Transcript: Nightly Business Report – May 9, 2017

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

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Happiest stock on Earth?
Profit rises, revenue misses. But the focus is on Disney`s suddenly
pressured cable network, ESPN.

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Big mistake? Warren Buffett
thinks investing in bonds is. But if you own them, what should you do?

MATHISEN: And second act. A group of entrepreneurs may be getting older
but they`re not slowing down.

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Tuesday, May
9th.

HERERA: Good evening, everyone, and welcome.

The NASDAQ closes at a record for the 30th time this year. But we begin
tonight with Disney (NYSE:DIS) — a tale as old as time helped the
entertainment powerhouse report a rise in earnings. The success of its
latest adaptation of “Beauty and the Beast,” along with strength in its
theme park business, helped Disney (NYSE:DIS) earn more money per share
than expected.

The Dow component reported earnings of $1.50 a share, nine cents better
than expectations. Revenue was just a tad light at $13 billion, but up
nearly 3 percent from a year ago. That along with disappointing operating
income at its cable network business which includes ESPN, sent shares
initially lower late in the day. Julia Boorstin spoke with Disney`s CEO
about the quarter.

(BEGIN VIDEOTAPE)

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT: The one key
takeaway for Disney (NYSE:DIS), for all the investors who`ve been concerned
about ESPN and the company`s media networks division, Disney (NYSE:DIS)
says it has it under control. CEO Bob Iger says Disney`s ESPN business is
planning for the digital future, to eventually have new digital revenue
compensate for declines in its traditional TV business.

BOB IGER, DISNEY CHAIRMAN & CEO: What we`re seeing is some significant
growth of ESPN subs and other Disney (NYSE:DIS) Channel subs, meaning
Disney (NYSE:DIS)-owned channels, on those platforms. But so far, it`s not
enough to make up for some of the losses on the traditional ones. We
believe ultimately we will see that. But these platforms are brand-new.

BOORSTIN: Iger saying the strength of ESPN`s brand and consumer demand for
sports makes the service appealing to new platforms such as Hulu`s new TV
bundle, saying these new platforms are just as valuable per subscriber as
traditional TV is.

As for reports swirling that Iger is running for president, Iger said he`s
focused on his job at Disney (NYSE:DIS) for the next few years.

For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in Burbank, California.

(END VIDEOTAPE)

MATHISEN: Robin Diedrich joins us to discuss what`s next for Disney
(NYSE:DIS).

Robin, welcome. She`s a media analyst at Edward Jones.

Robin, what do you think of what Mr. Iger just said there? Let`s talk
about ESPN. Basically what I heard him say is it is a business, a channel
that is in transition, but that eventually, they expect the revenue to even
out.

ROBIN DIEDRICH, EDWARD JONES MEDIA ANALYST: Yes, we would agree with that
and we think about ESPN now certainly is — and has been for the last
couple of years the biggest challenge for Disney (NYSE:DIS) and across the
whole media space, you know, what`s happening in cable and how consumers
are finding their favorite programs, how they`re consuming more on mobile
devices. That`s certainly changing the whole landscape for all these
companies.

So, that`s a challenge near term. We think it`s potentially creating an
opportunity longer term for Disney (NYSE:DIS) because we don`t think they
have some of the best content out there, whether it`s ESPN with sports, or
Disney (NYSE:DIS) Channel with family. And we think that`s really what`s
going to drive their ability to transition to what we think is going to be
a new environment for media going forward.

HERERA: Give me your thoughts, Robin, if you would, on how the “Beauty and
the Beast” remake did, and “Rogue One,” and whether or not it met the
expectations that you had for that side of the business.

DIEDRICH: Sure. Well, the studio business has been so phenomenally strong
for the last couple of years. That`s really been, you know, a worry, I
think, for investors. How are they going to continue to meet those
expectations, which are so high? And they`ve continued to rise to the
challenge and it`s been impressive.

And “Beauty and the Beast” is the latest example of that, coming in at over
a billion dollars in box office, and now just being released around the
world for further growth in that title alone. But as we look out here for
2017, you know, there`s still a very robust franchise slate coming ahead of
us.

