, that fight is more
dangerous for the economy, more risky for Republicans as a party, greater
backlash potential for them, not to mention their constituents.
But it feels as if they may be moving in that direction. The House
has not said what it`s going to do. Leadership aides that I talk to say
they do not rule out the idea of attaching some other provisions to that
bill when it goes back to the Senate. But one of those in question, the
repeal of a medical device tax that raises $30 billion over 10 years in
Obamacare, the Senate flatly ruled out, said we`re not going to do that.
GHARIB: John, you mentioned last night when we were talking about
this that Social Security payments will still be made even if there`s a
government shutdown. I mean, what does all of this rhetoric going back and
forth in Washington really mean for the average guy on Main Street?
HARWOOD: Well, the longer this goes without being resolved, the
greater the loss of confidence. At the high level, it`s a loss of
confidence in the United States and it`s a precursor to what`s going to
happen on the debt limit.
In terms of the consequences if we actually have a shutdown, it will
mostly affect federal workers. It will inconvenience a lot of people.
Delay some things. It will cost the government money because of the
distortions and inefficiencies produced by having to shut the government
down and open it up later, and reimburse people and that sort of thing.
But I think really, you`ve got to look at this in the long arc of both
controversies — the shutdown and the debt crisis. The debt crisis is the
one that has a potential to make everybody`s mortgage rates go higher,
everybody`s credit card interest rates go higher and make it more difficult
for the U.S. economy to take off. In fact, could put us back in recession.
MATHISEN: All right. John Harwood, thank you very much. John
Harwood reporting tonight from Washington.
Meanwhile, another high powered negotiation going on in the nation`s
capital today. This one between U.S. Attorney General Eric Holder and the
CEO of the nation`s biggest bank Jamie Dimon. They met at Justice
Department headquarters, apparently trying to hammer out a settlement
related to the bank`s sale of risky mortgage-backed securities in the run-
up to the financial crisis.
But neither side is saying very much.
(BEGIN VIDEO CLIP)
ERIC HOLDER, U.S. ATTORNEY GENERAL: I did meet with representatives
from JPMorgan (NYSE:JPM) Chase, that is an ongoing matter. I don`t want to
really get into the nature of the conversations, the discussions that we
had. But I will say that as we indicated yesterday in the case that we
announced in the criminal division, related (ph) to LIBOR, this is
something that is a priority for this Justice Department. To hold
accountable people who would manipulate — companies that would manipulate
our financial markets for their own customer`s benefit or for the benefit
of the companies.
(END VIDEO CLIP)
MATHISEN: Reports say the two men are negotiating a massive $11
billion settlement that would take care of multiple claims filed by federal
regulators as well as several states over those failed securities.
GHARIB: Well, apparently, it was a busy day at the Justice Department
today. Officials also broke up a massive international price fixing
operation. Nine Japanese auto parts makers and two of their executives
have agreed to plead guilty and pay $740 million in fines for conspiring to
fix prices on 30 items sold to some of the world`s biggest automakers here
in the U.S.
MATHISEN: Meantime, the Treasury is now selling more of the shares it
owns in General Motors (NYSE:GM). Taxpayers still own more than 101
million shares of GM. That`s about 7 percent of the company, and, of
course, got it in the 2009 bailout of the automaker.
So far, the Treasury has recovered $36 billion of the bailout cost
with another $13 billion to go.
GHARIB: Autos and home sales, they are two of the biggest drivers of
the economic recovery. But it looks like the housing market is taking a
breather these days following a strong showing in the first eight months of
the year. Realtors already warn that August home sales might be the last
hurrah and it appears they might have been right.
Diana Olick has the story.
UNIDENTIFIED FEMALE: It`s not very hard.
DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):
Fewer Americans signed contracts to buy existing homes in August, facing
higher credit rates, tight credit and skyrocketing home prices.
DANIELLE HALE, NATIONAL ASSOCIATION OF REALTORS ECONOMIST: We have
rising mortgages in the spring, the buyers who are out in the market might
have felt pressure to go ahead and make a decision on a home purchase and
see it throw the completion sooner.
OLICK: That may have pulled sales forward as the realtors warned just
last week. They said they could tell from agent lock boxes at listings in
august that fewer potential buyers had been coming through. Some say
that`s actually a good thing.
HESSAM NADJII, MARCUS & MILLICHAP SR. VP: The pause in the market is
going to sustain the recovery cycle in the long-term because some of the
metros that we`re attracting were showing some very frothy price jumps over
the past year. And this will kind of slow that down.
