Transcript: Nightly Business Report – July 2, 2018

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

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: Second half kickoff. Stock
market gains are capped as trade concerns persist, making the start of the
third quarter much like the end of the second.

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: In the crosshair. Why a small
Ohio town finds itself caught in the middle of the U.S. Canadian trade
dispute.

GRIFFETH: Debits or credit. The answer to that may be digital.

Those stories and more tonight on NIGHTLY BUSINESS REPORT. It is Monday,
July the 2nd.

HERERA: Indeed it is.

And we welcome you. Good evening, everybody.

Tech stocks rallied late in the day to help the major indexes close higher
on the first major trading day of the second half and, of course, the third
quarter. The concerns over trade lingered, putting a lid on those gains.
And as one analyst put if, the constant threat of something worse is
starting to take its effect on the market, because there`s no clear end in
sight.

And with that, the Dow Jones Industrial Average rose 35 points to 24,307,
the Nasdaq advanced 57 and the S&P 500 was up eight.

Eamon Javers is at the White House tonight with the latest on the trade
tensions.

(BEGIN VIDEOTAPE)

EAMON JAVERS, NIGHTLY BUSINESS REPORT CORRESPONDENT: President Trump
issuing something of a veiled threat to the World Trade Organization on a
day in which Canada announced the retaliatory tariffs have gone into effect
against the United States. The Canadians for 25 percent tariffs on steel
products, 10 percent on aluminum products and 10 percent on other products
including yogurt, coffee and ketchup coming from the United States. At the
White House today, the president was meeting with the prime minister of the
Netherlands, and he had this to say about the World Trade Organization.

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: The WTO has treated the
United States very badly. And I hope they change their ways. They have
been treating us very badly for many, many years. And that`s why we were
at a big disadvantage with the WTO. And we`re not planning anything now,
but if they don`t treat us properly, we will be doing something.

JAVERS: Meanwhile, the stock market was digesting all of this information
today around the world. Wilbur Ross the commerce secretary was on CNBC
earlier in the day. And he said that there was really no particular level
in the stock market that the White House was looking at in order to change
its tariff-related behavior.

WILBUR ROSS, SECRETARY OF COMMERCE: There`s no bright line level of the
stock market that`s going to change policy. The president is trying to fix
long term problems that should have been dealt with long time ago, weren`t.
And they`re obviously is going to be some pulling and tugging as we try to
deal with very serious problems.

JAVERS: White House officials have told me two things. One is that the
president has said again and again that he does want to get out of the
World Trade Organization, not clear how he would put that into practice,
though. And also, they feel strongly here at the White House that with the
economy as strong as it is, even though the stock market hasn`t been as
strong, now is the time to make these moves that they`re making in terms of
tariffs and global trade. They feel with a strong economy, the United
States has the foundation that it needs now to make these moves which they
say will pay off in the future.

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

(END VIDEOTAPE)

GRIFFETH: Meanwhile, the largest American business group has launched a
campaign to oppose the Trump administration`s trade policies. The Chamber
of Commerce, which is customarily a close ally of the Republican Party,
says if a global trade war does break out, consumers will ultimately pay
the price. In response, the White House says it is focused on leveling the
playing field for all American workers.

HERERA: Eamon moments ago mentioned the Canadian tariffs on American
products. Well, one of those products is ketchup. And the trade fight is
putting a lot of pressure on a small Midwestern town.

Seema Mody is in Freemont, Ohio.

(BEGIN VIDEOTAPE)

SEEMA MODY, NIGHTLY BUSINESS REPORT CORRESPONDENT: Canada`s retaliatory
tariffs take aim at a number of U.S. products. But it`s the 10 percent
import duty on ketchup that has the small industrial town of Freemont,
Ohio, concerned.

Right behind me is the nation`s largest ketchup plant which produces 2
million bottles of ketchup daily.

In a statement, Kraft (NYSE:KFT) Heinz responding to Canada`s tariffs,
saying: We are opposed to any change that impacts our ability to seamlessly
move our products across these borders.

Slapping tariffs on ketchup was highly symbolic on Canada`s part, not only
does Kraft (NYSE:KFT)/Heinz dominate 76 percent of the Canadian ketchup
market, but the company closed a large ketchup factory in Canada several
years ago to centralize production in the United States. And Ohio, where
most of its product is produced is a political swing state, which often
determines who wins the U.S. presidency. And over 51 percent of
constituents in the Buckeye State back President Trump in 2016.

