Transcript: Nightly Business Report – April 10, 2018

ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Bill Griffeth and Sue
Herera.

(BEGIN VIDEO CLIP)

MARK ZUCKERBERG, FACEBOOK CEO: We need to take a more proactive role and a
broader view of our responsibility.

(END VIDEO CLIP)

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Facebook`s CEO acknowledges
missteps as lawmakers press him on the company`s handling of user data and
the stock gets a lift.

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: Sigh of relief. The Dow
rallies more than 400 points after the president of China strikes a
conciliatory tone. But are his comments being misinterpreted?

HERERA: Equal Pay Day. Why is there such a big gap between the salaries
of men and women? And what is being done to close it?

Those stories and much more tonight on NIGHTLY BUSINESS REPORT for Tuesday,
April 10th.

GRIFFETH: And we do bid you a good evening, everybody. Welcome.

There was drama in Washington and on Wall Street today. The CEO of
Facebook (NASDAQ:FB) made his first ever appearance before Congress. We
will have more on that in a moment.

But we begin with the strong rally in the stock market today. The major
averages all charged higher right at the opening bell, never look back,
after the president of China soothed concerns at least for now about a
trade war with the United States — the very same issue that`s been causing
intense volatility in the market in recent weeks.

Here are today`s closing numbers. The Dow finishing with a gauge 420
points back above 24,000, the Nasdaq was up 143, the S&P added 43 as well.

HERERA: And now to Facebook (NASDAQ:FB) which was at the center of the
drama in Washington. CEO Mark Zuckerberg faced more than 40 lawmakers in a
crowded hearing room on Capitol Hill. Walking into the room, the
notoriously camera shy Zuckerberg faced a barrage of cameras clicking to
capture every movement as he sat down.

Members of the Senate Judiciary and Commerce Committees peppered him with
questions about his company`s handles of data of tens of millions of
Americans. He looked serious and he started by apologizing.

Investors, though, didn`t flinch, sending the stock up 4-1/2 percent to its
best day in two years.

Julia Boorstin is covering this story for us from Capitol Hill.

Good evening, Julia.

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Good evening to
you, Sue.

Mark Zuckerberg taking the stand for about four hours as 43 senators each
took their five minutes to ask him questions and follow up with more
questions after his answers. Now, Zuckerberg stressed throughout his
questions that he is taking responsibility for Facebook`s failures to
protect its users` data and is making a range of different changes. He
apologized repeatedly, prompting this question from Senator Thune.

(BEGIN VIDEO CLIP)

SEN. JOHN THUNE (R), SOUTH DAKOTA: How is today`s apology different? And
why should we trust Facebook (NASDAQ:FB) to make the necessary changes to
ensure user privacy and give people a clearer picture of your privacy
policies?

ZUCKERBERG: Thank you, Mr. Chairman.

So, we have made a lot of mistakes in running the company. I think it`s
pretty much impossible, I believe, to start a company in your dorm room and
then grow it to be at the scale that we`re at now without making some
mistakes. And because our service is about helping people connect to
information, those mistakes have been different in how — we try not to
make the same mistake multiple times.

(END VIDEO CLIP)

BOORSTIN: Zuckerberg says he believes Facebook (NASDAQ:FB) is safe to use
and that the company gives users the choices in the different tools to
decide how they want to share the content they`re sharing, the content
they`re producing. He says that Facebook (NASDAQ:FB) is working to have
protections above and beyond what the law requires, but he also noted that
he is definitely open to regulation.

(BEGIN VIDEO CLIP)

ZUCKERBERG: My position is not that there should be no regulation. I
think the Internet is increasingly —

SEN. LINDSEY GRAHAM (R), SOUTH CAROLINA: Do you embrace regulation?

ZUCKERBERG: I think the real question as the Internet becomes more
important in people`s lives is what is the right regulation, not whether
there should be —

GRAHAM: Do you as a company welcome regulation?

ZUCKERBERG: I think if it`s the right regulation, then yes.

GRAHAM: Do you think the Europeans have it right?

ZUCKERBERG: I think that they get things right.

GRAHAM: Have you ever submitted —

(LAUGHTER)

GRAHAM: That`s true.

