Transcript: Nightly Business Report – April 5, 2017

ANNOUNCER:  This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and Sue
Herera.

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR:  Rally fizzles.  The Fed
spoke and stocks gave up their gains in a dramatic late day selloff.

Get to work.  Private companies are on a hiring spree coming off the
strongest month for job growth in more than two years.

And lots of dough.  Why a little known investment firm will pay billions
for Panera Bread (NASDAQ:PNRA).

All those stories and more tonight on NIGHTLY BUSINESS REPORT for
Wednesday, April 5th.

Good evening, everyone, and welcome.  Sue Herera has the evening off.  I`m
Tyler Mathisen.

Well, it was a sharp reversal of fortune on Wall Street today.  Stocks shot
higher out of the gate.  The Dow rising nearly 200 points, as investors
cheered hiring growth in the private sector.  But then, midday, selling
took hold and then some, right around the time the Federal Reserve released
the minutes of its latest meetings.

Now, the minutes don`t tend to move the markets all that often, but they
did today.

At the central bank`s last meeting, policymakers commented on stock market
valuations with some members suggesting they`re a tad frothy.  They usually
don`t do that.  They also talked extensively about reducing the Fed`s
multi-trillion dollar balance sheet, something we`ve been telling you
about.  That has a power to spook the market.

With that, stocks did get spooked.  They dropped hard.  Major indexes
turned negative, resulting in the biggest market turn around top-to-bottom
in 14 months.

Here`s how the day ended.  The Dow Jones Industrials lost 41 to 20,648,
NASDAQ down 34, the S&P 500 lost 7.

Bob Pisani has more on today`s dramatic moves.

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Stocks rose early in
the morning as oil rose, bond yields move up and the ADP private employment
report was strong.

Then, midday, the markets reversed.  The initial catalysts were in the
Fed`s minutes from its last meeting.  Now, the Fed made several comments
that could be interpreted as negative for stocks.  First, they don`t expect
fiscal stimulus until 2018.  Second, some of the Feds see the stock market
valuations right now as high.  And finally, they`re considering reducing
their $4.5 trillion balance sheet.  And that`s likely viewed effectively as
an additional tax hike.

Now, none of this was helpful for the stock market.  And then, shortly
after the Fed minutes, House Speaker Paul Ryan was quoted in a “Reuters”
story saying tax reform could take longer than the health care overhaul.

All right, what does all that mean?  Well, the market cares about three
things right now.  First, it cares about the Trump agenda.  Second, it
cares about interest rates.  And third, growth and the right valuations for
the stock market.

All three of these ideas got smacked around this afternoon.  And you can
see these issues got the markets going by looking at volumes.  The volumes
have been terrible for the last three weeks.  Not today.  Big, broad
exchange traded funds, ETFs, had very heavy volume.  So, for example, the
Russell 2000, 30 percent above normal volume.  The NASDAQ 100, 60 percent
above normal, and the S&P 500 ETF, the SPY, about 25 percent above normal
volume.

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

(END VIDEOTAPE)

MATHISEN:  As Bob and we have been reporting, unwinding the Fed`s balance
sheet is significant because of its size and the impact it could have on
the markets, and the markets are clearly very touchy about it.

Let`s turn now to Brian Jacobsen on the risk it poses to the U.S. stock
market.  He`s chief portfolio strategist at Wells Fargo (NYSE:WFC) Funds.

Brian, welcome.  Good to have you with us.

Let`s talk about reversal first in today`s market, something to worry about
or just a blip on the radar?

BRIAN JACOBSEN, WELLS FARGO FUNDS CHIEF PORTFOLIO STRATEGIST:  I personally
think that what we saw with the reversal was more of a technical or a
trading nature as opposed to any sort of change in the direction of the
markets.  And the reason why I say that is because a lot of the contents of
the Federal Reserve minutes shouldn`t have been too much of a surprise to
anybody.  President Trump, through various individuals, say, Treasury
Secretary Mnuchin, have already talked about how tax reform might not
happen until maybe late in the year or even into 2018.  The Federal
Reserve, a number of officials have already been talking about trying to
reduce the size of their balance sheet.

