Transcript: Nightly Business Report – June 29, 2017

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

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Turbulent tech. The best
performing sector of the year so far has another rough day and dragged the
broader market down with it.

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Lacing up. Despite
intensifying competition, Nike (NYSE:NKE) surprises investors with better
than expected results. As demands grows in key markets around the world.

HERERA: Ten years ago, the iPhone revolution began, and it changed pretty
much everything about how we live our lives.

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Thursday,
June 29th.

Good evening, everybody. And welcome.

Tech stocks take a tumble. The sector that has soared past all others this
year came under renewed selling today led by the mega caps, Facebook
(NASDAQ:FB), Amazon (NASDAQ:AMZN), Netflix (NASDAQ:NFLX) and Google
(NASDAQ:GOOG). Weakness in technology put a dumper on the rally if
financial shares which were higher following the results of the stress test
that we told you about last night.

Today, the Dow Jones Industrial Average fell 167 points to 21287. It had
been down more than 250 points midday. The Nasdaq dropped 90, almost 1-1/2
percent. And S&P 500 was off 21.

And although today`s pullback may look concerning, it might not be as bad
as it appears.

Bob Pisani explains.

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: Today was anything but
a sleepy summer day for the stock market. The Dow plummeted as much as 257
points before recovering to end down 167 points, largely weighed down by
Apple (NASDAQ:AAPL), as tech stocks took another drubbing.

But for the moment, this doesn`t look so much like the start of a broader
sell off as it does a healthy rotation. Investors are moving money out
over-owned semi conductor stocks and the big tech names like Microsoft
(NASDAQ:MSFT) and Apple (NASDAQ:AAPL) and Google (NASDAQ:GOOG), and into
under-loved and beaten off sectors like banks and energy. Those were the
only two sectors in the green today and there`s some reason for that.

Bank stocks for example bounced after the Federal Reserve approved the
capital plans of all 34 banks under review in the second round of its bank
stress test. That hasn`t happened since the financial crisis back in 2008.
They`re raising all of the dividends.

Energy stocks like Chevron (NYSE:CVX) traded higher because crude oil price
are drifting back up towards a $45 a barrel mark. And beyond that, the
price of copper, a key industrial precious metal, has risen about 3 percent
this week and bond yields are also up 5 percent to levels not seen since
May, for the reflation trade here.

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

(END VIDEOTAPE)

HERERA: It looks like a slam dunk quarter for Nike (NYSE:NKE). The
world`s largest sportswear maker reported better than expected earnings.
Even in the face of increasing competition. The Dow component earned 60
cents in the most recent quarter, 10 cents above estimates. Revenue up 5
percent from a year ago to more than $8.5 billion. Investors liked the
result, sending the stock hire in initial afterhours trading as you see
right there.

Susan Li has more on Nike`s quarter.

(BEGIN VIDEOTAPE)

SUSAN LI, NIGHTLY BUSINESS REPORT CORRESPONDENT: Back to their winning
ways it seems for Nike (NYSE:NKE) after revenues came up short last
quarterly earnings. The North American market which had been lagging
Nike`s international business so far this year showing signs of life in the
quarter with revenues slightly higher than expected, while emerging market
sales were slightly less than anticipated and in just a few day`s time.

The world`s largest apparel maker is finally expected to sell their goods
directly Amazon (NASDAQ:AMZN), something Nike (NYSE:NKE) had resisted for a
long time, but now recognizing the change in consumer habits, so the swish
maker is finally embracing online direct selling.

Nike (NYSE:NKE) also announcing recently, a reduction in their headcount by
just around 2 percent. So, that`s about a thousand jobs being cut. And
they`re also reducing the number of styles they sell by a quarter in an
effort to streamline their operations.

But if there was a weaker point in this report card, it`s in the
inventories, going up 4 percent in the three months, where as we saw a
decline in the previous quarter. And some see inventories as maybe a sign
into the strength of sales.

For NIGHTLY BUSINESS REPORT, I`m Susan Li.

(END VIDEOTAPE)

HERERA: So, what does Nike`s earnings beat mean for the stock and your
investments?