So, we`re looking for these very seasoned films, whether it`s “Guardians of
the Galaxy,” the second installment, or “Pirates of the Caribbean,” “The
Cars” film number three from Pixar, a very strong slate to look forward to.
And 2018 could be even more robust. So, we continue to think the studio is
definitely a bright spot here at Disney (NYSE:DIS).

MATHISEN: Very quickly, it`s $111 a share right now. Very quickly, what`s
your rating on it?

DIEDRICH: We have a buy rating on the stock. And we think that stock is
undervalued here for the long term. We look at this company to grow by 10
percent. I think that`s going to drive the valuation here for years to
come.

MATHISEN: Robin Diedrich with Edward Jones — thanks.

DIEDRICH: All right. Thank you.

HERERA: On Wall Street, the NASDAQ notched yet another all-time high. But
the enthusiasm did not filter over into the other major indexes which fell
after the North Korean ambassador to the U.K. said his country will proceed
with its sixth nuclear test.

Here are the final numbers for you. The Dow Jones Industrials lost 36
points to 20,975. The NASDAQ added nearly 18. The S&P 500 fell two.

MATHISEN: There are a near record number of job openings in the United
States: 5.7 million of them, to be exact. That`s the good news. And it`s
the employers are hiring and workers are feeling more confident about
leaving their job for another one. The bad news is that not all companies
are able to find the skilled workers they need.

HERERA: A Federal Reserve official today said that she supports winding
down the Central Bank`s bond holdings. Kansas City Fed President Esther
George wants the balance sheet to shrink this year and thinks reductions
should be put on auto pilot. As we`ve been reporting, investors will be
watching for information on how and when the Federal Reserve unwinds its
bond holdings, because the effect could be similar to an interest rate
hike.

MATHISEN: Winding down the Fed`s bond portfolio would eliminate a major
source of demand for long term treasury and other securities. An asset
class Warren Buffett says as a terrible investment choice over stocks.

Here`s what he told Becky Quick about bonds in an interview we aired for
you yesterday.

(BEGIN VIDEO CLIP)

WARREN BUFFETT, BERKSHIRE HATHAWAY CEO: Anybody that prefers bonds today
to stocks is making a big mistake. I`ve been saying that year after year
after year.

(END VIDEO CLIP)

MATHISEN: Dan Heckman, senior fixed income strategist at U.S. Bank Wealth
Management, is here to discuss what you should do.

A lot of people, you know, idolize Warren Buffett, Dan. They think he
knows a great deal, and certainly he does. And they might well think —
well, gosh, maybe I should sell all my bonds. Should they?

DAN HECKMAN, U.S. BANK WEALTH MANAGEMENT: No. We don`t believe they
should. Obviously, we have tremendous respect for Mr. Buffett. He`s the
greatest investors in equities of all time.

But, you know, we don`t think it`s an all or none type of answer for a lot
of individual investors. There`s not a whole lot of Warren Buffetts
running around there. Some people can`t stomach the volatility that stocks
bring.

And we think non-correlated assets to equities like bonds are appropriate
in this environment. Even Warren Buffett, Tyler, has mentioned the extreme
valuation in equity prices. I believe even within his Berkshire Hathaway
(NYSE:BRK.A) operation, he`s built up a huge cash hoard.

HERERA: So, if you need a decent return, not stellar but a decent return,
and you want to stay within the bond universe, what would you recommend?

HECKMAN: Well, we think a number of areas are attractive. If you are
concerned about the Fed raising rates, which we do think will happen this
year, at least once, probably twice, then floating rates, securities,
whether they be government or corporate-oriented, are very attractive.
Many of them are priced against LIBOR, so they`ll move if rates move up in
the short end of the yield curve.

We also think if you`re concerned about inflation, Treasury Inflation
Protected Securities are appropriate. And then, even though in spite of
tax reform, we think if you`re a high income tax bracket investor, we think
municipal bonds are relatively attractive here as well.

MATHISEN: I`ll believe in tax reform when I see it, Dan. Personally,
that`s my opinion.

But be that as it may, let`s talk about those floating rate notes or bonds
which a lot of people recommend as a way to hedge against rising interest
rates. Where do you find them? Can you get them in mutual funds? Can you
get them in ETFs?

