Transcript: Nightly Business Report – July 7, 2017

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

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Getting to work. The already
solid American job market got even stronger last month. But there`s still
one big problem.

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Face to face. President
Trump and President Putin meet for the first time and global investors
listen closely for signs of tension or progress.

HERERA: Writing on the wall. Graffiti artists used to run from the
police. Now, one is using her talents to run a growing business.

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Friday, July
7th.

MATHISEN: Good evening, everyone, and welcome.

American employers did a lot more hiring than expected last month. That`s
good news for job hunters and investors who saw stocks climb on the report.
According to the Labor Department, the U.S. economy added 222,000 jobs in
June. That was a lot more than the 174,000 expected. The unemployment
rate ticked a little higher to 4.4 percent but only because more people
joined the workforce.

Even though jobs appear plentiful, there is still one thing missing, and
that would be pay raises.

Hampton Pearson has more on the nation`s employment picture.

(BEGIN VIDEOTAPE)

HAMPTON PEARSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): Job
growth was widespread and back on track in June. The robust hiring
included 187,000 private sector jobs as well as big upward revisions for
April and May. The unemployment rate ticked up slightly to 4.4 percent
because more Americans began looking for work, but not all got hired.

Economists see a job market that`s still expanding.

MICHAEL STRAIN, AEI RESIDENT SCHOLAR: I see an economy that is solidly
performing month after month in a very stable way. I agree that there`s
still room to run.

PEARSON: But wage growth remains stagnant. Average hourly pay up just 2.5
percent over the last 12 months at $26 an hour. Meanwhile, job openings
topped 6 million in May, an all time high. It appears the influx of job
seekers last month offset pressures to raise wages. Economists say when it
comes to wages, employers have most of the leverage.

DAVID KELLY, JP MORGAN: Workers are very much alone in this economy. The
union movement has been decimated in the private sector. You know, instead
of negotiating with (INAUDIBLE). They negotiated with one worker.

PEARSON: Hiring was broad-based, with health care leading the way, adding
37,000 new workers. Another 36,000 persons found jobs at restaurants and
hotels. Government added an unusually high 35,000 new employees, almost
all of them at the local level. And for the first time since January, the
retail sector added jobs, 8,000 new hires.

For the moment, it`s the best of both worlds for the Federal Reserve.

JOHN SILVIA, WELLS FARGO SECURITIES CHIEF ECONOMIST: I think it eliminates
a lot of the recession discussions that some people were percolating in the
last month or so, and I think it solidifies market expectations on the Fed.

PEARSON (on camera): Those same leaning economists say it`s not the Fed,
but the fate of things like tax reform, health care and infrastructure
spending here on Capitol Hill that are the real keys to longer term
economic growth.

For NIGHTLY BUSINESS REPORT, I`m Hampton Pearson in Washington.

(END VIDEOTAPE)

HERERA: Mark Zandi joins us now for more discussion on the labor market
and the economy. He is the chief economist at Moody`s (NYSE:MCO)
Analytics. Good to see you, Mark. Welcome back.

MARK ZANDI, CHIEF ECONOMIST, MOODY`S ANALYTICS: Thanks, Sue.

HERERA: You know, as Hampton mentioned and I think you would agree, there
was strong and broad-based job creation. But we also had upward revisions
for previous reports, which seems pretty impressive.

ZANDI: Yes, very solid report. You know, average monthly job growth so
far this year is 180,000 jobs. That`s just about the same rate of job
growth we got last year in 2016. So, the job market is humming and, you
know, nothing is changing that. It`s humming along here.

MATHISEN: Why are there still so many unfilled jobs, Mark?

ZANDI: Well, we`re in a record number of unfilled jobs, Tyler. Businesses
can`t find qualified workers. We have a 4.4 percent unemployment rate.
Underemployment has declined to below 9 percent. These are consistent with
an economy that is at full employment. So —

(CROSSTALK)

MATHISEN: We need more people? Do we need more people?

ZANDI: We do. Yes, the only way to solve this problem if businesses are
going to find the people they need, the only solution at least in the
foreseeable future is to allow for more foreign immigration, which, of
course, that doesn`t fit with the current political environment. But
that`s really the only way. Without that, given the retiring boomers, the
labor market which is tight, is going to get tighter.

