Transcript: Nightly Business Report – September 25, 2018

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

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Racing ahead, Nike (NYSE:NKE)
reports double digit profit growth, but expectations were higher. And
investors may have wanted more.

(BEGIN VIDEO CLIP)

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: I have made clear our trade
imbalance is just not acceptable.

(END VIDEO CLIP)

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: President Trump addresses
the United Nations General Assembly saying the U.S. will no longer tolerate
abuse on trade. And stocks struggled to hold their gains.

HERERA: Paying for college. Saving balances are at a record. Well,
that`s good news for parents who are relying on financial aid mo than ever.

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Tuesday,
September 25th.

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

As expected, President Trump took a hard line on trade during that speech
at the United Nations this morning. And we`ll have more on that in just a
moment.

But we begin tonight with earnings from Nike (NYSE:NKE), the world`s
largest athletic apparel maker reported better than expected profits at a
time the company is working to reshape its business. It was also a quarter
that you saw Nike (NYSE:NKE) launch this controversial new ad campaign.

Well, the company earned 67 cents a share. That was 4 cents better than
expectations. Revenue rose by 9 percent to nearly $10 billion.

But obviously, it wasn`t enough for the markets. After a 30 percent run so
far this year, the stock pulled back in initial after hours trading
tonight.

Sara Eisen has more on the details from the New York Stock Exchange.

(BEGIN VIDEOTAPE)

SARA EISEN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Nike (NYSE:NKE)
continues its streak of steady growth process. And for investors who loved
the stock all year-round, they got their answer in the form of 10 percent
revenue growth. Now, Nike (NYSE:NKE) saying growth thanks to key markets
like China which continued to come in in line with expectations, as well as
the north American market — it`s been key.

Nike (NYSE:NKE) just returned to growth last quarter in North America. It
continues to post growth there, this time of 6 percent in terms of the
sales.

Now, some have questioned Nike (NYSE:NKE) recently on the back of that
controversial ad featuring Colin Kaepernick as the face and voice of the
“just do it” campaign. But so far, investors have shrugged it off and
they`ll be listening for any comments from executives as to the impact on
sales. But so far, that ends the correspondent culture scandal that shook
up some of the key management roles at Nike (NYSE:NKE) in the past year
have not managed to throw Nike (NYSE:NKE) off track on growth.

It`s focused on international, focused on new innovation and key styles,
focused on its athletes and telling its story, and also focused on the
direct to consumer business, Nike (NYSE:NKE).com and Nike (NYSE:NKE)
stores, for main business growth.

For NIGHTLY BUSINESS REPORT, I`m Sara Eisen.

(END VIDEOTAPE)

GRIFFETH: Overall on Wall Street, stocks were mixed. But the Nasdaq, the
only index to close higher rising energy shares not enough to offset trade
concerns. The Dow was down 69 points at the close to 26,492. The Nasdaq
gained 14. The S&P was down 3.

HERERA: Those trade concerns came from a speech the president gave to the
United Nations General Assembly where he took a hard line, saying he will
not allow American workers to be victimized or our companies to be cheated.

Eamon Javers has more.

(BEGIN VIDEOTAPE)

EAMON JAVERS, NIGHTLY BUSINESS REPORT CORRESPONDENT: President Trump
making an American declaration of independence from globalism itself at
today`s U.N. General Assembly, signaling a much more unilateral approach to
foreign policy by the United States, and dismissing many of the
multinational diplomatic efforts of the post Cold War era.

TRUMP: America is governed by Americans. We reject the ideology of
globalism. And we embrace the doctrine of patriotism.

JAVERS: The president called out specific opponents for criticism as he
stood before representatives of the 193 countries at the United Nations.

TRUMP: We cannot allow the world`s leading sponsor of terrorism to possess
the planet`s most dangerous weapons. We cannot allow a regime that chants
“death to America” and that threatens Israel with annihilation to possess
let means to deliver a nuclear warhead to any city on Earth. Just can`t do
it.

OPEC and OPEC nations are as usual ripping off the rest of the world. And
I don`t like it. Nobody should like it.