SEN. PAT TOOMEY (R), PENNSYLVANIA: Heinz ketchup is a quintessentially
American product.

MODY: Republican Senator Patrick Toomey from Pennsylvania, Kraft
(NYSE:KFT) Heinz`s home state, recently said the Canadian tariffs could
have an adverse impact on Kraft (NYSE:KFT)/Heinz and its projects, warning
that the tariffs could backfire.

TOOMEY: The solution for them, to be able to continue to sell their
product in Canada, would be to shut down their U.S. factory and move to
Canada, then they wouldn`t be subject to these tariffs.

MODY: Resident of this small working town with a population of just over
16,000 say this ketchup plant is a big source of jobs for those who live
here.

JANET NIESET, FREMONT OH RESIDENT: Heinz is a staple in Fremont. They`ve
been here for years and years, as long as can I remember, and I`m pretty
old.

DAVE HOPPES, FREMONT, OH RESIDENT: It is the mother ship of all Kraft
(NYSE:KFT) Heinz. It makes the most ketchup in the entire United States.
So, very big.

MODY: Experts say Kraft (NYSE:KFT)/Heinz will have to make a decision soon
on how to respond to Canada`s tariffs, by either eating the cost or passing
it on to Canadian consumers. But the latter would be risky.

Heinz is facing rising competition from French`s, which has been marketing
its ketchup as a made in Canada alternative to American branded Heinz
ketchup. Even though French`s parent company is headquartered in Maryland.
And the strategy seems to be working. Online in Canada, a guide on how to
avoid buying American products and opt for Canadian made items is going
viral. Topping the list, Heinz ketchup.

The question now is just how much Canada`s 10 percent tariff will impact
demand for America`s favorite red condiment.

For NIGHTLY BUSINESS REPORT, I`m Seema Mody, Fremont, Ohio.

(END VIDEOTAPE)

GRIFFETH: Now, among packaged food companies, Hershey and TreeHouse Foods
could see the biggest impact from Canada`s retaliatory tariffs. According
to Credit Suisse, Hershey exports the vast majority of the candy it sells
in Canada instead of producing there as some companies do. TreeHouse Foods
will pay import tariffs on some products. But small changes in cost for
TreeHouse could have an outsized impact on its earnings, because of its low
operating margins.

At any rate, shares of both companies finished the day trading lower.

HERERA: And concerns about global manufacturing also kept stocks in check
today. Activity in the Eurozone slowed in June, and by slightly more than
previously reported. Confidence among Japan`s manufacturer`s weakened for
the second straight quarter amid concerns about the potential impact from
the global trade fight.

And a private gain showed growth in China`s manufacturing sector slowed in
June.

GRIFFETH: As expected, the State Department said today the U.S. is going
to re-impose sanctions on Iran. The first wave to begin in August will
target trade, gold and the automotive sector. And include the goal of
eliminating imports on Iranian gold around the world.

(BEGIN VIDEO CLIP)

BRIAN HOOK, SENIOR POLICY ADVISOR: Our focus is on getting as many
countries importing Iranian crude down to zero as soon possible. We`re
also working with oil market participants, including producers and
consumers to ensure market stability.

(END VIDEO CLIP)

GRIFFETH: Add to that, the suspension of oil exports from Libya and
questions about Saudi Arabia`s production and you have a tug of war right
now in the oil market.

Jackie DeAngelis has more on that part of the story for us.

(BEGIN VIDEOTAPE)

JACKIE DEANGELIS, NIGHTLY BUSINESS REPORT CORRESPONDENT: In a tweet this
weekend on oil, President Trump said that prices were too high. He said he
spoke to King Salman of Saudi Arabia and explained that the turmoil in Iran
and Venezuela were causing him to ask the Saudis to, quote, increase oil
production, maybe up to 2 million barrels, to make up the difference.
Prices too high, he has agreed, end quote.

The White House backed off that position a bit later saying that the Saudis
could raise production if needed. But there were still many questions.
Would the 2 million barrels be in addition to the 1 million that OPEC said
it would add back? And did the king really agree?

