Transcript: Nightly Business Report – July 16, 2018

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

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: Stranger things. Netflix
(NASDAQ:NFLX) signed up millions of new subscribers last quarter, but it
wasn`t enough and the stock falls sharply in initial after-hours trading.

Helsinki Summit. A meeting, a handshake and a news conference than
certainly grabbed Wall Street`s attention.

Taking off. After a remarkable run, the global aviation industry appears
ready to fly even higher.

Those stories and much more tonight on NIGHTLY BUSINESS REPORT for this
Monday, July the 16th.

And we bid you a good evening, everybody. Sue is off tonight.

We begin with one of the best performing stocks of the year so far. That
would be Netflix (NASDAQ:NFLX). But tonight, that fiery stock is cooling
off because after the bell this afternoon, the streaming video company
reported a disappointing number of new subscribers, missing its own
forecasts by more than a million members, revenue disappointed and the
outlook for current quarter earnings and revenue was also not as good as
hoped. That all pressure the stock in late day trading today.

Julia Boorstin has more now on Netflix (NASDAQ:NFLX) numbers.

(BEGIN VIDEOTAPE)

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Netflix
(NASDAQ:NFLX) missing expectations on his all-important subscriber numbers,
adding 5.15 million subscribers in the quarter, that`s a million less than
the company projected.

Netflix (NASDAQ:NFLX) CEO Reed Hastings saying the company had a strong but
not stellar quarter, ending with 130 million subscribers in Q2. He
attributed the miss issues with the company`s own forecasting, not to any
increase in competition.

But Hastings did address growing competition head-on, saying in his letter
to shareholders: We believe that consumer appetite for great content is
broad, that there is room for multiple parties to have attractive offerings
and Hastings says he anticipates more competition from the newly combined
AT&T (NYSE:T) Warner Media and from Fox and its eventual buyer, Disney
(NYSE:DIS) or Comcast (NASDAQ:CMCSA) (NYSE:CCS).

Hastings saying his strategy is to simply keep improving.

For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin, in Los Angeles.

(END VIDEOTAPE)

GRIFFETH: Dan Morgan joins us now to talk more about these numbers from
Netflix (NASDAQ:NFLX) tonight. Dan is a portfolio manager with Synovus
Trust.

Dan, thanks for joining us tonight.

DAN MORGAN, SYNOVUS TRUST PORTFOLIO MANAGER: Hi, Bill.

GRIFFETH: So, first on the all-important subscriber growth. They are
blaming a flaw in their internal forecasting. Do you believe that or is
something else going on here?

MORGAN: Well, Bill, it`s interesting. It`s kind of a million-dollar
question. You know not only they fall short for this quarter, but they
guide it for the next quarter also below expectations. And you know is it
is it an issue that you know content was too flat for the second half of
this year? Is it because of the World Cup? Is it because of competition
from Hulu and Disney (NYSE:DIS) and Amazon (NASDAQ:AMZN) and so forth?

So it`s kind of like they didn`t really answer that question.

GRIFFETH: Right.

MORGAN: They just said that they`re their estimates or way of forecasting
was off. So, that`s the million-dollar question, Bill.

GRIFFETH: And they were quick to point out that they didn`t think it was a
result of all the competition out there. But yet you have to pay attention
to that competition as it grows. Amazon (NASDAQ:AMZN), Disney (NYSE:DIS)
and all the other services out there that are trying to get into the very
same business. That has to take a toll at some point, don`t you think?

MORGAN: Well, yes, definitely. And in terms of, you know, you mentioned
Disney (NYSE:DIS) and Amazon (NASDAQ:AMZN) and Hulu and some of these other
companies, the other big issue, too, going forward is, you know, they`re
creating content but what about maintaining relationships with providers
that have content. We know Disney (NYSE:DIS) pulled their content from
Netflix (NASDAQ:NFLX).

So, that`s another area going down the road for them that`s going to be
very challenging.

GRIFFETH: What are you doing with the stock? I know you own some. Are
you adding positions? What are you going to do here?