HECKMAN: You can get them in both of those varieties. You can also get
them as individual corporate bonds, for example. Many large corporations,
a lot of banks, for example, actually issue floating rate debt.

So, whether they`re exchange traded funds or bond funds, there`s a variety
of floating rates. Some are bank loans. Some are corporate bonds,
investment grade, noninvestment grade. So, we think there`s a lot of
variety for investors in that area.

MATHISEN: All right. Dan, thank you for your insight tonight. We
appreciate it. Dan Heckman with U.S. Bank Wealth Management.

HECKMAN: Thank you.

HERERA: Still ahead, another video, another black eye for the airlines.
But the stocks keep on rising. So, why the disconnect?

(MUSIC)

HERERA: Take a look at this. This is not what you want to see at the
airport. Fights broke out at a Florida airport last night following the
cancellation of multiple Spirit Airlines flights. Videos posted online
showed deputies trying to break up the skirmishes. Spirit said it was,
quote, shock and saddened to see the videos and blamed unlawful labor
practices by some Spirit pilots. The union denies that allegation. There
are reports that 300 Spirit flights have been cancelled in the last week.

MATHISEN: Meantime, American Airlines reported record traffic last month.
It also raised its second quarter forecast for a key metric: total revenue
per available seat mile. Lower fuel prices is one of the driving forces
behind the upbeat outlook, and that lifted shares of American and its
rivals across the sector. Major gains there.

And despite all the negative publicity surrounding the airlines, the
sector`s ETF is up 8 percent over the past month, easily outperforming the
broader market.

HERERA: But an interesting thing is happening in the airline sector. The
stocks are rising. On-time performance is improving. But at the same
time, frustration is rising, as those videos emerge of passengers being
dragged off of planes and airline CEOs being dragged in front of Congress.

Phil LeBeau is in Denver tonight with more on the state of the airlines.

Good to see you as always, Phil.

Can you explain the disconnect?

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT: Yes. The bottom line
has not changed for the airlines. The planes are still full. The profits
are rolling in. You`ve got lower jet fuel prices.

All of those mean that we will probably have pretty strong numbers posted
for the airline for the second quarter and probably for the remainder of
the year as well. So, those high profile incidents and the threats of
Congress to have more regulations for the airlines, getting a lot of
attention but so far, it`s not hitting the bottom line. And if you`re an
investor, you`re looking at this saying, great, keep the profits rolling.

MATHISEN: The bottom line is one thing, satisfaction and frustration are
another. We`ve see executives being brought up to Capitol Hill.

LEBEAU: Right.

MATHISEN: What is the likelihood that changes will be made within the
industry, either from the inside out or from the outside in?

LEBEAU: Well, let`s take two parts of that. From the inside, airlines are
trying to redouble their efforts to make sure that they are reemphasizing
customer service with their flight crews, gate agents, everybody in every
airline.

From the outside, as much as you`ll hear talk in Washington about let`s
have more rules for the airlines, that`s unlikely. You`re looking at a
Republican administration and a Republican-controlled Congress. They`re
not likely to be pushing for more regulation of any business. So, I think
that despite all of the bluster that we heard on Capitol Hill about get
your act together or else we will, we`re not going to see more regulations
for the airlines.

HERERA: What can we expect as we get closer to summer? I mean, this is
only the spring travel season and we`ve already had two high profile
incidents. What about summer?

LEBEAU: Yes. I think we`ll have more. I hope we don`t have more, but,
look, all it takes is for one person to snap when they`re on a packed plane
or can`t get their bag in the overhead compartment and everybody takes out
their cellphones.

Let me tell you, Sue, I`ve been on flights where I see somebody get a
little mouthy with the flight attendant, immediately everybody takes out
their cellphones. So, I would not be surprised if you see more of that
this summer. All it takes is one person and one incident, and the way
things are spreading on social media and the fact that the airlines are in
the target right now, I would not be surprised if we see more of these
incidents.

HERERA: Which means you`re going to be very busy, Phil. Thank you so
much.

LEBEAU: Yes, I will. You bet.