So, would you work with us in terms of what regulations you think are
necessary in your industry?

ZUCKERBERG: Absolutely.

GRAHAM: OK, would you submit to us some proposed regulations?

ZUCKERBERG: Yes. And I`ll have my team follow up with you.

(END VIDEO CLIP)

BOORSTIN: The question and answer session ranging on everything from hate
speech to election manipulation to whether Facebook (NASDAQ:FB) violated
its promises and commitments to the Federal Trade Commission, Zuckerberg
said they did not break any of their promises to the FTC. And on a number
of counts, Zuckerberg said he`d follow up with more details to Senate
staff.

Sue, back over to you.

HERERA: And we await that very much. Thank you, Julia.

Julia Boorstin on Capitol Hill — Bill.

GRIFFETH: Now, one reason why there`s so much focus on Facebook
(NASDAQ:FB) is because of its rapid growth. Just consider it, a decade
ago, few people had heard of it. Today, its influence in our lives and in
the stock market is staggering.

Facebook (NASDAQ:FB) has 2 billion monthly users around the globe. Think
about that. That is four times the population of the United States.

Here in the U.S., roughly two-thirds of all adults use Facebook
(NASDAQ:FB). And with the exception of YouTube, no other major social
platform comes close to Facebook (NASDAQ:FB) in terms of usage.

Also, according to Pew Research, nearly half of American adults get their
news from Facebook (NASDAQ:FB). And when it comes to market influence,
Facebook (NASDAQ:FB) is currently the world`s sixth largest publicly traded
company with a market value of more than $460 billion.

HERERA: Let`s turn now to Silicon Valley veteran and an early investor in
Facebook (NASDAQ:FB), Roger McNamee. He`s been publicly sharply critical
of the social network. Let`s get his thoughts on Facebook (NASDAQ:FB) and
what any future regulation might mean for its sector. He`s the managing
director at Elevation Partners.

Always a pleasure to have you here. Welcome, Roger.

ROGER MCNAMEE, ELEVATION PARTNERS MANAGING DIRECTOR: Sue, it`s so great to
see you and Bill again. It`s been too long.

HERERA: First, let me start with your reaction to what you heard on
Capitol Hill. We have another session from Mr. Zuckerberg tomorrow morning
Eastern Time. But did anything that you heard from him today change some
of the criticisms that you`ve been so public with?

MCNAMEE: So, the real problem here is that Facebook (NASDAQ:FB) has done
many things in its business that were designed to maximize growth and
profitability that, frankly, ran contrary both to the public interest and
to the interests of users. And what the hearing exposed was that it`s not
one problem we`re dealing with, it`s not two, it`s 10, or 15 or 20.

You know, the company has been careless in the handling of user data. It
has been incredibly aggressive at flaunting past practices about how you
deal with data. It has, frankly, ignored regulation. It has ignored
criticism.

It`s worked with people that it knew to be bad actors. It has operated in
governments outside the U.S. doing things to their citizens that you would
never do anywhere in the United States.

So, I look at this hearing as being an opportunity for senators to show off
and an opportunity for Mark to, frankly, you know, look better than people
would have expected, but it solves nothing.

GRIFFETH: Right.

MCNAMEE: I mean, at the end of the day, the company, I think, now, is too
big to be managed by this team. And I don`t candidly think there`s anyone
on the outside who could come in and manage it, which makes me think the
company is just too big.

GRIFFETH: Roger, let me ask you this. And let`s it make it meaningful to
investors out there. Clearly, some regulations are going to come out of
these hearings at some point.

Do you think that will stunt the growth not only of Facebook (NASDAQ:FB)
but other social media companies? One Wall Street analyst just said that
he thinks this could signal the end of the golden age for social media.

What do you think?

MCNAMEE: I actually think that that should be a priority of the process.
The idea here right now is that we have four gigantic social media
companies who dominate the Internet in ways we have never seen before. And
candidly, they`re stunting the growth of start-ups throughout the country,
frankly around the world. They`re blocking off lots of new opportunity.

