Transcript: Nightly Business Report – August 23, 2017

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

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Rally fades. The optimism of
yesterday did not carry through to today. Will a global meeting of central
bankers help the week lift the mood?

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: And teaming up. The
world`s largest retailer and the world`s largest search engine are getting
together to mount a challenge to Amazon (NASDAQ:AMZN) and change the way we
shop.

HERERA: Lotto-mania. Haven`t bought a Powerball ticket yet? There are
700 million reasons why you might want to.

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Wednesday,
August 23rd.

MATHISEN: Good evening, everyone, and welcome.

Stocks fizzle after yesterday`s sizzle. Today`s selling, a day after the
largest one day gain since April, may have been due in part to comments
made last night by the president. He says he`s ready to shut down the
government unless Congress passes funding for a border wall with Mexico.
One analyst called the comments unsettling, noting that they`re not good
for the investing environment. The deadline to pass a spending measure is
at the end of next month, while at the same time lawmakers face a deadline
to raise the nation`s debt limit. That`s a much more serious issue for the
markets.

Today, Fitch ratings agency said the country`s AAA rating is at risk if the
debt selling is not raised. And that took some wind out of the market.
The Dow Jones Industrials is down 87 to 28812, the NASDAQ off 19, the S&P
500 lost eight.

And with the shadow of Washington hanging over the market, attention today
also turned to Jackson Hole, Wyoming, where central bankers are getting
ready to meet later this week. And the gathering comes at a critical time
for investors.

Bob Pisani explains.

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: It was a quiet day, but
the trading action could pick up later this week when the Federal Reserve
meets with global central bankers for their annual Jackson Hole symposium.
The focus will be on Fed Chair Janet Yellen and ECB President Mario Draghi
on Friday. And while we`ve already been told to expect no surprises from
Draghi, the euro could rally amid discussion a timetable for the unwinding
the ECB`s bond-buying program. We`ll see about that.

In fact, we might be in for a battle between the euro and the dollar as the
two banks will to rein stimulus, it`s a big issue for a while now on where
the central banks are going now. This meeting also marks the end of an era
of easy money and possibly, possibly Janet Yellen`s tenure as the Fed
chair. The Feds facing a dilemma right now, because even though the
unemployment rate is at a 16-year low, inflation is barely budging. If
Yellen expresses any bit of confidence that inflation will pick up in the
next few months, despite the energy and retail prices, the market could be
in for a little bit of a surprise.

Now, New York Fed President Bill Dudley, who is a close ally of Yellen`s,
said just last week that he still favors a third rate hike this year and
expects to see firmer wage gains push inflation up toward the Feds` 2
percent objective.

The other big question mark is the possibility of a U.S. government
shutdown. President Donald Trump`s comment about building a wall even if
it means shutting the government down clearly has the market on edge today,
but could that worry the Fed enough to put another rate hike on hold? Not
sure about that, but it`s doubtful. Right now, the markets are putting the
odds of a December rate hike at 40 percent.

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

(END VIDEOTAPE)

HERERA: So, with central bankers meeting later this week, should you now
shift your attention away from Washington to the Fed and the economy?

Michael Yoshikami, founder and CEO of Destination Wealth Management, joins
us to talk about that.

Good to see you as always, Michael. Welcome back.

MCHAEL YOSHIKAMI, FOUNDER & CEO, DESTINATION WEALTH MANAGEMENT: Thank you,
Sue. Good to see you.

HERERA: I think one of the problems of trying to shift away from
Washington is some of the things that the president brought up are so very
important to Wall Street, like the debt limit, like the government shutdown
and the like. How do you make that pivot from Washington to the Fed?

YOSHIKAMI: So, here`s the question. If you think about it from an
investment standpoint, if there is a government shutdown, let`s just say,
for example, there is a government shutdown, how long do we really think
that`s going to last? Do we think it`s going to last a day, an hour, a
month?

I think it`s going to be very short term, if at all. And I think that`s
what investors right now are starting to focus on which is, yes, a shutdown
might occur for a day or three hours. But in the end, interest rates are
low, the ten-year treasury is below 2.2 percent at this point. We have
reasonable earnings numbers. So, I think investors really are focusing
more on economic fundamentals.

