BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: Alexa, how was Amazon`s
quarter? The e-commerce company trounced earnings estimates, grew its
cloud business and solidified its retail dominance.
SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: About-face. Facebook
(NASDAQ:FB) makes stock market history, but not the kind investors like to
see, losing more than $100 billion in value, the biggest one-day loss ever.
GRIFFETH: Head start. Why savings for retirement is not just for adult,
but also for kids, too.
Those stories and much more tonight on NIGHTLY BUSINESS REPORT for this
Thursday, July the 26th.
HERERA: Good evening, everyone, and welcome.
On this very busy earnings day, we begin tonight with results from the
retail juggernaut Amazon (NASDAQ:AMZN). Earnings per share doubled what
analysts were expecting, resulting in a profit of more than $2 billion,
that`s a record quarter.
So, let`s get right to the numbers. Amazon (NASDAQ:AMZN) earned $5.07 a
share. Estimates were for $2.50. While profit was strong, revenue was a
bit soft. The company saw revenue of nearly $53 billion which was up
sharply from last year but not quite as much as expected and the stock
initially popped, but then pulled back in a volatile after-hours session.
Courtney Reagan has Amazon`s quarterly highlights.
COURTNEY REAGAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: So, it`s not a
complete sweep for Amazon`s second quarter. While earnings were twice as
strong as expected, other metrics fell short. Both North America and
international revenues disappointed, but its high margin cloud computing
business, Amazon (NASDAQ:AMZN) Web Services, generated more revenue than
During the quarter, Amazon (NASDAQ:AMZN) extended prime membership benefits
to Whole Foods shoppers, but the company neglected to reveal any further
details. Amazon`s now annual Prime Day shopping event is not part of this
quarter, but part of the next quarter to be reported. While Amazon
(NASDAQ:AMZN) had said it was its best day ever, its revenue forecast for
the third quarter that includes Prime Day is well below Wall Street
For NIGHTLY BUSINESS REPORT, I`m Courtney Reagan.
GRIFFETH: Tuna Amobi joins us now to talk about Amazon`s solid quarter.
He`s senior equity analyst at CFRA Research, joining us tonght.
Tuna, always good to see you. Thanks for joining us.
TUNA AMOBI, CFRA RESEARCH SENIOR EQUITY ANALYST: Thank you.
GRIFFETH: Boy, big beat on the bottom line. Did you see any weakness at
all on these numbers tonight?
AMOBI: You know, I think the overall results, frankly, I think, had a lot
of positive takeaways, and if you covered Amazon (NASDAQ:AMZN) for a while,
I think you would know that essentially this is a marathon as opposed to a
sprint. There`s a lot of concerns in terms of the rally that the shares
have enjoyed over the last few years. So you can understand why investors
are tentative, but I think overall this quarter, they blew away the bottom
line numbers. There are some concerns with the revenue target.
But all in all, I think for a company that`s still growing revenues, 39 to
40 percent and higher, if you look at the Amazon (NASDAQ:AMZN) Web
Services, there`s a lot to be optimistic about, especially having turned
the corner in terms of sustainable profitability guidance that we saw for
the Q3 quarter.
HERERA: So, it sounds like you do not share some of the concerns that
created the volatility in the stock after hours even with the run-up that
we`ve seen in the stock?
AMOBI: That`s correct. I do have some near-term concerns especially on
the international business where they had another loss this quarter. I
think — we know that they`re still investing heavily in India, and we also
note that, you know, the sales of hardware devices of Echo and Alexa, they
were really looking for that to drive the secular growth, and the smart
The back to school season coming up, you have a sense that this guidance
they provided to be quite conservative. If you throw in the Prime Day
event last week, Amazon (NASDAQ:AMZN) is a company that tends to somewhat
conservative in their outlook. But the one main concern that we still have
is the valuation although we have a target price of $2,000. And we`re
still hopeful that, you know, there`s still some upside.
GRIFFETH: So, very quickly, would you buy at these levels here, then?
AMOBI: We are still bullish on the share. That`s why we reaffirmed our
buy recommendation today with the target price of $2,000.
GRIFFETH: Tuna Amobi with CFRA Research, again, thanks for your thoughts
AMOBI: Thank you.