MORGAN: Well, it`s not a big position for us. I think at this point, if I
was holding Netflix (NASDAQ:NFLX) and I owned it, I would watch it another
couple of quarters. And obviously, the stock is going to pull back after
this report comes out, so you might get an opportunity. But I think at
this point, you may have to kind of rethink the strategy a little bit in
terms of their growth as you know it trades at a very high P/E multiples,
so that multiple is going to have to ratchet back a little bit in regards
to coming in line with these new subscriber numbers.

And, you know, acquisition costs have always been a problem for them as
well. I mean they spend an awful lot on new content. So, to get those new
subscribers, they have to spend even more. Is that a concern for you?

Maybe I should ask it this way: is that your biggest concern for Netflix
(NASDAQ:NFLX) right now?

MORGAN: That is a concern, Bill. Every time they acquire a new subscriber
over in the international markets, it costs about twice as much as
acquiring a domestic subscriber. They also have a, you know, burning $3
trillion to $4 trillion or billion dollars a year just in — you know, cash
flow burn related to acquiring this new content or creating this content.

So, that is an issue going forward in terms of how they are balancing out
these costs and issuing debt and how that drives the top line in terms of
revenue and profit growth.

GRIFFETH: But it is hard to argue with some of that stock performance the
last few years.

MORGAN: Yes.

GRIFFETH: Dan Morgan with Synovus Trust — thanks again for your thoughts
tonight.

MORGAN: Thank you, Bill.

GRIFFETH: Otherwise, it was a mixed day on Wall Street. The Dow got a
lift from the financial sector which saw better than expected earnings from
Bank of America (NYSE:BAC). We`ll have more on that in a little bit.

But their broader markets struggled for gains weighed down largely by
energy shares. The Dow at the close rose points still above 25,000. The
Nasdaq fell by 20 and the S&P was down two.

Speaking of energy, the price of crude oil fell sharply today after the
Treasury Department said that some oil buyers could get waivers to continue
buying Iranian supplies despite the sanctions that were recently put back
into place.

During the trading day, of course, investors closely watched that joint
news conference in Finland held by President Trump and Russian President
Vladimir Putin. The event itself was deemed politically controversial, but
it didn`t shake Wall Street.

Eamon Javers has the story tonight in Helsinki, Finland.

(BEGIN VIDEOTAPE)

VLADIMIR PUTIN, RUSSIAN PRESIDENT (through translator): Yes, I did. Yes,
I did.

EAMON JAVERS, NIGHTLY BUSINESS REPORT CORRESPONDENT: With those words,
Russian President Vladimir Putin confirmed that he was rooting for Donald
Trump to win the 2016 presidential election, a confirmation given as he
stood alongside Trump at a post summit press conference in Helsinki. The
specter of the 2016 presidential election and what the Russians did or
didn`t do to interfere hung over the first summit between the two men.

President Trump said he still isn`t convinced that Russia was responsible
for hacking into Democratic computers during the election.

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: All I can do is ask the
question. My people came to me, Dan Coates came to me and some others,
they said they think it`s Russia. I have President Putin, he just said
it`s not Russia. I will say this: I don`t see any reason why it would be.

JAVERS: Swift and largely negative reaction from Democratic lawmakers as
well as members of the president`s own party.

SEN. BOB CORKER (R), TENNESSEE: Putin only understand strength and I did
not think this was a good moment for our country.

JAVERS: Senator John McCain said no prior president has ever abased
himself more abjectly before a tyrant.

Trump acknowledged that the meeting with Putin was politically perilous for
him but said he wanted to turn U.S.-Russian relations for the better.

TRUMP: Our relationship has never been worse than it is now. However that
changed as of about four hours ago. I really believe it.

Nothing would be easier politically than to refuse to meet to refuse to
engage, but that would not accomplish anything.

JAVERS: Putin said there was no evidence of Russian collusion with the
Trump campaign and extended an unusual offer. He would allow U.S. law
enforcement to come to Russia and participate in an interview with the 12
Russian intelligence agents indicted by the Department of Justice last week
if Russian agents were allowed in turn to go to the United States and
interrogate Americans.

Putin was asked if he had any compromising information about Trump and he
dismissed the likelihood but did not explicitly deny that he did.

PUTIN (through translator): Yes, I did her there`s rumors that we
allegedly collected compromising material on Mr. Trump when he was visiting
Moscow. Well, distinguished colleague, let me tell you this — when
President Trump visit Moscow back then, I didn`t even know that he was in
Moscow.