Eric Ervin is president and CEO of Reality Shares and he joins us now to
discuss that.

Welcome, Eric. It`s nice to have you here.

ERIC ERVIN, PRESIDENT & CEO, REALITY SHARES: Thank you for having me.

HERERA: So, let`s start, first of all, with the report and I know your
index owns the stock. Would you be adding to your position at this point?

ERVIN: Yes. So, we`re a systematic investor. So, at Reality Shares, we
have to follow the rules. But the reason that Nike (NYSE:NKE) made it into
the indexes because of its strong history of dividend growth, as well its
future potential for growth. And if anything, this was just a sign that`s
going to continue into the future.

So, for individual investors thinking about how do I protect my investments
over time but also grow my income, Nike`s the perfect positioning for them.

MATHISEN: You know, as you look at some of the numbers in the report,
Susan Li just pointed out that inventory was up about 4 percent. That was
something that one of the analysts we spoke to earlier today was very
concerned about. He said watch the inventory number. If it`s growing if
in line with sales and this looks like it`s roughly in line, OK, but we`d
rather see it going down a little bit. Does that number give you any
concern?

ERVIN: No. And actually to that point, I think as long as it`s growing in
line or better or you know, shrinking, then both of those are good.

With Nike (NYSE:NKE), I think the biggest thing people have to concern
themselves about right now is international. I mean, imagine if you could
have owned Nike (NYSE:NKE) 20 years ago as they were penetrating the U.S.
basketball market, look at the emerging market sales just in this quarter
alone. It was up almost 21 percent. That`s going to continue as we see
this emerging market consumer just get wealthier and more sophisticated in
their buying habits.

HERERA: You listed a couple of things that you think will help the stock
going forward. One of which is the upcoming World Cup.

ERVIN: Yes, not just the upcoming World Cup, but the Olympics as well.
You know, so the Olympics are going to corporate this three-by-three
format, which is very popular in China, incredibly popular, and Nike
(NYSE:NKE) owns basketball. They just dominate.

So, not only do we have soccer, but we also have this global presence with
the basketball. It`s going to be very strong for Nike (NYSE:NKE).

MATHISEN: The three-by-three is a new basketball format. Not so big in
the U.S., but bigger around the world.

What about the U.S. competitive situation? You know, Adidas has been doing
very nicely. Under Armour (NYSE:UA) has hit some speed bumps. They don`t
own the space, but they`re certainly dominant Nike (NYSE:NKE), that is.

ERVIN: Yes. I think — I was on about two quarters ago and one of the
things I said was you never want to throw in the towel in Nike (NYSE:NKE).
That was when everyone was talking about how Under Armour (NYSE:UA) was
going to come in and start gobbling up market share. Nike (NYSE:NKE) just
continues to innovate and create new products and they really are a fashion
that doesn`t go out of style because they constantly figure out ways to
talk to their consumer and to surprise them and delight them. And that`s
what they`re going to continue to do here in this market.

HERERA: On that note, thank you, Eric, for joining us.

Eric Ervin —

ERVIN: You bet. Thanks for having me.

HERERA: — with Reality Shares.

MATHISEN: Well, there`s good news and some less good news on economic
growth. First the good, gross domestic product grew by more than expected,
at 1.4 percent in the first quarter. This is the final reading on it now.

Now the bad news: economy grew at just 1.4 percent. The reading was the
worst since the second quarter of last year. The White House wants to see
the economy grow upwards at 3 percent, a growth rate that has been achieved
in the U.S. since the 1990s.

HERERA: A Federal Reserve official does not support raising short-term
interest rates again this year. James Bullard, president of the St. Louis
Fed, said the current level of interest rates is appropriate for a low
growth, low inflation economy. And that he does not think the decline in
the unemployment rate would push up inflation all that dramatically.

MATHISEN: The multibillion dollar merger between two of the nation`s
largest drugstores has fallen apart, but not completely. Walgreens
scrapping its takeover for rival Rite Aid (NYSE:RAD) and instead, will buy
about half of its. That sent shares of Rite Aid (NYSE:RAD) down 26
percent, Walgreens up slightly.