And as far as on the equity side, the Fed doesn`t oftentimes opine on
equity valuation, but they have done so before.  And in previous episodes,
it`s been rather a short-lived move in the market.  So, I think that this
may be more of a technical nature of a move from top to bottom, and not
necessarily a reversal of trend.

MATHISEN:  Let`s talk about the reducing of the Fed`s balance sheet and put
it in layman`s terms.  It grew to $4-plus trillion as the Fed was out there
doing what was known as bond buying, they were buying up securities,
putting cash into the markets.  So, now, they hold all these securities.

What happens when the Fed reduces the size of its balance sheet and why
does the market care about it?

JACOBSEN:  I think that really the primary effect is going to be in areas
like longer dated treasury securities, investment grade debt and possibly
even with mortgage interest rates.  The Federal Reserve has acquired about
$4.5 trillion in securities, a combination of treasury securities and
mortgage-backed securities.

And so, as the Fed tries to reduce the size of its balance sheet to get
into a more manageable or normal level, it is likely going to put some
upward pressure on some of those yields.  But that`s why I think that the
Fed is going to tiptoe it`s way through this minefield that it has created,
because it doesn`t necessarily want to push mortgage interest rates too
high, because that could be a real head wind to the housing recovery.

MATHISEN:  Upward pressure on yields, because in the past, they might have
gone bad.  They`re just going to let those bonds and mortgages mature and
roll away, not reinvesting.  So that takes a big buyer out of the market,
right?

JACOBSEN:  Absolutely.  That is the way it works, that they are trying to
lower interest rates by reinvesting the proceeds.  So, these things mature
and they just buy more of them.  Suddenly, if they`re not doing that as
much, it`s one buyer out of the market, and that should probably put yields
slightly higher.

MATHISEN:  How big a deal — you mentioned it just a moment ago — how big
a deal is the possibly as Speaker Ryan said today that tax reform may not
be a straight line to the finish line?  Is that going to upset the market?

JACOBSEN:  I think that it could.  It depends upon whether or not we
actually get to the finish line.  I think it`s OK if it`s not a straight
line.  But if it doesn`t get done or say there isn`t a plausible plan on
the table by the summer recess, I think that equity markets could give back
some here, maybe about 10 percentage points of the gains we`ve seen so far
is due to the prospects of tax reform.

MATHISEN:  All right.  Brian, thanks very much.  Very quick, clear answers.
We appreciate it.  Brian Jacobsen, Wells Fargo (NYSE:WFC) Funds.

Well, despite the downturn in stocks, the job market got a shot of positive
news as we referenced at the top of the broadcast.  Labor markets saw its
strongest month for job creation in more than two years.  According to
payroll processor ADP, private companies added 263,000 new positions in
March.  And that was well ahead of expectations.  Third straight month this
topped estimates.

Steve Liesman has more on why job growth has been a particular source of
strength for the economy.

(BEGIN VIDEOTAPE)

STEVE LIESMAN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  U.S. job growth
still seems to be running exceptionally strong.  The payroll company ADP
estimated 263,000 private sector jobs were created in the economy in March,
far more than Wall Street estimates.  Jobs grew robustly in construction,
manufacturing and services.

Fed Governor Dan Tarullo, who`s leaving office today after more than eight
years, said in an exclusive interview, that the data bodes well for the
U.S. economic outlook.

DANIEL TARULLO, FEDERAL RESERVE GOVERNOR:  The jobs numbers and the
confidence number, durable goods orders — I mean, there are a number of
things out there.  Investment plans are starting to move up as well.

LIESMAN:  ADP can sometimes be a good predictor of what the government will
report on Friday on its monthly jobs report.  So, the strength of ADP
prompted some economists to boost their forecast on what they expect on
Friday.  Tarullo said on monetary policy, he`s with the consensus on the
FOMC.  That calls for two more rate hikes this year and beginning to think
about balance sheet reduction.

Tarullo was the Fed`s leader on writing banking rules and regulations and
he departs without Donald Trump naming a successor.  There are several
candidates out in the public domain, but those candidates have either been
ruled out or withdrawn themselves.  So the Fed at the moment lacks its
foremost governor for either writing or, as President Trump would like,
unwriting bank regulations.