MATHISEN: Let`s turn to the debates that will take place this weekend —
or later this week at Jackson Hole. “The Wall Street Journal” had a story
this morning, this is one of the rare times in recent history that
virtually all the major economies around the world are doing well at the
same time.

Have the central bankers mostly got it right? Should they just leave
things the way they`re doing them now?

YOSHIKAMI: Well, you know, from our view, Tyler, yes, they should. I
still think the economy, even though the U.S. economy is doing better, I
don`t think things are great. And as you correctly point out, many
economies around the world are doing fairly well. But I think it`s really
very fragile, particularly given the geopolitical situations that we face
from a terror standpoint, issues related to dislocation and technology in
terms of how it`s changing industries.

So, I think at this point it`s probably wise they stay on a course where
they`re less aggressive in terms of raising rates as to what most people
thought they would do six or 12 months ago.

HERERA: So, what does that mean for stock markets, not only around the
world, but for our stock market in particular? Because some of those
external events tend to whipsaw stocks. But, overall, the market has been
doing extremely well.

YOSHIKAMI: Well, I just got off the phone with someone just an hour ago
asking me that exact same question, which is what do we do if, for example,
the markets have a swoon because of some political news, maybe a government
shutdown? In our view, if you`re buying assets that have reasonable
valuations and you see a swoon in the market, this is an opportunity.
We`re still constructive about stocks. We don`t think that they`re cheap
by any stretch. But relatively to say, fixed income assets, I think there
are opportunities out there.

So, I would look at dips in the market and people say this, but it`s really
very true. Dips in the market is a buying opportunity.

HERERA: On that note, Michael, thank you very much.

YOSHIKAMI: All right. Thanks, Sue.

HERERA: Michael Yoshikami with Destination Wealth Management.

MATHISEN: Well, the housing market stumbled just a bit today. New home
sales unexpectedly fell in July. A 7-month low even as prices surged and
that is raising concerns that the housing recovery could be slowing.

Diana Olick takes a look.

(BEGIN VIDEOTAPE)

DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): Newly
built homes are more expensive than ever before. They`re also more
expensive when compared to similarly existing homes than they`ve ever been
before. And that is why sales are suffering, dropping about 9 percent in
July compared to June and compared to July of last year, according to the
U.S. Census.

They are simply out of reach for too many potential buyers. It is even
more apparent in a simple map. Sales fell more in the Northeast and the
West where homes are more expensive.

KENNETH ZENER, KEYBANC CAPITAL MARKETS: People are actually going where
homes are more affordable and you`re seeing slightly activity in most
costly markets.

OLICK: The median price of a newly built home jumped over 6 percent to
$713,000. It is the highest July price on record. Affordability is
clearly rearing its head here. This as the supply of newly built homes
rose.

You shouldn`t be seeing both price and supply rise together. Existing home
supply is extremely weak and builders should benefit from that. But demand
is mostly on the lower end, where builders say they can`t afford to put up
cheaper homes due to higher construction costs.

(on camera): Buyers have always paid a premium for new construction over
similar existing homes, historically about 10 percent to 20 percent more.
But in the last six years, that premium has more than doubled.

ROBERT SHILLER, CASE-SHILLER INDEX C-FOUNDER: Maybe builders have
misjudged the market and priced at a little higher rate. I think people
are holding back a little bit.

OLICK (voice-over): But if builders don`t bring their prices down soon,
they may see their houses sit unsold.

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

(END VIDEOTAPE)

HERERA: The home improvement boom did not help Lowe`s in its most recent
quarter. That retailer reported lower than expected earnings and warned of
slower growth and profit margins. This as it spends more on marketing and
staffing. Lowe`s plans to increase employee hours during peak times as
competition with rival Home Depot (NYSE:HD) intensifies. But investors
focused on the disappointing outlook, and that sent shares lower on the
day.

MATHISEN: Walmart and Google (NASDAQ:GOOG) joining forces to take on
Amazon (NASDAQ:AMZN). Starting next month, shoppers will be able to buy
products using Google`s voice activated assistant, the Echo or Alexa. The
decision is aimed squarely at the future of retailing and targets the
growing users of voice-activated shopping devices.

Courtney Reagan has more.

(BEGIN VIDEOTAPE)

COURTNEY REAGAN, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): Watch
out, Amazon (NASDAQ:AMZN). Alexa is getting more competition as two big
companies team up.