The United States lost over 3 million manufacturing jobs, nearly a quarter
of all steel jobs, and 60,000 factories after China joined the WTO. And we
have racked up $13 trillion in trade deficits over the last two decades.
But those days are over. We will no longer tolerate such abuse.

JAVERS: Despite the harsh rhetoric on China, some argue the president was
effective.

NICHOLAS BURNS, HARVARD KENNEDY SCHOOL OF GOVERNMENT: The president was
stronger today when he went after China on trade. And I think he probably
had a lot of support from people in the room who`ve victimized by China.

JAVERS: But skeptics said they doubted Trump`s policies will deliver the
results he is promising.

JACOB KIRKEGAARD, PETERSON INSTITUTE FOR ECONOMICS: If he was really
serious about OPEC and the oil price, you know, it`s very clear the main
reason the oil price right now is going up is because of the threat of a
U.S. sanctions which obviously he instituted. So, he could do something
about that right away. But obviously he doesn`t want to.

JAVERS: Tomorrow, President Trump has another day of international
diplomacy including meetings with leaders of Israel, Japan and the United
Kingdom.

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

(END VIDEOTAPE)

GRIFFETH: And the president`s comments on OPEC and his repeated calls for
more production did not exactly result in decline in prices today. In
fact, oil prices hit a four-year high today, settling at about $72 a
barrel.

Joining us tonight to talk about the oil markets and where prices could go
from here, John Kilduff, the founding partner at Again Capital.

Welcome back.

JOHN KILDUFF, FOUNDING PARTNER, AGAIN CAPITAL: Thank you.

GRIFFETH: We have contrasting points of view here. Slowly, Iranian oil
coming off the market ahead of sanctions there and the wants Saudi Arabia
to increase production. But so far, they don`t want to do that, right?

KILDUFF: Certainly not in a full-throated fashion, Bill, and I think, you
know, just not too soon. The Saudis did respond to pressure from President
Trump earlier in the year. You saw it drop back in July from $75 barrel
down to about $64. It was quite a drop.

GRIFFETH: Right.

KILDUFF: I think they are afraid of reprising that. So, they are coming
to the rescue of high prices but I think they will make us sweat it out a
little bit first.

HERERA: Yes, and if they are going to do that, John, how much more upside
do you think is left in oil?

KILDUFF: Well, here is where it`s tricky, Sue, because they`re not very
good at managing the market when it gets away from them to either up or
downside. It`s hard to cut back when oil prices are plunging. And they
sort of start to scramble now and we all start to question their abilities
when prices go up. So, I think easily $80 for WTI, the U.S. marker, is in
the cards.

Beyond that, I think the Saudis will respond to more pressure to put more
oil on the market and be more forward leaning about it. But there is, you
know, increasing talk about $95, $100, the only savior there for motorists
it`s almost approaching conventional wisdom we could go that high. So
probably won`t happen.

GRIFFETH: And along those lines in the Saudi regime, you are watching the
crown prince very carefully right now, aren`t you?

KILDUFF: Yes, and I think that`s being somewhat overlooked. He`s been
very aggressive in terms of trying to do various things, like bring the
Saudi oil company, the Aramco Company, public, much to the dismay and
chagrin of leaders in the kingdom. He has been jailing quite a number of
the old guard that haven`t been released. You`ve heard about notable
releases. A lot haven`t.

He`s been getting significant pushback. She shelved the Saudi IPO.

GRIFFETH: Right.

KILDUFF: That is hardly a rebuke from the king.

HERERA: We have 30 seconds left. The president took a hard line on Iran.
Any chance that he and Rouhani will talk? What will that do to oil prices?

KILDUFF: Rouhani`s speech tonight was interesting. He sort of laid out a
framework for Trump and Trump administration to get back to the table. It
was sort of technical. But it easily could happen.

I think President Trump — it`s kind of outreach president Trump might go
for. So, it may be a running into each other in the hallway, it could be
something that happens. And that would be a bearish downward price move
for oil. They would like that. They would like that.

