Transcript: Nightly Business Report – July 14, 2017

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

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Record finish. Stocks
swing to new highs. But it wasn`t because of a rally in bank stocks, even
though some of the biggest ones easily beat earnings expectations.

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Reinventing America. How the
economy`s midsize cities across the country are being transformed by the
rise of online shopping.

MATHISEN: And the world is your lobster, especially in Maine, where
business is really booming.

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Friday, July
14th.

HERERA: Good evening, everybody, and welcome.

The Dow closed at its 25th record of the year. The S&P 500 is also at a
new high. We`ll have more on that in just a moment.

But we begin tonight with a big quarter for some of the biggest banks.
J.P. Morgan, Citigroup (NYSE:C), Wells Fargo (NYSE:WFC) and PNC Financial
all reported better than expected earnings. That`s the good news.

But there`s more to it. And it`s important to ups what`s happening in
that sector, which plays a vital role in the economy, fueling activity for
both households and businesses.

Today, those better than expected earnings were not enough to lift the
stocks, and they all finished lower.

Bob Pisani explains why.

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: All four banks
reporting today, J.P. Morgan, Citigroup (NYSE:C), Wells Fargo (NYSE:WFC)
and PNC, beat earnings expectation. So, why did they trade down today?

Well, there were several issues. First, trading activity in both stocks
and bonds was below expectation. You can blame that on the low volatility
we`ve seen for sometime now. Trading is a major source of revenue, often
dwarfing fees from other bank businesses.

Second, the economic data was disappointing. Consumer prices were weak,
which means inflation is still below the Fed`s target. That cause interest
rates to move down and lower interest rates means that banks will make less
profit from interest income, which is the difference between interest
earned on things like loans and interest paid on things like deposits.
Expect analysts to modestly lower expectations for the banks in the second
half of the year.

Finally, there`s a seasonal phenomenon. Bank stocks tend to move higher
in the month before J.P. Morgan reports and moves slightly down on the day
of the report and generally flat the whole month after, even as the rest of
the market moves up. It`s a fairly typical phenomenon for Wall Street.
Investors will typically buy on the rumor and sell on the news.

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

(END VIDEOTAPE)

MATHISEN: On Wall Street, stocks rose to those record on upbeat
expectations for earning season, and the S&P 500 recorded its best weekly
performance since late May. The Dow Jones industrial average advanced to
84 points to an all time closing high of 21.637. Nasdaq was up 38, and S&P
500 added 11, also a record. For the week, all of the major indexes gain
at least 1 percent. You`re richer at the end of the week than you were on
Monday.

And the biggest gainer on the Dow index today was Walmart. The company
got a vote of confidence from Goldman Sachs (NYSE:GS), which said the
discount retailer was well-equipped to hold its own against the growing
clout of Amazon (NASDAQ:AMZN).

HERERA: So, how does Walmart stack up against Amazon (NASDAQ:AMZN)? We
dug up some numbers and put them side by side.

(BEGIN VIDEOTAPE)

HERERA (voice-over): Walmart founded in 1962 has more than 11,000 stores
in 28 countries and more than 2 million employees. It`s still the world`s
biggest company by sales. More than $485 billion worth last year, but the
five year sales trend is relatively flat. Net income is more than $13
billion. But that number has been shrinking. It was $17 billion in 2013.

Walmart`s total market cap or the value of its outstanding shares is more
than $226 billion. Amazon (NASDAQ:AMZN), the online specialist, founded in
1994, just made a huge slash, announcing its intention to buy Whole Foods.
Its most recent annual sales, more than $135 billion and growing, up more
than 20 percent a year since 2012. Net income rose more than 300 percent
to more than two and a third billion.

With its stock price just above $1,000 a share, Amazon`s market cap t more
than $478 million dwarfs Walmart.

(END VIDEOTAPE)

MATHISEN: So, which retail giant will have the competitive edge with
consumers in the long run? Here to discuss that is Thom Blischok. He`s
the chairman and CEO of retail consulting firm, Dialogic (NASDAQ:DLGC)
Group.

Thom, welcome. Good to have you with us. Welcome back I should say, with
us earlier this week.