HERERA: And we are watching that race to a trillion dollar market cap. At
today`s close, Apple (NASDAQ:AAPL) was still in the lead with a valuation
of $954 billion, but Amazon`s value may be creeping ever closer to
Alphabet, given the stock`s move in late-day trading.
GRIFFETH: Meanwhile, on Wall Street, the market`s major averages were
mixed after the Dow climbed led by shares of Travelers and Disney
(NYSE:DIS). The Nasdaq fell though, pulled lower by that historic drop in
Facebook (NASDAQ:FB) shares.
So, the industrial average gained another 112 points today to 25,527. The
Nasdaq was down 80 and the S&P was down eight points today.
HERERA: As we reported last night, Facebook (NASDAQ:FB) said it expects
its revenue growth rate to slow from last year. That warning resulted in
Facebook (NASDAQ:FB) suffering its worst day in history as a public company
and the biggest one-day stock value loss in stock market history. So what
happens now for Facebook (NASDAQ:FB)?
Julia Boorstin takes a look.
JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Facebook
(NASDAQ:FB) raising red flags but after revenue growth slowed more than
expected, it will continue to decline meaningfully over the next two
quarters. While the company`s user members showed the lowest growth rate
ever and in Europe, user numbers actually declined in the quarter.
But some analysts are still optimistic about the social platform`s future.
BRENT THILL, UBS: We think Facebook`s prospects still look good, long
term, short term. Obviously, there`s going to be a lot of question marks
around the deceleration.
BOORSTIN: Also raising concerns, Facebook (NASDAQ:FB) warned that ads in
the stories featured on Facebook (NASDAQ:FB) and Instagram aren`t as
profitable as ads in Facebook`s newsfeed, though bulls say that could
JASON CALACANIS, INSIDE.COM: What happens to the revenue per user cannot
keep going up, and with stories being such a breakout hit for them which
they obviously stole 100 percent from Snapchat, if they figure out how to
make stories make money, this could be a revenue revenue-printing
juggernaut for sometime to come.
BOORSTIN: Another factor weighing on Facebook`s stock, the company warned
margins will decline meaningfully in coming years, as the company ramps up
its investments in safety and security. Facebook (NASDAQ:FB) is hiring
thousands of employees and investing to improve artificial intelligence.
The social giant is working on a number of new initiatives to protect user
data and prevent other scandals like Cambridge Analytica, as well as to
comply with European privacy regulation GDPR, giving up profits in the
near-term to protect the platform`s users because the stakes are high.
MARK MAHANEY, RBC CAPITAL MARKETS: If they don`t get the security of the
platform right, it`s all over. And they had a lot of issues about this
earlier this year. So they need to get this right. I think that they
will. We think that they will. If they can, then this is a good asset.
This is the opportunity to buy the stock here.
BOORSTIN: A key measure of Facebook`s success with these investments is
how well it protects the security of the platform around the upcoming
midterm elections. Consumers and investors alike will be watching closely
for any sign of election manipulation.
For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in Los Angeles.
GRIFFETH: It probably will not surprise you to learn that Facebook
(NASDAQ:FB) is a popular holding among fund managers. So, if you don`t
actually own the stock outright, you probably still are invested in it in
some way. According to Fact Set, Facebook (NASDAQ:FB) is 74 percent owned
by institutional investors, meaning investment advisers, mutual funds and
pension funds. Vanguard, Fidelity, BlackRock (NYSE:BLK), State Street
(NYSE:STT) Global Advisers, they are all top holders of this stock.
And if you own ETFs, Facebook (NASDAQ:FB) is 6 percent of the QQQ, which
tracks the Nasdaq 100 index. The technology ETF called the XLK has an 8
percent weighting in Facebook (NASDAQ:FB) shares. And Vanguard`s
communication ETF, the VOX, has about a 13 percent weighting of Facebook
HERERA; So now that the FANG names which is the acronym for the tech
stocks, Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN), Netflix (NASDAQ:NFLX)
and Google (NASDAQ:GOOG), have reported their earnings. Let`s take a look
at what they`re investing in and which are not.
Joining us for our “Take It or Leave It” segment is Jon Najarian founder of
the Najarian Family Office.
It`s always great to have you.
GRIFFETH: Welcome aboard.
JON NAJARIAN, THE NAJARIAN FAMILY OFFICE FOUNDER: Good to be here, guys.
HERERA: Especially on a day like today.