Starting next month, consumers that have Google`s home assistant will be
able to place Walmart orders for hundreds of thousands of items by using
only their voice. While Google (NASDAQ:GOOG) already partners with about
40 retailers like Target (NYSE:TGT), Costco (NASDAQ:COST) and Whole Foods,
Walmart is the first to offer linking your purchase account history with
Google`s home assistance, allowing shoppers to simply order detergent,
prompting the assistant to offer you Tide plus Febreze liquid laundry
detergent, 92 ounces, based on what you purchased before instead of
guessing.

Which is why Walmart`s e-commerce CEO Marc Lore says easy reordering is one
of the best features. Although Amazon`s Alexa assistant already has the
intelligence of your account history.

ED YRUMA, KEYBANC: Three, four years ago, it was clear that Amazon
(NASDAQ:AMZN) was the undisputed leader in innovation retail, and I think,
now, you have a Walmart that is incredibly aggressive with innovating.
They`re clearly following a lot of Amazon`s moves and in some areas become
more innovative than Amazon (NASDAQ:AMZN). So, it`s gone from kind of one
person leading the pack to a two-horse race.

REAGAN (on camera): E-marketer estimates that only about 11 percent of
Americans use a voice-activated assistant one time or more a month right
now. But of those that do, more than 70 percent are talking to Amazon`s
Alexa. Less than a quarter are talking to Google (NASDAQ:GOOG).

BUDD BUGATCH, RAYMOND JAMES: Over the foreseeable future, you`ll see more
voice ordering and I think that will be may be the new mobile as you go
down the next five to ten years.

REAGAN: I asked Walmart`s Marc Lore how valuable voice-activated ordering
is. He says its early days now, but thinks one day, as the experience
improves, and as artificial intelligence continues to get better, I do see
this as being a primary way for consumers to shop under certain conditions
and under certain cases.

While Walmart will get the benefit of being the first to order history with
Google (NASDAQ:GOOG), Google (NASDAQ:GOOG) Express (NYSE:EXPR) general
manager Brian Elliott tells me there is nothing preventing other retailers
from doing the same, even, he says, if Amazon (NASDAQ:AMZN) wanted to be an
order option on Google (NASDAQ:GOOG) Home.

For NIGHTLY BUSINESS REPORT, I`m Courtney Reagan.

(END VIDEOTAPE)

HERERA: Amazon`s proposed takeover of Whole Foods took another step
forward. Shareholders of the organic grocer approved the nearly $14
billion deal. Regulators also cleared the merger, saying it does not need
further antitrust scrutiny. Both companies hope to close the deal before
the end of the year. The takeover is the biggest U.S. retail merger so far
this year, and it would be the third largest since 1995.

MATHISEN: Well, Amazon (NASDAQ:AMZN) is one of the reason why the world`s
biggest ad agency is cutting its revenue forecast. WPP (NASDAQ:WPPGY) CEO
said some of its clients, mainly packaged good companies, are coming under
pressure from technological disruptions like Amazon (NASDAQ:AMZN), as well
as from activist investors. Now, many of those packaged good companies
have big marketing budgets which are starting to cut.

(BEGIN VIDEO CLIP)

SIR MARTIN SORRELL, WPP (NASDAQ:WPPGY) CEO: I think there are three forces
at work here. First is digital disruption which is not a threat to the
industry. It`s an opportunity more than a threat. The second thing is
activist investors are taking positions particularly in packaged goods
companies which put them under short-term pressure, and then the third
force here is the zero-based budgeters who, again, using low capital money,
cheap money, which we`ve had since Lehman (ph) started to acquire companies
and take positions in companies, again putting them on short impression.

(END VIDEO CLIP)

MATHISEN: Shares of WPP (NASDAQ:WPPGY) fell more than 11 percent in
trading today.

HERERA: Still ahead, big rigs are going high tech.

(BEGIN VIDEO CLIP)

MORGAN BRENNAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: You could call it a
beer run (ph) literally. We`re going to be getting inside this truck as it
transports 2,000 cases of Budweiser. We`re looking at technology and how
it is transforming this $700 billion trucking industry. That`s coming up
on NIGHTLY BUSINESS REPORT.