So, is there room of these two to coexist?

THOM BLISCHOK, CHAIRMAN & CEO, THE DIALOGIC GROUP: Oh, absolutely, Tyler.
Walmart is going to have 140 million people visit the stores this week, and
Amazon (NASDAQ:AMZN) has about 66 million subscribers for Amazon
(NASDAQ:AMZN) Prime.

Absolutely. Both of these folks are offering price and convenience.
Amazon (NASDAQ:AMZN) will offer convenience, first, price second. Walmart
offers convenience first, and price second. It`s a marvelous time to be in
retailing.

HERERA: Well, there are some who would disagree, saying that there isn`t
room for both of them because Amazon (NASDAQ:AMZN) seem to be kind of
eating every thing up. But the cultures of those two companies seem very
different to me, and maybe that`s how they coexist.

BLISCHOK: Well, they coexist by the fact that some shoppers are going to
buy online and some shoppers want to go to stores. We`re not going to see
the demise of stores the way many predict. I think there`s a strong
probability that both of these giants are not only going to survive, but
prosper in their respective markets.

Remember, Walmart is to America bricks and mortar, unparalleled. Amazon
(NASDAQ:AMZN) is to America online unparalleled.

MATHISEN: So talk to me about how the two companies are moving. Walmart,
obviously, by its investments in recent years, has put a bigger emphasis on
its online omni channel approach. At the same time, Amazon (NASDAQ:AMZN)
goes out and buys Whole Foods, which is a brick and mortar store. They`re
opening their own brick and mortar bookstores in some neighborhoods.

Talk me through that. Where does that lead?

BLISCHOK: So, let`s start with Walmart first. Walmart is a retailer
who`s moving to digital technologies. And with their acquisition of
jet.com really is in the sweet spot of how to play digitally. Amazon
(NASDAQ:AMZN) is a digital technology company who is moving into bricks and
mortar, recognizing that digital equals physical.

Both these organizations are attempting to understand how to balance their
approach to addressing the changing customer needs. Do I want to have
something deliver to home, do I want to go to the store? Both of them have
a tremendous opportunity to grow in this market space.

HERERA: Who do you think strategically has a better plan, longer term?
Or do they both have a good plan?

BLISCHOK: Sue, they both have a great plan. In the past couple of years,
Walmart has done a bang-up job on changing the in store experience. Amazon
(NASDAQ:AMZN) has done a bang-up job on something called anticipatory
forecasting, anticipating what should be in the market for the consumer.
Both of these folks are playing retailing from a different part of the end
zone and doing it very, very effectively.

MATHISEN: Do you — very quickly, do you worry as Sue pointed out in a
little set up piece, that Walmart`s profits are actually declining,
Amazon`s are growing, which is probably why it has the bigger stock market
value?

BLISCHOK: Well, let`s talk about prices declining. You know, we`ve been
in six months in food deflation in 2007–

MATHISEN: Profits declining. Not prices. Profits for Walmart.

BLISCHOK: I understand. So, Walmart continues to make investments in
various assets in the business, so does Amazon (NASDAQ:AMZN). Remember, in
Amazon (NASDAQ:AMZN), when we look at what Amazon (NASDAQ:AMZN) is selling,
it`s not only groceries. It would be fair to compare the grocery profits
of Amazon (NASDAQ:AMZN) to the grocery profits of Walmart. That would be a
little bit better balance from my perspective from a profit perspective.

MATHISEN: All right. Have to leave it there. Thom Blischok, we
appreciate you being with us twice in a week. Dialogic (NASDAQ:DLGC)
Group.

BLISCHOK: My pleasure. See you, guys. Bye.

HERERA: A Democratic U.S. congressman is calling for a hearing on
Amazon`s plan to acquire Whole Foods. Representative David Cicilline of
Rhode Island wants to look into the deal`s potential impact on customers.
In letter to the chair of House Judiciary Committee, he said the purchase
could impact neighborhood grocery stores. The deal must first be approved
by U.S. antitrust regulators.

