Transcript: Nightly Business Report – July 24, 2018

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

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Pumping out profits. That`s
what corporate America is doing and investors like it.

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: Farm aid. The Trump
administration is giving billions of dollars in emergency money to
America`s heartland to ease the trade war pain.

HERERA: Show me the money. But if you win the half a billion dollar mega
millions jackpot, there are a few things you need to do first.

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Tuesday, July
24th.

GRIFFETH: And we do bid you good evening, everybody, and welcome.

Investors so far like what they`re seeing this earning season. Profits are
up, revenues are generally stronger than expected so investor sentiment is
high and that`s putting July on track to be the best month for the Dow and
the S&P since January. Today, the industrial average rallied 197 points to
25,241. The Nasdaq fell a point after hitting a new intraday high earlier.
The S&P added 13.

But as companies report their quarterly results, they are also identifying
some developing headwinds.

Bob Pisani explains.

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: Earnings season is in
full swing and so far, the numbers are still strong. Second-quarter
earnings are expected to jump more than 20 percent. Those are outstanding
numbers, but the outlook is looking a little less rosy for a handful of
companies.

So, there are three key headwinds in particular that are plaguing some
reports. Higher interest rate, a stronger dollar and of course, all of
this trade war uncertainty that`s leading, in some cases, to higher cost.

Illinois Tool Works (NYSE:ITW), this is one example, they make industrial
equipment like engineer fasteners. They cut full year guidance. They
talked about currency issues and inflationary challenges.

Whirlpool (NYSE:WHR), you all know them, big manufacturer of home
appliances like refrigerators and washing machines. They suffered a big
earnings miss and they cut their full-year outlook blaming in part,
stronger dollar, a rise in steel costs as well as some weakness in Europe.
The CEO, Mark Bitzer said the U.S. steel costs in particular have reached
unexplainable levels — that`s a quote.

Whirlpool (NYSE:WHR) had originally been a big supporter of stricter trade
controls for its own industry to combat competition from foreign rivals
like LG and Samsung and the washing machine business. But now, they`re
feeling the effects of higher input costs due to some of those tariffs.

Consumer product giant Kimberly-Clark (NYSE:KMB) elsewhere lowered its full
year earnings outlook. They too cited weaker foreign currencies, stronger
dollar and significant inflation in raw materials like pulp, for example.
Pulp is a key component in many of its tissue products.

Harley Davidson, this is another one. They posted six straight quarterly
earnings beat, but they, too, warned about the potential impact of new
European Union auto tariffs on their profit margins.

And finally, Avery Dennison (NYSE:AVY), they make labeling products and
stationary kinds of things, they started rolling out price increases in
every region with response to rising commodity costs, materials like paper
and residents used for adhesive. As for tariffs, the company said the
direct impact so far is modest, but it does paint a broader picture of
macro uncertainty.

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

(END VIDEOTAPE)

HERERA: Nick Raich joins us now to talk more about corporate earnings and
the potential headwinds that some companies and industries are facing. He
is the CEO of The Earnings Scout.

Welcome. Nice to have you with us, Nick.

NICK RAICH, THE EARNINGS SCOUT CEO: Thanks for having me.

HERERA: You know, Bob Pisani talks a little bit about some of those
headwinds, including the tariffs, but you make the point that basically the
tariff issue is very company-specific, and that right now, it`s not
affecting the economy and the market overall.

RAICH: That`s correct. They`re industry specific. So, the overall impact
of tariffs right now to the overall economy is negligible, it`s immaterial.
But if you`re in the crosshairs of a certain industry and aluminum, you
know, steel, autos, the farmer, you`re impacted greatly. So — but the
overall impact right now, the net-net of the overall economy is not
material at all to the overall S&P 500.

GRIFFETH: How many quarters do we need to go before it becomes material?
I mean, at some point it somewhat feels like an excuse when it comes about
tariffs, but if it goes on much longer, it won`t be, right?

RAICH: That`s absolutely right.

Companies — there are some companies that have been struggling before any
announcement of a tariff that will use that as an excuse this earnings
season. We`ve seen a little bit of that because we measured the earnings
trends, measured declining for one or two years, again, before the tariffs.