And I don`t see any way to get our entrepreneurial economy back on track
without stopping to some degree the growth of the giants. And I think
there`s a good example in the past 1956 with AT&T (NYSE:T) when that
company was threatening the emergent computer industry. And there was a
government consent decree that caused them to not expand into computers and
which resulted in the free licensing of their patents, including the
transistor, which is what created the massive boom that we think of in
Silicon Valley today. I think we should do that again.

HERERA: If you are an individual investor who holds Facebook (NASDAQ:FB),
you mentioned the fact that the company is too big, which opens a door to a
variety of remedies, certainly. What do you do with your Facebook
(NASDAQ:FB) shares if you`re the individual investor?

MCNAMEE: Well, so, I am an individual investor of Facebook (NASDAQ:FB).
It`s still, Sue, by far, the largest individual position I have. And I`ve
held on to it, candidly, because I felt that I was not trying to be a
critic. I was actually trying to be supportive and constructive in this
whole conversation. So I`ve been banged around pretty badly in recent
weeks.

My point to people was this, Facebook (NASDAQ:FB) is the greatest
advertising business ever created. If there is no regulation, it will
continue to grow like crazy. I think that is actually not the best thing
for the country, it`s not the best thing for the world.

I think the best thing for the world would be to restrain Facebook
(NASDAQ:FB) very significantly and force them to be more responsible. I
actually don`t think that would be the end for the stock. It might be the
end for this business model, but they have huge businesses like their
marketplace, like Messenger where there are opportunities for modernization
they`ve never taken advantage of.

So, I don`t actually think we have to cripple Facebook (NASDAQ:FB). In
fact, I don`t want to because I love the product. I just think they`re not
behaving responsibly.

HERERA: We will have you back very soon.

MCNAMEE: I hope so.

HERERA: Definitely. You can count on it.

GRIFFETH: Thanks, Roger.

HERERA: Roger McNamee with Elevation Partners.

Bill?

GRIFFETH: So, as we mentioned earlier, stocks rose today on comments made
by China`s President Xi Jinping.

Now, he was speaking at a global forum in Asia where he announced plans to
open his country`s economy by, among other things, reducing tariffs, not
increasing them, on imported vehicles. His remarks were surprising given
the escalating trade tensions between the world`s two largest economies.

But is the market getting his remarks wrong?

Eunice Yoon is in Beijing for us tonight.

(BEGIN VIDEOTAPE)

EUNICE YOON, NIGHTLY BUSINESS REPORT CORRESPONDENT: President Xi Jinping
pledged a more open China and said new measures would be turned into a
reality sooner rather than later. The market seemed to like Xi`s softer
tone in the ongoing trade dispute with the United States.

However, most of the people I spoke to today here said they were
underwhelmed by the Chinese president`s speech. That`s because these are
old promises or policies that are currently under way. The decision to
lift foreign equity caps was announced at the end of last year and is
already in motion. Others like the lowering of auto tariffs are not
meaningful since most American cars that are sold in China are made in
China.

On easing restrictions in manufacturing or enforcing intellectual property,
there were few details and only vague timeframes.

And most importantly, President Xi`s speech didn`t address a core U.S.
concern; China`s industrial policies. So, it remains to be seen whether or
not President Xi`s speech will be enough to appease the Trump
administration.

There was some good news, though, for American companies. Fund managers
say J.P. Morgan and Blackrock are looking to expand their asset management
businesses here and could benefit. Insurance folks expect big changes in
the life insurance industry. Out of American companies, they say MetLife
(NYSE:MET) is one of the few with its toe in this market.

But Tesla is seen as the biggest potential winner. Tesla depends on
imports. It doesn`t manufacture here and the tariffs on Tesla cars here is
25 percent. So, if it drops significantly, analysts say, that could be a
game changer.

Welcome announcements by President Xi but not enough to excite most
international businesses here.

For NIGHTLY BUSINESS REPORT, I`m Eunice Yoon in Beijing.

(END VIDEOTAPE)

GRIFFETH: By the way, she mentioned the insurers, they rose on China`s
plan to speed up the opening of that country`s insurance sector and MetLife
(NYSE:MET) did say it is encouraged by the president`s remarks and is
looking forward to seeing the words put into action.