MATHISEN: Retail sales fell for a second straight month. Consumers spent
less at restaurants, department stores, despite that healthy job market.
Commerce Department reports a decline of 0.2 percent in June. Expectations
for a slight increase. That report also shows that sales at non-store
retailers from places like Amazon (NASDAQ:AMZN) and other online stores
were up from last year.

HERERA: The fast growth in online shopping has led to the construction of
big warehouses or fulfillment centers that help retailers deliver those
items that you ordered quickly and all that building is transforming towns
and cities across America.

Aditi Roy is in Tracy, California.

(BEGIN VIDEOTAPE)

ADITI ROY, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): Downtown
Tracy, California, is busy, bustling and full of businesses. Its mayor
says these shops and restaurants are benefitting from what`s happening on
the outskirts of town. The industrial sector of Tracy is booming with
fulfillment centers from e-commerce companies like Amazon (NASDAQ:AMZN) and
Crate and Barrel.

ROBERT RICKMAN, TRACY MAYOR: The fulfillment centers and distribution
centers can ship their goods pretty much anywhere from here, in a very
short amount of time.

ROY: Drive through this part of town and you`ll see the massive modern
day warehouses dotting the streets. FedEx (NYSE:FDX) and Safeway
(NYSE:SWY) are among them.

Tracy, about 70 miles from San Francisco, is just one of the country`s hot
spots for fulfillment businesses. Other top regions include central New
Jersey, Lehigh Valley, Pennsylvania and Louisville, Kentucky. Midsized
cities that are right on the periphery of major metropolitan areas, where
land and operating costs are cheaper and labor is ample.

Here in Tracy, one expert estimates fulfillment centers have brought up to
10,000 new jobs of the county in the last five years. It`s also
diversified the economy of a town once known as a railroad hub, the local
headquarters for Southern (NYSE:SO) Pacific. Then, food manufacturers like
Hines and Holly (NYSE:HOC) Sugar moved into Tracy, also known for
agriculture.

RICKMAN: Those businesses have moved on, or closed, different type of
businesses have come and you start to see the distribution because of our
location.

ROY: The burst of new business has prompted the city to create this drone
video showing the city`s available commercial land to entice more companies
here. And while some critics argue that fulfillment center jobs which
typically average between $13 to $16 an hour, according to one expert, may
not provide enough to raise family, Tracy`s mayor says they still add
economic value.

RICKMAN: The people that come here in Tracy are not just from Tracy, but
throughout the region. And what that also does is, you know, it brings the
people in Tracy, it increases our daytime population, which in turn helps
us attract more businesses like restaurants and retail and commercial.

ROY (on camera): He also tells me that in the last quarter alone, the
city`s sales tax revenues went up 35 percent, which is helping build for
city parks and improve infrastructure.

For NIGHTLY BUSINESS REPORT, I`m Aditi Roy, Tracy, California.

(END VIDEOTAPE)

MATHISEN: Still ahead, want to be a landlord? A new company will tell
you whether it`s worth the risk.

(MUSIC)

HERERA: First time home buyers are showing more interest in making a
purchase. According to the “Wall Street Journal”, Google (NASDAQ:GOOG)
searches related to buying a first home are up double digits this year when
compared to a year earlier, and the National Association of Realtors says
first time buyers accounted for more than 30 percent of all home sales in
May despite rising prices and concerns over affordability.

MATHISEN: Seems like everyone you talk to today is toying with the idea
of being a landlord and why not. Demand for rental homes is high, but so
is the risk. Now, one company is trying to change that.

Diana Olick has our story.

(BEGIN VIDEOTAPE)

DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): Becoming
a landlord today looks like a no brainer. There are lots of companies to
help you buy, manage and renovate rental homes. And with home prices sky
high, demand for rental homes is stronger than ever. But not every
property will offer great returns and some could offer great risk,
especially if small investors continue to do it the old fashioned way.
That is invest in their own backyard.

GARY BEASLEY, ROOFSTOCK CEO: About 70 percent of the rental homes are
owned within an hour drive of where the investor lives, which is a horrible
diversification strategy if you think about it.

OLICK: So, Roofstock, an online marketplace for single family rental
homes, is launching a new rental index. It rates every neighborhood in the
nation for risk, 72,000 separate sets of tracks with about 1,500 homes per
track.