GRIFFETH: All right. Always good insights. John Kilduff from Again
Capital, thanks again, John.

KILDUFF: Thank you, guys.

GRIFFETH: Appreciate it.

HERERA: Well, the trade deal with Mexico could move ahead without Canada.
The U.S. trade representative says that there is still a fair amount of
distance between the two countries. And that Canada is not making
concessions in essential areas.

Complicating negotiations are tariffs that were imposed on imported steel
and aluminum. Some business groups and lawmakers warned against a
bilateral agreement.

GRIFFETH: Elsewhere, BMW cut its profit forecasts for the year today,
citing concerns about tariffs and new European efficiency rules. The
company says that trade duties are hurting demand more than expected and
that has put pressure on prices and on profits. The automaker added that
new emission rules led to increased competition that could also ultimately
hit its sales. The warning rippled through the sector, sending shares of
auto makers and auto parts makers lower today.

HERERA: Despite trade concerns, consumer confidence rose to its highest
levels in 18 years. The latest report from the conference board shows
households are increasingly optimistic about the labor market and the
overall economy. The survey shows that for now, consumers are shrugging
off global trade tensions and the prospects for higher prices.

GRIFFETH: And a new survey shows that most exists and money managers are
upbeat and the economy and the stock market just as Federal Reserve policy
makers begin their latest two-day meetings in Washington today.

Steve Liesman has more.

(BEGIN VIDEOTAPE)

STEVE LIESMAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Amid concerns over
tariffs inflation and Fed rate hikes, Wall Street is looking this year and
next for modest stock market gains and solid economic growth.

The CNBC Fed survey shows participants forecasting 3 percent growth this
year and slowly slightly to 2.8 percent in 2019. And unemployment will
keep ticking lower, according to the 46 respondents to include economists,
fund managers and strategists.

DAVID JOY, AMERIPRISE FINANCIAL: It seems the market has done a god job of
saying we will worry about the tariffs when there is evidence that they`re
harming the economy. Until then, let`s focus on what we know and the
economy is strong and the earnings are really strong.

LIESMAN: The group forecasts the S&P 500 will rise to 2,956 this year and
2019 comfortably before 3,000 level. The 10-year treasury forecast to rise
to around 3.5 percent from the current level of 3.1 as the Fed pushes up
its benchmark short term interest rates. Respondents see another half
point of hikes from the Fed through the end of 2018 another half point next
year.

With strong stimulus from the tax cuts and deficit spending, most think the
Fed will have to raise rates high enough to slow the economy down and ward
off inflation. Inflation is forecast around 2.5 percent next year.

SIMEON HYMAN, PROSHARES: We have just about every inflation indicator
pointing upwards. This is going to add fuel to that fire. I think we`ll
hear some more hawkish — more hawkish comments from the Fed.

LIESMAN: Despite the concerns over inflation and Fed rate hikes and trade
protectionism, the survey shows only a small chance of recession in the
next 12 months, being baked in by Wall Street.

For NIGHTLY BUSINESS REPORT, I`m Steve Liesman.

(END VIDEOTAPE)

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

Intel (NASDAQ:INTC) was downgraded to sell from market perform at Raymond
James. The analyst cites manufacturing issues. And the firm expects these
problems to last for a while. The analyst does not have a price target on
the stock which fell 2 percent to $49.91.

Dollar Tree (NASDAQ:DLTR) was downgraded to neutral from buy at Buckingham.
The analyst cites near term challenges and recent under performance. The
price target is $92. The stock fell a fraction to $85.26.

GRIFFETH: Clorox (NYSE:CLX) was upgraded to buy from hold at Argus. The
analyst there cited innovation at the company and the potential for
increase in revenue as a result. Price target now $175. But despite that
upgrade, the stock fell a fraction to $149.64.

And Amazon`s price target has been raised again, this time to $2,350 at
Jefferies. The analyst cites the company`s new initiatives and growth
opportunities. The firm did maintain its buy rating. The stock gained
nearly 2 percent today. It closed at $1974.55.