Bertha Coombs has more on this unusual move.

(BEGIN VIDEOTAPE)

BERTHA COOMBS, NIGHTLY BUSINESS REPORT CORRESPONDENT: Walgreens and Rite
Aid (NYSE:RAD) say they decided to scrap their nearly $9.5 billion merger
deal because after 18 months of negotiating with regulators, it was clear
the deal would be blocked.

JOHN STANDLEY, CHAIRMAN & CEO, RITE AIDE CORPORATION: Based upon feedback
that we have received from the FTC that led us to believe that the FTC
would not approve the consummation of the merger.

COOMBS: Instead, Walgreens will buy about 2,200 Rite Aid (NYSE:RAD) stores
for around $5 billion and will give Rite Aid (NYSE:RAD) access to drugs at
a bigger discount through Walgreens wholesalers.

STEFANO PESSINA, CEO, WALGREENS BOOTS ALLIANCE: I am pleased to have once
again being proved right in my firm belief that, as the English say, where
there is a will, there is a way. That two willing partners can despite
adversity find a deal that delivers benefit for both. .

COOMBS: The firms say they structured the new deal around the antitrust
issues raised during their merger process, but analysts say the FTC may
still have concerns about consolidation.

EVAN HOFFMAN, IBISWORLD ANALYST: There could be some difficulty because it
doesn`t give Walgreens some more negotiation leverage in terms of
negotiating drug prices, things of that nature. It also gives them kind of
a competitive edge and grows their market share in the industry beyond what
they already have and they`re already the largest player there.

COOMBS: Walgreens CEO says this smaller deal will still help the company
achieve the growth it needs. An environment that could even get more
challenging with reports Amazon (NASDAQ:AMZN) is now exploring the pharmacy
business. Though Walgreens` chief expressed doubt.

PESSINA: I don`t believe that Amazon (NASDAQ:AMZN) will be interested in
the near future, in the next few years, in these markets because they have
so many opportunities, around the world and many categories which are much,
much simpler than health care, which is a very regulated business.

COOMBS: Rite Aid`s CEO laughed when asked about Amazon (NASDAQ:AMZN), but
said everyone in the industry is looking at selling prescriptions beyond
the pharmacy counters.

STANDLEY: I think all of us retailers have, you know, been trying to
figure out how to crack the code on that kind of economic model.

COOMBS: If approved, the firms expect the new deal to close within six
months.

Bertha Coombs, NIGHTLY BUSINESS REPORT, New York.

(END VIDEOTAPE)

HERERA: Still ahead, lawmakers are considering changing the way Americans
save for retirement.

(MUSIC)

HERERA: The Treasury Department is taking new steps to increase economic
pressure on North Korea. It is targeting a few Chinese entities including
small bank that allegedly acts as a conduit for illicit North Korean
financial activity, including facilitating transactions for the country`s
ballistics weapons program. Secretary Steven Mnuchin made it clear the
focus is on North Korea, not China.

(BEGIN VIDEO CLIP)

STEVEN MNUCHIN, TREASURY SECRETARY: We look forward to continuing working
closely with the government of China to stop illicit financing involving
North Korea. We are in no way targeting China with these actions. We will
be meeting with China and other countries of G-20 next week to further our
efforts to cut off North Korea`s illicit activities.

(END VIDEO CLIP)

HERERA: The White House also confirmed that President Trump will meet with
Russian President Putin at the G-20 gathering of world leaders.

MATHISEN: Republican senators are now negotiating changes to health care
legislation that would overhaul the industry. According to reports,
lawmakers are considering keeping the Affordable Care Act`s tax on
investment income. The nearly 4 percent tax would ensure there is funding
for subsidies for consumers who acquire insurance. According to the “Wall
Street Journal,” no final decision has been reached.

HERERA: Wall Street, as you know, has been focused on the prospect of tax
reform, a key part of the Trump agenda. And there is talk about potential
changes that could change the way you save for retirement.

Ylan Mui has the details.