JAVERS: After the press conference, a White House official emailed me to
say that the president has been entirely consistent on this issue both
publicly and privately. But when he lands back in Washington, he`ll face
some tough criticism from members of Congress who feel this was a missed
opportunity.

For NIGHTLY BUSINESS REPORT, I`m Eamon Javers in Helsinki.

(END VIDEOTAPE)

GRIFFETH: So, clearly, while the reaction was swift in Washington, there
was muted reaction on Wall Street today.

And joining us tonight to talk about that economic relationship we have
with Russia is Zachary Witlin. He`s an analyst with the Eurasia Group.

Zachary, thanks for joining us tonight.

ZACHARY WITLIN, EURASIA GROUP ANALYST: Thank you very much.

GRIFFETH: First of all, why do you think Wall Street largely ignored all
that was going on in Russia today?

WITLIN: Wall Street should ignore the main results of the summit today
because the largest part of the actual results here were agreeing to keep
on talking. The main linkage between what happens in the U.S. -Russian
relationship and markets is the sanctions situation.

GRIFFETH: Right.

WITLIN: And we already knew going in that because of congressional
legislation passed last year, Congress has a veto over actually removing
those sanctions and that leaves the main question being how likely is it to
keep ratcheting up the pressure and how likely are new sanctions here.

GRIFFETH: Well, that`s the question I want to ask you because the
president — President Trump doesn`t have the ability to remove those
sanctions while President Putin is desperate for them to be removed. Are
they going to be at some point do you think?

WITLIN: I think it`s highly unlikely. In order for the sanctions to be
removed, first, the judicial benchmark is fulfilling the peace process for
Ukraine, which remains stalled and doesn`t seem to be picking up too much,
talks are happening. But I`m not too optimistic about that.

Several other factors have also entered the relationship, making it hard to
untangle the main reasons for which there are sanctions right now. That
includes escalation in Syria, it includes accusations of cyberattacks and
it includes the electoral interference issue as well and nothing that
happened today is changing the outlook for those.

GRIFFETH: Now, President Trump while he was in Europe was advocating for
Russia to be a member — become a member of the World Trade Organization
and to be returned to the G8. Again, is that likely to happen do you
think?

WITLIN: Probably not, because for Trump himself to push for that, the
other members of the current G7 would have to agree to it for one thing,
and Trump`s views here still remain fairly at odds to the rest of the
national security community and even to an extent with members of the
Republican Party, which still holds Congress.

GRIFFETH: And even as this happens, I know several business people who go
to Russia they see tremendous opportunity for business with Russia. So,
how do you characterize the opportunities that exist for people in the
United States when it comes to Russia in terms of investment in business?

WITLIN: Well, Russia`s macro economic team, particularly their central
bank, has done the textbook, orthodox, possibly even best possible response
to dealing with the oil price shock that was devaluing the ruble relatively
quickly, with some back-and-forth over that when oil prices collapsed and
sanctions came into place in 2014, the central bank is done decent enough
job of managing the ruble as well. And also, it`s — because of trends in
oil prices in the way in which the linkage between oil and ruble has
somewhat weakened over the past year, Russia`s remain fairly cheap for
businesses and that remains an attractive feature. Reserves are still
decent.

GRIFFETH: Right.

WITLIN: Repayment risk is I think fairly low compared to other emerging
markets when we talk about fixed income bonds, the OFC as they call it in
Russia. And so, the existing opportunities are still there. A lot of
multinationals certainly were not in a hurry to get up and quit, but the
political environment particularly sanctions still weigh on it.

GRIFFETH: Right.

WITLIN: And it remains a risky place. There are deficiencies in the
business environment, absolutely. You don`t want to go in the court system
in Russia.

GRIFFETH: OK.

WITLIN: And those things are unlikely to change either.

GRIFFETH: Zachary Witlin with the Eurasia Group — again, thanks for
joining us tonight.

WITLIN: Thank you very much.

GRIFFETH: Elsewhere, a new report says that China`s economy expanded by
6.7 percent in the second quarter, and while that sounds like solid growth,
it is down slightly from the first three months of this year, some
economists are troubled by the drop-off in business activity and domestic
demand. Their government is also, of course, putting in new policies to
support the economy in an effort to fend off the effects of the escalating
trade fight with the United States.