OLICK: Prices have been rising steadily throughout the year, up over
12 percent in July from a year ago, according to recent reports.
(on camera): Usually, home prices rise due to high demand, but right
now, they`re rising more because there`s so little for sale. Sales of
newly built homes did rise in August, but still the second-slowest pace of
the year because builders just aren`t building fast enough.
MARK HANSON, M. HANSON ADVISORS: New home sales, as a percentage of
total house sales, are only 6.99 percent. Throughout history, they`ve been
20 percent, 25 percent. They added a lot to GDP.
OLICK (voice-over): Realtors say they expect sales to slow in the
fall and then stay essentially flat for all of next year. Mortgage rates
and home prices will play with the numbers month to month, but long-term,
what the housing recovery really needs is more houses.
For NIGHTLY BUSINESS REPORT, I`m Diana Olick, in Washington.
MATHISEN: And still ahead, what`s driving the eye-popping reversal in
shares of Facebook (NASDAQ:FB)? They`ve more than doubled over the past
First, though, a look at how the international markets fared today.
MATHISEN: Well, for the first time ever today, shares of Facebook
(NASDAQ:FB) closed above $50 apiece, double what they went for just two
months ago after the social networking giant proved it could make money,
real money, off of mobile advertising.
Julia Boorstin has more on what`s behind the turnaround in Facebook
(NASDAQ:FB) shares and why more investors are now friending the stock.
JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):
Facebook (NASDAQ:FB) has been on a tear, bolstered by a slew of positive
analyst notes and upgrades. Shares are up 90 percent since Facebook`s July
24th earnings report, in which the social network showed massive mobile
growth. Mobile now contributing 41 percent of Facebook`s ad revenue.
CHRIS BAGGINI, TURNER TITAN FUND: Their share in the mobile area is
so much higher than everybody else, that if you`re an advertiser, you have
to look at Facebook (NASDAQ:FB).
BOORSTIN (on camera): Two huge factors driving Facebook (NASDAQ:FB)
higher — people are now spending more time with digital media, including
Facebook (NASDAQ:FB), than watching TV. And new studies show that Facebook
(NASDAQ:FB) ads work for advertisers.
(voice-over): JPMorgan`s Doug Anmuth notes that Facebook`s share of
Internet usage in the U.S. is about four times all competing services,
including Instagram and Twitter combined. Facebook (NASDAQ:FB) increased
its share of Internet minutes 33 percent in August from a year ago.
Facebook (NASDAQ:FB) is also gaining ground on Madison Avenue.
JORDAN ROHAN, STIEFEL SENIOR ANALYST: Hundreds of thousands, if not
millions of advertisers, literally, Facebook (NASDAQ:FB) has over a million
advertisers, are reaching out to these platforms to reach people that are
very difficult to find elsewhere.
BOORSTIN: Sources at both Facebook (NASDAQ:FB) and ad agencies say
there`s been a huge perception shift in the value of Facebook (NASDAQ:FB)
ads and attention to its results. Facebook (NASDAQ:FB) points to a study
it did with T-Mobile on its latest rebranding campaign, claiming it
influenced the addition of nearly 800,000 new customers.
And Mondelez International says its Cadbury Creme Egg Facebook
(NASDAQ:FB) campaign had a better return on investments than TV ads.
For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin.
GHARIB: We turn now to our market focus segment. And we begin with a
big earnings report for one of the newest members of the Dow. We`re
talking about Nike (NYSE:NKE). It posted strong earnings in revenues that
came in way above analyst estimates. The maker of athletic goods saw
growth in every region except China.
Nike (NYSE:NKE) was the best performing stock in the Dow today.
Shares rose 2 percent at $70.34 in the regular session and that`s a new
all-time high. And then, they rallied as much as 6 percent in after-hours
Hertz lowering its full year earnings in revenue forecast. The car
rental company blamed it on weaker than expected volumes at U.S. airports.
But according to the CEO, the impact of those weaker numbers will be
partially offset by higher prices.
Separately, Hertz says it`s adding Tesla model S cars to its fleet in
San Francisco and Los Angeles. But investors still didn`t like what they
heard. The stock fell 16 percent to $21.63.
MATHISEN: Well, shares of the struggling retailer JCPenney rose after
CEO Mike Ullman told investors he did not see the need to raise cash this
year. His comments were in response to reports that the chain did need to
raise more cash to get through the holiday season. But then late today,
the company said it plans to sell 84 million shares of stock in the
secondary offering. Go figure.