HERERA: President Trump thanked the Chinese president in a tweet. He
wrote, quote: Very thankful for President Xi of China`s kind words on
tariffs and automobile barriers. Also, his enlightenment on intellectual
property and technology transfers. We will make great progress together,
end quote.

GRIFFETH: Now, while investors seem less concerned about the state of
trade, at least for today, the market`s attention will soon shift to
earnings. Earnings season arrives later this week at a critical time for
the bull market.

Bob Pisani has more from the New York Stock Exchange tonight.

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: Earnings to the rescue.
Traders are relieved there`s a chance to change the conversation from the
chaos of trade wars to the calm of earnings and revenues. The numbers are
phenomenal. The S&P earnings for the first quarter were expected to be up
10 percent in October, then they went to 12 percent in January. Now,
they`re up over 18 percent and they may go to 20 percent.

You don`t see earnings double in six months very often. The two biggest
sectors, tech and financials, will see outside gains of 23 and 24 percent
respectively. Remember, together they`re 40 percent of the S&P, so this
really matters.

Traders want to hear what corporations will be doing with their newfound
money that they`re getting from the tax cuts. Early signs have been
encouraging. Bank of America (NYSE:BAC) looked at the announced spending
plans of 150 companies about a month ago. They found a mix of one-time
bonuses, expanding buybacks and dividends and more capex spending.

Traders are pinning their hopes for a rally on two issues. First, a surge
in buyback announcements. 2017 saw about $500 billion in announced
buybacks. This could go to $800 billion in 2018. Share buybacks reduced a
company`s outstanding shares, resulting in most cases to an increase in
earnings per share.

More important is hopes for more capital expenditures. Forty percent of
companies that make comments on their spending plans mentioned increased
capital expenditures. There`s a very strong correlation between increasing
capital expenditures and stock rallies, particularly capital goods
companies like techs and industrials and energy.

Of course, this could all be up-ended by trade war headlines, another topic
expected to be addressed by CEOs as well.

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

(END VIDEOTAPE)

HERERA: And it`s time to take a look at some of today`s upgrades and
downgrades.

Goldman Sachs (NYSE:GS) has been given an outperform rating in new coverage
over at Bernstein. The analyst there notes that Goldman`s investment
banking business is now the primary driver of revenue, not its trading
business. The price target is $300. Goldman Sachs (NYSE:GS) rose more
than 1 percent $256.57.

In the same note, though, Bernstein rates Morgan Stanley (NYSE:MS)
underweight in new coverage of that stock. The analyst cites a slowdown in
lending revenue growth. The target price is $51 a share. Shares of Morgan
Stanley (NYSE:MS), though, in an overall up market were up almost 1-1/2
percent to $54.14.

GRIFFETH: And Nvidia shares were upgraded to overweight from equal weight
at Morgan Stanley (NYSE:MS). The analyst there says the semiconductor
company will be one of the biggest beneficiaries in the movement towards
machine learning. Price target remains at $258. Nvidia shares rose nearly
6 percent to $227.91.

And Morgan Stanley (NYSE:MS) also upgraded shares of Seagate Technology
(NASDAQ:STX) to overweight from equal weight. The firm sees Seagate
benefiting from increased demand for artificial intelligence. Price target
was raised to $72 and Seagate shares finished up more than 5 percent to
$59.35.

HERERA: Still ahead, are you looking for a new car? Well, if you are,
there`s a greater chance that it might have been imported from Mexico.

(MUSIC)

GRIFFETH: To the economy now and a closely watched gauge of inflation,
that would be the producer price index, which is a measure of the prices
that businesses receive for their goods and services. And it rose by 0.3
percent, more than expected. The rise came from a sharp increase in food
costs and strong price growth in the services sector.

The report is the latest sign that inflation pressures may be building in
the economy and that`s certainly something the Federal Reserve will be
paying close attention to in the coming months.

HERERA: Well, don`t look now but oil prices are moving higher. Today`s
rise is in part because of a growing confidence that the U.S. and China
will resolve their trade dispute, and also on rising tensions in the Middle
East. Domestic crude rose more than 3 percent to settle above $65 a
barrel.