And speaking of which, Beijing has filed a challenge with the World Trade
Organization against the White House`s latest terror threat. Chinese
government is responding to the proposed 10 percent tariff on $200 billion
worth of Chinese goods that was announced late last week. The Trump
administration has criticized the WTO in the past for being unable to deal
with China, implying that this challenge might have little impact in
Washington as well.

As for the tariffs on steel products already in place, apparently, they`re
starting to take a toll and that`s especially true for one business owner
who talked to our Kayla Tausche.

(BEGIN VIDEOTAPE)

KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT: The steel rods
arriving here in Wilmington, Delaware, are from Italy. The price of this
10,000-ton delivery to metal partners went up by an extra million and a
half dollars because of the new tariffs.

CEO Frank Bergren has had to make adjustments.

FRANK BERGREN, METAL PARTNERS CEO: Until May, I didn`t know if I was going
to be paying the tariff on it or not. Now, unfortunately, with this cargo
that you see coming in, I do have to pay the tariff on it.

TAUSCHE: The costs are adding up for Metal Partners which paid an extra
$1.6 million dollars on a shipment from Turkey in May. The company plans
to pass the increased cost to customers, but for now, it`s paying the
price. The problem, it has to go outside the U.S. to get enough raw steel
to meet customer demand.

BERGREN: I would buy all my steel from domestic mills if I had the option.
The reality is is that the capacity isn`t in place to meet it.

TAUSCHE: Companies have made some 30,000 requests to the Commerce
Department to be excluded from tariffs. Metal Partners is one of them.

BERGREN: The process is quite tedious to get through.

TAUSCHE: Commerce Secretary Wilbur Ross suggested to lawmakers that most
requests would be denied. So far, only 220 have been approved and they
expire in a year.

Indiana Republican Jackie Walorski has pushed to streamline that process
and lower costs for businesses. According to Walorski, Secretary Ross said
higher prices had a silver lining.

REP. JACKIE WALORSKI (R), INDIANA: A few weeks ago, we are in a meeting.
Secretary Ross was there and he announced to some of my colleagues and
myself that, you know, there was good news and the good news — a piece of
good news was the treasury has received almost $1 billion in tariffs. The
problem was that I pointed out, that`s American money. That`s from small
business in my district.

TAUSCHE: In the meantime, business owners like Bergren are paying tariffs
on imports and higher prices for domestic steel if they can get it.

BERGREN: We have a serious supply issue within the U.S. domestic markets
today. Without the imported steel coming in, that is the primary driver as
to what`s inflating the price as quick as they are.

TAUSCHE: The Commerce Department says more U.S. steel should be available
by the end of the year. But for businesses like Metal Partners, time is
money.

For NIGHTLY BUSINESS REPORT, I`m Kayla Tausche in Washington.

(END VIDEOTAPE)

GRIFFETH: Time to take a look at some of today`s upgrades and downgrades.

And we begin with UPS. Their rating was upgraded to buy from neutral at
UBS. The analysts there cited revenue growth and potential cost savings
from new initiatives. Price target: $125. Shares finished the day up one
and a half percent to $110.65.

But that same analyst who upgraded UPS downgraded rival FedEx (NYSE:FDX) to
neutral from buy. The firm cited the company`s global footprint which it
said makes it more susceptible to trade wars. Price target: $256. And
shares of FedEx (NYSE:FDX) dropped one and a half percent to $230.18.

Meanwhile, Wells Fargo (NYSE:WFC) was upgraded to outperform from market
perform at KBW (NYSE:KBW). The analyst calls the stocks you Asian
compelling, says Wells Fargo (NYSE:WFC) could return to best-in-class
status among the money center banks by 2020. Price target: $63. The stock
rose nearly 3 percent today to $56.98.

Still ahead an industry that is climbing to new heights.

(BEGIN VIDEO CLIP)

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT: A big day of orders
here at the Farnborough Air Show. Are the defense and aviation sectors
moving into an extended super cycle? I`m Phil LeBeau. I`ll have that
story coming up.