Businesses` number one problem is a lack of labor and that`s only going to
get worse.

HERERA: Yes. What about participation rate? In the past — in the past
six months to a year or so, it`s been a little bit worrisome. It`s been a
little low. Is it improving?

ZANDI: It`s stable. You know, so, it hasn`t moved for three or four
years. It`s just under 63 percent, which, you know, actually quite an
achievement given that the baby boom cohort, which is in their 50s, 60s and
now 70s, is retiring. So, all else being equal, because of that, the labor
force participation rate would fall two or three-tenths of a percent. But
the fact it`s stable means that we`re pulling in other disenfranchised
workers who were discouraged but now are finding jobs that are suitable and
are stepping back in.

So, the participation rate is stable. I don`t view that as an issue at
this point.

MATHISEN: You sort of characterize the labor market as tight and likely to
get tighter. That would suggest, wouldn`t it, that income gains would get
greater eventually. What is stalling them and do you expect income growth
to accelerate?

ZANDI: Yes, I do. So, first point, wage growth is accelerating. The
average hourly earnings measure that we look at in this report is probably
the worst measure to look at. Some of the better measures that account for
the composition of workforce show a definitive, clear acceleration. Now,
it`s slow, it`s slower than it has been historically, but it is
accelerating.

But I do think we should expect wage growth to be less than it has been
historically for two reasons. One, inflation is lower, because inflation
(INAUDIBLE) wage growth is going to be lower. And secondly, underlying
productivity growth is slower than it has been historically and, of course,
wage growth and productivity growth need to go hand in hand.

So I think the normalized level of wage growth going forward will be lower
than we have experienced historically.

HERERA: All right. Mark, we`ll leave it there. Have a great weekend.
Thanks again for joining us.

ZANDI: Yes, you, too. Thank you.

HERERA: Mark Zandi with Moody`s Analytics.

MATHISEN: Well, stocks started the day higher and basically stayed there,
following the release of that stronger than expected employment report.
Gains in financial stocks offset losses in energy companies which were
pressured by a drop in the price of oil. On this last trading day of the
week, the Dow Jones Industrials advanced 94 points to 21414, Nasdaq added
63, the S&P 500 was up 15. For the week, all three major indexes were
fractionally higher.

HERERA: The Federal Reserve released its outlook for the economy days
before Chair Janet Yellen is scheduled to give her semiannual report on
monetary policy to Congress. The central bank stuck to its script saying
economic growth will be steady, but slow. It`s also calling for a gradual
increase in interest rates, continued job market gains that will underpin
consumer spending, and it will begin winding down its balance sheet this
year.

The Fed chair is scheduled to testify before a House panel on Wednesday and
Senate on Thursday. Now, historically, this report has been released at
the same time as the hearing.

MATHISEN: It may be the handshake heard around the world. President Trump
and Russian President Vladimir Putin met in person for the first time
today. The meeting took place on the sidelines of the G20 summit in
Hamburg, Germany, where leaders of the wealthiest nations are meeting.

Eamon Javers has our report tonight.

(BEGIN VIDEOTAPE)

EAMON JAVERS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): It was
the most highly anticipated meeting of the G20. President Trump and
Russian President Putin addressed reporters before their closed door
conversation.

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: We`ve had some very, very
good talk. We`re going to have a talk now and, obviously, that will
continue. We look forward to a lot of very positive things happening for
Russia, for the United States, and for everybody concerned. And it`s an
honor to be with you.

VLADIMIR PUTIN, RUSSIAN PRESIDENT: Thank you. Thank you.

JAVERS: In an off-camera briefing following the more than two-hour
meeting, Secretary of State Rex Tillerson said the conversation was
constructive.

REX TILLERSON, SECRETARY OF STATSE: We`re unhappy. They`re unhappy. I
think the perspective of both of them was this is a really important
relationship — two largest nuclear powers in the world. It`s a really
important relationship. How do we start making this work? How doe live
with one another? How do we work with one another? We simply have to find
a way to go forward.