HERERA: And we want to hear your travel story. You can go to NIGHTLY
BUSINESS REPORT`s Facebook (NASDAQ:FB) page and give us your opinion on the
state of travel in the U.S.

MATHISEN: I`m going to take my seat and be quiet.

HERERA: And be quiet, yes.

MATHISEN: Yesterday, we told you Apple (NASDAQ:AAPL) was close, and today
the stock did it. Apple (NASDAQ:AAPL) closed at a record high, and the
company is now worth more than $800 billion. The first publicly traded
company ever to hit that mark.

HERERA: There were some reports last week that Apple (NASDAQ:AAPL) was
having a bit of trouble with a key feature in its next iPhone, the
fingerprint reader. But there may be other problems with those sensors.
New research found that the way smartphones read fingerprints could make
them vulnerable to hackers.

Andrea Day has our story.

(BEGIN VIDEOTAPE)

NASIR MEMON, NYU TANDON PROFESSOR: A fake hand with these master prints on
it, I could unlock 30, 40 percent of phones.

ANDREA DAY, NIGHTLY BUSINESS REPORT CORRESPONDENT: So, how unique are your
fingerprints? A team from NYU`s School of Engineering developed a master
print that mimicked random fingerprints and could potentially hack into
your device.

MEMON: At first, I didn`t believe it.

DAY: They didn`t test it using real phones. Only computer simulations,
but say it still raises questions.

MEMON: In order to unlock your phone, I don`t need your fingerprint. I
just need a master print, and I just have to do it once, then I`m in
business, just bring me phones and I keep unlocking them.

DAY: So, how does that work? The entire fingerprint would be tough to
match. But he says most devices only use small, partial print, making the
sensor much easier to fool.

MEMON: So, when you take a small part of it, then, that uniqueness tends
to go down.

DAY: And since he says most smartphones store multiple prints and give you
a few tries to unlock, that could open the door to hackers.

MEMON: I don`t have to get in through one window, but 30 windows, any one
of them is left open, and I`m in. So, to a security person, that`s a
problem.

DAY: But how this could work on a real device is still unclear.

MEMON: You may have to create a synthetic sort of fingerprint, a glove or
a synthetic hand which has these master prints on them.

DAY: Apple (NASDAQ:AAPL) posted the following online: Every fingerprint is
unique. So, it`s rare that even a small section of two separate
fingerprints are alike enough to register as a match. The probability of
this happening is one in 50,000 for one enrolled finger. It`s much better
than the odds of guessing a typical four-digit passcode.

In its latest android software, Google (NASDAQ:GOOG) requires less than
2,000ths of a percent failure rate for its fingerprint readers.

And Professor Memon says he still uses a fingerprint to unlock his device
and has no plans to change that. He says you may want to consider using a
print for things like banking and other big financial transactions.

For NIGHTLY BUSINESS REPORT, I`m Andrea Day.

(END VIDEOTAPE)

MATHISEN: Valeant posted its first profit in a year and a half. And
that`s where we begin tonight`s “Market Focus”.

The drug maker missed revenue expectations, but investors didn`t seem to
care. They were focused on the company`s stronger than expected earnings
which was helped or were helped by a tax benefit. Valeant also said it was
raising its profit guidance for 2017. And look at those shares, up 24
percent to $12.05.

Sanofi wants to put a cap on drug price hikes. The French pharmaceutical
company said under its new policy it plans to keep any increases this year
under the rate of health care inflation which is expected to hit about 5.5
percent, much higher than broad inflation. Sanofi shares rose almost 1
percent to $49.11.

And fewer stores in operation helped Office Depot (NYSE:ODP) keep costs in
check, resulting in earnings that rose and top estimates. The office
supply chain said it experienced lower in-store traffic, and that hurt
overall revenue and same-store sales. Still, shares up almost 3 percent to
$5.26.

HERERA: Discovery Communications (NASDAQ:DISCA) said higher distribution
fees and strength in its international networks helped the media company
grow its revenue. But the results missed analysts` estimates. Profit also
came in lower than expected with the company citing its investments in
solar power. Shares were off about 2 percent to $26.66.