(END VIDEO CLIP)

GRIFFETH: Goldman Sachs (NYSE:GS) is expected to name David Solomon as the
firm`s next CEO. Solomon is currently Goldman`s president, and according
to reports, the announcement could come as early as tomorrow when Goldman
Sachs (NYSE:GS) reports its earnings. “The New York Times (NYSE:NYT)” says
that current CEO Lloyd Blankfein will stay on during a transition period.
Blankfein has been CEO for 12 years now, making him the longest tenured CEO
of a major Wall Street bank.

Lower costs helped Bank of America (NYSE:BAC) top earnings estimates and
that`s where we begin tonight`s “Market Focus”.

Those savings and arise in loan growth at higher interest rates helped the
bank`s profits rise at a faster than expected clip. Revenue also inched
higher in nearly all of its divisions and shares rose as a result by 4
percent to $29.78.

Blackrock said that higher fees and strong performance in his technology
services business helped it turn a better-than-expected profit. But the
world`s largest asset management also said that less demand for its ETFs as
investors wrangled with market uncertainty last quarter. That took a toll.
Blackrock shares fell as a fraction as a result to $503.96.

Higher shipping rates and more deliveries helped transportation company JB
Hunt top earnings expectations, even as it operated a smaller fleet of
trucks. Shares were initially higher but did reverse course on analyst
concerns that the company did not raise guidance and that the truck market
may have peaked at this point. They finished off about half a percent to
$121.13 today.

Valeant Pharmaceuticals officially changed his name today to Bausch Health
and began trading under the ticker symbol BHC, all in an effort to distance
itself from a number of accounting and drug pricing investigations that
happened under previous management.

Bausch said though it is on the right path.

(BEGIN VIDEO CLIP)

JOSEPH PAPA, BAUSCH HEALTH CEO: The first quarter was shown agreeing that
growth last quarter. We`ve also now increased our investment in research
and development. And importantly, we did reduce our debt by $7 billion
just in the last two years.

So, we do think we`re making great progress. There`s still a lot to do to
be clear. But we think to note being day one of our Bausch Health. Bausch
Health captures the 165 years of the legacy of innovation in healthcare.
So, we`re excited.

(END VIDEO CLIP)

GRIFFETH: Shares fell one and a half percent today to $23.05.

And Sinclair Broadcast proposed merger with Tribune Media has hit another
regulatory roadblock. FCC chair Ajit Pai says that he has serious concerns
with the nearly $4 billion dollar deal and doesn`t plan to approve it at
the way that it`s currently structured. The FCC will consider having an
administrative law judge review that deal. Sinclair Broadcast shares were
off nearly 12 percent to $29.10. Meanwhile, Tribune fell by 16 percent to
$32.12.

The aviation industry is in the midst of one of the longest and most
profitable runs in its history and the ascent may not be over yet. Many
experts say the industry`s fortunes could climb even higher despite the
overhang of rising trade tensions.

Phil LeBeau reports tonight from the Farnborough Air Show outside of
London.

(BEGIN VIDEOTAPE)

LEBEAU: Pardon the pun, but the global aviation market is soaring to new
highs. At the Farnborough Air Show, Airbus has announced orders of at
least 17 A350 airplanes with a book value of $9.2 billion. Boeing
(NYSE:BA) has booked $11.6 billion in orders for 68 planes.

DENNIS MUILENBURG, BOEING CEO: We`re seeing a strong marketplace. You
know, we`re predicting an $8.1 trillion market over the next 10 years. I
think the world`s going to need close to 43,000 new airplanes over the next
20 years. That`s an increase in our estimate.

LEBEAU: Why is business taking off? On the defense side, countries are
increasing military budgets, especially as President Trump calls on allies
to pick up more of the cost of global military alliances.

Meanwhile, the commercial airline business keeps growing as the number of
people flying is increasing due to a strong global economy and relatively
low airfares.

DAVID JOYCE, GE AVIATION CEO: We`re in a super-cycle right now. We have
to be honest. Demand is up 7 percent again forecast in `18, after an 8
percent growth in demand for air travel in `17. So, you know, you got to
make hay when the sun shines.

LEBEAU: But keeping up with that demand will not be easy, because as plane
makers like Boeing (NYSE:BA) push to build more planes each year, engine
makers like GE will also have to expand production.