NAJARIAN: Thank you, Sue.
HERERA: Let`s start with Facebook (NASDAQ:FB) and a terrible day for
investors today. How do you look at the stock and what would you do with
NAJARIAN: I think last night, they told us a little too much, Sue. When
the CFO Warner got out and said basically that the margins which were
contracting and as you said, operating margins down from 60 percent two
years ago and nearly 60 percent to 44 percent now are going to drop into
the 30s, and he said that over the next two years. That`s a lot faster and
a lot bigger than anybody thought that Facebook (NASDAQ:FB) would dip to
that kind of operating margin.
So, that`s why people were modeling that into their price targets and they
took them down, you know, anywhere from 20 to 30 percent today.
GRIFFETH: So you`re leaving it?
NAJARIAN: Yes, this is one I`d leave. I wouldn`t take it. I think
there`s still more pain to come, unfortunately, Bill. Does it retest the
150 level? Perhaps.
GRIFFETH: All right. Amazon (NASDAQ:AMZN), you had less time to analyze
because it just came out this evening but the numbers look pretty good,
especially on the bottom line there, huh?
NAJARIAN: Yes, the numbers good great. Amazon (NASDAQ:AMZN) Web
Services, they were doing maybe 40 percent better than some of the numbers
year over year. They basically dominate virtually every business they go
They don`t kill it, though. People think they`re a category killer. I
don`t really think they`re a killer, but they`re certainly someone to be
reckoned with, and the fact they`re getting into drugs now I think is going
to be big for them. Obviously, it was bad for Boots Alliance —
NAJARIAN: — Walgreens when they announced that, and a number of other
drug stocks. But they`re not going to take over everything, but they`re
going to take a bite out of everything.
And I think it`s just a matter of time before they do the same thing for
banks. So this is one that I`d take.
HERERA: You`re taking it?
NAJARIAN: Yes, sir.
HERERA: Take Amazon (NASDAQ:AMZN) at these levels. You`re not worried
about the valuation at all?
NAJARIAN: I always worry about that valuation, Sue. As long as they can
keep putting up these kind of numbers and the third parties that are
selling through them, that growth is dramatic. So, I still like Amazon
(NASDAQ:AMZN) even at $1,800-plus a share.
HERERA: And let`s finish up with Google (NASDAQ:GOOG). You like it,
NAJARIAN: Yes, I like Google (NASDAQ:GOOG). I mean, they were able to
overcome a $5 billion speed bump like that. So I like that. Also, their
growth in Asia and Europe is accelerating again, and I think that`s a
positive for them.
HERERA: Netflix (NASDAQ:NFLX) —
GRIFFETH: Are you spelling FANG FAGNA?
HERERA: I skipped over.
GRIFFETH: Speaking of net valuations, people worry too much about
valuation on how much they`re spending on content relative to what the
stock price is doing right now?
NAJARIAN: True. And just like Amazon (NASDAQ:AMZN), I worry about
valuations. If you`re somebody who`s investing based on that, then you`re
going to leave it.
I`m a taker, because it`s already corrected 15 percent and they didn`t give
us the same kind of guidance that Facebook (NASDAQ:FB) did. So, if Netflix
(NASDAQ:NFLX) would have said, yes, we`re going to drop and it`s going to
continue to contract, at least for the next two years, I wouldn`t take it.
But since they didn`t say that, I think 15 percent off is a nice sale in
GRIFFETH: All right. Very good.
HERERA: The FAGNA.
GRIFFETH: Very good.
NAJARIAN: Thank you guys.
HERERA: Jon, thank you as always.
Jon Najarian, we appreciate it.
GRIFFETH: Elsewhere, there were more earnings. Dow component Intel
(NASDAQ:INTC) reported strong results, beating both earnings and revenue
estimates. But revenue from its closely watched data center business came
in weaker than expected, and that`s what investors were focusing on. They
sent the shares lower in the initial after-hours trading tonight.
HERERA: It is time to take a look at some of today`s upgrades and
Norfolk Southern (NYSE:SO) was upgraded to hold from sell at Loop Capital
Markets. That firm cites the potential for operational improvements either
by current management or an activist. The price target is $173. The stock
rose a fraction to $169.57.
3D Systems (NASDAQ:TDSC) was downgraded to underweight from neutral at
Piper Jaffray. The analyst there cites intensifying competition. The
price target is $10 and the stock fell 6 percent to $13.17.