JAVERS: The U.S., Russia and Jordan agreed to back a ceasefire in
southwestern Syria, a topic Tillerson said the two spent a substantial
amount of time on. They also discussed North Korea, how to address cyber
threats, as well as Russian interference in the 2016 election, which
Tillerson said Putin denied.

TILLERSON: The two leaders agreed though that this is a substantial
hindrance, and the ability of us to move the Russian/U.S. relationship
forward.

JAVERS: All of those conversations taking place behind closed doors here
in Hamburg, in an atmosphere of intense security, protesters roaming the
streets here in the city, burning cars, throwing rocks, and bottles and
confronting police at intersection after intersection throughout the
downtown section of Hamburg today, protesting against global capitalism.

For NIGHTLY BUSINESS REPORT, I`m Eamon Javers in Germany.

(END VIDEOTAPE)

HERERA: Still ahead, buy and hold. Are you looking for stocks to own for
the long haul? Our market monitor has some names he says are not too
expensive and not too volatile.

(MUSIC)

HERERA: Are you fluent in more than one language? If the answer is yes,
there may be job opportunities for you for years to come.

Kate Rogers (NYSE:ROG) is outside United Nations in New York City with a
look at where the jobs are.

(BEGIN VIDEOTAPE)

JUTTA DIEL DOMINIQUE, CERTIFIED TRANSLATOR: I like finding the rhythm of
language.

KATE ROGERS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): Jutta
Diel Dominique grew up fascinated by foreign languages and decided in high
school she wanted a career in translation services.

DIEL DOMINIQUE: I`m a complete word nerd. I`m a language enthusiast and I
realize back then that I wanted to learn the English language. The nuts
and bolts of it, and I wanted to learn it to almost perfection, if that`s
even possible.

ROGERS: Nearly three decades later, she`s still at it, working as a
contractor translating English into German for automotive, medical,
electronic and tech companies. As a certified translator with the American
Translators Associations or ATA (NASDAQ:ATAI), Diel Dominique maintains her
credentials by attending conferences, workshops and continuing her
education.

DIEL DOMINIQUE: If you have the specialization and if you have the
training, the education, the experience, it is definitely a demand for very
highly trained translators.

ROGERS (on camera): Due to increased globalization, companies and
organizations like United Nations are seeking skilled translators and
interpreters. In fact, the ATA (NASDAQ:ATAI) says in the past few years,
the number of people working within translation industry has doubled.

(voice-over): Opportunities for those in the industry are endless,
contracted positions are becoming increasingly popular, giving companies
more flexibility. Highly skilled translators can easily make six figures
annually.

DAVID RUMSEY, PRESIDENT, AMERICAN TRANSLATORS ASSOCIATION: A lot of
companies are recognizing that there is a real benefit to offering their
products and services in another language. They`re basically responding to
the demand out there as the global economy becomes more interconnected.

ROGERS: The U.N. is currently looking to hire up to 50 or so new
translators to add to its ranks of 450 translators, editors and reporters
in New York City. Positions at the U.N. are highly coveted and translators
like Ghia El Bardan work on tight deadlines. El Bardan previously worked
as a translator in a peacekeeping mission in her country in Lebanon.
Today, she`s translating documents from English and French into her native
Arabic.

The pay off is getting to be a part of something greater than just one`s
own career.

GHIA EL BARDAN, UNITED NATIONS TRANSLATOR: I think the best part of the
job is the multicultural environment. We come from different cultures,
backgrounds, genders and age groups. And I think this is enriching on the
professional and the interpersonal level.

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

(END VIDEOTAPE)

HERERA: And to read more about jobs for translators, you can head to our
Web site, NBR.com.

MATHISEN: Boeing (NYSE:BA) sees a drop in jet deliveries and that is where
we begin tonight`s “Market Focus”.

The aerospace giant said it delivered 16 fewer planes in the second quarter
compared with the same time last year. The company also said it received
more than 200 orders during the same period. Boeing (NYSE:BA) shares rose
a fraction to $202.37.

We told you last night, it was close. Now, Berkshire Hathaway (NYSE:BRK.A)
way has agreed to pay $9 billion for the Energy Future Holding Company.
That`s the parent of Encore, which is one of the nation`s biggest power
transmission outfits. But Berkshire may face competition. “Reuters” said
the activist hedge fund Elliot Management is considering a rival bid.
Berkshire Hathaway`s A shares finished up slightly to a shade over
$256,000.