(BEGIN VIDEOTAPE)

YLAN MUI, NIGHTLY BUSINESS REPORT CORRESPONDENT: The fight over tax reform
is starting to get personal. Much of the debate here in Washington has
focused on the need to overhaul the corporate tax code. But a new
coalition of consumers and industry groups is calling attention to the
prospect for major changes for individuals, particularly when it comes to
retirement.

(voice-over): That`s because the taxes you get to defer on retirement
savings are worth $584 billion in federal revenue through 2020.

Former Congressman Jim McCrery works with the Save Our Savings Coalition.
He called that a piggy bank that`s tough for lawmakers to resist.

JIM MCCRERY, SAVE OUR SAVINGS COALITION: Retirement security pot of money
is pretty big, in the United States. So if policymakers are looking for
revenue, to do a revenue neutral tax bill, for example, it`s a logical
place for them to look. .

MUI: In other words, if Washington wants to cut taxes, it needs to find a
way to pay for it. Among the proposals the coalition is concerned about,
limiting deductions for 401(k)s and IRAs, lowering the cap on how much
individuals can contribute and creating a new after-tax universal savings
account.

Romina Boccia is a policy expert from the conservative Heritage Foundation.
She said that Americans should be open to new ways to save for retirement.

ROMINA BOCCIA, HERITAGE FOUNDATION: Universal (NYSE:UVV) savings account
which has been proposed by Dave Brat and Jeff Flake, it allows them to
participate in our requirement savings system, while still being able to
gain access to those funds when they need them without having to pay a tax
penalty.

MUI: Now, a spokeswoman for the House tax writing committee did say that
401(k)s remain a critical savings tool. The White House has also said it
would preserve the 401(k) deduction.

But the coalition is still worried there`s wiggle room in those promises.
Seventy-five percent of private sector workers have access to a retirement
plan. So, any change to the system could be felt far and wide, and no one
can guarantee that retirement will be golden.

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

(END VIDEOTAPE)

HERERA: And to read more about how tax reform could potentially change the
way we save for retirement, you can head to our Web site, NBR.com.

MATHISEN: Constellation Brands (NYSE:STZ) sees better earnings on tap and
that is where we begin tonight`s “Market Focus”.

The liquor company raised its earnings outlook for the year following a
better than expected profit, helped in large part by strong beer sales.
Overall, revenue rose, but it wasn`t enough however to beat expectations.
Still, shares up 5 percent to $192.79.

The food giant Conagra saw its profit rise. It`s the maker of Slim Jims
and Reddi-wip, do not combine the two. They don`t go well together. They
cut cost and shed low margin products. Those results as well as total
sales matched analysts` estimates.

The company said it would buy back an additional 1 billion in shares.
That`s lot of Slim Jims. But shares took a hit because of Conagra`s lower
than expected margins, and a 2018 profit forecast that was below many
analyst`s projections. Shares were off about 3-1/2 percent at $36.08.

The meal delivery service, almost said male delivery service. The meal
delivery service Blue Apron began trading on the New York Stock Exchange
today, pricing its IPO at $10 a share, on the button. That was much lower
that the company`s initial range of $15 to $17 a share.

The company`s CEO says he still sees a lot of growth potential.

(BEGIN VIDEO CLIP)

MATT SALZBERG, BLUE APRON CEO: One of the big opportunities for Blue Apron
quite frankly going forward is to even grow that revenue generation for
customers by going into new categories, so we can sell more products to the
same customers we`ve already acquired and deliver and develop new products
for some of the customers today that we don`t currently serve.

(END VIDEO CLIP)

MATHISEN: All right. So, they opened at $10 a share. And they closed at
$10 a share. Ending the day flat.

HERERA: Twenty-First Century Fox`s nearly $12 billion deal to buy the rest
of European broadcaster Sky hit a roadblock today. British regulators
raised concerns that billionaire Fox owner, Rupert Murdoch, would have too
much control over the U.K. media. The deal will be examined by Britain`s
regulators. Shares of Twenty-First Century Fox rose 8 cents to $28.19.

The spice maker McCormick (NYSE:MKC) said acquisitions and new product
demand helped the company report higher than expected revenue. Profit also
came in ahead of forecast, but the company slashed its guidance for annual
operating income and earnings per share. And that sent shares lower by 3
percent to $95.36.