The shares finished a regular session 3 percent higher at $10.42. But
then they fell dramatically after hours on news of that secondary.
Jabil Circuit (NYSE:JBL), the contract electronics manufacturer, sees
challenging times ahead. The company warning that its fiscal first quarter
earnings is going to come in well below expectations and it expects to
record a charge (ph) between $35 million and $85 million because of
exposure to BlackBerry, that its second largest customer. The stock
dropped about 10 percent, to $21.62.
But wait, there`s more — more BlackBerry news. It didn`t end there
with Jabil. T-Mobile, the nation`s fourth largest wireless carrier, says
it`s no longer going to stock BlackBerry devices in its stores because not
enough customers are buying them. And Fairfax Financial says it does have
every intention of completing its acquisition of BlackBerry despite
lingering doubt about whether the deal will go through and those doubts are
reflected in BlackBerry`s share price. It fell fractionally today to close
at $7.95, far from Fairfax`s $9 a share offering price.
GHARIB: Washington is giving a big break to small businesses. With
just five days to go before health care insurance exchanges open up as part
of the Affordable Care Act, the Obama administration announced a one-month
delay for small businesses. The online marketplaces will open on time on
Tuesday for individuals, but the White House now says companies using the
so called shop marketplace for businesses with fewer than 25 employees will
not be able to formally buy coverage until November 1st.
Now, the small businesses will still be able to look through the plans
and don`t actually need to buy insurance until December in order to have
coverage start on January 1st.
MATHISEN: Well, with millions of Americans expected to begin shopping
for new insurance plans on Tuesday, some for the very first time, some
smaller health care providers see this as a great opportunity to grow
larger and compete against the giants in the sector.
Bertha Coombs joins us now with a look at one such company, Molina
Healthcare (NYSE:MOH), as it gets ready for its debut to the big-time.
BERTHA COOMBS, NIGHTLY BUSINESS REPORT CORRESPONDENT: Yes, it is a
big debut. You know, Tyler, these companies are used to negotiating with
the state or with one employer. Now, they`re going to have to win over
customers one at a time. And Molina Health is making a big bet that it
will be able to do just that.
COOMBS (voice-over): Molina Healthcare (NYSE:MOH) is using employees
and their kids to star in its Obamacare ad, because in the race to win new
clients on state insurance exchanges, they`ll play a key role.
DR. MARIO MOLINA, MOLINA HEALTHCARE PRESIDENT & CEO: We`ve been doing
this for 33 years. So we`ve developed a lot of trust, I think, in the
community. And that`s going to be an important part of this.
COOMBS: Molina covers nearly 2 million Medicaid patients nationally
and is offering plans in the nine state health exchanges where it does
MOLINA: We`ve hired 2,000 people this year to get ready for this and
we have built networks. We have kiosks in places that are available in
shopping malls, so that people can come in, in kind of a non-threatening
way, just to get information and not feel like they`re getting the hard
COOMBS: But it`s the stuff at its community clinics and areas with
high numbers of uninsured who will be at the heart of enrollment.
RUTHY ARGUMEDO, MOLINA HEALTHCARE: Right now, California is the
flagship for the entire Molina enterprise.
COOMBS: Reaching out to parents whose kids are covered under Medicaid
but don`t have coverage themselves.
ARGUMEDO: We know there`s some that make a little too much, that they
do not qualify for any kind of insurance.
COOMBS: They now may qualify for Medicaid expansion coverage or
subsidies to buy insurance.
(on camera): Molina expects the combination of Medicaid expansion and
exchange enrollment in places like California will help it double annual
revenues from $6 billion to more than $12 billion by the end of 2015.
JOSH RASKIN, BARCLAYS CAPITAL MANAGED CARE ANALYST: We`ve got
productions that they can add as many as 100,000 lives in California alone.
For that size company, exchanges could certainly be a nice increase on
their top line.
COOMBS (voice-over): But enrollment growth may not translate into
profit, which is why some insurers have been cautious about the exchanges,
to get premiums low enough to be attractive leaves little room for error.
CHRIS RIGG, SUSQUEHANNA MANAGED CARE ANALYST: Just small short fall
in the margin side can pressure earnings. The biggest risks are a broad-
based mispricing or said another way, adverse selection, where only the
sickest individuals sign up for insurance.
COOMBS: Add to that, the uncertainty of a new individual market.