For NIGHTLY BUSINESS REPORT, I`m Steve Liesman in Washington.

(END VIDEOTAPE)

MATHISEN:  Private payroll job growth was strong across the board.  Goods
producing firms added positions, so did construction, business services,
health care, hospitality.  But the biggest growth area came from small
firms, many with fewer than 50 employees.

Kate Rogers (NYSE:ROG) tells us why small business saw such big job gains.

(BEGIN VIDEOTAPE)

KATE ROGERS, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Since the November
election, small employers with under 49 workers have been steadily adding
jobs.  Eighteen thousand in December, 62,000 in January, 104,000 in
February and 118,000 jobs in March.  Main Street optimism has also hit
record highs in the months since Donald Trump was elected, holding at
historic levels for the National Federation of Independent Business and
separate data from Wells Fargo (NYSE:WFC).  Smaller companies hope the new
administration would usher in a new era of more business-friendly policies
and deregulation.

RAY KEATING, SMALL BUSINESS & ENTREPRENEURSHIP COUNCIL:  Those are all big
positives.  As we know, small businesses are the main source of job
creation.  And the question going forward is sustainability.

ROGERS:  But Main Street advocates and analysts have pointed out it hasn`t
yet translated into spending and hiring.  This month ADP`s report could
signal a change.

KEATING:  As long as they`re not hearing, you know, an administration
that`s bashing business and talking about new regulations and new taxes
we`re going to dream up, as long as they`re not hearing that, that`s a
positive.

ROGERS:  Now, it`s time to see if small businesses continue to invest in
hiring and expansion, or if this month`s jobs number is just a sugar rush.

For NIGHTLY BUSINESS REPORT, I`m Kate Rogers (NYSE:ROG).

(END VIDEOTAPE)

MATHISEN:  The largest part of the U.S. economy grew at a slower pace in
March.  Service sector activity fell from the previous month, as some
managers expressed concern about the impact of policies out Washington,
related to immigration, trade and health care.  Others were concerned about
worker shortages.  Service sector accounts for about 80 percent of the
economy.

Well, investors also kept watch on Washington and global events.  Today,
President Trump says he changed his view on Syria`s civil war.  At a Rose
Garden press conference with Jordan`s King Abdullah, the president
condemned the chemical attack that has been blamed on the Syrian leader.
President Trump now saying he is reassessing the situation.

(BEGIN VIDEO CLIP)

DONALD TRUMP, PRESIDENT OF THE UNITED STATES:  It crossed a lot of lines
for me.  When you kill innocent children, innocent babies, babies, little
babies, with a chemical gas that is so lethal, people were shocked to hear
what gas it was, that crosses many, many lines, beyond the red line, many,
many lines.

(END VIDEO CLIP)

MATHISEN:  This comes as tensions rise around the world.

Last night, North Korea fired another medium range ballistic missile into
the Sea of Japan just as the president prepares to meet with the leader of
China tomorrow in Florida.

Still ahead, who`s behind Panera`s deep-pocketed buyer and why this firm is
not like it`s peers.

(MUSIC)

MATHISEN:  Amazon (NASDAQ:AMZN) won the rights to stream 10 Thursday night
football games for the 2017 season.  The one-year deal valued at $50
million.  Amazon (NASDAQ:AMZN) will stream the games to members of its
prime subscription service.

Well, Krispy Kreme Donuts, Keurig Green Mountain Coffee, and now, Panera
Bread (NASDAQ:PNRA).  An investment firm called JAB Holdings is buying the
fast casual soup and salad chain for roughly $7.5 billion.  The buyout sent
shares of Panera higher by 14 percent.

Now, the buyer, JAB, is a large, yet little known, European holding
company, which has been on an aggressive buying spree.

Leslie Picker tell us who is behind JAB and why they want this American
chain.

(BEGIN VIDEOTAPE)

LESLIE PICKER, NIGHTLY BUSINESS REPORT CORRESPONDENT:  It`s seven people in
a room in Luxemburg making some of the biggest bets on the American
breakfast market.  JAB has certainly caught the attention of Wall Street
after announcing a deal with Panera today, one for Krispy Kreme last year
and Kuerig the year before that.

