Transcript: Nightly Business Report – September 27, 2017

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

(BEGIN VIDEO CLIP)

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: We want tax reform that is
pro-growth, pro-jobs, pro-worker, pro-family, and yes, tax reform that is
pro-America.

(END VIDEO CLIP)

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: The president proposes one of
the most sweeping overhauls of our tax system in decades. What could it
mean for you?

Stalled market. Home sales weakened again. And now, a leading expert does
not expect improvement anytime soon.

Louisville slugged? Well-known coach Rick Pitino is put on leave in
response to a bribery investigation that`s engulfing college basketball.

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Wednesday,
September 27th.

Good evening, everyone. I`m Sue Herera. Tyler Mathisen is on assignment
tonight.

Investors have been waiting for the Republicans to officially put forth
their tax reform plan. Today, they got it. Months in the making, the
president calls it a revolutionary change to the nation`s tax code. The
blue print calls for drastically lower rates for business, fewer income tax
brackets for individuals, and a much larger standard deduction, among other
things.

But as Ylan Mui reports from Washington, a lot of details still need to be
filled in.

(BEGIN VIDEOTAPE)

YLAN MUI, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): President
Trump using a receptive crowd in Indiana to sell his tax framework as a
sale for the middle class.

TRUMP: We`re doing everything we can to reduce the tax burden on you and
your family by eliminating tax breaks and loopholes. We will ensure that
the benefits are focused on the middle class, the working men and women,
not the highest income earners.

MUI: The plan still leaves many unresolved questions. But it`s got a lot
for U.S. businesses. The corporate rate will go down to 20 percent. Pass-
through businesses would get a 25 percent rate. The plan also allows for
at least five years of full and immediate expensing.

One of the tradeoffs, though, is the ability to deduct interest would be
partially limited, though there`s no detail on what that means. The plan
does preserve two provisions that are important to businesses, the R&D tax
credit, and the low income housing credit. But the deduction for domestic
production, which is important for manufacturers, that one gets the ax.

Under this framework, the U.S. would move to a territorial tax system.
There would be two rates for money that`s brought back, and the plan
doesn`t specify what those are. But the rate for illiquid assets would be
lower than the one for cash.

On Capitol Hill, leader said the focus is on fairness and simplicity.

REP. PAUL RYAN (R-WI), SPEAKER OF THE HOUSE: Today, we are taking the next
step to liberate Americans from our broken tax code. This unified
framework delivers a new tax code that is simple, that is fair, that is
pro-growth, and pro-family.

MUI: On the individual side, the new streamlined rates would be 12
percent, 25 percent, and 35 percent. But lawmakers do have a green light
to add a fourth rate to the top.

The alternative minimum tax, the estate tax, and the transfer tax, all of
those would go away. The only personal deductions that the plan promises
to keep are the ones for mortgage interest and for charitable donations.

(on camera): Oppositions to this plan is already mounting. Senator Ron
Wyden, the ranking member of the Senate Finance Committee, called this a
sweetheart deal for powerful CEOs. And he said it violates Trump`s promise
that the wealthy would not benefit.

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

(END VIDEOTAPE)

HERERA: Mark Steber joins us now to talk more about the proposed tax
changes and what it could mean for you. He`s the chief tax officer at
Jackson Hewitt.

Mark, welcome. Nice to have you here.

MARK STEBER, CHIEF TAX OFFICER, JACKSON HEWITT: Thank you. Good to be
here. Great topic to talk about.

HERERA: I bet, especially from your perspective.

I know we don`t know all the details. But what is your big takeaway on
this proposal for the average person?

STEBER: Well, you know, I`ve heard a lot of different opinions today, that
it benefits one group or another group. What I would tell you is there`s a
lot in it for a lot of taxpayers. There`s a lot of breaks in for the low
and moderate and medium income taxpayers, the doubling of the standard
deduction, the increased child tax credit.

Other credits for non-dependents that have been proposed, reinforcement of
retirement and education benefits were mentioned. But there`s also
benefits for the high income. So, those are in there as well.

