Transcript: Nightly Business Report – August 3, 2016

NBR-ThumANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and Sue
Herera.

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Healthy hiring. Private
companies added more jobs than expected last month. But will low-skilled workers be the ones to                                                                         power economic growth?

SHARON EPPERSON, NIGHTLY BUSINESS REPORT ANCHOR: Lower for longer. With
oil near $40 a barrel, energy companies are dealing with some familiar
challenges.

MATHISEN: Listening in. Why some very big companies monitor closely what
you post on social media.

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Wednesday,
August 3rd.

EPPERSON: Good evening, everyone. I`m Sharon Epperson, in tonight for Sue
Herera.

MATHISEN: And I`m Tyler Mathisen. Welcome, everybody.

Well, the Dow snaps its seven-day losing streak. We`ve got more on that in
just a moment.

But we begin tonight at the intersection of Wall Street and Main Street.
That would be the job market, which has been one of the most vibrant parts,
most successful parts of the economy.

Today, we learned that private firms across the country continue to create
jobs at a quite healthy pace. The payroll processing firm ADP reports that
private sector employers added 179,000 jobs last month and that was better
than expected. The services sector ranging from retailers to shippers and
small businesses led the gains. This report, of course, comes ahead of the
government employment report that comes out Friday. It shows that many
businesses continue to hire despite relatively sluggish economic growth.

EPPERSON: Meanwhile, a fascinating article in “The Wall Street Journal”
this week says that low-skilled workers, the ones who are disappearing from
the workforce because of globalization and technology, could actually be
the key to saving the U.S. economy. The article cites new research from a
Harvard economist who anticipates a boom, yes, a boom, in low skilled jobs.

Let`s turn now to William Lee, head of North America economics at Citi to
talk more about jobs and the economy.

And, Bill, thanks for joining us.

This study from Harvard says that low skilled workers will actually
rekindle economic growth to the tune of nearly 2 1/2 percent a year until
2024. Do you agree with that?

WILLIAM LEE, CITI HEAD OF NORTH AMERICA ECONOMICS: I think that`s pretty
optimistic. But the key to the success of that project is how software`s
designed. If software and technology is designed so people complimentary,
instead of being substitutes, instead of computers replacing people,
computers use more people, that`s really the key to the future growth and
what`s the study is about.

MATHISEN: Yes, how does this happen? How do these low skilled workers
come back into the economy and jobs that pay reasonable wages and as you
say, take advantage of technology if they are low skilled workers?

LEE: The key to a low skilled worker is that there are clients out there,
some of them really don`t want to computers. They want to talk to people.
So, if you have a low skilled worker, but if you put them in front of a
really smart terminal and someone says, I want a trip to Fiji and that
terminal was able to tell that low skill workers, here are the alternate
routes, here are the different prices, and this is what the choices.

Human interface can enhance productivity because the client is to be very
satisfied with the result and have a great experience, and at the same
time, that low skilled worker is able to do something very productive. So,
it really depends upon the skill that you give the worker through your
technology design, and that`s a challenge for the future.

EPPERSON: We`re specifically though talking about service-related jobs,
the service sector here. Will it work to other industries as well? Or is
it really just the service economy?

LEE: Just look at how protective the industrial worker is today. Yes, the
industrial workers are going to have to learn some skills about how to
operate these very complex machines. But once they do and that depends
upon the training the firms give, once they do, they become incredibly
productive.

So, you don`t need a college degree to be very productive in today`s auto
plants. What you need are the skills that the auto plants can teach you.
And so, what we have in the future is the challenge of being able to give
people embedded skills that are relevant for the jobs that are at hand.

MATHISEN: The article in “The Wall Street Journal” ends with the very
interesting quote from the Harvard economist who was the lead writer on
this study that we`re dealing to, Dale Jorgenson. He says there`s quite a
lot of evidence that the economy is growing faster than we think. We`ve
been talking about this for some time. As to whether the government
numbers actually accurately measure economic growth.

Do you think they do? Do you think the economy may in fact be growing
faster than we`re measuring?

LEE: There`s an enormous amount out there. So, there`s no doubt there is
much more output.