In recent years, JAB has also acquired Peet`s Coffee, Caribou Coffee
(NASDAQ:CBOU) and Einstein Noah and hold multiple stakes on luxury brands
like Bally and Jimmy Choo.

But JAB is not your run-of-the-mill investing firm.  It was started years
ago with the vehicle to manage the wealth of a prominent German family.
The Reimanns as they`re known are the direct descendants of Benckiser,
which today is Reckitt Benckiser, a $60 billion European consumer
conglomerate that owns everything from Lysol to Air Wick.

There are four members of the Reimann family who fund more than 90 percent
of JAB.  Forbes estimated their combined net worth to be about $16 billion.
Unlike many traditional private equity firms, JAB does not swoop in, take
care and flash costs.  They`re known instead for a more hands off approach
and for paying a high price for their acquisition.  The firm offered $315
per share in cash for Panera, which was 20 percent higher than the
company`s all time high.

Also, unlike traditional private equity, JAB can hold on to a company
forever, without the need to take it public.  That`s why Panera CEO told
CNBC this morning that JAB makes for what he calls wonderful partners.

RON SHAICH, PANERA FOUNDER & CEO:  They are long-term investors.  I mean,
they measure their investments in centuries, not in decades.  They`re
committed to our strategy.  They`re committed to our company franchise
model.  They`re committed to our team.

PICKER:  Many on Wall Street are wondering, though, what has JAB so
interested in coffee and breakfast businesses?  Well, it`s not immediately
clear.  Their strategy is to find profitable companies with lots of cash
and to hold on to them for a long time and let them run independently.  So,
it`s unlikely that we see Krispy Kreme Donuts in Panera at least any time
soon.

For NIGHTLY BUSINESS REPORT, I`m Leslie Picker.

(END VIDEOTAPE)

MATHISEN:  The digital technology that made the Panera Brand a leader in
its industry undoubtedly made it attractive in part to JAB.  But what does
this mean for fast casual chains that have successfully integrated
technology into their businesses and how may it impact jobs?

Stephen Anderson is senior restaurant and consumer analyst at Maxim Group
joins us now.

Stephen, obviously, it wasn`t just technology at which Panera in this sort
of sphere has been a leader but other things that attracted JAB to it.
What were they?

STEPHEN ANDERSON, MAXIM GROUP SR. RESTAURANT & CONSUMER ANALYST:  Well, and
digital technology you mentioned, Panera has been a leader in ingredient
and menu transparency.  They spent much of last year removing artificial
ingredients in their food.  And just last week, they made an announcement
about an expansion of their beverage program, talking about more all
natural beverages.

It seems like this makes Panera put them at the forefront of dining for
Americans and I think this is where restaurants headed over the next number
of years.

MATHISEN:  And, clearly, another place they are headed is into the world of
mobile ordering and a sort of digital technology.  Panera has been out
front a bit on that, haven`t they?

ANDERSON:  I agree with that.  I think they were placed into an elite set
of companies in the restaurant industry.  I would place Starbucks
(NASDAQ:SBUX) and Domino`s in that elite group that have embraced
technology, made major investments in recent years and that has made them
ahead of their peers in that regard.

MATHISEN:  Are all of the sort of quick served or fast casual restaurants
going to have to do that, or are they going to be left by the side of the
road?

ANDERSON:  Excellent question.  I think ideally with the fast food and fast
casual restaurants, they will need in our view to adopt some kind of
technology, whether it`d be kiosk in the restaurants or the mobile order
and pay and pick-up.  This is the kind of thing that where spend of service
is important.

MATHISEN:  Yes.

ANDERSON:  And, you know, convenience is very key.  Much of the past year,
restaurant traffic was down and ones that have succeeded in recent years
having ones that have stressed convenience and technology plays a major
role in that.

MATHISEN:  It`s one thing, isn`t it, Stephen, to have an app that works,
that gets the order to the store.  It is another thing to have that order
ready and waiting for you when you get there and there not be confusion.
And I`ve we heard there have been some first snafus at companies like
Starbucks (NASDAQ:SBUX), where they have been overwhelmed by the number of
orders that have come in.  You got to get the execution right is my point.