So, my one big take away is, there`s a lot in there. And it will be
interesting to see how it all gets sorted out as the debate start and the
negotiations start. But it`s a good platform to start with. A lot in the
proposal.

HERERA: It sounds like it.

You know, some of the states I think will be pushing back, because state
and local taxes may be eliminated under this particular proposal. What`s
your opinion on that? Because a lot of people do itemize and take that
particular deduction. Do some of the other aspects of this plan as it`s
proposed make up for that lack of deduction?

STEBER: Well, that`s a great question. It certainly did propose to
eliminate some of the itemized deductions. I saw that they were going to
hold on to the charity and the mortgage, but the others are up for
negotiation or possible elimination. That will certainly affect, you know,
those people who live in states with a high income tax or any state income
tax for that matter.

But California and New York have been particularly loud about not liking
that particular provision. So, again, it will be interesting to see what
ultimately gets passed. But that`s on the side that ultimately, you know,
will raise taxes for some taxpayers to offset some of those cuts for the
others.

HERERA: Right. What do you think it will be for the average individual,
the most important part of this plan?

STEBER: Well, you know, they talk about tax simplification. That doubling
of the standard deduction to $24,000, and then the removal of the seven
income tax brackets down to three, will certainly be something to watch.

In particular, I`m watching the increased child tax credit. A lot of
clients at Jackson Hewitt take advantage of that. So, that`s one we`re
particularly sensitive to, because it touches a lot of moderate and middle
income taxpayers. So, if they increase the child credit, they add a new
credit for non-dependents, those are two that taxpayers should be
particularly sensitive to, because that could put immediate money right in
their pocket if those provisions pass.

HERERA: Very quickly, from your perspective, and with what we know of this
proposal, does it make your job easier or harder?

STEBER: Well, it makes my job better because we get to provide those
benefits to all working Americans. And this certainly has a lot more in it
than they`re taking away from most people. So I don`t know that it hits
the goal of simplification as much as you would like. But it certainly
does provide tax benefits which should easy the tax burden for most
Americans, as I see it currently proposed.

HERERA: All right. Thanks, Mark, really appreciate it.

STEBER: Great to be here. Thank you.

HERERA: Mark Steber with Jackson Hewitt.

Meantime on Wall Street, a rise in bank stocks helped lift the broader
market as investors continued to believe that interest rates are headed
higher. Just last week, the central bank signaled that it plans to
gradually raise rates. And yesterday, the Fed Chair Janet Yellen
reiterated those projections. That sent the bank EFT called the XLF to a
ten-year high and helped the major averages.

The Dow Jones Industrial Average advanced 56 points to 22340, the NASDAQ
was up 73, the S&P 500 added 10. And the small cap Russell 2000 index, it
closed at a record.

To the economy, where orders for long lasting manufacturers` goods rose
last month, thanks primarily to a rebound in the volatile aircraft sector.
Durable goods orders were up 1.7 percent and follows a sharp decline in
July. Within that report, a closely watched gauge of business investment
was higher for the second straight month, offering some hope that
manufacturing activity is gaining strength.

But a disappointing report on the nation`s housing market once again. And
that has a leading expert using some strong words about the future of home
sales and values, and not in a good way.

Diana Olick has more.

(BEGIN VIDEOTAPE)

DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): Buyers
signed fewer contracts to buy existing homes in August. And that was just
the last in a string of sour housing reports for the month with sales of
newly built homes falling as well, and prices skyrocketing. It led the
realtors` chief economist Lawrence Yun to a grave conclusion.

LAWRENCE YUN, CHIEF ECONOMIST, NATIONAL ASSOCIATION OF REALTORS: The
housing market is stalling.

OLICK: That`s right, stalling, and not for lack of demand. Buyers are out
there.

YUN: The buyers are looking to buy, but just not enough homes available
for sale. So, the contract signings are not occurring.

OLICK: The supply of for-sale listings is down 10 percent overall compared
to a year ago and down 20 percent for listings priced under $200,000. That
lower level is where demand is strongest, especially from millennials.