With no answers to those questions, oil prices retreated but ever so
slightly. Still, with the recent 10 percent spike in oil prices and the
4th of July this week, prices at the pump have been rising.

ANTHONY GRISANTI, GRZ ENERGY FOUNDER: Gasoline prices I think have pretty
much reached their peak, barring any major refinery disruptions for the
rest of the summer. Demand has been flat and actually a little bit lower
than last year at this time.

As far as crude oil goes, I think crude oil could reach $78, $79 a barrel.
I don`t see $80 a barrel. I think there will be some intervention if we
see prices go much higher from here. I think that there`s a seasonal
factor involved in crude oil too, where after the Fourth of July, demand is
going to start dropping for that also.

DEANGELIS: Right now, AAA says the average price for a gallon of regular
is $2.86. That`s up 51 cents from this time last year. They also say this
week, more than 45 million Americans will travel more than 50 miles away
for the holiday. That`s a 5 percent increase from last year and the
highest number since AAA started tracking the statistic 18 years ago. The
majority of those people will travel by car, almost 40 million, and they`ll
all be digging a little deeper when it comes time to fill up, but maybe
prices will level off after the fireworks.

For NIGHTLY BUSINESS REPORT, I`m Jackie DeAngelis.

(END VIDEOTAPE)

GRIFFETH: Well, drivers in seven states will notice higher prices when
they go to fill up. That`s because gas tax increases went into effect over
the weekend. Oklahoma`s increase was the first in 31 years. The revenue
will help fund pay raises for teachers there. South Carolina, Indiana,
Maryland, Tennessee, Vermont and Iowa also raised their gas tax as of July
1st.

By the way, Nebraska moved in the other direction and lowered its fuel
surcharge.

HERERA: So, joining us to talk more about the oil market and where he sees
oil prices going is Rob Thummel. He`s the portfolio manager at Tortoise
Capital Advisers.

Good to see you, Rob. Welcome back.

ROB THUMMEL, TORTOISE CAPITAL ADVISORS PORTFOLIO MANAGER: Thank you.

HERERA: You make the point that we`re entering a new era. Is that based
solely on the geopolitical risk that`s out there or is there more to it
than that?

THUMMEL: Well, Sue, it`s more than that. We have an adequate inventory
and adequate supply of oil throughout the world. And the U.S. is a big
contributor of that, right? Hydraulic fracturing, horizontal drilling has
changed the game and allowed the world not to be concerned about running
out of oil.

Yes, we have oil prices rising right now. But there`s an adequate supply
of oil throughout the world. So, consumers don`t have to be concerned
about oil running out.

GRIFFETH: Do you see oil prices going much higher at this point? And what
will U.S. producers be able to do about that, do you think?

THUMMEL: So, there`s no doubt that the environment that we`re in right
now, Bill, that there`s really little to no margin for error in the oil
markets right now. You know, geopolitically there are a lot of things
going on. Saudi Arabia is being asked to really grow its production.

And if you think about what`s happening is, you can`t just turn on your
water faucet, right? And Saudi Arabia oil ministers can`t just turn the
oil faucet and produce 2 million more barrels a day. It takes time and it
takes a lot of effort and a lot of infrastructure investment.

So, we think oil prices potentially could spike, but ultimately, they`re
going to come back down and be around $55 to $65 per barrel for an extended
period of time. As an energy portfolio manager, that`s exactly where we
want prices to be.

HERERA: All right. So, you gave me the entree into how do you invest
against the environment that you just described. And you gave us some
picks. One of which like is Cheniere Energy, LNG is the symbol. Why do
you like it?

THUMMEL: Yes. So, Cheniere is really unique. So, we like to skate to
where the puck is going. Actually, natural gas is really a critical
commodity, it`s an essential commodity. And Cheniere is right in the heart
of this.

So, Cheniere Energy, what do they do? They export a U.S.-produced natural
gas and they liquefy it and they export it to countries around the world.

Around the world, what`s trying to — what`s happening in the energy sector
is emissions. Carbon dioxide emissions are declining. Why is that? It`s
because consumers are using more natural gas and less coal to generate
electricity.

So, as a result of that, Cheniere is well-positioned to benefit from this.