The snack company Mondelez said the cyber attack that targeted businesses
across the world would impact its financial results. The maker of Oreos
and Sour Patch Kids said the shipping and invoice issues it experienced
following the attack would cause revenue growth for the second quarter to
fall 3 percent. Mondelez shares were none the less up 16 cents on the
session to $43.22.

HERERA: Sears (NASDAQ:SHLD) is closing some more stores. The struggling
retailer said it will shutter eight Sears (NASDAQ:SHLD) and 35 unprofitable
K-mart stores by early October, as that company works on returning to
profitability. Sears (NASDAQ:SHLD) also said it will continue to open
smaller concept stores, which it says allows it to focus on its stronger
categories. The shares were off almost 2 percent to $7.78.

Aircraft component maker Rockwell Collins (NYSE:COL) is raising its share
buyback program by $200 million. The company expects the new authorization
to cover buybacks into 2018. Shares were unchanged in after-hour trading,
but they finished the regular session up nearly 1 percent to $106.36.

And the mobile software developer Synchronoss Technologies (NASDAQ:SNCR)
said last night that it may consider selling itself. The company said its
board of directors is evaluating potential strategic alternatives to
maximize shareholder value. The shares were up 4 percent to $16.50.

MATHISEN: And now to our market monitor, who likes large cap names he says
could be less volatile and cheaper than their peers in this market. Last
time he was on in November, he recommended Microsoft (NASDAQ:MSFT). It`s
up 18 percent. Johnson and Johnson, 11 percent higher. Cisco
(NASDAQ:CSCO) basically flat.

Andy Kapyrin is director of research at RegentAtlantic.

So, nice returns on two out of those three and Cisco (NASDAQ:CSCO) is just
kind of sitting there. What do you see, you like low volatility. Is that
a suggestion that you think volatility overall is going to pick up?

ANDY KAPYRIN, DIRECTOR OF RESEARCH, REGENTATLANTIC: I think market
volatility has actually already picked up over the past few weeks. And
really what`s happened is there`s a certain segment of the market, we call
them the FANG 2.0, Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN), Netflix
(NASDAQ:NFLX), Google (NASDAQ:GOOG) and now, Tesla, too, have really seen a
surge in their share prices and their valuations, but no corresponding
surge in their profitability, and that creates a very interesting
disconnect.

It means that, one, they fail to produce, or when they have any negative
news whatsoever, even small disappointments like we`ve seen in Tesla over
the past weeks, we could see some —

MATHISEN: Pulls the rug out from under the stock.

KAPYRIN: Exactly.

HERERA: Yes, it does.

The names that you have for us tonight are large companies. But they`re
basically in a better valuation than their peers.

KAPYRIN: They are.

HERERA: And Citi is your first pick. Why do you like it?

KAPYRIN: I like Citigroup (NYSE:C) a lot. Citigroup (NYSE:C) has lagged
behind its peers like other major banks, like JPMorgan (NYSE:JPM) and Wells
Fargo (NYSE:WFC). What`s interesting about Citi is they`re a completely
different bank from what they we in 2008. In 2008, they had to take on new
equity capital, their existing investors, and what did that do? They hurt
their existing investors, resulted in them owning a smaller share of the
pie.

What`s different today? Citi is a completely company. They have much
better capital. If you look at the Federal Reserve, the Fed did a stress
test of all the major banks just last week. And Citi passed with flying
colors. That is great news for Citi investors because that`s a green light
for Citi to start to hike its dividend and return more capital to
shareholders.

HERERA: Exactly.

MATHISEN: Number two is Total, the big French oil company. And why do you
like it at a time when oil prices, to put it kindly, have not actually been
rallying?

KAPYRIN: You know, I`m not an oil bull myself. So, why would I recommend
an oil stock? It`s precisely because I`m not an oil bull that I`m
recommending Total. There are oil companies that need a high price of oil
just to break-even, just to be able to keep their doors open for the next
few years.

Total is not one of them. At the super major, they have a low cost to
produce. They also diversified across other business opportunities. Not
only do they get the oil out of the ground, they also refined it into the
end product, which is a highly profitable business today.