SPENCER RASCOFF, CEO, ZILLOW GROUP: Millennials now, surprisingly,
represent the biggest cohort of buyers. Millennials have spent over $500
billion buying real estate in the last 12 months. That`s the biggest of
any generation. And so, millennials are being forced to get creative
because there`s not that much inventory at their price point.

OLICK: Zillow reports that about a third of millennials are not just using
mortgages but borrowing the down payment as well from friend and family.
About a third are also going over budget to get into a home.

(on camera): Another telling sign, more than half of millennial buyers are
now dual tracking their searches. That is looking for both homes to buy
and to rent, because they are not sure they`ll be able to afford home
ownership after all.

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

(END VIDEOTAPE)

HERERA: Let`s turn now to Mark Vitner to talk more about the health of the
housing market and what it might mean for the overall economy. He`s the
senior economist at Wells Fargo (NYSE:WFC) Securities.

Nice to have you here tonight, Mark. Welcome.

MARK VITNER, SENIOR ECONOMIST, WELLS FARGO SECURITIES: Good to be back
with you.

HERERA: What`s your response or reaction to Diana`s report that maybe we
do have a stalling housing market?

VITNER: Well, I think that`s exactly what we have. It is because of
supply concerns. I mean, there`s just not enough homes out there for sale.
And unfortunately, the hurricane hit two very large parts of the housing
market, Houston and southwest Florida. And that took more supply off the
market.

HERERA: What about the overall economic impact, if indeed we don`t have
enough homes to turn over, that means that we don`t have enough homes to
basically feed into that feeder chain of the economy, such as, you know,
the home depots of the world, if you want to renovate, or if you want to
add on. What`s the overall economic back the and role of housing in the
economy?

VITNER: Well, housing has a huge multiplier. When you buy a home, an
existing home, typically the person who is selling it is fixing it up. The
person that buys it fixes it up. You`ve got all the furniture. You`ve got
appliances. You`ve got services, you insure it, you finance it.

There`s a huge multiplier throughout the economy. And we`re going to miss
that. We`re going to be lucky for single family housing, existing home
sales, to be flat in 2017 with where they were last year, which is pretty
remarkable when you take into account there`s 10 percent fewer homes
available for sale.

HERERA: Are there other parts of the economy that are healthy enough to
compensate for the lack of housing`s contribution?

VITNER: Well, one of the things that we saw today, we did not get some
good news on durable goods orders, business investment seems to be coming
back. Businesses are a little happier with the geopolitical environment,
the regulatory environment has eased up a little bit, and that`s a powerful
offset. But housing is real important, particularly in the south, which is
impacted by the storms, which accounts for over half of all home sales.

HERERA: Wow, I didn`t realize it was half of all home sales.

How do you see that playing out, then? Rebuilding of new homes, there
still obviously is a lot to still sort through. There`s an insurance
claims. It`s going to be a while. But how do you see that particular
situation in the Houston area, in the southern part of Florida, resolving
itself? And what could the economic impact ultimately be?

VITNER: Well, 2018 will be a better year. But there`s not going to be any
rebuilding this year. One of the things that happens is when an area is
declared a disaster area, even if a home isn`t damaged, it`s going to have
to be re-inspected in order for it to be sold.

So, there are some pending sales that are likely to be drawn out a little
bit. And then for homes that are damaged, they`re going to have to be
repaired. It`s going to take some time. You`ve got insurance settlements.
And so, the supply of housing in Houston, and Houston is about 5 percent of
home sales by itself, it`s a real big market, the number one market for new
home sales in the United States.

And so, there — and all of Houston is not offline, but enough of it is,
that it`s going to be meaningful. Once you get past September, you really
don`t sell a whole lot of homes in October, November, and December.

HERERA: Right.

VITNER: So, 2017, this really kind of closes the door on 2017.

HERERA: Mark, I think we`ll be talking to you quite a bit as this
situation evolves. Thanks for joining us.

Mark Vitner with Wells Fargo (NYSE:WFC) Securities.

VITNER: Good to be with you.

HERERA: Still ahead, what happens if the stock market starts to head
south? Are you prepared?