But, yes, if it escalates, if it becomes immaterial, then we`ll have a
problem and the analysts on Wall Street are not factoring in escalation
into the estimates right now. The price has been depressed this year
because what we have is fabulous earnings right now, and if it wasn`t for
the tariffs talk and the tensions, this would be probably a rip roaring
year for the market.

HERERA: What about those currency issues? The number of companies are
citing the currency issue and inflationary cost certainly. But it seems as
though the currency for the multinationals really has become an issue.

RAICH: It has for some and we`ve seen that. Now, the overall aggregate
impact will be about 2 percent or 3 percent negative hit their earnings
this quarter and we`re going to have above 20 percent growth. Take it to
the bank. That`s going to occur.

So, there is a little bit of a hit, but the strong dollar does persist. On
the multinationals, you`ll see a bit of an issue. And when you look at the
name like Whirlpool (NYSE:WHR), it`s not just the tariffs. They do a lot
of business in emerging markets such as Brazil.

And emerging markets suffer because of the rising dollar. Companies that
do business in there will suffer at the margin because the expectations
need to be tempered for their businesses in emerging markets. So, the
dollar does play an impact in the role there and don`t expect the
profitability and why we see some of those companies struggle.

HERERA: Nick, thank you so much. Appreciate it. Nick Raich with The
Earnings Scout.

RAICH: Thank you.

GRIFFETH: By the way, the best-performing stock in the Dow today was
United Technologies (NYSE:UTX), following a strong earnings report and an
upbeat outlook. It was one of the three widely held blue chips that
released quarterly results today. The other two were 3M (NYSE:MMM) and
Verizon (NYSE:VZ).

In fact, Dominic Chu wraps their numbers for us now.

(BEGIN VIDEOTAPE)

DOMINIC CHU, NIGHTLY BUSINESS REPORT CORRESPONDENT: A trio of Dow
components were among the earnings reports that kept traders and investors
busy today.

First up, United Technologies (NYSE:UTX). The aerospace and building
systems company posted better than expected profits and sales. It also
boosted its full year profit forecast, thanks in part to better demand for
parts and services for airlines. CEO Greg Hayes is also keeping a close
eye on possible, longer term effects of trade and tariff policy.

GREG HAYES, CEO, UNITED TECHNOLOGIES: We`re actually not seeing the full
impact in `18 of what the steel and aluminum tariffs are, and it`s
anybody`s guess how long those stay in place. I think if you think about
next year, obviously, you can see a much bigger impact from all of these
tariffs, plus potentially some higher steel and aluminum tariffs, as well
as the copper input costs. So, we`ve got a lot of work to do to try and
offset that.

CHU: That industrial company 3M (NYSE:MMM) was also a more positive story
after the maker of everything from scotch tape to knee braces to commercial
filters also posted better-than-expected profits and sales. 3M (NYSE:MMM)
benefited from strengths across a broad range of products with sales growth
in areas like safety and graphics as well as health care. But it did trim
the upper end of the full-year profit outlook. The company also told
analysts that it doesn`t see a large impact on its bottom line from
currently enacted tariffs, but it`s prepared if tariffs expand.

And finally, there was Verizon (NYSE:VZ). The telecom and internet media
company had a beat on profits and sales, but the number of post-paid
wireless customers it added missed some analyst expectations. Verizon
(NYSE:VZ) also said it lost 37,000 Fios video subscribers, which is more
than it lost the same period last year. It did however add to the number
of Fios Internet customers.

Now, it`s just day two of the busiest earnings week of the season, among
the Dow components left to report this week, Boeing (NYSE:BA), Coca-Cola
(NYSE:KO) and Visa (NYSE:V) tomorrow, McDonald`s (NYSE:MCD) and Intel
(NASDAQ:INTC) on Thursday, and Chevron (NYSE:CVX) and Exxon-Mobil and Merck
(NYSE:MRK) on Friday.

For NIGHTLY BUSINESS REPORT, I`m Dominic Chu.