GRIFFETH: A management shake-up could be coming to Volkswagen. The German
automaker is reportedly going to replace its CEO with the head of its core
band. The departure of Matthias Mueller is being viewed as another attempt
to move past the lingering effects of that 2015 diesel emissions scandal.
There`s been speculation in Germany that VW was slow to act as the scandal
begun to surface.

HERERA: As talks between the U.S., Canada and Mexico to renegotiate the
North American Free Trade Agreement continue, new data shows that Mexico is
still shipping cars and trucks to the U.S. at a pretty steady rate. And
it`s expected to pick up even more this year.

Phil LeBeau reports.

(BEGIN VIDEOTAPE)

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT: The trains loaded with
cars and trucks seem to stretch for miles. They`re headed from Mexico to
the U.S. Last quarter shipments of Mexican-made autos to the United States
climbed more than 5 percent to a record high of almost 600,000 vehicles,
making up almost 15 percent of what is sold in U.S. dealerships.

Most buyers are likely unaware they could be buying a model built in
Mexico. Two of the most popular pickups, the Chevy Silverado and Ram 1500,
are both built south of the border.

While President Trump has threatened to slap a tax on Mexican-made
vehicles, many in the auto industry doubt that will ever happen. Instead,
they believe negotiators will successfully rework the NAFTA agreement,
which could change some of the requirements for Mexican-made vehicles but
is not likely to lead automakers to slow down assembly lines in that
country.

Last year, Mexico built almost $4 million vehicles with more than half of
those being shipped north of the border.

It`s easy to think Mexico`s auto industry is growing simply because of
demand in the U.S. but Mexico is also exporting more vehicles to other
countries like Germany, Brazil and China.

Phil LeBeau, NIGHTLY BUSINESS REPORT, Chicago.

(END VIDEOTAPE)

GRIFFETH: Sprint and T-Mobile reportedly renew merger talks. And that is
where we begin tonight`s “Market Focus”.

Several months after previous talks fell apart, the two telecom companies
are apparently taking another shot at reaching a deal, according to “The
Wall Street Journal.” This would be the company`s third attempt at a
combination. Shares of Sprint jumped by 17 percent to $6.02 and shares of
T-Mobile rose more than 5 percent to $63.13.

American Airlines is raising the low end of its unit revenue outlook this
quarter. But the lift in revenue guidance was not as much as some had been
hoping for. The airline also affirmed its earnings guidance for the whole
year. Shares were down nearly 5 percent in an otherwise big up day.

And United Continental said the traffic rose by 6-1/2 percent in March
compared to a year ago. The airline also said that its on time performance
improved. Perhaps investors were looking for those. Shares of United also
finished lower, down about 1 percent to $67.59.

Sue?

HERERA: Bill, Tupperware (NYSE:TUP) said a drop in sales would cause
earnings and revenue this quarter to disappoint. The storage products
maker also said higher tax rates were having an impact on its financial
reporting. Shares of Tupperware (NYSE:TUP) were off more than 11 percent
to $41.74.

Auto systems maker Tenneco said it was buying peer Federal Mogul from Icahn
Enterprises (NYSE:IEP) for more than $5 billion. Tenneco says it will
separate into two publicly traded companies following that deal. The
companies will focus on powertrain products and auto parts. Tenneco shares
rose 4 percent to $57.82.

GRIFFETH: To the housing market now with a new report shows that roughly
one in five conventional mortgage loans went to borrowers who are spending
roughly 45 percent of their monthly incomes on mortgage payments and other
debts, that according to CoreLogic (NYSE:CLGX). And that is the highest
proportion since the housing crisis. Economists say that the increase in
debt reflects rising home prices in relation to wages.

HERERA: Well, it`s no secret that fewer buyers are able to afford the
homes that they want, especially in their desired locations. And this is
happening barely a decade after that worst housing crisis in history.

And as Diana Olick tells us, workers in certain jobs are being hit the
hardest.

(BEGIN VIDEOTAPE)

DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT: If you`re house
hunting this spring, you already know the competition out here is rough,
very few listings and very high prices. And for some workers affording a
home anywhere close to their job is getting increasingly difficult.