BEASLEY: What we`ve done take p that data and broken it down into really
little pieces and analyze a lot of things that influenced the
characteristics of that neighborhood. And these are things like, you know,
income levels, percentage of home ownership. Bachelor degrees, employment,
things like that.

OLICK: Competitors in the rental marketplace like Ten-X, HomeUnion and
Investability all offer data on investor returns for local markets. But
they don`t get as granular with the risk. Roofstock`s idea is to open up
the nation`s neighborhoods to all investors everywhere and give them a peek
inside, especially as more and more novices enter the market.

GLENN KELMAN, REDFIN CEO: It`s a new landlord nation where everybody is
renting out their basement. When somebody moves up, they don`t sell their
own place. They rent it out to somebody else.

OLICK (on camera): Whether it`s our own house or one in a neighborhood
nine states away, as an investor, weighing the risk is just as important as
calculating the reward. And as with everything else today, data and
technology are the keys to cash.

For NIGHTLY BUSINESS REPORT, I`m Diana Olick in Washington.

(END VIDEOTAPE)

MATHISEN: To read more about assessing your risk in becoming a landlord,
head to our Website, NBR.com.

HERERA: Sprint may be looking for investments from two corporate
heavyweights. That`s where we begin tonight`s “Market Focus”.

“The Wall Street Journal” says the telecom company met with billionaire
investor Warren Buffett and separately with media business giant John
Malone regarding a potential deal. The details are unknown, but the report
noted that Buffett could put more than $10 billion into a transaction.
Bloomberg also reported Buffett is considering vesting as much as $20
billion in Sprint. Sprint shares jumped 4 percent to $8.55.

The health insurer Anthem is suing Insys Therapeutics, alleging the
drugmaker lied to Anthem about patient`s diagnosis so that it could receive
reimbursements for its powerful opioid pain medicine Subsys. Anthem says
the fraudulent scheme cost it more than $19 million in reimbursement
payments. Insys has been under ongoing investigations for its sales and
marketing practices of Subsys. Anthem shares were up a penny to $192.56,
while shares of Insys fell 5 percent to $12.15.

MATHISEN: AstraZeneca has remained tight lipped on a report that said the
drugmaker CEO is planning to stay in his role at the company for the
foreseeable future. This news contrasts with earlier reports that the
chief executive was in talks to join the rival drugmaker Teva
Pharmaceuticals. AstraZeneca shares rose more than 4 percent on the news
to $33.87. Shares of Teva Pharmaceuticals down roughly 4 percent at
$31.90.

And shares of a data network company A10 Networks fell after the company
shook investors last night with its preliminary result. A10 said weaker
performance in its North America and Japan markets would cause sales this
quarter to come in nearly $10 million lighter than expected. The company
said profit will also come up short and shares of A10 did today, plunging
16 percent to $6.92.

HERERA: It is time for our market monitor, who has names of three
companies he says tend to raise dividends at a higher rate than the market
rate. Last time he was on September, he recommended American Tower
(NYSE:AMT), which was up 20 percent, Lowe`s, higher by 6 percent, and CVS
(NYSE:CVS), which is down by 13 percent.

Joining us is Mark Spellman, portfolio manager at Alpine Funds.

Mark, welcome back. Nice to have you here.

MARK SPELLMAN, PORTFOLIO MANAGER, ALPINE FUNDS: Thank you very much.

HERERA: Let`s get to your picks because one of them is still on the list
and that is Lowe`s.

SPELLMAN: Sure.

HERERA: You`ve been adding to positions here.

SPELLMAN: Yes, Lowe`s has started tout year doing very well. I think
somewhat at the expense of Sears (NASDAQ:SHLD) when it comes to appliance
sales. But in the last month, they`ve been caught up in Amazon
(NASDAQ:AMZN) is talking over the world worries that are going on in Wall
Street. We actually think Lowe`s is going to be able to compete quite well
with Amazon (NASDAQ:AMZN) going forward. It`s a company we think is going
to grow earnings by 15 percent moving forward. The dividend is 2.1
percent. They just last month raise its 17 percent. That`s a name we like
in our rising dividend fund right here.