For example, we now take for granted telecom, right? We can have video
calls from anywhere around the world, are we paying for that? No. A lot
of these services are free. So, that stuff is not being monetized. So,
we`re not — clearly, we`re not measuring that. One of the thing that
again the challenge for the future is, can we harness that technology to
develop jobs, jobs that are high paying jobs, which means giving the
workers skills that they don`t have through the technology and not being
replaced by the technology.

EPPERSON: Fascinating discussion. I`m sure we`ll continue to discuss this
with you. Bill Lee with Citi — thanks so much.

LEE: Thanks.

EPPERSON: And we`ll have more on the job market later in the program.
Find out if you live in a state where workers hate their jobs the most.

MATHISEN: On Wall Street, the Dow`s losing streak is over. Financials and
energy stocks helped lift the indexes as oil prices bounce back today. By
the closing bell, the blue chip Dow index was up 41 points to 18,355.
NASDAQ rose 22. S&P 500 up six.

As for oil prices, they did rebound today, logging their largest daily gain
in three weeks, a buck 32. The commodity was helped by a surprisingly
large drawdown of gasoline stocks.

EPPERSON: Despite today`s oil price rise, the trend has been in the other
direction. Domestic crude has fallen more than 15 percent in the past
month and with prices hovering right around $40 a barrel once again, many
energy companies are facing some familiar challenges.

Bob Pisani explains.

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: With oil back at $40,
there`s a lot of interest focused on how oil companies are coping with oil
staying lower for longer. Now, we`re getting a good sense of that, because
in the last day, two large oil companies have reported, Devin Energy and
Occidental Petroleum (NYSE:OXY).

Now, both avoid making predictions about where oil was going, both said
that production levels were and would continue to be on the high side.
Wait a minute, we have an oil glut. Why are they still producing so much
oil?

Because everyone needs the cash flow. Their spending is exceeding their
cash flow, so they`ve got to get production up as one way out of the
problem.

Second, they`re continues to cut costs in part using better fracking
technology and finally, they`re continuing to sell assets. Most companies
are now force to acknowledge that many of the oil assets they bought when
oil prices were a lot hire will not be profitable in the near future if oil
stays in this price range. So, they`re selling it, when necessary, taking
charges.

The bottom line, it`s a long and winding road. But most oil companies are
continuing to slowly improve their balance sheet. They`re cutting cost,
they`re paying down debt, they`re improving their technology.

One key point: many big oil companies are owned for their dividends.
Occidental not only said the dividend was safe. They actually raised it
slightly.

For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.

(END VIDEOTAPE)

MATHISEN: Now, what happens next to the entire energy sector could depend
largely on who is voted into the White House.

Jackie DeAngelis has that angle of the story.

(BEGIN VIDEOTAPE)

JACKIE DEANGELIS, NIGHTLY BUSINESS REPORT CORRESPONDENT: A critical time
for energy investors and many are wondering what impact each presidential
would have on the energy industry. Hillary Clinton has indicated that she
would focus on cleaner energy, modernize U.S. infrastructure, combat
climate change. She`ll focus on alternative and give Americans a range of
energy options. She says no to Keystone. She also says she wants to
revitalize the coal industry, but the perception is she`s phase it out.

Donald Trump says his 100 day action plan would reduce our dependence on
foreign oil, impose less restriction on drilling, less bureaucracy around
energy policy. He`d say yes to Keystone and take a less harsh stance on
climate regulation.

The perception is Clinton would continue more of the current
administration`s policies and that her plan would be a more gradual move
way from foreign oil. The read on Trump`s approach is that energy
independence through more drilling might pressure prices as the industry
copes with oversupply conditions.

In reality, no one`s policies will be implemented overnight, but in terms
of stocks, alternatives could see a boost under Clinton. Coal miners would
probably do better under Trump.

JEFF GROSSMAN, BUSINESS RESEARCH GROUP: As far as stability for oil price,
I`d have to think Hillary Clinton because she`s pretty much going to have
the status quo here. What would happen with Trump would be something
pretty much of a wild card. We`re not sure how much we`d go up or down
here, but it seems that regulations would be taken off and things could get
a little haywire.