(END VIDEOTAPE)

HERERA: Eli Lilly (NYSE:LLY) continued the positive earnings trend with
the strong quarterly performance. The drugmaker outpaced both profit and
revenue estimates, which made it one of the best-performing stocks in the
S&P 500 today.

Meg Tirrell takes a look at what drove Lilly`s results.

(BEGIN VIDEOTAPE)

MEG TIRRELL, NIGHTLY BUSINESS REPORT CORRESPONDENT: It was a better than
expected second quarter for Eli Lilly (NYSE:LLY), which also raised its
full year outlook based on the results. Helping to drive sales were
medicines Trulicity and Humalog for diabetes, Alimta for cancer and Cialis
for men`s health.

The Indianapolis-based drugmaker also said it doesn`t intend to raise its
prices for the rest of the year. That follows other pricing pledges from
competitors Pfizer (NYSE:PFE), Merck (NYSE:MRK) and Novartis. The Trump
administration laid out its blueprint to lower drug prices in early May.

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: Today, my administration is
launching the most sweeping action in history to lower the price of
prescription drugs for the American people.

TIRRELL: And little changed until the president called Pfizer (NYSE:PFE)
earlier this month, prompting the company to reverse planned price hikes.
The rest of the industry has since started showing more restraint.

DAVID RICKS, ELI LILLY CEO: We have a volume-driven strategy. We have new
medicines that can make a profound difference for patients. Our goal is to
get those medicines to the patients. So, that`s what we`re doing.

Now, since the blue print was announced, we have not changed any prices in
the U.S. and as we`re saying today, our guidance doesn`t include any U.S.
price changes either.

TIRRELL: Lilly also said it plans to pursue an initial public offering for
its animal health business called Elanco, short for Eli Lilly (NYSE:LLY)
and Company. The business generated 13 percent of Lilly`s revenue in 2017,
or abou8t $3 billion.

Analysts largely applauded the move, noting the success of Pfizer`s animal
health spinout Zoetis. That stock has almost tripled since it began
trading separately from Pfizer (NYSE:PFE) five years ago.

For NIGHTLY BUSINESS REPORT, I`m Meg Tirrell.

(END VIDEOTAPE)

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

We begin tonight with Nucor (NYSE:NUE) which was upgraded to overweight
from sector weight at KeyBanc Capital Markets. The analyst there cites the
prospect for infrastructure spending. Price target $77. That stock rose
more than 1 percent today to $67.82.

Apple`s price target was increased to $232 at Morgan Stanley (NYSE:MS).
Ahead of that company`s earnings out next week, the analyst expects Apple
(NASDAQ:AAPL) to report growth in its service business, which is a big
focus for investors right now. The rating remains overweight. The stock
rose a fraction today to $193 even.

HERERA: Morgan Stanley (NYSE:MS) also hiked its price target on Alphabet
to $13.25, following its earnings report last night. The analyst says
Alphabet`s quarterly result suggests there is still a lot more growth
ahead. The rating remains overweight. The stock rose nearly 4 percent to
$1,258.15.

Coverage of EOG Resources (NYSE:EOG) was started with a buy rating over at
Mizuho. The analyst calls EGO the Apple (NASDAQ:AAPL) of the oil industry.
The price target is $173, the stock gained 2 percent to $125.62.

Still ahead, why the White House is sending billions of dollars in
emergency aid to farmers.

(MUSIC)

HERERA: The Department of Agriculture now plans to give $12 billion to
farmers and ranchers hurt by tariffs imposed on U.S. products. It is
shorts term relief, but it could ease the blow of the trade fight.

Kayla Tausche has the details.

(BEGIN VIDEOTAPE)

KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT: Farmers are feeling
the heat from the escalating trade war as U.S. tariffs are met with
retaliation on America`s heartland.

In Missouri, President Trump said the end result will be better deals with
trading partners.

OBAMA: We`re making tremendous progress. They`re all coming. They don`t
want to have those tariffs put on them. They`re all coming to see us, and
the farmers will be the biggest beneficiaries. Just be a little patient.

TAUSCHE: To buy that patience, the Department of Agriculture put together
a $12 billion fund, temporary aid that will be paid directly to farmers
whose crops like soybeans plummet in price and buying surplus in other
crops like fruits and nuts where markets dry up. USDA called it a short-
term bridge to offset immediate financial stress from market disruption.