(MUSIC)

HERERA: The CEO of Marriott says his company is assessing the damage from
Hurricane Maria, and that hundreds of their guests are still trapped in
their Puerto Rico hotels. Marriott, which has 16 properties and employs
thousands of workers in the U.S. territory, says it`s still too early to
tell what the financial impact of that storm will be.

(BEGIN VIDEO CLIP)

ARNE SORENSON, CEO, MARRIOTT: We`ve got associates that are trying to
figure out how to get assets back up and running. And we`ve got some first
responders and relief workers that are already coming and staying with us,
even though they`ve been warned that there may not be things like air
conditioning or some other things that they would typically find. I think
it`s going to be a long slog, is my guess, that we`re going to see many
months of work before the destination comes back to where it could be.

(END VIDEO CLIP)

HERERA: A week after that hurricane, nearly 3 1/2 million U.S. citizens in
the territory are still without water, fuel, electricity, and other
supplies. In recent days the U.S. has ramped up its response to the
island`s humanitarian crisis.

With stocks near record levels, some investors are growing concerned that a
pullback is due. If you`re in that camp, how should you prepare for a
potential pullback?

Well, Dominic Chu asked the pros.

(BEGIN VIDEOTAPE)

DOMINIC CHU, NIGHTLY BUSINESS REPORT CORRESPONDENT: With stocks continuing
a trend of setting and hovering near record highs, it may seem somewhat odd
to talk about a possible pullback in the market. But some Wall Street
experts are looking to fine-tune client portfolios to protect against
potential losses or at least hold up better if things go south.

KC MATHEWS, CIO, UMB BANK: I think in this environment you should have
some cash reserves. Right now, we`re overweight cash. However, we are
still long risk-based assets.

CHU: There are lots of definitions for what makes a high quality stock.
According to stock strategist Christopher Harvey at Wells Fargo (NYSE:WFC)
Securities, he`s looking at how things like low levels of debt as well as
better trend and profits and margins could define quality. That`s among
other things. He finds that they have tended to outperform on bigger down
days so far this year. But a larger scale pullback may not be as close as
some think.

ANDREW SLIMMON, MORGAN STANLEY INVESTMENT MANAGEMENT: Historically in the
fourth quarter, the market does pretty well. I don`t think this year is
going to be different. Now, at this time of year, the market tends to
trade off a little and bounce back kind of mid-October to mid-December.
So, maybe we won`t have as powerful a rally.

But I think the reality of the fact that next year, the numbers are going
to look pretty good to start, is going to lead to a pretty good fourth
quarter.

CHU: Top ranked financial adviser Richard Saperstein of Hightower Treasury
Partners believes there are other reasons to be more positive on the
market, like rising earnings, a global economic recovery, and the potential
for tax reform in the U.S., as a long term investor, he`d be using
pullbacks to selectively add to client portfolios.

For NIGHTLY BUSINESS REPORT, I`m Dominic Chu.

(END VIDEOTAPE)

HERERA: We are fast approaching, believe it or not, the end of the
quarter. And a big question for investors is what kind of impact those
quarterly reports will have on stocks.

Bob Pisani takes a look.

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: The big debate is this:
are we at peak earnings? Earnings have been growing all year after growth
declined in 2015 and 2016. That was a period that saw the markets move
down. The question now, is that growth spurt over?

The short answer, it doesn`t appear to be. First, profits are still up but
at a slightly slower rate. Overall earnings for the S&P 500 are expected
to grow 6.2 percent in the third quarter. That`s a bit slower than we saw
in the first half of the year.

All right. Why the slowdown? Some of the sectors that had big moves up
are hitting tougher comparisons, principally, energy and tech stocks. For
example, energy bottomed in the second quarter of last year and had a huge
boost in the second quarter of this year.

OK. But estimates for the fourth quarter and next year are still higher.
In part, it`s because the economy is continuing to grow. That`s the most
important thing.

This year, analysts expect the S&P 500 stocks to earn 10 percent more than
last year. For 2018, earnings are expected to grow an additional 7
percent. That`s good news. But this growth does not have any tax cut
assumptions in it because no one knows what they are.

But today, we`re getting a little closer to an answer. So, we can venture
some guesses. The effective tax rates, what corporations really pay, is
about 27 percent for the S&P 500. Each 1 percent cut in corporate tax
generates roughly $2 in earnings.