DEANGELIS: The jury is still out on the drillers. Short-term, Clinton`s
plan could be more supportive of prices, though earlier this year, oil did
get close to $26 a barrel. Longer term, however, Trump`s plan could be
better for big oil.

For NIGHTLY BUSINESS REPORT, I`m Jackie DeAngelis.

(END VIDEOTAPE)

MATHISEN: In Washington, officials confirmed that the White House secretly
arranged a delivery of $400 million in cash to Iran on the same day Iran
released four American prisoners. But the White House denies it was to pay
a ransom.

(BEGIN VIDEO CLIP)

JOSH EARNEST, WHITE HOUSE PRESS SECRETARY: We have not, we will not pay
ransom to see the release of U.S. citizens. That`s a fact. That is our
policy and is one that we have assiduously followed.

(END VIDEO CLIP)

MATHISEN: Eamon Javers joins us now from Washington.

Eamon, this is a very interesting story. What does the administration say
this money was actually paying for? And why does it matter whether there
was a ransom payment or not?

EAMON JAVERS, NIGHTLY BUSINESS REPORT CORRESPONDENT: Well, Tyler, the
administration says that this was just an installment on $1.7 billion that
the administration had agreed publicly to pay the Iranians.

That money was principal and interest of a payment that the
prerevolutionary Iranian government had made to the United States back in
1979 for some arms that were never shipped because the Iranian revolution
happened in between. So, that money was stranded in the United States for
all these years. The Iranians wanted it back and then as part of these
negotiations ongoing over the past year or so, the United States agreed to
pay $1.7 billion. They say the $400 million was just the first payout of
that.

Now, the reason it matters whether or not this was a ransom payment is
because the United States has a strict policy of not paying ransom for
hostages. The thought is, if you do that, you put a price on the head of
every other American who could be taken hostage. You create a market, in
essence, for hostages out there, and then everyone else is trying to
negotiate up from whatever the price was that you set, Tyler.

EPPERSON: How was this payment made? I mean, there`s also been question
about whether the payment was secret or not. Was it?

JAVERS: Yes, the White House says, look, this was not secret because we
publicly said that the $1.7 billion was going to be paid and explained that
to the American people from the White House podium. And that`s true.

This particular shipment though happened in an unmarked aircraft, according
to “The Wall Street Journal” and was done in non-dollar denominations of
physical cash, Swiss francs, euros and other currency shipped on pallets to
Iran, because there`s no banking relationship between the United States and
Iran to simply wire the money. So, all of that makes it seem a lot more
murky, that this payment was being done in secret, although the White House
says the overall program was well known.

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

Eamon Javers in Washington tonight.

EPPERSON: Still ahead, which athletes are most likely to land Olympic
sized endorsements?

(MUSIC)

EPPERSON: Goldman Sachs (NYSE:GS) has been ordered to pay more than $36
million to settle allegations that it obtained and used confidential
regulatory materials from the Federal Reserve. The bank already paid a $50
million fine to New York state banking regulators for failing to properly
supersize its former employee. The former Goldman employee was fired back
in 2014. A New York Fed employee was also fired and sentenced to in court
after pleading guilty to charges.

MATHISEN: Tesla reports a wider than expected loss in its second quarter.
The electric carmaker lost $1.06 a share. That`s $293 million. Estimates
were a meager loss relatively of 52 cents a share. Revenue for the quarter
also missed estimates, coming in at roughly $1.5 billion. But that was 30
percent above last year`s level.

As for the stock, it was little moved in afterhours trading following the
results, but the company also made it clear, that is, it says, making
progress in increasing production.

Phil LeBeau has more on the company`s quarter.

(BEGIN VIDEOTAPE)

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT: The electric car
company Tesla reporting a wider than expected loss for the second quarter,
but it`s the company`s outlook for the second half of this year that`s
getting the most attention from investors. Tesla says it expects to
deliver at least 50,000 vehicles in the third and fourth quarter combined
and if that happens, Tesla should get its full year delivery guidance of at
least 80,000 vehicles. Not much reaction initially after the earnings
report.

Again, Tesla reporting a greater than expected loss in the second quarter.

Phil LeBeau, NIGHTLY BUSINESS REPORT, Chicago.

