Transcript: Nightly Business Report – May 9, 2018

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

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: Rising rates. Stocks are
up. So are bond yields, and one money manager says that makes some
dividend paying companies more attractive, not less.

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Ford`s detour. The automaker
is halting all production of its very popular and very profitable F-150 at
a critical time for that company.

GRIFFETH: Staging a comeback. Why demand is rising for a type of mortgage
considered a villain of the old housing crisis.

Those stories and much more tonight on NIGHTLY BUSINESS REPORT for this
Wednesday, May 9th.

HERERA: Good evening, everybody, and welcome.

The Dow records its biggest win streak in three months, rising for five
straight days. An increase in oil prices sent energy shares higher, and
that helped lift the broader markets and investors did not appear to be
bothered by a rise in the ten-year yield back to the 3 percent mark.

So here are the closing numbers. The Dow Jones Industrial Average advanced
182 points to 24,542. The Nasdaq rose 73, and the S&P 500 was up 25.

Bob Pisani explains why today`s market action could be a good sign for the
bulls.

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: It`s finally happening.
The broad market and key leadership sectors are breaking out of the down
trend. Bulls are starting to regain control of the narrative. The big cap
S&P 500 and the small cap Russell 2000 are reversing. The S&P has risen
nearly 100 points.

The Dow more than 1,000 points since Thursday`s lows. After a tough few
months, the news has been better for the bulls recently. The jobs report
last Friday indicated modest jobs growth with modest wage inflation.
Earnings have remained strong and guidance for earnings for the rest of the
year have not dropped. Earnings growth will be slower next year, however.

Finally, inflation remains moderate. Ten-year treasury, ten-year yields up
3 percent. April`s producer price index, this is a measure of inflation at
the wholesale level saw core prices well within expectations despite
somewhat higher cost for commodities.

It`s not just the S&P that`s breaking out. Sectors that were market
leaders earlier in the year like semiconductors and banks and FANG stocks,
they`re all doing better. What`s missing here is more volume on up days.
That would be a sign the bulls are really getting enthusiastic.

The highest volume days of the year have all been on down days. None of
the up days have any kind of heavy volume. Finally, here`s an important
point. Breaking out of a down trend does not mean we are in a convincing
up trend. Keep in mind that the market traditionally has a very tough time
advancing to a midterm elections though it usually turns around in November
when the elections are over.

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

(END VIDEOTAPE)

GRIFFETH: Well, with interest rates inching higher, investing for income
can be tricky. So, what do you need to know when it comes to dividend-
paying companies?

Joining us tonight is John Petrides. He`s portfolio manager at Point View
Management.

Welcome back, John.

JOHN PETRIDES, PORTFOLIO MANAGER, POINT VIEW MANAGEMENT: Thanks for having
me on.

GRIFFETH: So, investing 101 says, when interest rates are going up,
dividend paying companies are pressured. But you say not always. Why?

PETRIDES: Not always. It depends on the cash flow of the company. If the
company is doing well and if interest rates are going up because the
underlying economy is doing well, that means corporate profits should be
stronger, which means they should generate more cash to return to
shareholders. So, you want to look at a company`s history of not only
having a high dividend but what`s their history of growing that dividend
over time.

HERERA: You also say that you have to be careful. You kind of divided it
up into pros and cons. One of the things you need to watch for is the
company`s level of debt.

PETRIDES: Yes, you don`t want to buy a company stock simply because it has
a high dividend yield.

HERERA: Right.

PETRIDES: You know, you don`t want to be lured into a trap, because if
they have a significant amount of debt on the balance sheet, and if they
can`t fund that debt, well then, one of the first sacrifices will be
dividend. You don`t want to chase the higher yield because it`s a higher
yield.

GRIFFETH: So, let`s name names. You start with Ventas (NYSE:VTR), an
assisted living company.

PETRIDES: Exactly. So, the REIT sector, all of those sectors that were
bond surrogates. You know, we`ve been looking for yields for almost a
decade now, and those sectors that were stable, substitutes for bonds have
all sold off hard. So, telecom, REITs and consumer staples and utility.