GRIFFETH: All right. One more, Plains All American. You`re going for the
pipeline company, not the oil producer. Very quickly, why?

THUMMEL: Yes, real quickly, Bill. That`s an infrastructure company, it`s
building out infrastructure in the Permian basin. The Permian basin in the
U.S. is one of the lowest costs producing basins in the U.S. and the world.

It`s an MLP. It generates a lot of income for investors. So, if your
investors looking for income, Plains is a great place to invest.

HERERA: On that note, Rob, thanks so much. Rob Thummel with Tortoise
Capital Advisors.

Bill?

GRIFFETH: Well, as you know, Mexican voters over the weekend elected the
man who promised profound change as their next president. The victory of
leftist Andres Manuel Lopez Obrador could pave the way for some progress on
NAFTA renegotiations. Experts say the Trump administration`s approach to
trade appears to be in sync with some of Lopez Obrador`s.

Economic priorities, for example, the new Mexican president says as we`ve
reported, he`s considered to be more receptive to raising labor standards
in that country. The very low wages currently paid in Mexico has enticed
U.S. companies to move production south of the border.

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

And we start with the Dow component Walgreens, which was downgraded to
neutral from buy at Mizuho. The analyst cites a lack of clarity on its
strategy, negative investor sentiment, and a lack of near-term catalyst.
The price target is $64, but the stock rose nearly 2 percent to $61.13.

General Electric`s underweight rating was maintained at JPMorgan
(NYSE:JPM). The analyst warns that G.E.`s turnaround strategy will not
lead to a higher stock price and that the stock`s current valuation is too
high. The price target is $11. The stock fell nearly 2 percent to $13.37.

GRIFFETH: Nordstrom`s rating was cut to market perform from outperform at
Cowen. The analyst there cites weak same store sales at its brick-and-
mortar locations, as well as slowing momentum at its discount division.
Price target, $51. Shares fell about 2 percent to $50.71.

And shares of Wells Fargo (NYSE:WFC) were upgraded to equal weight from
underweight at Morgan Stanley (NYSE:MS). The analyst cited the bank`s
recent passing grade of the Fed`s stress tests. Price target $62. That
stock rose one and a half percent to $56.32.

HERERA: Still ahead, will the stock market losers of the first half turn
into the winners of the second?

(MUSIC)

HERERA: Well, the first half is over and now trading in the second half is
underway. And some investors want to know if the worst-performing blue
chips over the first six months of 2018 will make a run in the next six
months.

Dominic Chu takes a look.

(BEGIN VIDEOTAPE)

DOMINIC CHU, NIGHTLY BUSINESS REPORT CORRESPONDENT: The halfway point of
the year does provide at least a little excuse to take stock and see if
things are progressing the way you planned. For those that stick to the
blue chip Dow Jones Industrial index, it`s been a tale of underperformance
versus the broader S&P 500, and especially against the tech heavier Nasdaq
composite. Only a third of the Dow is actually in positive territory on a
year-to-date basis.

Walmart has been one of the bigger laggards, down around 15 percent year-
to-date, the retail giant has been locked in a fierce battle with
amazon.com over where consumers spend their money. A big part of Walmart`s
story for the second half of the year will involve sales trends especially
online, including here in the U.S. for that all-important back to school
and holiday shopping season.

Analysts track by facts that currently have an average target price that
implies 13 percent upside from today`s value.

Another bigger laggard is a new entrant to the Dow, we`re talking drugstore
and pharmacy chain Walgreens Boots Alliance, which just recently replaced
General Electric (NYSE:GE) in the index. Walgreens has also been dealing
with a changing healthcare and retail landscape due to Amazon (NASDAQ:AMZN)
and others looking to get more into consumer health care markets. That
stock already down around 17 percent year-to-date, analysts here think
shares could rally 23 percent on average from current levels.

And the worst performing stock in the Dow this year is 3M (NYSE:MMM). The
diversified industrial conglomerate has also lost around 17 percent in that
time frame, with some investors focused on growth and its exposure to sales
in China. Trade and tariff policy will have an effect on it and other
large companies with significant business in China. One thing many experts
agree on, factors driving market volatility could be here to stay for the
balance of the year.

For NIGHTLY BUSINESS REPORT, I`m Dominic Chu.