The farm groups and Republican lawmakers didn`t buy it.

SEN. ROB PORTMAN (R), OHIO: Having talked to a lot of farmers over the
weekend, I got the same refrain which I`m sure you`ve heard a lot which is
we want trade, not aid.

TAUSCHE: Nebraska Senator Ben Sasse called the funds bailouts, saying,
this trade war is cutting the legs out from under farmers and the White
House`s plan is to spend $12 million on gold crutches.

The American Soybean Association called for a longer term plan that
includes removing harmful tariffs.

There are still a lot of unanswered questions about exactly how the
assistance will work and how long it will last. Officials say they`ll work
all of that out in the next few weeks with the first payments expected to
go out around Labor Day.

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

(END VIDEOTAPE)

GRIFFETH: And word of that farm aid package helped lift shares of farm-
related companies today, companies like Deere, Caterpillar (NYSE:CAT) and
AGCO (NYSE:AGCO), which in theory could benefit if farmers continue to
spend more on tractors and other gear.

HERERA: And the meat industry is also bracing for the effects of tariffs,
which could add to the surplus that already exists around the country.

Aditi Roy reports from San Francisco.

(BEGIN VIDEOTAPE)

ADITI ROY, NIGHTLY BUSINESS REPORT CORRESPONDENT: At Marina Meats in San
Francisco, the butchers here say the prices they pay for beef and pork
haven`t changed much this year, despite the increasing supply of meat.

THADEUS GONZALEZ, BUTCHER: All of our farms are all local. Sonoma County
to everywhere in the proximity of 200 miles. So, nothing is really going
to affect us that much.

ROY: But some analysts say the rising amount of U.S. beef and pork sitting
in cold storage could mean trouble ahead for farmers and meat companies.

Meat that doesn`t go to retailers, restaurants or export markets end up in
freezers. The latest USDA monthly numbers show total pounds of stored beef
were up 8 percent year over year. Frozen pork is up slightly from last
year. Analysts say the numbers are not record setting, but big and
foreboding.

CHRISTINE MCCRACKEN, RABOBANK EXECUTIVE DIRECTOR: We`re definitely
expecting inventories to continue to increase. We`re expecting a huge
increase in production this fall, record high.

ROY: The amount of meat in cold storage has been building in part because
of low feed prices which is a major cost for producers. But demand has
also been on the rise, especially from export markets. Analysts say meat
processors have increased production to fulfill the growing needs, but
eventually ballooning supply outpaced demand.

And now with trade tariffs in place on some beef and pork exports to China
and Mexico, some analysts say it`s just a matter of time before the rising
supply of frozen protein will eat into profits of meat companies.

MCCRACKEN: As it stands today, you would expect prices to drop especially
for products impacted by the tariffs.

ROY: Price drops could hurt farmers, which is why today the Trump
administration announced plans to offer up to $12 billion in aid to farmers
hit by tariffs on their goods.

Still, some predict consumers could be the big winners especially if the
tariffs stay in place for the year.

MCCRACKEN: So, you could see, for example, lower cost, holiday hams, for
example, this Thanksgiving and Christmas.

ROY: But the effects of tariffs take time, and some analysts say don`t
expect to see cheap meat at your supermarket any time soon.

For NIGHTLY BUSINESS REPORT, I`m Aditi Roy, San Francisco.

(END VIDEOTAPE)

GRIFFETH: Biogen raises its full-year earnings outlook and that is where
we begin tonight`s “Market Focus”.

After reporting a stronger than expected quarter driven by higher sales of
its muscle disease treatment, the biotech company hiked its profit guidance
for 2018. It said its revised forecast reflections its confidence in its
product pipeline especially its experimental Alzheimer`s programs. Biogen
finished up 4 percent today to $372.84.

GlaxoSmithKline said its experimental drug two treatment for HIV proved to
be just as effective as treating the virus as the standard therapy made up
of three drugs. As a result, Glaxo says it`s planning to apply for
approval of this new two-drug protocol this year. Shares were up a
fraction to $41.21.