SeaWorld reported lower attendance in the latest quarter, blaming a shift
in Easter and spring break schedules. The amusement park operator also
said the drop in visitors caused overall sales to fall. But the company
did post a narrower loss. SeaWorld shares rose 3 percent to $18.11.

And also after the bell, Yelp posted a loss better than Wall Street was
expecting but the company was disappointed with its revenue guidance. The
online review site missed sales expectations and said weakness would likely
continue throughout the year. Shares initially plunged after hours
following the news. They also ended the regular session down 2 percent to
$34.70.

MATHISEN: The CEO of UPS says there are growth opportunities abroad, in
particular in the Middle East. And today, the company said it will take on
a big project in Dubai, handling all of the logistics for the World Expo
2020.

(BEGIN VIDEO CLIP)

DAVID ABNEY, UPS CHAIRMAN & CEO: It`s going to give us name value in
places in Dubai, the UAE, the Middle East, and really all throughout the
world. And we really see this as a catalyst for growth, because when
businesses from all these countries come by, when they see our capabilities
here, they`re going to realize that we can also take care of their
logistics needs.

(END VIDEO CLIP)

MATHISEN: A hundred eighty countries are expected to participate in the
expo which will attract millions of visitors.

HERERA: And UPS isn`t the only package delivery company inking some
partnerships. FedEx (NYSE:FDX) today announced a big bet on the popularity
of golf. The company is extending its sponsorship of the PGA Tour for
another ten years, at a time when the sport has hit a bit of a rough patch.

Dominic Chu reports from Ponte Vedra Beach, Florida.

(BEGIN VIDEOTAPE)

DOMINIC CHU, NIGHTLY BUSINESS REPORT CORRESPONDENT: One of America`s
biggest companies is making a big bet on the popularity of golf. Shipping
and transportation giant FedEx (NYSE:FDX) just announced a deal to continue
sponsoring the PGA tour season-long FedEx (NYSE:FDX) Cup playoffs for
another ten years. Financial terms were not disclosed.

However, FedEx (NYSE:FDX) thinks any money is money well-spent.

DON COLLERAN, FEDEX EXECUTIVE VICE PRESIDENT: We have a benefit of ten
years of data that suggests this is a great deal. It`s a great deal for
our employees. It`s a great deal for our shareholders. And it`s a great
deal for our customers.

It aligns very much with our social responsibility platform. We love what
this platform brings for us in our alignment with PGA tour.

CHU: The sponsorship deal is the biggest ever for the PGA tour and it
comes at a time when the future of golf is in question. Last year saw the
bankruptcy of retailer Golfsmith and a move by athletic apparel giant Nike
(NYSE:NKE) to exit the golf equipment industry.

But this season has gotten off to a roaring start and a host of events that
have produced the most dramatic story line the game has seen in years.

JAY MONAHAN, PGA TOUR COMMISSIONER: It`s such an exciting time. Never in
our history have you seen the average age of a winner be as young as this
was we have 88 players in 23 countries. Week in and week out, we`ve gone
between ten and 15 players that have a shot to win midday on Sunday. And
you`ve got new personalities emerging, and that makes for some great
storytelling. There are a lot more players to come.

CHU: Competition is getting fiercer on tour, and a slew of young players
are bringing excitement to the game. It used to all be about Tiger Woods.
Today, the top golfers in the world are busy focusing on their own shot at
greatness.

DUSTIN JOHNSON, PROFESSIONAL GOLFER: The competition on the PGA Tour and
throughout the world is so deep and strong that, you know, it drives me to
continue to work hard, to continue to try to stay at that number one spot.
But it`s very tough to do that, because there are so many good players out
here on the PGA Tour.

CHU: According to golf industry research firm Golf Data Tech, 2016 marked
the first time we saw growth in the number of rounds played by Americans
for back to back years since before the financial crisis. And perhaps a
big sponsorship between a big company like FedEx (NYSE:FDX) and the PGA
Tour could go a long way towards fueling more popularity.

For NIGHTLY BUSINESS REPORT, I`m Dominic Chu, Ponte Vedra Beach, Florida.

(END VIDEOTAPE)

MATHISEN: Coming up, encore careers.