So, Ventas (NYSE:VTR) is one of the largest senior citizen — senior
housing facilities in the country. They have near 6 percent yield. We all
know we`re living longer and that weighs to those types of homes can go up.

HERERA: A name a lot of people know, it`s a household name, Haines Brand.

PETRIDES: Nice.

HERERA: And you say it has really increased the dividend on a fairly
significant level and very consistently.

PETRIDES: Haines, the stock has sold off because there are less — it`s
less foot traffic to the mall, so there`s less impulse buying at big boxes
for underwear, socks, and those things.

So, the stock has sold off pretty hard, but it yielded near 3.6 percent
over the last four years. The company has grown 40 percent per year. So,
now, you`re getting a high yield and you have a company that has a history
of growing a dividend.

GRIFFETH: And, finally, the company that used to be the one that you
looked to first for dividends.

PETRIDES: Right.

GRIFFETH: It used to be the most widely held company out there, AT&T
(NYSE:T).

PETRIDES: Well, AT&T (NYSE:T), the yield is close to 6.5 percent now. The
company assuming they complete the deal with Time Warner (NYSE:TWX) will
complete this transition to an end to end media company, from being cell
phone to content and own everything in between. We like those three
stocks.

GRIFFETH: Do they have to complete the deal for you to like it this much?

PETRIDES: Not for the dividend, no.

GRIFFETH: OK.

PETRIDES: Yes.

GRIFFETH: Very good. John Petrides with Point View Wealth Management,
always good to see you. Thanks for joining us.

PETRIDES: Yes, thanks. Same here.

HERERA: We turn to Washington now where there are new reports tonight that
involve President Trump`s personal lawyer, Michael Cohen, and some very big
companies, including the drug company Novartis.

Eamon Javers has more on the consulting controversy and the money behind
it.

(BEGIN VIDEOTAPE)

EAMON JAVERS, NIGHTLY BUSINESS REPORT CORRESPONDENT: In the White House
press briefing room, Sarah Huckabee Sanders was asked today if the
president is embarrassed or ashamed about any of the disclosures
surrounding payments by large corporations to his personal attorney Michael
Cohen.

SARAH HUCKABEE SANDERS, WHITE HOUSE PRESS SECRETARY: I think that would be
up to those individuals who make the decision to hire someone. Just the
same way that the companies that you work for make the decision to
determine whether or not they think that you`re qualified to serve in a
position, that`s the decision of an independent company and it has nothing
to do with the White House.

JAVERS: Here`s what we know about the payments that were made to Michael
Cohen in 2017 and part of 2018. A company called Columbus Nova LLC which
is a company that is independent of but linked to a Russian oligarch
controlled firm in Russia gave $500,000 to Michael Cohen. Novartis, the
drug giant, updated its statement this afternoon to say that it paid $1.2
million and a monthly retainer of $100,000 a month. AT&T (NYSE:T) said it
paid up to $600,000 and Korea Aerospace confirmed $150,000 to Michael Cohen
and his consulting firm called Essential Consultants.

Now, Novartis explained that ultimately, their arrangement with Michael
Cohen was fruitless. They said that Novartis determined that Michael Cohen
and Essential Consultants would be unable to provide the services that
Novartis had anticipated related to U.S. health care policy matters and the
decision was not to engage further. The company said however that it
continued to make those payments to Michael Cohen for the duration of the
contract because they felt they were unable to break that deal.

AT&T (NYSE:T) sent a memo to its employees today explaining its role in all
of this, saying that Cohen did no legal or lobbying work for us and our
contract with Cohen expired at the end of its term in December 2017. It
was not until the following month in January of 2018 that the media first
reported and AT&T (NYSE:T) first became aware of the current controversy
surrounding Cohen.

So, meanwhile, we`ve got new development from NBC News this afternoon
reporting that a senior official inside the drug giant Novartis tells NBC
News that Cohen reached out shortly after Trump`s election promising access
to the new administration. Cohen and his attorney did not respond to NBC
News` request for comments on that alleged promise for access.

But here, we have the very strange story of the president`s attorney also
selling access to insights about the president`s thinking and approach to
governance at the same time he`s representing the president of the United
States.

For NIGHTLY BUSINESS REPORT, I`m Eamon Javers at the White House.