HERERA: All right. We`re going to finish up with Apple (NASDAQ:AAPL). A
company that many —

MATHISEN: I never heard of it.

HERERA: Never heard, yes. Exactly, exactly. And it plays no role in our
life whatsoever, right?

MATHISEN: No.

HERERA: Almost — you know, it is the major player in the smartphone
market.

KAPYRIN: It is and it is actually single most valuable company in human
history.

HERERA: Yes.

KAPYRIN: So, why would I recommend if I`m a value investor? Well, that`s
because it`s profitability is high enough to match that market valuation.
If you compare it to other major technology stocks, even Microsoft
(NASDAQ:MSFT) and Cisco (NASDAQ:CSCO), which I still believe are good
values, Apple (NASDAQ:AAPL) is at a discount.

So what`s the trip for Apple (NASDAQ:AAPL)? What does Apple (NASDAQ:AAPL)
need to do to thread the needle? They need to — this is the tenth
anniversary of the iPhone.

HERERA: Right.

KAPYRIN: They need to create — they need to continue to innovate and
continue to really create a product that —

HERERA: How much upside do you think a stock like that, like Apple
(NASDAQ:AAPL) would have?

KAPYRIN: You know, it`s less upside from growing earnings. It`s more
about upside from maintaining earnings, which is actually easier to do.
Consumers are fickle, but they love their phones, and they get to upgrade
them every two years. So —

HERERA: There we go.

MATHISEN: We have to leave it there. Andy, thanks very much. Andy
Kapyrin with RegentAtlantic.

And coming up, graffiti, once a symbol of urban blight, is now the
cornerstone of a growing business that started with a bright idea. One
entrepreneur`s story is next.

(MUSIC)

HERERA: More than $5 million worth of baseball memorabilia heads to the
auction block for the MLB fan fest auction early next week. Robert Frank
got a look at the items in this growing asset class for collectors.

(BEGIN VIDEOTAPE)

DAVID HUNT, HUNT AUCTIONS PRESIDENT: This is a Babe Ruth game used bat
that he actually used. So, this in and of itself would be worth a six-
figure price.

ROBERT FRANK, NIGHTLY BUSINESS REPORT CORRESPONDENT: OK.

HUNT: What`s really unique about this particular example is it`s signed by
Babe Ruth —

FRANK: And Lou Gehrig.

HUNT: And Lou Gehrig.

FRANK: Wow.

HUNT: And to our knowledge, it`s the only game used at the time by both
players, estimated at $300,000 to $500,000.

FRANK: You`re selling a baseball card?

HUNT: We are.

FRANK: How much could a baseball card sell for?

HUNT: This one, Mickey Mantle`s rookie card, first year tops, 1952, the
estimate is $300,000 to $500,000.

FRANK: A half a million dollars for a baseball card?

HUNT: Again, we`re talking about an iconic, blue chip athlete, American
sports hero and piece that relates, it brings people back to a time that
they enjoyed.

FRANK: These are golden gloves literally.

HUNT: Yes, pretty unprecedented to have this many in one place. Robert
Clemente along with Willie Mays, the only two outfielders to ever win 12
gold gloves, certainly the most (INAUDIBLE) offering of its type that`s
ever heard at auction.

FRANK: Each of these and as a set, how much?

HUNT: Based on some comps and what we expect, they`re estimated at $50,000
to $100,000 each, and they`ll be sold individually. So, now, the game
becomes, will somebody sort of, you know, try to one up the other party,
buy the first one, and then succeed from there and keep going and control
the market.

It`s always really interesting when you get a group of significant pieces
of a similar nature like this to see how the gamesmanship will occur at the
auction itself.

FRANK: Right.

(END VIDEOTAPE)

HERERA: And late last week, actor Charlie Sheen auctioned off some of the
most prized Babe Ruth memorabilia for roughly $4 million. The items
included Ruth`s 1927 World Series ring and the 1919 contract of Ruth`s sale
from the Red Sox to the Yankees.

MATHISEN: Graffiti mushroomed in the 1970s and `80s, vandalism costing
billions to clean up, and much of it is still around. Indelible marks on
urban landscapes around the world.