(END VIDEO CLIP)

MATHISEN: A new report finds that collision avoidance systems are
drastically cutting the number of accidents and crashes with injuries.
According to the Insurance Institute for Highway Safety, lane departure
warnings are lowering rates of single vehicle sideswipes and head-on
crashes by roughly 10 percent. Also cut the rates of injury crashes by
about 20 percent. The study analyzed more than 5,000 accidents in 2015.

HERERA: Technology is also helping to streamline the trucking industry.
An app is helping to match empty trucks with freight that needs to be
hauled, so goods can be moved from place to place more efficiently.

Morgan Brennan takes a look at the trucking industry`s Uberization from
Newark, New Jersey.

(BEGIN VIDEOTAPE)

BRENNAN (voice-over): William Lugo has been hauling freight with his own
semi for 24 years. Six months ago, he started to use an app on his
smartphone to find shipments needed on a truck.

WILLIAM LUGO, N&W TRUCKING OWNER: Before everything, I had to more on
manually as far as paperwork. A lot of down time before this. Now,
technology makes it a lot easier to — between loading, unloading.

BRENNAN: Call it the Uberization of trucking, a technological shift two
dozen years in the making that`s shaking up the $700 billion trucking
industry. User-friendly apps running on the Cloud powered by algorithms
that connect a shipper with available truckers at a market competitive
rate.

(on camera): Take this big right we`re riding in right now. The load its
transporting was brokered using Convoy, the Seattle-based startup that`s
raised capital form the likes of Jeff Bezos Bill Gates, and Marc Benioff.

(voice-over): The app connected Lugo with Anheuser Busch who needed to
move 2,000 cases of Budweiser from its Newark brewery to a distribution
center in the Bronx. The beer maker says this new technology is making its
supply chain more efficient.

UNIDENTIFIED MALE: It`s really rich contextual data so that we can learn
more about our business. For example, we can understand where we`re
delaying drivers at pickup, or we can see the truck as it evolves and
delivers along a map along its route to delivery.

BRENNAN: The move toward automation represents a big change in how
truckloads are brokered, a business that has always relied on people,
relationships, the phone, even fax machines to match freight to trucks.

And Convoy isn`t alone. Uber launched a service earlier this year. Amazon
(NASDAQ:AMZN) is exploring the space, and other startups include LoadSmart
and Transfix, which Anheuser also uses.

But traditional brokers like CH Robinson, J.B. Hunt and Echo Logistics have
been investing in new technology as well. C.H. Robinson, for example, has
launched two apps since 2011. Analysts say competition is high and the
barrier to entry even higher.

DAVID ROSS, STIFEL NICOLAUS: If you don`t have the customers right now,
and you don`t have the carriers, you`re going to need to either pay the
truckers more or charge the customer less, squeezing your own margin, you
know, to try to build density in the network.

BRENNAN: But whether it`s a newcomer or an industry stalwart, the
innovation means more transparency for shippers and for drivers like
William more money.

LUGO: I`m seeing more production for the company and a lot more money.
And this is going great for my business.

BRENNAN: For NIGHTLY BUSINESS REPORT, I`m Morgan Brennan in Newark, New
Jersey.

(END VIDEOTAPE)

MATHISEN: Well, the trucking industry may be getting Uberized, but mutual
funds are cutting their valuation for the ride-hailing company Uber. The
decision reflects concerns that Uber`s leadership issues will hurt
business. According to filings of portfolio holdings, Vanguard, Hartford
and T. Rowe Price have all cut their Uber share price estimates by as much
as 15 percent.

Uber is currently looking for a new CEO. That`s being delayed by board
infighting. Since Uber is a private company, its formal valuation changes
when it raises money from investors. Mutual fund estimates are used as
proxies, reflecting shifts in investor sentiment.

HERERA: American Eagles shares soar, and that`s where we begin tonight`s
“Market Focus”.

The teen clothing retail reported higher revenue helped in large part by
strong demand in the company`s Aerie brand. The company same store sales
also beat street estimates. Shares rose nearly 8 percent to $12.08.

Strong e-commerce sales helped clothing chain Express (NYSE:EXPR) report
revenue that top analysts expectations. Adjusted profit was slightly
better than expected as well. The company also said it`s making efforts to
drive more traffic to its stores. The shares soared 19 percent to $6.56.