MATHISEN: Let`s take a look at Cisco (NASDAQ:CSCO), which is your second
pick. I am impressed by a 3.7 percent yield on that stock.

SPELLMAN: Yes.

MATHISEN: I am less impressed by its historical returns over the past
decade.

SPELLMAN: Yes, it`s a company in transition for sure. It was the ruler
of the networking world, and it`s having a little harder time transitioning
to the data driven cloud world. We think they`re on the cusp for doing
that. You may have to wait a while, but that 3.7 percent dividend yield
you just mentioned is a pretty comfortable thing to sleep at night while
you`re waiting.

Now, mind you, in the last 14 months, that dividend is up 38 percent.
That`s an amazing statistic if you think about it. We like the stock. We
think it`s just too cheap right here.

HERERA: And speaking of dividends, the 5.4 percent yield on AT&T (NYSE:T)
has made it quite attractive to you.

SPELLMAN: Yes. Again, too cheap to ignore. The dividend is just too big
to ignore. We think there`s a couple of things going on there. People are
worried about the wireless business. We personally think there might be a
lag before the iPhone 8 hits this fall. That may be why the stock has been
underperforming. It`s down about 15 percent this year.

And then you add the Time Warner (NYSE:TWX) Communication deal that`s
supposed to close at the end of this year. We think that`s going to be
good for the name, very good for the stock. We like the stock.

MATHISEN: Let`s talk about one of your picks that is from the last time,
which was CVS (NYSE:CVS) Health.

SPELLMAN: Yes.

MATHISEN: Down this time. What do I do with it if I bought it?

SPELLMAN: Yes, if — we think you step aside. Now, that`s a name we
purchased, it was last year in September, prior to the Trump
administration. They`ve really made a focus on drug pricing and obviously,
60 percent of what CVS (NYSE:CVS) does is pharmacy benefit management.
It`s really up in the air how that`s going to fall out.

All we know is the rhetoric is certainly heavy against any kind of drug
pricing pushing companies to lower prices. We`re really not sure it`s
going to happen and that makes us pause and step aside.

HERERA: Very quickly, generally speaking, do you like the market at these
levels? I mean, we`re hitting records on a fairly frequent basis.

SPELLMAN: Yes, I think the big news this week is Janet Yellen saying
we`ve raised rates three times. And now, we`re going to take a pause.
Some of the economic data is a little bit soft. But some of the economic
data is very good — housing, home improvement, employment. They`re all
very good.

We`re optimistic on earnings going forward with historically very low.
Even though we`ve raised rates three times in the short period of time,
historically, very low rates when you think about it on the 10-year, 2.2,
we think — we`re still optimistic. We think — you earn a good sweet spot
here. A green light.

HERERA: All right. On that note, thanks so much, Mark.

SPELLMAN: Thank you.

HERERA: Mark Spellman with Alpine Funds.

Coming up, the big catch.

(BEGIN VIDEO CLIP)

CONTESSA BREWER, NIGHTLY BUSINESS REPORT CORRESPONDENT: Lobstermen are
experiencing record harvests. I`m Contessa Brewer off the coast of Maine.
We`ll tell you how they`re opening new markets and creating new demand to
keep prices steady.

(END VIDEO CLIP)

(MUSIC)

MATHISEN: The latest report card on airline service in America shows
passengers arriving a little later, complaining a little more. Still, the
industry is enjoying a rebound, thanks to strong demand.

Phil LeBeau takes a look at the state of the airlines in the U.S.

(BEGIN VIDEOTAPE)

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): With a
number of flights in the U.S. close to a record high, it`s not surprising
to see fewer flights arriving on time. For almost four out of every five
flights were on time in May, some airlines did much better than that.

As is often the case, Hawaiian (NASDAQ:HA) Airlines had the highest on
time arrival rate in the industry. Just ahead of Delta, Alaska, SkyWest
(NASDAQ:SKYW) and United. By comparison, other airlines including Spirit,
Jet Blue and Virgin America struggled in May.