GRIFFETH: Elf Beauty was downgraded to perform from outperform at
Oppenheimer. The analyst there cited challenging trends and increased
tariff uncertainty. The firm says that the bull case for the small cap
stock has become more uncertain as a result. The stock, though, did rise a
fraction today to $14.17.
Freeport-McMoRan was upgraded to hold from sell at Deutsche Bank. The
analyst cited the stock`s valuation right now. That stock`s price target
now at $15.50. Shares closed just above that at $15.97.
HERERA: Still ahead, airline stocks take off, but will a renewed focus
fuel prices bring some turbulence?
HERERA: Well, here`s something we haven`t seen in a while, a rally in the
airline stocks. Shares of American, Southwest and Alaska Air all moved
higher on better-than-expected second-quarter earnings.
Phil LeBeau explains why from American Airlines` operation center in Fort
PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT: For all of the hand
wringing by investors worried about airlines flying into lower profits, the
reality is far different. Alaska Airlines, Southwest and American Airlines
all posted better than expected earnings in the second quarter.
DOUG PARKER, AMERICAN AIRLINES CEO: Demand is strong and the supply of
seats is up a lot. The consumer seems really quite strong.
LEBEAU: The airline continues to see demand, thanks in large part to the
strong economy. That means there are few empty seats even as the industry
adds more flies.
Still, this has been a turbulent year for airline stocks. Why? Well,
investors worry the additional flights will make it tough for the industry
to raise fares which would limit revenue growth.
But the biggest concern is the rising cost of jet fuel, up more than 40
percent in the last year and while that has cut into airline profits,
industry leaders are making adjustments in fuel contracts and are prepared
to fly with higher prices.
GARY KELLY, SOUTHWEST AIRLINES CEO: In the end, we don`t know. We just
try to be as prepared as we can for catastrophic increases and we certainly
got that kind of protection in place.
LEBEAU: The focus on higher fuel prices is nothing new in the airline
industry. But for now, the impact of those higher costs are being offset
by solid ticket sales and planes that have few empty seats.
Phil LeBeau, NIGHTLY BUSINESS REPORT, Fort Worth, Texas.
GRIFFETH: McDonald`s (NYSE:MCD) reports slower sales growth here in the
U.S. and that`s where we begin tonight`s “Market Focus”.
Domestic same-store sales grew at their slowest pace in more than a year,
as a matter of fact, missing analyst expectations. Foreign markets on the
other hand had a strong performance and those results helped to offset the
weakness here in the U.S.
Overall, the fast food giant`s earnings and revenue came in a head of Wall
Street targets. Shares were off nearly 2 percent, though, to $156.14
After the bell tonight, Starbucks (NASDAQ:SBUX) said an increase in new
customers who spent more helped earnings rise above expectations. The
coffee chain also said it added nearly 2 million members to its loyalty
program. Shares initially fell after hours, but then did rise in the end
of the regular session down a fraction at $51.45.
Dunkin Brand`s earnings rose at a faster than expected clip as higher
prices, franchise fees and royalty income all help results and the
company`s incoming CEO said that it is earlier decision to cut back on a
number of products on its menu has also proved to be the right move for
(BEGIN VIDEO CLIP)
DAVID HOFFMANN, DUNKIN` BRANDS INCOMING CEO: We introduced the national
value platform in the second quarter and that was a big part of our results
in Q2, but we also had some of our highest beverage sales on record in Q2,
as well. We get that combination of food with great attachment with the
beverages played well. And, you know, for us, again, it`s about continue
to modernize and keep our brand relevant for years to come and the blue
print for growth is all about that.
(END VIDEO CLIP)
GRIFFETH: Dunkin Brand shares were up a fraction today to $71.19.
Comcast (NASDAQ:CMCSA) (NYSE:CCS) said that increased marketing for its
Internet services paid off as the company signed up more customers, profits
rose and topped expectations. But revenue, while higher did come in a
little light. Shares still finished up nearly 4 percent to $34.75 and
remember, Comcast (NASDAQ:CMCSA) (NYSE:CCS) is the parent company of CNBC,
which produces this program.