And the semiconductor maker Micron Technologies said cost cuts and improved
prices of memory chips helped sales grow and top estimates. The company
also beat earnings expectations and gave guidance for the current quarter
above forecasts. The shares were initially flat in after-hours trading but
ended the regular session down 2 percent $31.47.

MATHISEN: After calling Connecticut home for more than 160 years, Aetna
(NYSE:AET) is relocating its corporate headquarters to New York City. The
move comes as Connecticut faces budget deficit problems. The insurance
giant said it does plan to retain thousands of employees at its Hartford
campus. But it also noted that could change down the road depending on the
state`s economic health.

HERERA: New York City apartment prices get a new high. According to the
“Wall Street Journal,” apartment sales in the Big Apple (NASDAQ:AAPL) rose
20 percent in the second quarter compared to last year, making it the
strongest second quarter since 2008. The report noted that buying activity
though may be getting too cool as there are less new home contracts being
signed.

MATHISEN: The infrastructure in the country`s largest city is in such poor
shape that the governor declared a state of emergency. Andrew Cuomo of New
York plans to sign an executive order to accelerate efforts to improve the
city`s subway system and its service, including in this, needed repairs and
cars and other equipment. There have been lots of derailments lately.

The governor pledged to direct an additional billion dollars for capital
improvement. This comes just days after a subway train derailed,
increasing concerns that the system is not just unreliable and not on time,
but unsafe.

HERERA: Meantime, across the country in Los Angeles, a tunneling start up
began digging under the city to create a transportation network. Elon
Musk`s venture called the Boring Company, just completed the first segment
of the tunnel in L.A. Last month, Musk said that the first tunnel would
run from the airport known as LAX to Culver City, Santa Monica, Westwood
and Sherman Oaks. The plan calls for other tunnels to cover more of the
greater L.A. area.

MATHISEN: Maybe he wants to consider the name of the Boring Company. I
don`t know.

Coming up, in 10 years, the iPhone has transformed the way we live. It`s
created whole industries, disrupted businesses. So, what`s next for the
smart phone?

(MUSIC)

MATHISEN: Artificial intelligence will add nearly $16 trillion to the
global economy. According to a new report by PricewaterhouseCoopers, that
is the equivalent of boosting global GDP by as much as 14 percent by the
year 2030. The technology would increase productivity and spur shoppers to
spend more. The report calculates that shoppers driven to work by
autonomous cars will use their extra time and resources to buy more higher
quality goods.

HERERA: Ten years ago, people lined up to buy the first iPhone. No one
knew then what we would know now, and that is that it would change the way
we live and it would change the business world. It created entire
industries while crippling some others.

Josh Lipton takes a look at the device`s impact on just about everything.

(BEGIN VIDEOTAPE)

STEVE JOBS, FORMER CEO AND CO-FOUNDER, APPLE: An iPod, a phone, and an
Internet communicator. An iPod, a phone. Are you getting it?

JOSH LIPTON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): Not even
Steve Jobs could have known just how transformative this device could be.
Apple (NASDAQ:AAPL) has sold more than 1 billion iPhones and its flagship
product now accounts for the majority of its sales.

The iPhone didn`t just reinvent Apple (NASDAQ:AAPL). The product upended
and redefined many markets. It put an end to the flip phone and it made
the once ubiquitous BlackBerry all but obsolete. It also created an app
economy that is now valued at more than $1 trillion and it`s the App Store
that helped fuel the growth of so many young, mobile first companies from
Snap to Uber.

(on camera): So, what do consumers want to see from the iPhone 10 years
from now?

UNIDENTIFIED FEMALE: Facetime should be multi-way, like conference call.

UNIDENTIFIED FEMALE: It should be able to test for carcinogens (ph) in the
air, carcinogens in the food, making sure that air quality is good.

UNIDENTIFIED MALE: I would not like it to be integrated to the human body
yet. I heard some people say it will happen.

LIPTON: This anniversary comes at a critical time for Apple (NASDAQ:AAPL).
With iPhone sales coming off their first year of decline, but investors
have high hopes for that latest version of the iPhone expected in the fall.