(END VIDEOTAPE)

GRIFFETH: Dell (NASDAQ:DELL) is about to be a public company again and
that is where we begin tonight`s “Market Focus”.

After a five-year stretch being private, Dell (NASDAQ:DELL) said that it is
planning to buy out DVMT, that`s a stock that tracks the performance of
Dell`s subsidiary and cloud software company VMware. Investors of DVMT can
either now swap their shares for Dell`s class C common stock or take a cash
offer. Dell (NASDAQ:DELL) said the decision was made to help simplify the
company`s corporate structure.

(BEGIN VIDEO CLIP)

MICHAEL DELL, DELL CEO: In the last five years, a lot has changed. You
know, we`ve completely transformed the business, become the essential
infrastructure company, really changed the profile nature of the company in
terms of our capabilities, the broad set of capabilities. This is about
simplifying our capital structure and, you know, exposing the value that we
created it to shareholders.

(END VIDEO CLIP)

GRIFFETH: Shares of DVMT soared by 9 percent a today to $92.20.

Tesla produced slightly more than 5,000 Model 3 vehicles last week, barely
topping its own goal for that week. For the record, the company made 5,031
Model 3s. The automaker now says it expects to ramp up production to 6,000
Model 3s per week by the end of August. Shares were initially higher on
that news, but then traded lower as some analysts questioned whether the
company can sustain that production rate. Shares closed down 2 percent at
$335.07.

HERERA: Axiom is reportedly nearing a deal to sell its marketing solutions
unit to advertising company Interpublic Group for more than $2 billion.
“Reuters” said that the move will give Axiom the ability to focus on a
division aiming to give companies better access to their data. Axiom is
also said to be interested in selling its remaining businesses at some
point. Axiom shares rose 14 percent to $34.21. Meanwhile, shares of
Interpublic Group were off almost 2 percent to $23.03.

Shares of Wynn Resorts (NASDAQ:WYNN) took a hit after revenue growth in
Macau last month disappointed. Gaming revenue in Macau, which is a massive
casino hub in China, has missed expectations for two straight months.
Shares of Wynn fell nearly 8 percent to $154.14.

And after the bell, the furniture retailer Herman Miller (NASDAQ:MLHR) said
a rise in orders across all divisions helped overall sales rise and top
expectations. Earnings were also a beat and the company raised its
dividend 10 percent. Shares of Herman Miller (NASDAQ:MLHR) were initially
higher in after-hours. They also finished the regular session up more than
one and a half percent to $34.45.

GRIFFETH: A new survey says more Americans are leaving their debit cards
in their wallets. Seventy-four percent of Americans use them in 2013
compared to only 58 percent today, as consumers now turn to credit cards
and mobile payment options.

Joining us right now is Kimberly Palmer. She`s banking and personal
finance expert at the personal finance website NerdWallet.

Thanks for joining us tonight.

KIMBERLY PALMER, NERDWALLET PERSONAL FINANCE EXPERT: Thanks for having me.

GRIFFETH: I guess digital technology, it`s more convenient. Sometimes,
it`s more secure than what you can get with a debit card, yes?

PALMER: Right. People are just finding that they have so many more
options now other than debit cards and with the growth of mobile payments
online banking, they have so many choices that they`re seeing less of a
need to pull out their debit card.

HERERA: I know, Kimberly, that everyone says that there`s all sorts of
encryption and things like that, but I`m a scaredy-cat. So, I still use my
debit card, because I`m worried about security in mobile banking. What
kind of safeguards are there that make it safer than using maybe a debit
card?

PALMER: Well, it is absolutely a legitimate concern and it`s something a
lot of people are worried about. We`ve actually seen cases, especially
with peer-to-peer payments when you`re using mobile banking through your
phone, sending and receiving payments, we`ve seen cases of people simply
making a mistake, sending money to the wrong person and then not getting it
back, or, of course, also examples of fraud. So, it`s absolutely a
legitimate concern.

There are steps you can take to lower your risk, however. So, for example,
you want to always make sure you`re sending money through peer-to-peer
payments in particular, sending money to friends and family and avoiding
sending money to strangers when you`re buying or selling online, for
example.

And also, double checking the number that you enter, the email address that
you enter because many times, the money is lost as a result of a mistake,
that people make, which is so easy to do.