Health insurer Centene (NYSE:CNC) said that strong membership growth in its
exchanges for the Affordable Care Act helped overall results beat analyst
expectations. Centene (NYSE:CNC) said that it`s optimistic about
enrollment rates in 2019, as well and so that it plans further expansion in
those ACA markets. It`s also raising its full-year outlook for revenue.
Still, shares fell 4.5 percent to $132, but we should point out it`s been
up more than 60 percent in the past year.

HERERA: JetBlue`s adjusted earnings came in better than expected even as
higher fuel costs ate into results, but revenue missed estimates and the
company warned it`s planning to trim growth in the second half of 2018 as
fuel costs surge. Shares fell 10 percent to $17.79.

Also, after the bell, AT&T (NYSE:T) reported a faster than expected rise in
new subscribers. That growth helped the company deliver a profit beat, but
revenue did miss expectations, but the company is hiking its full-year
earnings forecast. Investors focused on the revenue miss after hours, but
they finished the regular day up 2 percent to $31.68.

GRIFFETH: House Republicans today unveiled a proposal, calling for
permanent tax cuts for individuals and small business owners. The plan
expands savings plan like 529 for college savings and some retirement
accounts and establishes tax breaks for start-up companies, as well. This
broad framework so far is being dubbed tax reform 2.0.

HERERA: Senator Warren said if she could, she would like to see the
already passed Republican tax cuts rolled back and she explained why in an
interview with John Harwood.

(BEGIN VIDEO CLIP)

SEN. ELIZABETH WARREN (D), MASSACHUSETTS: Here`s how I look at budgets and
taxes are a heart of this. A lot of people think they`re just numbers,
they`re not. They are the expression of our values. The values of the
Republican Party that passed those tax cuts are to give a $1.5 trillion
away to the richest Americans and the biggest corporations, then let
everyone else pick up the crumbs. And I don`t think that`s the right way
to think about it.

JOHN HARWOOD, NIGHTLY BUSINESS REPORT CORRESPONDENT: What`s too high for
the top personal rate?

WARREN: It`s not about the number, that`s what negotiations are all about.

HARWOOD: Is 50 percent obviously too high?

WARREN: Look, there was a time in a very prosperous America, an America
that was growing a middle class, an America in which working families were
doing better generation after generation after generation where the top
marginal rate was well above 50 percent.

HARWOOD: It`s 90 percent.

WARREN: That`s exactly right.

But for me, the heart of the question is that you`ve got to ask, what
constitutes a fair share in this economy.

HARWOOD: Right.

WARREN: And look, it depends in part on what the economy is, and it also
depends —

HARWOOD: It doesn`t strike you as obviously, no, 90 percent. That`s
ridiculous. It can`t be that.

WARREN: No. Look, 90 percent, yes, 90 percent sounds pretty shockingly
high, but what I`m trying to get at is that it`s not about negotiating a
number specific.

(END VIDEO CLIP)

HERERA: Senator Warren also told John that she believes in markets and
functioning economy, but only fair markets and markets with rules.

GRIFFETH: Ivanka Trump announced today that she is shutting down her
fashion brand. The president`s daughter and White House adviser said she
was making the move so she could focus more on her move in Washington,
D.C., and she has also reportedly been frustrated by restrictions aimed at
avoiding conflicts of interest. Some department stores like Nordstrom
(NYSE:JWN) and Hudson Bay have also dropped her line because of poor sales.
The company currently has 18 employees.

HERERA: Coming up, if you hit the mega millions jackpot, there are a few
things you need to do first.

(MUSIC)

HERERA: Pepperidge Farm has recalled four different kinds of Goldfish
crackers over concerns of possible salmonella contamination. The problem
could be connected to whey powder used in seasoning in four different
flavors. No illnesses have been reported and no other Pepperidge Farm
products are subject to the recall, but this follows a similar step taken
by Mondelez and Kellogg`s over some types of Ritz Crackers and Honey Smacks
cereals.

GRIFFETH: A new report shows a sharp decline in home sales in southern
California. According to Core Logic sales of both new and existing homes
and condos dropped by nearly 12 percent compared to a year ago, but prices
rose to record levels. In fact, the median price paid for all southern
California homes sold in June, hit a record $536,000.