HERERA: Under Armour (NYSE:UA) said increased investments in its direct to
consumer and international business caused its loss to widen, but it
appears as though investments may be paying off. Sales in foreign markets
took off this quarter, helping the athletic apparel company beat
expectations. The shares rose more than 4.5 percent to $22.04.
Hershey`s topped expectations, but rising shipping and ingredient costs
pressured its margins. The maker of Reese`s Peanut Buttercups and Kit Kat
is responding to those higher costs by hiking prices on a number of its
products. The company is also raising its dividend 10 percent and it is
launching a $500 million share buyback. Hershey shares climbed more than 7
percent to $99.66.
And after the bell, Amgen (NASDAQ:AMGN) said strong sales of its new drug
helped earnings beat estimates and the company is raising its full-year
guidance. Separately, “Reuters” reported that Amgen (NASDAQ:AMGN) is
facing roadblocks as it tries to get its $575 migraine treatment on the
market before the competition ramps up. Shares were initially higher in
the extended session. They ended the regular day up a fraction to $194.05.
GRIFFETH: Treasury Secretary Steve Mnuchin said today that the trade deal
being discussed between the U.S. and the European Union will come in
stages. During a CNBC interview, he said that yesterday`s talks with the
European Commission president is the starting point for resolving a lot of
trade issues with the goal of eventually eliminating all tariffs.
(BEGIN VIDEO CLIP)
STEVEN MNUCHIN, TREASURY SECRETARY: The first issue that we`ll immediately
begin negotiating is to resolve the issue on the steel and aluminum tariffs
and the retaliatory tariffs. So, phase one is will be to immediately
resolve those issues so that there will be no tariffs in either direction.
President Trump has said that as long as we`re negotiating the overall
agreement, that there will be no new tariffs in either direction.
(END VIDEO CLIP)
GRIFFETH: Secretary Mnuchin was tight-lipped about trade relations with
China, but he did say that the Treasury is closely monitoring the recent
weakening of the Chinese currency.
HERERA: On Capitol Hill, the U.S. trade representative told lawmakers that
he`s hopeful a new NAFTA deal can be reached soon.
(BEGIN VIDEO CLIP)
ROBERT LIGHTHIZER, U.S. TRADE REPRESENTATIVE: Hopefully, we are in the
finishing stages of achieving an agreement in principle that will benefit
America`s workers, farmers, ranchers and businesses.
(END VIDEO CLIP)
HERERA: Separately, Mexico`s economy minister who was scheduled to meet
with the U.S. trade representative today said his goal is to speed up talks
with both the U.S. and Canada.
GRIFFETH: On the economy, orders for durable goods rose for the first time
in three months driven by a pickup in business investment. That`s the good
news. The bad news is the rise was well below expectations in part because
of a sharp decline in defense orders which posted its biggest decline since
HERERA: Tomorrow, the Commerce Department will release its first official
estimate of second quarter gross domestic product, which is a broad measure
of goods and services produced across the country.
And as Steve Liesman reports, expectations are high.
STEVE LIESMAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: It`s the one
economic number that everyone is talking about — second-quarter growth
which could be as strong as 4 percent or 5 percent.
MNUCHIN: I think most people understand what President Trump is doing and
what we`re doing is good for the economy. I think as you know, we`re
looking forward to a very strong GDP number. We have real economic growth.
Earlier this week, the president tweeted out in perhaps a veiled reference
to the coming GDP report tomorrow morning, quote, we have the best
financial numbers on the planet, end quote.
That`s a bit of hyperbole, but the median of 12 economists surveyed by CNBC
do see gross domestic product for the second quarter coming in at 4.1
percent, which would be the strongest quarterly number since 2014. For the
administration, the number is nothing less than proof that its tax cuts and
deregulatory economic policies are working.
But economists also say there are also some temporary factors in the
numbers, including a surge in government spending.
JARED BERNSTEIN, CENTER ON BUDGET & POLICY PRIORITIES: The quarterly
numbers are pretty volatile and we juiced the economy with fiscal policy,
so the underlying trend has been moderate, built in some fiscal oomph on
top of that and you`ve got some real momentum here.
LIESMAN: There could also be some additional trade and inventory building
in the number as businesses bought and stocked goods ahead of coming
tariffs. But that won`t explain all of the trends. Consumer spending and
business investment should both also be stronger, likely driven by tax
MICHAEL STRAIN, AMERICAN ENTEPRISE INSTITUTE: It is not all due through
exports. There seems to be some, you know, pretty solid, underlying growth
here that can`t be explained by, you know, one-off factors like exports or
inventories or something like that. You know, some of this is the tax cut.