ANDERSON:  That`s exactly right.  And that`s what the investment in the
back of the house or to say the kitchen and labor has been so important.
Everything has to work together in order for the technology to work.  But
it`s going to be — it`s going to take years.

MATHISEN:  How is this going to affect jobs?  Obviously, you`re still going
to need people, I think, to prepare the food.  But it means less order
takers, it means fewer cashiers, doesn`t it?

ANDERSON:  Well, at the outset, you haven`t seen the big reduction in jobs
just yet.  But we do believe that over time, the restaurants will need
fewer labor hours.  But that comes at a time where labor costs are starting
to increase in a lot of the major cities, they start to wages of $15 an
hour or more.  So, this comes at a time where you`re seeing an intersection
of trends that`s going to favor fewer labor hours.

MATHISEN:  Stephen, have a nice dinner, wherever you choose to eat.

ANDERSON:  Thank you.

MATHISEN:  Stephen Anderson with Maxim Group.

Well, General Electric (NYSE:GE) may pull the plug, believe it or not, on
its light bulbs.  And that is where we begin tonight`s “Market Focus”.

“The Wall Street Journal” says the conglomerate is considering selling its
iconic consumer lighting division.  The company, which was cofounded by
Thomas Edison is said to be interviewing investment banks for a deal worth
$500 million.  Shares of GE off a fraction at $2997.

Walgreens said a strong dollar hurt sales in its international markets.  As
for the U.S., the drug store chain saw customers spending less on general
merchandise and personal care products, resulting in overall revenue that
missed targets.  But still, the company said it was launching a billion
dollar share buyback program.  Shares, however, fell on this down day by
more than 1 percent.  They finished at $81.17.

Monsanto (NYSE:MON) said strong sales of its corn and soy bean products
helped it post stronger than expected earnings in what it calls a tough
macro economy for agriculture.  The seed giant also gave a rosy forecast,
saying it sees profit for the full year, coming in at the high end of its
previous guidance.  Monsanto (NYSE:MON) shares rose nearly 1 percent to
$115.31.

Valeant Pharmaceuticals reportedly having trouble selling one of its units
for the price expected.  According to “The Australia Business Review”, the
embattled drugmaker`s Australia based iNova Pharmaceuticals is receiving,
quote, “lukewarm interests in garnering bids under a billion dollars.”
That is below what Valeant wants for it.  Last year, Valeant said it would
look to sell up to $8 billion worth of its non-core assets to ease its debt
load.  Shares fell 6 percent $9.50.

And the law enforcement technology company Taser said it`s changing its
name to Axon Enterprises as it shifts more into the software business.  The
company also said it would speak with every police officer in the country
with a body camera for free as part of a year-long trial program.  As of
tomorrow morning, the company will trade under the new ticker AAXN.  Taser
shares, last time you`ll see Taser up there, off 10 cents to $21.90.

Payless is the latest retailer to file for bankruptcy.  The discount shoe
store will close nearly 400 stores as it tries to restructure its debt
load.  The CEO called it a difficult yet necessary decision, driven by the
changing retail environment.  According to consulting firm AlixPartners,
Payless is the tenth retailer to file for bankruptcy.  You can probably
expect more.

Coming up: why some small businesses get grounded every time President
Trump comes to town.

(MUSIC)

MATHISEN:  President Trump has been very critical — as you probably know –
– of China, especially with respect to stealing American jobs as charged.
But some in China say he`s got the story all wrong.

Eunice Yoon is in Beijing.

(BEGIN VIDEOTAPE)

EUNICE YOON, NIGHTLY BUSINESS REPORT CORRESPONDENT:  For the summit with
President Xi, President Trump has indicated that he plans to talk about
trade and jobs.  President Trump has been a fierce critic of China,
accusing it of stealing American jobs.  But here in China, there`s growing
concerns that America could be stealing Chinese jobs.

State-run news agency Xinhua ran an editorial recently complaining about
this.  It specifically referred to a Chinese glass-making company that
invested hundreds of millions of dollars to revive a plant in Dayton, Ohio.