(END VIDEOTAPE)

HERERA: Rising interest rates are also impacting the mortgage market and
that has home buyers trying to figure out how to navigate this incredibly
competitive and pricey market.

And as Diana Olick reports, that means more people have less skin in the
game.

(BEGIN VIDEOTAPE)

DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT: Competition for the
slim supply of homes for sale today means bidding wars, cash, and a tougher
road if you`re a buyer who needs to use a mortgage. Interest rates jumped
at the start of this year, took a break for a bit and then began rising
again last month, hitting the highest level in over four years.

Last week, they actually fell back a bit but that didn`t help much.
Mortgage applications to both purchase a home and to refinance a home loan
fell. And home prices aren`t just rising, the games are getting bigger.
So, how did today`s buyers who need a mortgage get in the game when the
finish line keeps moving?

They do more with less.

MAT ISHBIA, CEO, UNITED WHOLESALE MORTGAGE: The last 12 months especially
more people are putting less money down on 3 percent, 5 percent. It`s
becoming more of the trend and more common than almost 20 percent or 30
percent down where it used to be 10 to 15 years ago.

OLICK: More borrowers are also turning to adjustable rate mortgages which
offer lower interest rates but were widely blamed for the housing crash a
decade ago. Today`s arms however are much more conservative as are the low
down payment loans.

ISHBIA: There`s always a concern about higher risk. It`s all relative.
You know, is there more risk than 5 percent down than 30 percent down as a
lender? Of course there is.

However, it`s relative. There`s a lot of layering risk. So, you have to
understand the credit profile, along with those mortgage and terms program,
along with the way the mortgage industry is today. It`s so much stronger.

OLICK: Lenders are also banking on a strong economy that will keep home
prices from falling, but at some point, prices will hit a limit and the
less skin in the game buyers have, the more at risk they will be.

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

(END VIDEOTAPE)

GRIFFETH: And the cost of building a new home in California is expected to
go up after a state panel there today approved an historic plan to acquire
solar panels on new construction.

Aditi Roy is in Fremont, California, for us tonight.

(BEGIN VIDEOTAPE)

ADITI ROY, NIGHTLY BUSINESS REPORT CORRESPONDENT: Santhosh
Lakshminarasimhan bought his home 15 months ago. He wasn`t looking for a
house with solar panels but liked the idea of saving energy and some money
on his energy bills, too.

SANTHOSH LAKSHMINARASIMHAN, CALIFORNIA HOMEBUYER: I would encourage
everyone to think about it.

ROY: And now, everyone who wants to buy a new house in California might be
forced to have solar panels. Under a new code just approved by the
California Energy Commission, all new residential buildings in the state up
to three stories high, which includes houses, apartments, and condos, have
to include solar panels.

The energy commission says it would add $9,500 to the construction cost of
a new home, but the energy savings over a 30-year period would be $19,000.

LAKSHMINARASIMHAN: I would say it would be a positive thing.

ROY: The head of sustainability for K.B. Homes which built this brand-new
community of houses in Fremont, California, says the company supports the
new rule and that 35 percent of its new homes in California have solar
panels. The California Building Industry Association also supports the new
standards, as does the Solar Energy Industries Association.

Sun Run, the largest residential solar company in the U.S., also applauded
the decision, but the outlook hasn`t been as sunny recently for the solar
industry. Residential installations in California went down nearly 20
percent last year and tariffs stemming from U.S./China trade tensions could
cost the solar industry up to 23,000 jobs. This as construction costs keep
rising and while the new rule could increase up front costs of buying a
newly constructed house in California, a state already known for
skyrocketing housing costs, some homeowners like Santhosh don`t mind
footing the extra bill.

LAKSHMINARASIMHAN: Trying to install them fresh is kind of more expensive,
so I would say go for ones which already have them in.

ROY: The rule still has to be approved by the state`s building standards
commission. If passed, it would go into effect in 2020.

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

(END VIDEOTAPE)

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

Semiconductor stocks were in focus at Nomura Instinet which upgraded the
shares of Xylinx to neutral from reduce. The analyst cites more aggressive
tone from management on acquisitions. The price target was raised to $70
and the stock rose 1 percent to $68.43.