And that`s not a problem for a large company like GE or Rolls-Royce. The
challenge will be getting smaller suppliers to spend billions of dollars in
order to build more product. The solution: more mergers and acquisitions
with larger aviation firms buying smaller companies.

DOUGLAS GATES, KPMG HEAD OF AEROSPACE & DEFENSE: There`s going to be a
consolidation at all levels in the supply chain to do with the Boeing`s and
the Airbus are going to demand out of them.

LEBEAU: Reaching new highs in an industry looking to break a long history
of up and down cycles.

Phil LeBeau, NIGHTLY BUSINESS REPORT, Farnborough, England.

(END VIDEOTAPE)

GRIFFETH: And Arconic today signed its largest supply contract ever with
Boeing (NYSE:BA). The company is going to provide a luminal sheet and
plate for all models produced by Boeing (NYSE:BA) commercial airplanes.
Separately, “The Wall Street Journal” reports that Arconic has a drawn take
over interest from private equity firms and that`s what helps send those
shares higher. It was one of the among best performing stocks in the S&P
500 today, up more than 10 percent in today`s session.

Coming up, one of the hottest parts of the already steamy real estate
sector.

(MUSIC)

GRIFFETH: Amazon`s Prime Day started today with some glitches. Customers
reported that the site was crashing on what is among the busiest shopping
days of the year for the e-commerce giant and despite the glitch, Amazon
(NASDAQ:AMZN) shares rally to their fourth straight record close and eighth
straight day of gains. In fact, so far this year, that stock is up more
than 55 percent.

Meanwhile, Amazon (NASDAQ:AMZN) Prime Day means a lot of stuff`s going to
be shipped over the next several days and all of that stuff has to come
from somewhere. That`s why the warehouse sector is heating up. In fact, a
new report shows that demand for warehouse space is now outstripping
supply.

And as Diana Olick reports, that means the value of warehouses is climbing.

(BEGIN VIDEOTAPE)

DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT: It is arguably the
least sexy sector of real estate but warehouse is hotter than ever. Demand
for space for all the stuff we order has rents rising globally, now up 3.2
percent annually, according to CBRE, a commercial real estate firm. That
is up from 2.2 percent a year ago.

While growth in e-commerce has been the big warehouse story, there`s now
even newer demand.

SPENCER LEVY, CBRE: We have something that we call local is the new
global. Things like micro breweries where people are forming small
businesses into some of these industrial or light industrial centers.

OLICK: Levy has been in commercial real estate for 22 years and said he`s
surprised at not just the demand but that the average warehouse lease is
getting longer.

Why is that?

LEVY: And that`s because the demand is so high, landlords have the ability
to drive not only higher rents but longer term contracts to stay in there
which makes these buildings not only more valuable from a demand standpoint
but from a capital market standpoint as well.

OLICK: Rent growth is highest in Canada, Asia and Europe where there`s
less supply but three of the top 10 rent gainers globally are in the U.S.
Pricey markets where land to build on is scarce.

There is plenty of land out in America to build warehouses on, but so much
of the demand is coming from big cities where land is limited and that`s
why developers are now starting to think rather than build out, why not
build up?

Which is exactly what Prologis, one of the biggest warehouse REITs is doing
in Seattle, planning a multi-story warehouse because higher is better this
may also be in store for areas around airports where the most valuable
goods are transported.

LEVY: If you follow the airplanes, you are following the money. So, we
see airport is industrial as a segment of the market that`s very
attractive.

OLICK: Airports, big cities and close in suburbs all hot because if you
build it, no question more stuff will come.

For NIGHTLY BUSINESS REPORT, I`m Diana Olick in Capitol Heights, Maryland.

(END VIDEOTAPE)

GRIFFETH: Before we go, a final look at the day on Wall Street. A kind of
a flat day, but there are a lot of earnings coming this week, and Fed Chair
Jerome Powell will be testifying before Congress this week as well, could
get some fireworks. The Dow rose 44 points today, the Nasdaq was down 20,
the S&P down 2.

That is NIGHTLY BUSINESS REPORT for tonight, I`m Bill Griffeth. Thanks for
watching, everybody. Have a great evening. Hope to see you again tomorrow
night.

END

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