Some of this is the increase in discretionary spending. And some of this
is an underlying economy that`s quite healthy at this point.
LIESMAN: Only the actual data over time would tell how much investors and
the public should begin to believe whether the high growth is permanent or
just a temporary talking point.
For NIGHTLY BUSINESS REPORT, I`m Steve Liesman.
GRIFFETH: Coming up, kids and money, why it`s never too early to start
saving for retirement.
HERERA: Here`s a look at what to watch for tomorrow. The oil giants and
Dow components, and ExxonMobil (NYSE:XOM) and Chevron (NYSE:CVX), are out
with their earnings. We`ll also hear from the blue chip company Merck
(NYSE:MRK). 21st century Fox and Disney (NYSE:DIS) hold a special
shareholders meeting to vote on the merger between Disney (NYSE:DIS) and
the Fox assets. And as we just mentioned, we`ll get the first read on
second quarter economic growth.
That`s what`s to watch for on Friday.
GRIFFETH: That`s good. We should do that more often.
GRIFFETH: Some kids are getting a head start on saving for retirement by
contributing to an account designed just for them. Fidelity says that the
growth of its Roth IRA for Kids program is up a whopping 475 percent since
the product was announced back in 2016.
Maura Cassidy is the vice president of retirement of Fidelity. She joins
us tonight to talk about that.
Maura, thanks for joining us tonight.
MAURA CASSIDY, FIDELITY VICE PRESIDENT OF RETIREMENT: Thank you for having
GRIFFETH: So, I`m the adult opening the account. I have to be over 21.
I`m opening it for a person under the age of 18 and they have to provide
their own earned income. Why a Roth IRA? I`m curious.
CASSIDY: Well, one of the great benefits of a Roth is that you can
withdraw the contributions at any time tax-free since they went in after
tax. So for a lot of people, you know, putting money away in a Roth seems,
you know, at age 15, it seems like retirement is so far away, so they can
use it for, you know, qualified educational expenses or their first-time
home purchase and, you know, in later years. But it`s a great way to get
that habit going of saving for retirement and putting some of your earned
HERERA: You say it`s really a teaching moment and that the parent can
contribute, certainly. But it`s the time that you should take your child
and teach them about compounding and really a life lesson in money.
CASSIDY: Right. Exactly. It`s a great opportunity, say, you know, talk
about how much should you earn this week , how much should you put away for
savings and how it can grow. That`s exactly right.
GRIFFETH: You know, it occurred to me when I heard about this. You
started this two years ago. What took so long? I know you did it because
of the demand you were getting from some of your customers, but, you know,
IRAs had been around for a long time.
CASSIDY: Right. It is something that our customers had been asking for.
We hadn`t had an account for retirement for people under age 18, and so, we
had to get over a couple of hurdles, but once we launched over those
hurdles, we just saw the pent-up growth that we`ve experienced over these
two years and it`s been great.
HERERA: Yes. What kind of increases have you seen?
CASSIDY: Well, like you said, triple digits, over 400 percent. It`s
This year alone, we`ve seen, you know, over 30 percent in new accounts
opened just in this year, January through June. So, you know, that`s great
growth, and we`re going into the time of year in the summer where maybe a
lot of kids have a summer job and we expect a little bump from that.
GRIFFETH: That`s a lot of lemonade stands that they`ll be opening there.
GRIFFETH: Laura Cassidy with Fidelity.
HERERA: Or lawn mowing.
GRIFFETH: Yes. Thanks for joining us tonight. Appreciate it.
CASSIDY: Thank you for having me.
HERERA: Before we go, let`s take a look at the final day on Wall Street.
The Dow rose 112 points to 25,527, the Nasdaq dropped 80, dragged down by
the historic drop in Facebook (NASDAQ:FB). And also, the S&P, it was down
about eight. Facebook (NASDAQ:FB) shares, as we mentioned, had their worst
day ever after reporting that disappointing quarter and guidance.
That does it for us tonight. I`m Sue Herera. Thanks for joining us.
GRIFFETH: I`m Bill Griffeth. Have a great evening. We`ll see you
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