The same firm downgraded Broadcom (NASDAQ:BRCM) to neutral from buy. The
analyst cites a worse than anticipated outlook for wireless demand. The
price target cut to $250. The stock fell slightly to $238.05.

GRIFFETH: Meantime, Check Point`s software rating was downgraded to hold
from buy at Argus Research. The analyst there cites execution issues
related to sales. The firm also cut its earnings estimates for the company
for this year and next. Shares of the cybersecurity stock edged lower to
$99.80.

Monster Beverage was downgraded to neutral from overweight by JPMorgan
(NYSE:JPM). The analyst expects pressure on margins to continue given the
rise in input costs. The price target was lowered to $52. The stock fell
by 7 percent today to $49.11.

HERERA: Still ahead, Ford is doing what no automaker wants to do. It is
halting production of its most profitable vehicle.

(MUSIC)

GRIFFETH: Ford said late today it is halting all production of its popular
F-150 pickup truck. A fire at one of the automakers` parts suppliers has
stopped production of critical components for that vehicle, and it`s the
last thing that Ford needs right now.

Phil LeBeau has details for us tonight.

(BEGIN VIDEOTAPE)

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT: The F-150 assembly
line is the heartbeat of Ford`s truck business, and right now it`s in
critical condition.

What`s the problem? An explosion and fire last week at a supplier`s plant
in central Michigan means it can no longer provide components for the F-
150. Without those parts, Ford cannot build the popular truck. That means
roughly 4,000 workers in Dearborn could be temporarily laid off.

The United Auto Workers alerted members of a possible shutdown saying the
company doesn`t know for sure when or for how long we will be down. A
shutdown would come just as Ford dealers are preparing for the busy summer
sales season and for Ford, the F-150 is critical to its bottom line.

It`s not only the most profitable vehicle it sells, it`s also the most
popular. On average, an F-series pickup is sold every 30 seconds. For
now, Ford has plenty of F-series trucks in its inventory, so if there`s a
complete production stop for a short period of time, the impact on sales is
expected to be minimal.

Ford is working with its supplier to get production of those components up
and running as quickly as possible, and while there is plenty of urgency,
it is too early to tell how long that will take.

Phil LeBeau, NIGHTLY BUSINESS REPORT, Chicago.

(END VIDEOTAPE)

HERERA: The Department of Transportation is conducting an audit of the
FAA`s oversight of maintenance issues at both Allegiant Air and American
Airlines. Allegiant said it welcomes any analysis of its operations.
American said it was shocked to learn of the review and it stands by its
strong safety record. Nonetheless, those stocks came under pressure in
trading today.

GRIFFETH: Walmart is buying a controlling interest in India`s leading
online retailer. The world`s largest retailer has agreed to buy 77 percent
of flip cart for $16 billion. As we reported earlier, this deal gives
Walmart greater access to that fast growing Indian market, something that
it has been trying to crack for several years. Shares of Walmart fell 3
percent today, making it the worst performing component of the Dow today.

HERERA: Sears (NASDAQ:SHLD) strikes a deal with Amazon (NASDAQ:AMZN), and
that`s where we begin tonight`s market focus. Customers who purchase tires
from Amazon (NASDAQ:AMZN) will now be able to have them delivered to and
installed by Sears (NASDAQ:SHLD) auto center. Under the deal sears also
said it will sell some of its own tires on Amazon`s Website.

Now, separately, Sears (NASDAQ:SHLD) said it`s continuing to take steps
that it believes will improve financial performance. Shares of Sears
(NASDAQ:SHLD) jumped nearly 16 percent to $3.20. Meanwhile, shares of
Amazon (NASDAQ:AMZN) closed up 1 percent to $1,608.

Mylan (NASDAQ:MYL) reported earnings in line with estimates even as weaker
sales of its EpiPen allergy treatment hurt revenue. Yesterday, the
drugmaker warned of EpiPen supply issues caused by manufacturing delays.
But today, the FDA said it expects that shortage to be short term. Shares
rose nearly 4 percent to $36.72.