One reason why this report is being closely watch is because California, in
the past, has been a predictor for the rest of the country.

HERERA: Well, the mega millions jackpot stands at half a billion dollars.
That`s the fifth largest prize in the game`s history. The drawing is
tonight, but I hate to tell you this, the odds of winning are slim at one
in 302 million. But that`s not stopping people from buying tickets and
dreaming about hitting it big.

(BEGIN VIDEO CLIP)

UNIDENTIFIED FEMALE: Five hundred twelve million, that`s a big amount of
money.

UNIDENTIFIED FEMALE: I could do a lot with that. Buy a house.

UNIDENTIFIED MALE: If I win, hasta la vista, baby, I`m out of here.

(END VIDEO CLIP)

GRIFFETH: So, what`s the first thing you should do if you do hit the
jackpot — I should say when you hit the jackpot.

HERERA: Exactly.

GRIFFETH: Eric Aanes is the president of Titus Wealth Management. He
joins us with some tips.

You know, the first thing I always heard when you win a jackpot or get some
sort of a windfall, first thing to do, nothing, right?

ERIC AANES, TITUS WEALTH PRESIDENT: Yes, Bill. Well, the first thing you
want to do is stay calm. The second thing you want to do is sign that
ticket, first and foremost. You want to make sure you put your name on the
back of that ticket, fill it out and make sure it`s yours and it`s your
own.

So, a third is probably to stay quiet, just to your inner circle for that
immediate time period. Not to run out and buy a bunch of houses and cars
and that kind of thing.

HERERA: Right.

And I would assume that time when you stay calm would also give you the
chance to put together a team, right? If you win that amount of money,
you`re going to need some help.

AANES: Oh, absolutely. You`re definitely going to need a team of advisors
and this is where you want to vet people out to make sure they`re trusted
advisers, licensed advisers and make sure they`re really the right person
for you that`s going to help you for this long legacy of wealth transfer
that you have that`s going to happen.

GRIFFETH: The big debate always is, do you take the lump sum up front or
do you take the annuity over the number of years? What`s the —

AANES: Great question, Bill.

Yes, so from a personal control standpoint, some people might say to take
the payments over a period of time. If you do a calculation and come back
at it, you`re probably better off taking the lump sum from that
perspective, but it does depend on you and your thoughts and goals. And
remember, if you do take the payments, they`re for 30 years.

So, that lump sum could grow at a much larger rate over a period of time
and could leave the next generation with significantly more.

HERERA: Yes, and a lot of people that we`ve heard in the past that win
large lottery awards, they end up either spending it or giving it away or
not setting up the right kind of trusts so that other parts of the family
or generations later still have some of that wealth.

AANES: Sue, I`ve seen it first hand. I`ve seen people buying relatives
and cousins cars and not so much houses, but cars and trucks and the like,
and I`ve seen $12 million, $15 million squandered away. So, it can happen.
It happens over time and, all of a sudden, you wake up one day and say,
what did I do?

So, it is so important to have a team of trusted advisers that have been
through this and understand the situation you`re in. While it may seem so
overwhelming that this amount of wealth that you have, you just look at the
celebrities over a period of time that have gone through large amounts of
money.

GRIFFETH: Did you buy a ticket?

AANES: I do — I did. I bought a ticket on my way here, Bill.

GRIFFETH: Very good. Good luck.

Eric Aanes with Titus Wealth Management joining us tonight.

HERERA: If he`s not available again, we`ll know why.

GRIFFETH: Yes.

HERERA: He won.

All right. Before we go, let`s take a final look at the final day on Wall
Street. The Dow rallied 197 points to 25,241. The Nasdaq fell one point
after hitting a new intraday high, and the S&P 500 added 13.

I got my ticket. You got your ticket.

GRIFFETH: And even if we win, we`ll be here tomorrow.

HERERA: We`ll be here tomorrow. We hope you win.

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

GRIFFETH: I`m Bill Griffith. Good luck.

HERERA: Good luck.

GRIFFETH: See you tomorrow.

END

END

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