GRIFFETH: Right, and credit cards — many of them now offer these cash
back awards. It makes them more enticing, right?

PALMER: That`s right. Rewards — credit card rewards are something that
is so appealing to consumers, you can get cash back, you can get points to
put towards travel, and because that we because we`ve seen so much growth
in the credit card rewards that are being offered, consumers are really
drawn to that, it`s something that they value.

And with credit cards, of course, you do have fraud protection so you don`t
have to worry about that.

GRIFFETH: We hope. Kimberly Palmer with NerdWallet, thanks for joining
us.

PALMER: Thank you.

GRIFFETH: Coming up, around the clock access to doctors when you need
them.

(BEGIN VIDEO CLIP)

BERTHA COOMBS, NIGHTLY BUSINESS REPORT CORRESPONDENT: I`m Bertha Coombs in
Montauk, Long Island. I`ll tell you how a New York City startup is trying
to take emergency care to the next level, with a private ER in New York
City and private ambulance service here in the Hamptons. I`ll have
details, coming up.

(END VIDEO CLIP)

(MUSIC)

HERERA: The EpiPen may soon have some new competition. A unit of Novartis
is buying the rights for an epinephrine injector for the emergency
treatment of allergic reactions it is buying the rights from Adamis
Pharmaceuticals, which received FDA approval for its injector last year.
But the company has been looking for a commercial partner since that point.

Shares of Novartis fell while Adamis, which is a microcap stock, soared
some 50 percent.

GRIFFETH: Imagine having a doctor on demand. Well, that`s the idea behind
concierge medicine and the business model behind a start-up that`s looking
to expand. Now, this service is pricey but for some, they say it is worth
it.

Bertha Coombs, as you saw, has the story tonight from Montauk, New York.

(BEGIN VIDEOTAPE)

COOMBS: When former Olympic skater Evan Lysacek gets migraines in the
middle of the night, they`re debilitating.

EVAN LYSACEK, FORMER OLYMPIC SKATER: Historically, I would go to the ER
because I didn`t know where else to go.

COOMBS: When the gold medalist had an attack last month, he went to
Priority Private Care.

LYSACEK: They sell me and gave me the attention I needed right away.

COOMBS: The concierge emergency room in New York City offers hour access
to ER doctors and state-of-the-art imaging.

BEN KRUGER, PRIORITY PRIVATE CARE CO-FOUNDER: The only place that has a
CAT scan in the city are the hospitals. But the problem is, if you go
there in the middle of the night, you are going to wait.

COOMBS: It was co-founder Ben Kruger`s dad`s idea, a doctor, he wanted a
better ER choice for his patients. PBC launched 18 months ago.

ANDREW OLANOW, PRIORITY PRIVATE CARE CO-FOUNDER: We found a radiology
center that had all of the imaging that we wanted, were able to partner
into it and that`s enabled us to get access to that equipment without
having to put a severe amount of capex into it.

COOMBS: Annual membership cost between $3,000 and $5,000 per person, but
you still need health insurance. For Evan Lysacek though, it`s worth it.

LYSACEK: When I would go to the emergency room, the bills were several
thousand and the membership is a few thousand. So, it covers one ER visit
without the four-hour wait.

COOMBS: PPC says it now has 13 members, but a lot of them this time of
year spend time on the beach in the Hamptons on New York`s Long Island.
So, this summer they added emergency care, including an ambulance equipped
with a portable x-ray machine in order to meet demand. Next year, they
expect to have a second facility in New York City as well as a permanent
facility out here in the Hamptons.

For NIGHTLY BUSINESS REPORT, I`m Bertha Coombs in Montauk, Long Island.

(END VIDEOTAPE)

GRIFFETH: And before we go, a final look at the day on Wall Street. The
Dow was up 35 points, Nasdaq advanced 57, the S&P was up eight.

HERERA: Happy second half.

GRIFFETH: Yes.

HERERA: Here we go.

GRIFFETH: Tomorrow is half day of trading, by the way.

HERERA: That`s right, it is.

And that does it for us tonight. I`m Sue Herera. Thanks for joining us.

GRIFFETH: I`m Bill Griffeth. Have a great evening. See you tomorrow.

END

END

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