Well, the domestic box office success of super hero movie “Black Panther”
wasn`t quite enough to prop up attendance at the movie theater operator
Cinemark. The company reported quicker than expected earnings, but
revenues edged past estimates. Shares were off 5 percent to $36.78.

GRIFFETH: Online lending platform Lending Club reported a surprise profit.
That was helped by an increase in loans. Revenues also rose and topped
expectations. Lending Club shares gained 21 percent to finish the day at
$3.40.

Then, after the bell, 21st Century Fox said the strength in its cable TV
channels helped the media conglomerate top revenue expectations. Earnings
grew but missed estimates. Shares were volatile in the extended session.
They ended the regular session today down a fraction at $37.70.

Also out after the bell tonight, streaming device maker Roku reported a
smaller than expected loss and higher revenues for the latest quarter.
Roku also said it expects sales in the current quarter and for the full
year to soar past street targets. Shares of Roku were initially volatile
after hours but finished the regular day up nearly 9 percent to $36.08.

HERERA: As you know, companies make news all the time, some more than
others, and whether it`s good or bad, news can affect the stocks. So what
does it mean for you when a stock you own is constantly in the headlines?

Joining us to talk about some high profile names you may own is Jon
Najarian. He is the founder of the Najarian Family Office.

Good to see you, Jon. Thanks for joining us.

JON NAJARIAN, FOUNDER, NAJARIAN FAMILY OFFICE: Great to be with you, Sue.
Thank you very much.

HERERA: So, you`ve kind of labeled this sticking with it or leaving it.
You`ve picked three names for us, Nike (NYSE:NKE), Tesla, and Facebook
(NASDAQ:FB). Let`s start with Nike (NYSE:NKE). What are the positives
here?

NAJARIAN: Positives are hugely positive, 34 billion in annual sales, Sue.
That is a huge number, and it`s only growing. Obviously, one of the best
brands in the world, Nike (NYSE:NKE) is, probably becomes a Michael Jordan
but there`s a whole bunch of other athletes and great products behind it.

The other reason I think, sue, is 3 billion of those sales came from China,
so I think that shows you how much sales could grow in China because it`s
only 1/10 of the overall sales. I think Nike (NYSE:NKE) has got a real
opportunity here and, of course, we`ve got the World Cup, which is right at
our doorstep now, and that`s another reason I think to focus in on this
stock.

GRIFFETH: And what you`re doing is you`re staying with it, right?

NAJARIAN: Yes. This is one, Bill, that I would stay with. Like Nike
(NYSE:NKE), I don`t own it right now except for customers. Myself
personally, I don`t own it right now, but as you know, I`m more of a trader
than I am a buy and hold guy.

GRIFFETH: Right. Then there`s Tesla which seems to be always in the news,
not always for good reasons though.

NAJARIAN: Right. Last week, of course, it was Mr. Musk who got a little
testy with some of the questioning that he got, calling them boneheads and
so forth.

We all know he needs to raise capital. I`m not saying they won`t be able
to raise capital, Bill, I`m sure they will. I think it becomes a little
tougher though each time they have to keep going back to the well.

And his reality distortion field is very similar to Steve Jobs but without
quite the same measure of success that Jobs had with, you know, sort of
waiving his hands and getting people to believe there was really something
or that they could do something that they didn`t think they could do.

I love the product, I just don`t think they can make enough money in the
short term to meet a lot of the Wall Street projections, and that takes me
to that final point which is, you know, it is a car company. Great
technology. I`ll give you that. But unfortunately, he`s going to have to
admit sooner or later that it`s a car company, and when he does, I think
the valuation gets hit pretty hard.

So, this is one that I would not be owning right here, Tesla.

LEBEAU: So, you`d be leaving that one. Reality distortion field.

NAJARIAN: Yes.

LEBEAU: I`m going to use that. Thank you, Jon.

NAJARIAN: Sure. You`re very welcome.

HERERA: Let`s move to Facebook (NASDAQ:FB). You have some positives for
us. You`re sticking with Facebook (NASDAQ:FB) at this point. Why?

NAJARIAN: Well, and this is one, Sue, that I bought, and I`ve held for
months now. Love this stock. I can give you 2.5 billion reason, and
that`s about the number of daily active users that they have on the
platform. But that — beyond those people on the platform, think about the
1 billion, 1.5 billion people that use their mobile phones because, Sue, I
think that is what every advertiser wants to touch because they can
actually geolocate us when we`re carrying our phones around.