(END VIDEOTAPE)

EPPERSON: Stronger ad sales helped 21st Century topped earnings estimates,
and that`s where we begin tonight`s “Market Focus”.

The media company also showed higher affiliate revenue, but still, not
enough to beat sales estimates. Fox is also hiking its annual dividend and
launching a $3 billion share buyback. Shares were lower in extended hours,
following the results, but ended the regular session up a percent to
$27.04.

Mobile payment company Square posted a narrower than expected loss, thanks
to an uptick in sellers. The revenue also was higher than expected and the
company gave revenue guidance for the current quarter that was in line with
estimates. Shares initially popped after-hours, adding on to the regular
session`s nearly 4 percent gain. Shares closing at $10.44.

Time Warner (NYSE:TWX) posted disappointing sales as currency headwinds and
lower television licensing revenue hurt results, but the media giant did
top profit estimates, thanks to higher subscriptions at the company`s HBO
network.

Time Warner (NYSE:TWX) also said it took a 10 percent stake in video
streaming company Hulu. Shares up 2 percent to $77.83.

And Clorox`s profit fell in its latest quarter due to higher spending on
marketing and production innovation, missing targets. But the consumer
products company maker did post better than expected revenue and gave an
upbeat earnings outlook for the year. Shares were up to $131.59.

MATHISEN: Humana`s quarterly profit fell with losses tied to its
Affordable Care Act plans. Even so, those results were ahead of estimates.
Revenue also better than expected. The company also reiterated that it
will end the majority of its plans tied to those public exchanges next
year. Shares up 2 percent at $173.48.

The shoe maker Crocs (NASDAQ:CROX) missed expectations, citing a
challenging global retail environment. Croc`s guidance for the current
quarter also came in below estimates and the company said revenue for the
year is going to down in the low single digits. Shares plunged 23 percent
to $8.44.

And Fiat Chrysler may be exploring a sale of its auto parts maker, Magneti
Marelli. This according to a Bloomberg report. It says the electronics
company Samsung is in advanced talks with Fiat to potentially buy some or
all of the operations tied to that unit. The deal could be valued at more
than $3 billion and that sent shares of Fiat Chrysler up nearly 9 percent
to $6.62.

And Walmart is reportedly interested in buying jet.com. “Wall Street
Journal” says a potential deal could be worth up to $3 billion. Walmart
declined comment. Walmart shares off 19 cents today to $72.94.

EPPERSON: Friday marks the official kickoff to the 2016 Summer Olympics in
Brazil, where more than 11,000 athletes from all over the world will come
together to compete for gold, and if they`re lucky, a select few could land
big endorsement deals to go along with their medals.

Dean Crutchfield, branding expert of his own firm, the Dean Crutchfield
Company, now joins us to talk about this.

And, Dean, what does it really take for an athlete to be a candidate for an
endorsement? Do you have to be only the number one or number two in your
sport?

DEAN CRUTCHFIELD, BRANDING EXPERT: No.

EPPERSON: Number five, could they get a deal, too?

CRUTCHFIELD: Absolutely. It`s really a question of the personality and
the profile and how it matches the brand. You brand is not just about
marketing advertising. It`s about who you are. So, who reflects your
brand the best? That doesn`t mean they`re the number one player.

MATHISEN: Do most, Dean, of the companies that might be attracted to
finding an endorser, do they already know who they`re going to go after?
Are the stars almost preordained?

CRUTCHFIELD: You`ve always got the talent spot as they`re looking that,
you know, the bank of athletes that are playing. And there`s always those
few that really stand out. I mean, I think that you know, Simone Biles or
Elijah Wilson or Tom Shields, the swimmer, definite hot picks for U.S. top
athletes that likely to get sponsorship deals because of the qualities they
bring to the sport.

EPPERSON: What if a breakout star, someone that we really don`t know their
name yet, but once we start to see the video and we see them play and they
do well? They`re going to be the breakout star. What happens with the
endorsements there? Are companies lining up, are they right there on site
ready to sign them?

CRUTCHFIELD: Well, they`re very sophisticated. They`ve got their feelers
out there. Brands love endorsements and customers love celebrities. So,
it`s a very important, big part of business and a very successful aspect of
marketing. So, they`re on the lookout for any talent that they can find.