(BEGIN VIDEOTAPE)

KATE ROGERS, NIGHTLY BUSINESS REPORT CORRESPONDENT: I`m Kate Rogers
(NYSE:ROG) in Philadelphia. Tonight on NIGHTLY BUSINESS REPORT, we`ll tell
you why more baby boomers are opting out of retirement for a second act in
business.

(END VIDEO CLIP)

(MUSIC)

HERERA: An update now on a health insurance story we told you about last
month. BlueCross BlueShield will offer plans again in Knoxville next year.
The company said it made the decision to reenter the market even though
it`s still not convinced the markets are stable. It will also likely need
to offer high rates.

Last month, we reported that Humana (NYSE:HUM) was the only exchange
insurer in eastern Tennessee and that it was dropping out of the exchanges
in 2018.

MATHISEN: The mood of small business owners edged a little bit lower in
April, the third straight month of declines according to the survey by the
National Federation of Independent Business. Owners were discouraged with
Washington in action on taxes, health care and other issues. Despite the
decline, though, optimism overall remains at historically elevated levels.

HERERA: Well, retirement isn`t what it used to be. A growing number of
baby boomers are choosing entrepreneurship over leisure time, whether they
need to or they want to.

Kate Rogers (NYSE:ROG) is in Philadelphia tonight.

(BEGIN VIDEOTAPE)

ROGERS: Bryan Kravitz has seen his career come full circle. He begun
fixing typewriters in the 1970s and continued until computers came on the
scene. But much to his delight and surprise, typewriters are back in vogue
and Kravitz is in business for himself at age 67.

BRYAN KRAVITZ, PHILLY TYPEWRITER OWNER: I just feel really good. I get up
every day. I don`t want to sit around. I`m not going to — what am I —
what can I do, go to the golf course? No, not me. I want to do things.

ROGERS: He launched his business Philly Typewriter in 2015, fixing and
selling machines that date back to the 1920s. Kravitz worked for years in
marketing and direct mail, and said his experience in the workforce has
helped him with his latest venture.

KRAVITZ: I`m much more aware because I`ve had so many more experiences in
being in business and doing things with people.

ROGERS: While millennial entrepreneurs like Facebook`s Mark Zuckerberg
maybe grabbing headlines, 2015 data from the Kauffman Foundation found that
baby boomers rarely twice as likely as millennials to plan to launch their
own businesses.

Experts say the rise in boomer entrepreneurship is part of byproduct of the
financial crisis that decimated retirement savings of many, and part the
desire to remain active.

JODY HOLTZMAN, AARP MARKET INNOVATION SVP: Most older people approaching
the traditional retirement age are actually looking to stay active beyond
65. They miss the social aspect of work. They miss the purpose of work.

And work is an important emotional contribution to people`s sense of
identity. I don`t think that that, you know, disappears just because you
hit a particular chronological age.

ROGERS: Sixty-three-year-old Darrell Jennings launched his business,
American Music Furniture Company in 2013 and today has seven employees and
two co-owners, making humidifying cabinets for guitars. While he`s seen
success selling cabinets to musicians like Jason Isbell and Clay Cook from
Zack Brown Band, there are challenges in being an older entrepreneur.

DARRELL JENNINGS, AMERICAN MUSIC FURNITURE COMPANY: The biggest challenge
is the fact that you`re not going to make money for quite a while. If you
start a business, it always takes more money than you think it will. It
takes more time than you think it will.

ROGERS: But he has only one regret.

JENNINGS: I wish I had done it sooner.

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

(END VIDEOTAPE)

HERERA: And to read more about baby boomer entrepreneurs, head to our
website, NBR.com.

MATHISEN: Remember using typewriters?

HERERA: Yes, physically.

MATHISEN: The sound of the office was very different.

HERERA: The sound is always there. I kind of miss it.

MATHISEN: Yes.

HERERA: That does it for us on NIGHTLY BUSINESS REPORT tonight. I`m Sue
Herera. Thanks for joining us.

MATHISEN: And I`m Tyler Mathisen. Thanks from me as well. Have a great
evening, everybody. Hope to see you back here tomorrow night.

END

Nightly Business Report transcripts and video are available on-line post
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Business Report is not and should not be considered as investment advice.
(c) 2017 CNBC, Inc.

 

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