Teachers, first responders, restaurant workers and surprisingly computer
programmers have the hardest time affording a home near their jobs, this
according to a new study by Trulia, a real estate listing company.

In tech heavy California where tech workers make six-figure salaries, very
few can afford a home. In San Francisco, programmers can afford just 5
percent of the homes for sale. And in San Jose, barely 12 percent,
according to Trulia.

Median home prices in both cities are well over a million dollars. But
it`s not just in California. Barely half of programmers in Chicago,
Charleston, South Carolina, Minneapolis, and Newark, New Jersey, can afford
to buy the median-priced home. The numbers are even worse in Portland,
Oregon and Miami.

But teachers really bear the brunt of the challenges. Their salaries are
not increasing at anywhere close to the gains in home prices. The number
of homes affordable to them is dropping dramatically, down over 20 percent
in cities like Tacoma, Washington, Colorado Springs and even the relatively
affordable Indianapolis.

The problem is that home prices are rising fastest at the low end of the
market. That`s where there is now most demand and least supply. That
leaves more workers having to travel farther out from their jobs to find
affordable housing, meaning ever longer commutes.

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

(END VIDEOTAPE)

GRIFFETH: And coming up, closing the pay gap. Why men and women don`t
earn the same salary for the same job.

(MUSIC)

GRIFFETH: A federal appeals court has ruled that employers cannot pay
women less than men for the same work if it`s based on the woman`s previous
salary. Now the court said that pay differences based on prior salaries
are inherently discriminatory. The lawsuit involved a female California
math consultant who sued Fresno Cali Office of Education after she found
out that her male colleague with the same title was paid a higher salary.

HERERA: And finally tonight, today is Equal Pay Day, a day meant to
symbolize how far into the year a woman must work in order to earn the same
amount that a man earned the previous year. Wage disparity has become part
of the national conversation, and so we ask Leslie Picker to take a look at
the nation`s gender pay gap.

(BEGIN VIDEOTAPE)

LESLIE PICKER, NIGHTLY BUSINESS REPORT CORRESPONDENT: The figure most
commonly cited is 20 percent, women`s median earnings are about 20 percent
below that of men. That 20 percent adds up overtime. It equates to about
$400,000 in lost wages over the course of a career. For millions of women,
pay parity would bring them above the poverty level, that`s according to a
new study published today by Lean In and Survey Monkey.

It also found out that about a third of people did not realize the pay gap
exists.

President of LeanIn.org, Rachel Thomas, says that gender bias is to blame
for much of the wage gap.

RACHEL THOMAS, LEANIN.ORG PRESIDENT: We ask Americans why they think
there`s a pay gap and 60 percent said they thought it was because of sexism
or unconscious bias and they`re right. A big piece of this is what`s
happening in their workplace day to day, which is why this isn`t just about
awareness, it`s about a call to action for companies to level the playing
field, women have less access to mentors and sponsors. They`re promoted
the most slowly, there`s bias in the performance review process and has an
impact on their pay.

PICKER: But bias does not explain the whole story. A large explanation
for the gender gap is due to the idea that predominantly male fields, think
construction and transportation, garner higher earnings than predominantly
female fields like education and administrative support. Activists have
called for raising the minimum wage as a way to help bridge that divide.

Another reason is the so-called motherhood penalty. Studies have found
that employers are less likely to hire mothers than fathers, even if they
have the same level of experience. Some companies such as Salesforce have
taken it upon themselves to investigate the disparities within their
workforce.

Tamara Mellon, the co-founder of Jimmy Choo, says that`s an important step
towards parity.

TAMARA MELLON, JIMMY CHOO CO-FOUNDER: Transparency when looking at the
data is the only way we`re going to figure out how to do this, and calling
on companies to do internal analysis, I think that`s the way forward.

PICKER: The wage gap has narrowed in recent years but still persists. At
the current rate of change, women would not reach pay parity with men until
2119, more than a century from now.

For NIGHTLY BUSINESS REPORT, I`m Leslie Picker.

(END VIDEOTAPE)

HERERA: That`s it for us tonight.

GRIFFETH: Good night. We`ll see you tomorrow.

END

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