MOLINA: My biggest worry about this whole thing is that we do all
this work, and we put together the networks and we gear up for this, and
then no one takes us up on the offer.
COOMBS: Dr. Molina hopes they have the right competitive edge.
COOMBS: But for all of these insurers, it`s really going to depend on
pricing and that the right mix of people actually signs up for coverage.
So, a lot of people are taking a wait-and-see attitude this year to see
just how these markets will work.
MATHISEN: Very interesting experiment about to take off here,
starting next week, October 1st.
Bertha, thank you very much.
And for more on Molina and other health care stories, check out our
Web site, NBR.com.
GHARIB: And coming up on the program, small manufacturing had been
booming but things may be changing and that could be a troubling sign for
But, first, here`s a look at how commodities, treasuries, and
currencies performed today.
GHARIB: Now to a story on manufacturing that we wanted to bring to
you yesterday but we couldn`t because of some technical issues. Now,
there`s a new report showing that small American manufacturing companies
are now pulling back and that may have troubling implications for U.S. job
Phil LeBeau has more on the cautious tones found on shop floors.
PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): At
United Display Craft, just west of Chicago, it looks like business as
usual. But the company which builds and sells custom displays for
retailers is seeing a slowdown in orders, and that`s raising concerns.
RICH CARRIGAN, UNITED DISPLAY CRAFT PRESIDENT: It`s like running in
mud these days, if you ask me. We`re doing a lot of work. We`re just not
really making the progress we`d like to see. We had a good week last week,
but I need to see at least, you know, six to eight more weeks of that
before I get my own confidence back up.
LEBEAU: The uncertainty has prompted United Display to delay buying
new equipment and filling open job.
CARRIGAN: Just yesterday, my CEO came in and said we have four open
spots in the second shift. I said we`ve really got to see business pick up
again before we hire those guys back full time.
LEBEAU (on camera): The concern they have here at United Display
Craft about the economy slowing down is a feeling being echoed at other
small manufacturers around the country, which is one primary reason why
many are holding back on spending and hiring right now.
(voice-over): PayNet, which tracks the investment of 17 million small
businesses, says some manufacturers, like those in textiles, have expanded
in the last year. While others, like those in machinery and electronics,
have cut back.
Overall, small manufacturing drops 2 percent for the 12th month ending
BILL PHELAN, PAYNET: The small manufacturers in all these different
sectors are finding that there`s less orders coming in for their goods and
services. And so, with less orders, they don`t see the need to invest in
greater capacities to produce more carburetors, produce more air
compressors and tools and services.
LEBEAU: The slowdown in orders may be one reason the U.S. has added
just 20,000 manufacturing jobs in the last year, a modest gain in jobs
tempering optimism about American manufacturing.
DIANE SWONK, MESIROW FINANCIAL: I think we will see an up tick in
manufacturing employment, but, you know, the dirt is in the details and
it`s of a very low base, and it`s not going to be the hundreds of thousands
jobs it once was 20 or 30 years ago.
LEBEAU: Doing more with less while waiting for business to pick up —
the new reality in many American plants.
Phil LeBeau, NIGHTLY BUSINESS REPORT, Des Plaines, Illinois.
MATHISEN: And finally tonight, an apology of sorts from Microsoft
(NASDAQ:MSFT) founder Bill Gates at a fundraising Q&A at Harvard this past
weekend. The Microsoft (NASDAQ:MSFT) chairman and software pioneer said
the complicated two-handed control-alt-delete commands that everybody has
to use to log on to their computers was a mistake.
(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE: Why when I want to turn on my software and
computer, do I need have three fingers? Control-alt-delete. What is that?
Where is that from? Whose idea was that?
BILL GATES, MICROSOFT FOUNDER AND CHAIRMAN: Basically, because when
you turn your computer on, you`re going to see some screens and eventually
type your password in, you want to have something you do with the keyboard
— we could have had a single button, but the guy who did the IBM keyboard
design didn`t want to give us our single button. So, we have programmed
the level that you have — it was a mistake.
(END VIDEO CLIP)
MATHISEN: He was dancing around. Trying to give — it was a mistake.
GHARIB: Just press escape.
GHARIB: That`s NIGHTLY BUSINESS REPORT for tonight. Thanks so much
for watching. I`m Susie Gharib.
MATHISEN: And I`m Tyler Mathisen. Thanks from me as well. Have a
great evening, everybody. We`ll see you back here tomorrow night.
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