MATHISEN: Anyone whose story captures the imagination I assume of the
viewing public would be the people they would go after. We know some of
the stars, the Michael Phelps, the swimmer, Usain Bolt, Serena Williams and
so forth, but do most Olympic competitors make any money?

CRUTCHFIELD: No, no, most don`t. I think it`s the same — if you look at
a lot of trades, a lot of professions, not everybody`s making the big
bucks. It`s just a small few and those small few in the States really if
you think about Serena, you think about Sharapova, you know, there`s a lot
of overexposure with that current talent base. So, there`s a real demand
for new talent, for new standout stars to take on these brands and refresh
their sense of who they are in the market.

EPPERSON: And, quickly, Dean, what about rebranding someone who may have
fallen into some problems if there`s a doping scandal. If there are some
other type of scandals with one of these athletes, how then do the
companies recover and how do they distance themselves from the athletes?

CRUTCHFIELD: Well, basically, they say never trust an animal. It doesn`t
matter how many legs it`s got. These things can go wrong and there is the
morality clause, but that`s after the fact. It`s difficult to control a
personality, whether they are an actor or sports person, as we`ve seen in
so many cases.

EPPERSON: Thank you so much, Dean. Dean Crutchfield with the Dean
Crutchfield Company.

CRUTCHFIELD: Thank you.

MATHISEN: Coming up, you can run, but you can`t hide, at least not on
social media. And now, some very big companies are listening in to your
online conversations. Not kidding.

(MUSIC)

MATHISEN: Next time you`re at a restaurant or even a ball game on
vacation, the company that owns the venue you are patronizing may be
monitoring your public social media posts, not your e-mails or texts, but
your non-private Facebook (NASDAQ:FB) or Instagram or Twitter posts.

The growing use of a technology called geo-fencing is making it easier.
Much easier for companies, including some of the world`s biggest, to see
what their customers are talking in real time while they`re on property.
The goal is to engage with them, increase awareness of their brand and
hopefully boost sales.

Michelle Caruso-Cabrera has our story.

(BEGIN VIDEOTAPE)

MICHELLE CARUSO-CABRERA, NIGHTLY BUSINESS REPORT CORRESPONDENT: At
Marriott`s corporate headquarters in Maryland, they call this glass-
enclosed room M Live. It`s a modern day command center for the hotel chain
where employees constantly monitor social media platform such as Instagram,
Twitter, Facebook (NASDAQ:FB) and YouTube.

Every day, more than 300,000 guests post on social media from a Marriott
property. Executives know this because of a technology called geo-fencing.

KARIN TIMPONE, MARRIOTT GLOBAL MARKETING OFFICER: (INAUDIBLE) a hotel or a
location.

CARUSO-CABRERA: Marriott has geo-fenced more than 4,000 properties
worldwide.

TIMPONE: That means basically, in the area around the hotel, the
conversations that are on social media, we can tell who`s geographically
around that hotel.

CARUSO-CABRERA: And they watch as guests post about everything from
breakfast in bed in Amsterdam, to pool selfies in the Caribbean.
Sometimes, Marriott reposts them using their account, and sometimes, they
reach out to the customers directly.

So, when guests post about a special occasion, for example, like a birthday
or an engagement, the team here can notify the manager of the hotel and
that guest can get a special something, like bottle of champagne or perhaps
a free appetizer at dinner. Maybe a room upgrade.

It`s designed to make the customer feel special, not spied on.

The idea that you can see what people are posting within a geographic area,
do you worry that that creeps out your customers?

TIMPONE: We think that the people who are actually on social media are
delighted at the ability to have us amplified their conversation.

CARUSO-CABRERA: The CEO of the company behind this platform, HYP3R, says
investors frequently asked about privacy concerns, he`s quick with a
response.

CARLOS GARCIA, HYP3R INC CEO: Our partners are only engaging and
interacting with people that have shared their content publicly. Marriotts
are using HYP3R to surprise on delighted guests. Not to try to sale them
something but to try to alleviate their experience.

TIMPONE: It`s really about a personal relationship that we`re having with
our customer.