So, the fact that they`re so big and mobile and the fact that both of these
numbers are in the billions is why all the advertisers have to be with
Facebook (NASDAQ:FB). So I don`t know that there`s really another place
they could be. I think this is just, you know, the 800-pound gorilla.
You`ve got to be with Facebook (NASDAQ:FB). It`s the best way to reach
people as they`re going by your place of business with the mobile or when
they`re searching for things on their desktop.

HERERA: All right, Jon. So, you`re sticking with Nike (NYSE:NKE). You`re
leaving Tesla. And you`re sticking with Facebook (NASDAQ:FB).

NAJARIAN: Indeed, Sue.

HERERA: Thanks so much, Jon. Great to see you.

NAJARIAN: Thank you. Great to see you.

HERERA: Jon Najarian with the Najarian Family Office.

Bill?

GRIFFETH: Coming up, the most valuable art collection ever sold at
auction, at least part of it, coming up.

(MUSIC)

HERERA: On Capitol Hill, the Senate has forced a vote to restore the rules
that govern the Internet known as Net Neutrality. A vote is expected next
week on the new resolutions to restore the 2015 regulations. Those
regulations banned blocking and throttling by Internet providers. The
current FCC chairman reversed those rules.

GRIFFETTH: Well, some of the rarest art master pieces ever put up for
auction went for record prices last night at Christie`s. The collection,
as we`ve been reporting, is from the estate of the late David and Peggy
Rockefeller. Robert Frank has been following this story for us.

He`s back tonight with more.

(BEGIN VIDEOTAPE)

ROBERT FRANK, NIGHTLY BUSINESS REPORT CORRESPONDENT: The biggest names in
art were on the wall, Picasso, Matisse and Monet. The name that captured
the big auction at Christie`s last night was Rockefeller.

The sale of the top works from the Peggy and David Rockefeller collection
featured 44 pieces that went for a combined $646 million, way above its
estimate. There were bidders from 34 countries battling paddle to paddle
and over the phones to get masterpieces once owned by American royalty.
There were seven new records set for the artists and there were cheers and
gasps from the crowd throughout the one-hour sale, which is the largest
ever auction of a single collection.

Most expensive piece was Picasso`s young girl with flower basket. That
went for $150 million. The piece, while slightly disturbing and not
classic Picasso, is from his prized rose period which is sought after by
museums.

But the big moment of the night was for a Monet water lily painting which
once was hung by the stairs of the Rockefeller`s Westchester home, was
estimated at $50 million. With fees, the final price was $84.7 million.

UNIDENTIFIED MALE: Seventy-five million, ladies and gentlemen. Thank you
for that tremendous bid. You have it. Sold to you. Well done.

FRANK: Henri Matisse`s odalisque “Reclining Nude” went for $81 million and
a Gauguin estimated at $18 million went for $31 million. The winning bids
for both Matisse and Monet appeared to be from Asian buyers. All the
proceeds will go to charity and a Rockefeller sale rolls on with more than
1,000 other items the rest of this week.

For NIGHTLY BUSINESS REPORT, I`m Robert Frank.

(END VIDEOTAPE)

GRIFFETH: Wouldn`t you love to know who the buyers were?

HERERA: Oh, absolutely.

GRIFFETH: Right? I mean, most of them want to be anonymous on those
phones, but just amazing this collection all in one place and now it`s
going to different parts of the world.

HERERA: I can`t wait for Robert`s reports for the rest of the week.

GRIFFETH: Yes.

HERERA: Favorite story of the year.

GRIFFETH: Yes.

HERERA: Should we take another look at the final numbers are on Wall
Street?

GRIFFETH: Good idea.

HERERA: The Dow advanced 182 points to 21,542, the Nasdaq rose 73 and the
S&P 500 was 25.

So, stay with us. We`re going to follow that story.

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

GRIFFETH: I`m Bill Griffeth. Have a wonderful evening. Save some money
and bid tomorrow. We`ll see you tomorrow.

END

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