So, let`s assume the rate goes down four percentage points to 23 percent.
That would add $8 to earnings. So, the 2018 estimates go to $148. That`s
a big boost. Six percent more on top of the 7 percent expected without tax
cuts.

That`s why the market keeps holding up. The combination of expected
improvement in the economy and the tax cuts give indications that we are
not yet at an earnings peak.

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

(END VIDEOTAPE)

HERERA: Ford and Lyft team up on driverless cars. That`s where we begin
tonight`s “Market Focus”.

The automaker and ride sharing service said they would work together to
develop self-driving software that allows Ford`s vehicles to communicate
with Lyft`s smartphone app. Ford`s shares rose fractionally to $11.95.

Another breach to tell about you, this time fast food chain Sonic
(NASDAQ:SONC). The company said its payment processor identified a breach
after noticing unusual activity on cards used at Sonic (NASDAQ:SONC)
locations. Security news Website Krebs on Security reported that the
incident likely resulted in illegal, underground sales of millions of
credit card accounts. But still, shares of sonic 1 percent to $24.89.

Micron Technology (NASDAQ:MU) reported results that were above Wall Street
estimates and the company`s guidance as well, citing strong demand for its
memory and storage products. Micron also gave an upbeat outlook for 2018.
Shares rose 8.5 percent to $37.09.

And uniform rental company Cintas (NASDAQ:CTAS) reported a rise in sales
and profits that topped estimates. The company credited the gains to an
acquisition. Cintas (NASDAQ:CTAS) also raised its outlook for 2018. The
shares were higher by almost 6 percent to $144.01.

Well, more fallout today from the NCAA men`s basketball bribery scandal.
And it was big. University of Louisville head coach Rick Pitino was put on
unpaid administrative leave. But Pitino`s attorney says the coach has
been, quote, effectively fired. The school`s athletic director was also
put on paid leave.

And the interim president of the university is not happy.

(BEGIN VIDEO CLIP)

GREG POSTEL, INTERIM PRESIDENT, UNIVERSITY OF LOUISVILLE: I would say that
I was more angry than embarrassed. Obviously, embarrassment is part of it
as well. But I think people who have watched what the University of
Louisville has been busy doing in calendar year 2017 will understand that
we`ve been working day and night, committed to make sure this place is a
wonderful place for our students and our faculty and staff.

And we`re making a tremendous amount of progress. And when something like
this happens, it makes me angry.

(END VIDEO CLIP)

HERERA: Eric Chemi is back with us with the big impact this could have on
the university.

Eric, it`s great to see you as always. Thanks for rejoining us tonight.
How big an impact do you think this will have on the university?

ERIC CHEMI, NIGHTLY BUSINESS REPORT CORRESPONDENT: So you`ve got to look
at a lot of factors here. Just coach Pitino, there`s a reason why he`s on
leave and not fired, technically, because he has a $50 million contract
that he just signed in the last couple of years. So, that goes on for many
years to come.

They may owe $44 million as part of a buyout. So, that`s going to be one
big chump change. They`ll have to deal with that. That`s why he hasn`t
been fired yet. That`s $44 million.

They have a $160 million sponsorship deal with Adidas that doesn`t even
start until next year.

HERERA: Wow.

CHEMI: And so, Adidas could just say, you know what, this isn`t what we
signed up for. We`re not interested in a school with FBI allegations.
They may pull out. So, all of a sudden, if you don`t have the coach or the
sponsorship, this is a program that makes $100 million a year overall in
sports. What does that do to the university budget?

HERERA: Now, the connection to Adidas, just explain to me again, it starts
next year. So, that`s future revenue that this school would be losing if
Adidas says —

CHEMI: So, they have been an Adidas school for many years. But they did
an extension in advance. They signed the extension a month ago. And it
was going to start next year and run for 10 years at $16 million a year.

So, they`re still an Adidas school. They renewed. But now, what happens
to that renewal?

HERERA: What about future fallout, you know, recruiting athletes, things
like that?