CARUSO-CABRERA: For NIGHTLY BUSINESS REPORT, I`m Michelle Caruso-Cabrera,
Bethesda, Maryland.

(END VIDEOTAPE)

MATHISEN: And if you don`t like that, you can turn off “location services
on your phone”.

To read more about how your social media posts are being watched by some
Fortune 500 companies, head to our website, NBR.com.

EPPERSON: Here`s another way that you`re being tracked. You may want to
know what you think about your job and a lot of people want to determine
where people are most miserable and where they`re most happy. Well, Eric
is with us and he has done some research. There`s some findings out there
where people are most happy about their jobs.

What have you found?

ERIC CHEMI, NIGHTLY BUSINESS REPORT CORRESPONDENT: It`s really interesting
research, so I like to look at the bottom of the list. Where are people
the most unhappy? Where do they hate their job the most?

And Delaware is number one on the list. They`re a small state. Number two
is Connecticut. They are a major metropolitan place. You think about the
big companies out of there, there`s the entire list. The bottom list,
Florida, Louisiana, Maryland.

So, a lot of East Coast states there, talking about on social media, how
they don`t like their jobs.

MATHISEN: What`s the matter with Connecticut and Delaware?

CHEMI: Connecticut —

MATHISEN: Connecticut has a high personal income.

CHEMI: Connecticut, high taxes. Think about GE. They`re leaving the
state to go to Massachusetts. ESPN, big layoffs, finance people, hedge
funds, Wall Street people not getting kind of bonuses they`re used to.
Salaries are going down, layoffs happening there.

So, Connecticut`s got a lot of things going against it.

MATHISEN: What`s wrong with Delaware? Delaware`s so little.

CHEMI: Small states with skew one way or the other. Because they`re
small, it`s really easy to move the needle. You won`t see big states on
the extremes. But that`s what makes Connecticut so interesting.

EPPERSON: What are they looking at when they determine what`s job
happiness? What does that really mean? What are the trends out there?

CHEMI: Monster.com and brainwash, they track social media. They`re
looking at how people are behaving on social media. What are they saying?

They look at words like hate, love, like, all that kind of stuff. Very
sophisticated to see what people are saying. They know where they live.
Kind of figure out.

EPPERSON: I would say I hate my job somewhere.

CHEMI: Somewhere, like maybe one of you might have a bad day and say not a
great day at work today. That`s going to get picked up on tweet, and
they`re going to put this in the data.

MATHISEN: Happy they have a job. Just kidding.

Where are workers happiest? Which states?

CHEMI: Generally in the west. So, when you look at states like Idaho,
North Dakota, Montana. Washington is just short of the top five, but
there`s this northern and western bias towards people that are happy, maybe
because it`s less dense. There`s more greenery. Not exactly sure.

But a lot of tech and tourism and what`s driving the positive sentiment on
the western side of the country.

EPPERSON: Very interesting. Got to focus on the positive though I think
and be happy like Tyler says.

CHEMI: Be careful, people are paying attention to this stuff.

EPPERSON: Yes, absolutely.

MATHISEN: All right, Eric.

EPPERSON: All right. Eric, thank you so much.

MATHISEN: And finally tonight, for the first time ever, a private company
has been granted permission for an unmanned mission to the moon.

Florida-based Moon Express (NYSE:EXPR), there it is. Looks like a little
drone, doesn`t it, used to deliver wine. Go the go ahead from the FAA to
put a robotic lander on the moon next year. The lander is not yet
completed, but it is expected to carry science experiments and some
commercial cargo on the one way trip. I don`t know who they`re delivering
it to.

The CEO of the Moon Express (NYSE:EXPR) calls this a milestone, folks. The
company had been active in the space industry for some time. They`re
limited to stay within the earth`s orbit.

EPPERSON: All righty. Well, that is NIGHTLY BUSINESS REPORT for tonight.
I`m Sharon Epperson. Thanks so much for watching.

MATHISEN: I`m Tyler Mathisen. Have a great evening.

END

Nightly Business Report transcripts and video are available on-line post
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the views of Nightly Business Report, or CNBC, Inc. Information presented
on Nightly Business Report is not and should not be considered as
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