The medical device maker Stryker (NYSE:SYK) cut its earnings outlook for
the full year after saying it was voluntarily recalling some of its oral
care products due to cross-contamination concerns. Stryker (NYSE:SYK) said
it has discontinued business with the third party seller that made those
products. The company said it expects to resume shipments of the
merchandise next month. Shares fell nearly 5 percent to $138.36.

MATHISEN: Fiat Chrysler may be considering spinning off luxury car brands
Maserati and Alfa Romeo. “Bloomberg” says the automaker may shift its
focus to mass market cars, a move that could put the company in a better
position for a separate merger opportunity. The two brands combined are
worth more than $8 billion. Fiat Chrysler shares up 7 percent to $14.42.

Shares of La-Z-Boy (NYSE:LZB) continued to fall after the furniture
retailer reported disappointing results after the bell yesterday. The
company said the sales gains seen in the latest quarter came mostly from
acquisitions, not from expansion in its most popular division. Today, La-
Z-Boy (NYSE:LZB) said it was in talks with Amazon (NASDAQ:AMZN) regarding
potential distribution opportunities with that e-commerce giant. La-Z-Boy
(NYSE:LZB) reclining just a bit today, plunging from 28 percent to $24.55.

And after the bell, home furnishings company William Sonoma reported
stronger than expected sales gains and gave an upbeat outlook for the
current quarter. Earnings also cleared street targets. Shares initially
rose in the extended session and they also finished the regular day up more
than 1 percent at $43.40.

HERERA: Samsung found itself in the spotlight. The company rolled out the
newest version of its flagship smartphone. Stakes are high following the
previous models exploding battery last year.

And as Seema Moody reports from New York, it`s Samsung`s reputation that`s
on the line.

(BEGIN VIDEOTAPE)

SEEMA MODY, NIGHTLY BUSINESS REPORT CORRESPONDENT: This launch is seen as
Samsung`s redemption moment. Yes, Samsung made the screen bigger. And the
new Galaxy Note 8 now has not one but two rear cameras. But for the
company, today is a lot more than a new smartphone.

Last year`s global recall of more than 4 million Galaxy Note 7 was a black
eye for the company. Pictures of exploding phones went viral, costing
Samsung an estimated $5 billion.

DJ KOH, SAMSUNG MOBILE CEO: None of us will ever forget what happened last
year.

MODY: Now, Samsung is hoping to extinguish those fears with one of the
largest devices on the market.

LANCE ULANOFF, MASHABLE: I think it`s a very sexy phone. I think it`s a
good rebirth of the Note brand. Samsung has figured out a way to make
larger and larger screen devices without making the device really large.
They kind of invented the phablet category because everyone laughed at
large phones beforehand, and they stumbled terribly last year.

MODY: But one of Samsung`s biggest challenges is whether it can stand out
from its competitors.

CHERLYNN LOW, ENGADGET: I`m using an iPhone right now, so I am going to
hold out for the iPhone 8 or 7s or 7S-plus, whichever one comes out. I
like to know what`s out there and compare them before I make a decision.

MODY: Apple (NASDAQ:AAPL) was expected to launch the next iPhone in
September, while both tech giants continue to face pressure from their
counterparts in China.

ROB CIHRA, GUGGENHEIM: Apple (NASDAQ:AAPL) and Samsung have been competing
at the high end against surging Chinese OEMs for several years now. So, I
don`t think that`s anything new.

MODY (on camera): According to the latest data from Gartner (NYSE:IT),
both Samsung and Apple (NASDAQ:AAPL) lost market shares in the first
quarter of the year to Chinese players Huawei and Vivo, making this launch
a test for the future of Samsung`s entire Note line.

For NIGHTLY BUSINESS REPORT, I`m Seema Mody in New York.

(END VIDEOTAPE)

MATHISEN: Coming up, hitting the jackpot.

(BEGIN VIDEO CLIP)

CONTESSA BREWER, NIGHTLY BUSINESS REPORT CORRESPONDENT: The chances of
winning are so astronomically low. So why would anybody come outside in
August and stand in line? There are 700 million good reasons. I`m
Contessa Brewer. We have more on the mega jackpot for Powerball, ahead on
NIGHTLY BUSINESS REPORT.