CHEMI: Some of the students already today said, actually, we`re not going
to go to Louisville, now that coach Pitino is not there, because they were
recruited. So, they`re high school seniors now, they would start next
year. They have said, you know what, we`re going to reopen our recruiting
process but it Louisville isn`t happening anymore.

So, if you lose these top notch kids, who is watching games, who`s showing
up on attendance, who`s paying you for TV rights? All of a sudden, that
budget really starts to hurt.

HERERA: And it defines, does it not, the town, to a certain extent, the
city. I mean, lost revenue from people coming to the games.

CHEMI: Right.

HERERA: I would think that would have a big financial impact as well.

CHEMI: Exactly. When you look at the biggest sponsorship deals right now,
it`s schools like UCLA, Texas, Ohio State, and Louisville.

Louisville is not the same size as the other schools. They may not be able
to handle that much of a disruption to their revenues, because it`s
primarily known for its basketball program more than anything else,
perhaps.

HERERA: Right. Eric, thank you so much.

CHEMI: You got it, Sue.

HERERA: You`re going to be back soon I think because this isn`t over.

CHEMI: It`s a long story.

HERERA: It`s a long story.

Eric Chemi, thank you.

Coming up, adventures in baby sitting and how one entrepreneur turned it
into a growing business.

(MUSIC)

HERERA: The city of Hartford`s debt default is a virtual certainty,
according to Standard & Poor`s. The rating agency knocked down the city`s
bond rating for the second time in two weeks. The downgrade came after
Hartford`s mayor held a conference call with bondholders and suggested that
he did not want to refinance the city`s debt. Hartford needs at least $40
million in financial assistance from the legislature this fall. And
without it, that city faces bankruptcy.

From a big city to small business. Well, business owners are attending the
iconic conference presented by “Inc. Magazine” and CNBC. That gathering is
designed to help entrepreneurs network and share strategies. It also gives
us a chance to find new startups that are working to put their ideas into
action.

Kate Rogers (NYSE:ROG) is in Santa Monica, California.

(BEGIN VIDEOTAPE)

KATE ROGERS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): Every
parent knows how hard it can be to find reliable childcare, especially on
short notice.

UNIDENTIFIED FEMALE: Hi!

ROGERS: Helpr is bringing experienced sitters to families in a pinch.

KASEY EDWARDS, CO-FOUNDER & CEO, HELPR: You can book a sitter the way you
book an Uber, but we have a lot of screening. And you can get consistent
baby-sitters through the app. So, we call that continuity of care.

ROGERS: The startup was launched in early 2016 by Kasey Edwards and Becka
Klauber Richter. The duo met at the University of California, Santa
Barbara, where they launched their first childcare business, university
sitters. Today, Helpr has 8,000 clients in Los Angeles and San Francisco,
and plans to expand into Chicago and New York this year.

Sitter rates begin at $25 an hour and the company works to fulfill on
demand requests.

UNIDENTIFIED FEMALE: Are you excited to play?

UNIDENTIFIED GIRL: Yes.

UNIDENTIFIED FEMALE: Me too.

ROGERS: Helpr`s 350 sitters also go through extensive vetting.

BECKA KLAUBER RICHTER, CO-FOUNDER & PRESIDENT, HELPR: We do an interview
process that includes an in-person interview. We check professional
references. So, we call parents, day-cares, camps, wherever they may have
worked in the past. We check for CPR certification, social media review,
as well as a background check.

ROGERS: They`re also working with a dozen companies including Snap to
offer childcare services as a benefit to employees.

EDWARDS: We`re seeing not a lot of paid maternity leave, not a lot of paid
sick leave. We`re really trying to push culture into the space of
supporting all of those working parent conditions.

ROGERS: Helpr is hoping to get to the point where childcare is offered as
a universal benefit across the country at companies large and small.

For NIGHTLY BUSINESS REPORT, I`m Kate Rogers (NYSE:ROG) in Santa Monica,
California.

(END VIDEOTAPE)

HERERA: And that is NIGHTLY BUSINESS REPORT for tonight. I`m Sue Herera.
Thanks for joining us.

Have a great evening and we will see you right back here tomorrow.

END

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