And a New York City woman who once painted illegally at night is now
finding ways to use the lessons she learned in graffiti and the skills she
developed to build a legitimate business.

(BEGIN VIDEOTAPE)

CLAUDIA GOLD, FOUNDER AND OWNER, CLAW & CO.: I think we can cut it right
to the edge.

MATHISEN (voice-over): Twenty-five years ago, Claudia Gold, aka Claw,
never imagined a business rooted in graffiti.

GOLD: I would say you`re crazy. I`m a criminal.

MATHISEN: And she was. The 2005 documentary “Infamy” peeks at Claw`s
roughly 15 years on the run, multiple arrests for decorating, some would
say defacing everything from walls to trucks to security doors in New York
and L.A. She was a renegade and not only because of what she calls her
art. She was a woman in a male-dominated graffiti culture.

GOLD: Graffiti prepared me to like better handle business. You start at
the bottom and you have to really work your way up. Understand hard work,
being the best you can be.

MATHISEN: Claw began painting the word “claw” in the late 1980s, until one
day, she noticed that someone had painted over her work.

GOLD: He left the W. hanging out. And it was like one of those aha
moments where I said, I don`t have to write my name anymore.

MATHISEN: Painting thousands of claws over the years, gave Claw a
reputation that Claudia Gold longed for, working by day with fashion
designers as a stylist for films and photo shoots and as a magazine fashion
editor. She still sells her own vintage clothing at Claw and Company`s two
and a half-year-old store on Manhattan`s lower east side.

In the early 2000s, Claudia Gold`s world began to merge with her alter
ego`s world. Friends suggested putting the claw on t-shirts.

GOLD: In 2002, I did put it in a friend`s store and he called me back the
next day and said they were all gone. All of a sudden, I had a business.

MATHISEN: Soon, claw merchandise of all kinds was selling.

GOLD: These were all the rage. Kanye was wearing them, Rihanna, MIA wore
them —

MATHISEN: Gold says her wholesale business did a million dollars in sales
in 2007, just as the hip hop crowd brought street wear into the mainstream.
Sneaker brands looking for an authentic look, street cred began reaching
out to her.

GOLD: This was the first sneaker I did for Nike (NYSE:NKE), the Vandal.

MATHISEN: A second Nike (NYSE:NKE) sneaker followed. Heads turned into
the fashion world. There were deals with Fila, UGGs, Vans, and others.
She`s even designed a NASCAR and now in some places, painted walls are
becoming desirable. Starbucks (NASDAQ:SBUX) paid Claw to do a wall not far
from her store.

GOLD: I`m charging upwards of 10k per project, and it can go up to 100K
depending on the scope of the work.

UNIDENTIFIED MALE: Claw is a legend.

MATHISEN: The claws inspired a local restaurant owner Milan Kiles (ph) to
start getting approvals from building owners last year, aiming to make
Allen Street a public gallery. In just eight months, the New Allen Project
put up about 35 murals.

London`s Stik, a street artist known from Asia to Europe, painted a seven-
story Stik on Allen Street.

STIK, STREET ARTIST: Street art is the biggest in the world ever in terms
of the number of people involved and in terms of a number of people that it
reaches. We are part of a very important time in history.

MATHISEN: A time giving artists who began working in the shadows, at least
a measure of daylight.

GOLD: Graffiti is a huge art movement that will be looked at like the
Renaissance.

(END VIDEOTAPE)

MATHISEN: Time will tell I suppose.

Claudia Gold says she may be doing a wall for Nike (NYSE:NKE) at its
corporate campus in Oregon later this year, and STIK, whose studio works
have sold for tens of thousands of dollars, is selling some of the prep
work for that New York City wall to help fund a program that teaches
newcomers to speak English right there on Allen Street, the avenue of the
immigrants.

HERERA: What an unexpected story.

MATHISEN: Yes, very interesting.

HERERA: It`s great though. Very interesting.

That`s NIGHTLY BUSINESS REPORT for tonight. I`m Sue Herera. Thanks for
joining us.

MATHISEN: Thanks from me as well. I`m Tyler Mathisen. Have a great
weekend, everybody. We`ll see you Monday.

END

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