For NIGHTLY BUSINESS REPORT, I`m Josh Lipton, San Francisco.

(END VIDEOTAPE)

MATHISEN: Apple`s smart phone is by some accounts, the mother of all
smartphones and a game changer for the industry. But with so many
smartphone makers in the market, what will this mean for the future of the
smartphone? And will it be even around in 10 years as we know it today?

Scott Stein is senior editor at CNET and he joins us now to discuss.

Scott, I heard someone say that the — ultimately, the smartphone won`t
even have a phone.

SCOTT STEIN, CNET SR. EDITOR: Well, that`s the question is. Will you
still be looking at a screen? I feel like that`s the part that could end
up looking really old-fashioned. As these devices connect easily to other
things, do you want to be looking at the screen or do you want to be
looking at the thing that connects to. And I think that`s the proposition
you see in smart home —

MATHISEN: Well, if it connects to my refrigerator, I don`t want to look at
my refrigerator. I`d rather look at the screen.

STEIN: Yes, I know. Me too.

But, you know, I think the idea of carrying a huge phone around with me is
not always that appealing. I would like it be able to, you know, be
smaller in some ways. I think it`s kind of ballooned in size and in
ambition.

The other question, too, is how much of that will be controlled outside of
screens. I mean, you see a lot of voice connected stuff and I feel like
that has is ups and downs, and it`s probably hitting a wall as far as how
many things you can do with it.

Apple (NASDAQ:AAPL) also is challenged as far as you know, the idea of
artificial intelligence, can they rise up against Google (NASDAQ:GOOG),
Amazon (NASDAQ:AMZN) and others and provide and prove to be a powerhouse in
the A.I. field. Also, what you can do with a screen and a phone, possibly
augmented reality, which is what Apple (NASDAQ:AAPL) is going towards.
Now, is that —

(CROSSTALK)

STEIN: Go ahead.

HERERA: Let me go back to something that you mentioned and that is the
voice controlled technology. Like the Alexas that are in the house. That
seems to be the most immediate challenge to me, to the iPhone and the other
smartphone makers. How do they either integrate that, go around it,
enterprise things that are better than that?

STEIN: It`s a good question. I think it`s a huge challenge. I mean,
Apple (NASDAQ:AAPL) Siri has a lot of issues. It doesn`t work well for me
a lot of the time.

And there`s also a war going on in voice-controlled tech where, you know,
whether you`re using Google (NASDAQ:GOOG) or Amazon (NASDAQ:AMZN) or Apple
(NASDAQ:AAPL), you`re picking one ecosystem and you can`t talk to multiple
A.I.s at once or multiple voices like you can launch apps. So, you know,
that`s something — and if Apple (NASDAQ:AAPL) launches more than one
device, which they will, with home pod sitting in the home and listening.

How do you handle, how do you talk and have one thing listen or have it do
things in an intelligent way. Apple (NASDAQ:AAPL) needs to tackle that and
everyone else needs to as well.

MATHISEN: Very quickly, the iPhone 8 is supposed to come out later this
year. What do you expect to see on it and will the changes be really
evolutionary and incremental, or they could be revolutionary?

STEIN: I think a lot of focus is going to be on the camera. Augmented
reality is something that Tim Cook and Apple (NASDAQ:AAPL) are talking a
lot about, and that`s going to be in OS. But the camera could actually
enable some more 3D scanning type capabilities. I would think that they
would push that maybe for the idea of — combined with A.I. to identify
things, to feel like a lens on the world, and to explore how it can map and
navigate your world.

MATHISEN: Right.

STEIN: That could be used in other types of tech, too. Sure, larger
screen and contactless, you know, wireless charging, but I think the camera
could stand the most improvements.

MATHISEN: All right. Scott, thanks very much. Appreciate your time.

STEIN: Yes, thanks.

MATHISEN: We`ll check back with you. Scott Stein with CNET.

HERERA: And that is 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. We`ll see you tomorrow.

END

END

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(c) 2017 CNBC, Inc.

 

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