(END VIDEO CLIP)

(MUSIC)

HERERA: American Express (NYSE:EXPR) (NYSE:AXP) admitted to offering worst
credit card terms to customers in Puerto Rico and other U.S. territories
than to those in the 50 states. It charged higher interest rates and
offered less attractive rebates. As a result, the financial firm agreed to
pay a fine of $96 million. The consumer financial protection bureau said
American Express` actions harmed more than 200,000 customers between the
years 2005 and 2015.

MATHISEN: As of this evening, the Powerball jackpot is the second largest
in American history, roughly $700 million and that is a big number to wrap
your heard around. And even though the odds of winning are small, someone
has to hit the jackpot eventually, right?

Contessa Brewer has lotto-mania in New York City.

(BEGIN VIDEOTAPE)

BREWER (voice-over): At Jeremy`s ale house, the beer comes in Styrofoam
cups and the Powerball is self served. At one of the oldest dive bars in
one of New York`s oldest neighborhoods, the food is cheap and the dreams
are worth millions.

(on camera): What are you going to do with 700 million bucks?

UNIDENTIFIED MALE: I have tons of friends, tons of family. I`m going to
spread it around and everybody is going to have a little bit of joy.

BREWER (voice-over): But talk about a long shot.

UNIDENTIFIED FEMALE: Take a long vacation and take my whole family with
me.

UNIDENTIFIED MALE: When I make this money, I`m going to have a lot of
girlfriends, straight up. A lot. And my money is going to go a long way.

BREWER (on camera): The chances of winning are 1 in 292 million, and they
don`t improve just because the jackpot is a gargantuan $700 million, the
second largest in U.S. history.

UNIDENTIFIED FEMALE: If I`m supposed to win, I guess the one time it will
happen, right?

BREWER (voice-over): If it seems like we`re seeing more of these monster
jackpots, Powerball says we are. Thanks to a change almost two years ago
in the way the game is played. There are now 69 white balls in the bin.
It used to be 59. That makes it tougher to get all the numbers. People
don`t win, the pot gets bigger week after week.

CHARLIE MCINTYRE, POWERBALL GAME GROUP CHAIRMAN: There`s much more
participation. The higher jackpots drive greater interest and greater
sales, and that includes more sales — more revenues for the good causes.
But also it includes foot traffic for the stores.

BREWER: The changes have led to a big jump in revenue for Powerball, and
the 44 states that participate, an additional $10 billion over the last two
years. And it also puts extra money in the pockets of the retailers who
sell the tickets.

Bobby Patel runs a newsstand in New York`s financial district. He makes 10
cents for every Powerball ticket sold. On big jackpot days, it adds up
fast.

BOBBY PATEL, LOTTERY TICKET RETAILER: About 50 percent more business going
up today.

BREWER (on camera): So, you stay busy all day long?

PATEL: Yes, myself. I`m working hard on 7:00 to 7:00.

BREWER: And how — how much do you think you might make off a busy day
like this selling lottery tickets?

PATEL: Busy day, I`m making more than 300 to 400 for my commission.

BREWER (voice-over): But even lottery skeptics join him when a massive
jackpot is on the line.

(on camera): Do you usually play the lottery?

UNIDENTIFIED FEMALE: No. Actually, I don`t.

BREWER: Do you play, too?

PATEL: Of course. Why not? I become a millionaire, my whole dream come
true.

BREWER: Your shirt says it all, right?

PATE: It`s going to happen to me, too.

BREWER (voice-over): Perhaps for a day, the dream alone is a cure for what
ails you.

UNIDENTIFIED MALE: Awesome.

BREWER: For NIGHTLY BUSINESS REPORT, Contessa Brewer, New York City.

(END VIDEOTAPE)

HERERA: Do you have your ticket?

MATHISEN: I do not.

HERERA: Oh, Ty, I thought you were going to get it last night.

MATHISEN: Yes, I was going to. And I forgot. So, I got to go get it, 700
million reasons. I got to go.

HERERA: That does it — we`ll get the ticket. That does it for NBR
tonight. I`m Sue Herera. Thanks for joining us.

MATHISEN: I`m Tyler Mathisen. Good luck, everyone. Have a good evening.
We`ll see you tomorrow.

END

END

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