But the real story for passengers this spring was the scrutiny airlines
were facing for high profile altercations. That includes a family being
bumped from a Delta flight and releasing a video of their confrontation
with the flight crew. That story in early May dominated the headlines,
which could explain why passenger complaints in May jumped 56 percent
compared to the same time in 2016. It was the second straight month where
DOT saw a surge in airline complaints.

But whatever issues Americans have with flying, it`s not stopping them
from getting in board. In fact, demand remains strong.

(on camera): Which explains why the airlines are expected to report solid
profits for the second quarter. Next up, United Airlines, which will be
reporting its second quarter earnings next week.

Phil LeBeau, NIGHTLY BUSINESS REPORT, Chicago.

(END VIDEOTAPE)

HERERA: Are you traveling to Maine? Well, if the answer is yes, you`ll
probably dine on some lobster, which is seeing record demand and not just
in the U.S. International consumers have developed a taste for it as well.
And that means big business for lobstermen on the coast of Maine.

Contessa Brewer has our story.

(BEGIN VIDEOTAPE)

BREWER (voice-over): Jack Thomas has been lobstering since he was 14
years old and though he has a day job as a financial adviser, in the
morning, he`s out checking his traps. These days, he`s really hauling them
in.

JACK THOMAS, LOBSTERMAN: The last couple of years have been record years
for me.

BREWER: U.S. lobstermen have quintupled their catch over the last 30
years. Last year, bringing in a record 131 million lobster, more than 80
percent of that came from Maine. In 2012, a historic harvest sent prices
plummeting. The industry responded with a big push into new foreign
markets.

DICKIE BLACK, LOBSTERMAN: China saved our bait. The price was at a low.
I think the statewide average was 269. We aggressively opened the market
over there and it became very popular within the middle class.

BREWER: And demand in China keeps growing. From 1.3 million lobster in
2010 to more than 84 million last year. A pound and a half lobster will
fetch as much as $100 at a Chinese celebration. Its popular because its
name means dragon, it resembles the mythical creature and when cooked,
turns the lucky color, red.

Distributors are also marketing Maine lobster to families as a clean
source of quality protein.

LYLE BROWN, MAINE COAST COMPANY: If we want to continue to develop those
market, we have to provide a premium product. And that means a lobster
that arrives whole, that has been kept in temperature, and has been
hydrated, you know, it doesn`t spend too long out of the water.

BREWER: Distributors are conquering the logistical challenges,
controlling transit times, temperatures and delicate handling essential to
live lobster. And now, the industry is moving more processed and frozen
lobster.

ANNIE TSELIKIS, MAINE COAST COMPANY: There`s a lot of investment in
processing. What a processor does is take a live lobster and extend the
shelf life of it.

BREWER: And now, the industry is teaching chefs how to use that product
in innovative dishes.

(on camera): And it`s not just about finding new international customers
for the lobster. The industry is also trying to build more demand in the
United States.

MATT JACOBSON, MAINE LOBSTER COLLABORATIVE: People care about who catches
their food. Our lobstermen are some of the best people on the planet. And
so, telling their stories matters a lot.

BREWER (voice-over): So, lobstermen fly to events around the country to
meet chefs face-to-face, talking about sustainability. That commitment
began more than a century ago, with lobstermen throwing back undersize or
oversize lobster and leaving the egg bearing females. Lobster flourish as
other industries overfished, predator species like haddock.

THOMAS: The whole industry started with by you know, fathers, son,
daughters, getting into the business. And teaching here, this is how you
do it. This is the proper way. Take care of it so you can have it for
tomorrow.

BREWER (on camera): Lobstermen are hoping that by finding new markets and
new customers, it means that this will be an industry that thrives for
generations to come.

For NIGHTLY BUSINESS REPORT, I`m Contessa Brewer off the coast of Maine.

(END VIDEOTAPE)

HERERA: It makes you hungry.

MATHISEN: Contessa is a hands-on reporter there.

HERERA: She certainly is. Maine is so beautiful. One of my favorite
states.

Well, that will do it for us tonight. I`m Sue Herera. Thanks for joining
us.

MATHISEN: I`m Tyler Mathisen. Thanks from me as well. Have a great
weekend, everybody, and we`ll see you right back here on Monday evening.

END

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Business Report is not and should not be considered as investment advice.
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