Fuyao Glass is one of the biggest manufacturers of glass for car windows.
We spoke to Fuyao as well as other Chinese companies who had similar
reasons for why they believe the U.S. is an attractive manufacturing
destination — lower taxes, cheaper land, competitive transportation costs
and easier financing.  They said workers are more expensive in the U.S. but
that net-net, America is becoming more cost effective.  In fact, in the
latest manufacturing cost competitive index conducted by Boston Consulting
Group, BCG found almost no cost difference at all between the U.S. and
China.

So, going into the summit, the Chinese have been focused on U.S. investment
and the contribution that the Chinese have made to the American economy as
a way to deflect criticism and show that the economic relationship with
China is not detrimental to the United States.

For NIGHTLY BUSINESS REPORT, I`m Eunice Yoon in Beijing.

(END VIDEOTAPE)

MATHISEN:  The summit that begins tomorrow between the leaders of the
world`s two largest economies will take place in Florida at the president`s
Mar-a-Lago estate, a place that he travels often.  All that travel is
disrupting local business.

Ylan Mui reports tonight from Palm Beach.

(BEGIN VIDEOTAPE)

YLAN MUI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  It`s no wonder President
Trump has made Palm Beach his second home — sunny skies, pristine beaches,
elegant shopping.  But some in Palm Beach dread his arrival.

We are 1,200 feet up in the air off the coast of Florida near Mar-a-Lago,
what President Trump calls the Winter White House.  He is expected to host
the he president of China, Xi Jinping, later on this week.  And when the
president comes to visit, the entire airspace around me will be shut down.
And that`s causing major headaches for pilots like Phil right here beside
me, for businesses on the ground that are losing money.

Phil Valente is an attorney and flies his Piper M500 Meridian to see
clients all across Florida.  But he`s ground whenever Trump arrives, and
that hurts his bottom line.

PHIL VALENTE, AIRCRAFT OWNER:  God forbid, he meets this threat (ph), where
he`s going to stay here for a two weeks at a time.  I mean, I don`t know
what we`ll do.

MUI:  Lantana Airport is in the middle of the no-fly zone that extends for
ten nautical miles around Mar-a-Lago.  The business that operates the
airport will lose $55,000 during the four days that it shut down for the
meeting between President Trump and Chinese leader, President Xi.

Palm Beach flight training school is out $67,000 this year because of the
close years, they`re worried about getting their students back.

MICHELLE EDWARDS, PALM BECH FLIGHT TRAINING MANAGER:  They`re frustrated,
most of them, you know, cancel their flights or what do I do?  And they`re,
you know, looking at us for answers and it`s hard sometimes when we don`t
have them.

MUI:  The flight restrictions cut short Michael and Kelly Gottlieb`s
vacation in the Bahamas.  They had to come home a day early to make sure
they could land here at Lantana Airport.

KELLY GOTTLIEB, AIRCRAFT OWNER:  I fine it extremely inconsiderate to shut
down people`s business.

MICHAEL GOTTLIEB, AIRCRAFT OWNER:  It`s absurd to restrict us from flying
out in a safe manner.

MUI:  But not everyone is suffering.  Jorge Pesquera of the Palm Beach
Tourism Board said hotel bookings are up and they are hoping that President
Xi`s visit is a chance to cater to a new consumer.

JORGE PESQUERA, DISCOVER THE PALM BEACHES:  The Chinese market is known for
the high expenditures.  So, being here in Worth Avenue and in Palm Beach,
it`s just an ideal of an opportunity for them to explore the very best of
Florida.

MUI:  Only time will tell if business here will truly take off or take a
nosedive when Trump comes to town.

For NIGHTLY BUSINESS REPORT, I`m Ylan Mui in Palm Beach.

(END VIDEOTAPE)

MATHISEN:  And before we go, it was a dramatic finish today on Wall Street.
Stocks gave up big gains in a late day sell-off.  Here`s another look at
the closing numbers:  the Dow Industrials down 41 points to 20,648, the
NASDAQ off 34, the S&P 500 lost seven.

And that`s NIGHTLY BUSINESS REPORT for tonight.  For Sue Herera, I`m Tyler
Mathisen.  Thanks for watching and have a great evening, everybody.  We`ll
see you back here tomorrow night.

END

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