HERERA: Still ahead, political drama, but not in Washington, in London.
And it could have economic consequences.

(MUSIC)

HERERA: Political drama is playing out in the United Kingdom where the
odds of a second Brexit vote just rose. Britain`s opposition Labour Party
voted overwhelmingly for its legislators to reject any Brexit deal the
conservative led government may make with the European Union if that
agreement fails to meet several requirements.

Willem Marx is in London for us tonight.

(BEGIN VIDEOTAPE)

WILLEM MARX, NIGHTLY BUSINESS REPORT CORRESPONDENT: Even by the standards
of Brexit`s increasingly complex narrative, today`s announcement at the
Labour Party conference constituted a major plot twist. The party`s point
person on Brexit, Keir Starmer, insisted to members that Britain`s
departure from the European Union was far from guaranteed.

SIR KEIR STARMER, LABOUR MP: If we need to break the impasse, our options
must include campaigning for a public vote and nobody ruling out remain as
an option.

MARX: But its party leader, Labour chief Jeremy Corbyn may not have pre-
approved this promise that caused a standing ovation. Corbyn earlier told
supporters that a fresh election could help end the current deals deadlock
between the U.K. and E.U.

JEREMY CORBYN, LABOUR PARTY LEADER: If this government can`t deliver, then
I simply say to Theresa May, the best way to settle this is by having a
general election.

MARX: But this socialist man of the people may find himself at odds with
his party`s own grassroots. A recent poll found 86 percent of members
would rather stay inside Europe.

And those divisions in the opposition Labour Party are no less pronounced
inside the ruling conservative, with MPs in the parliament behind, both
those who like and dislike Brexit threatening to vote down government
proposals by Theresa May.

This makes May`s parliamentary math rather difficult, given her slim
majority in the lower chamber, the House of Commons. For now, her cabinet
continues to support her proposal known as checkers. But she insists it`s
the only workable Brexit option.

But as she travels to New York for the U.N. General Assembly, she is now
fighting on multiple diplomatic fronts, both at home and abroad.

For NIGHTLY BUSINESS REPORT, I`m Willem Marx, London.

(END VIDEOTAPE)

GRIFFETH: Qualcomm (NASDAQ:QCOM) alleges that Apple (NASDAQ:AAPL) stole
trade secrets and gave them to a rival. And that`s where we begin
tonight`s “Market Focus”.

Tensions between the two tech giants are heating up once again. And this
time, Qualcomm (NASDAQ:QCOM) is accusing Apple (NASDAQ:AAPL) of stealing
proprietary software which including modern chip designs and giving them to
rival Intel (NASDAQ:INTC). Qualcomm (NASDAQ:QCOM) said that then it
allowed Intel (NASDAQ:INTC) to develop competing chips at lower cost.
Apple (NASDAQ:AAPL) once used Qualcomm (NASDAQ:QCOM) chips exclusively in
its iPhones between 2011 and 2016. But starting this year, it has used
only Intel (NASDAQ:INTC) chips.

Shares of Qualcomm (NASDAQ:QCOM) fell by 1 percent today to $72.74. Apple
(NASDAQ:AAPL) shares rose a fraction to $222.19.

Electronics maker Jabil said that it does not expect margins to improve
until 2021. The company blamed an increase in its spending in order to
drive overall growth. Shares took a beating today, down 7 percent to
$27.90.

And food safety company Neogen (NASDAQ:NEOG) said that higher sales of its
food-borne pathogen tests helped overall revenue edged higher, but it still
wasn`t enough to top estimates. Company did however deliver earnings beat
and said that two recent acquisitions should help strengthen its financial
performance in the future. Shares of Neogen (NASDAQ:NEOG) though fell 15
percent today to $74.69.

HERERA: Shares of ADP and Paychex (NASDAQ:PAYX) saw their shares fall
process. After fin tech company Square said it`s launching payroll
services into a mobile app. Square said that app will allow employees to
import their work hours through the app and Square will handle the filing
and the payments. Shares of ADP and Paychex (NASDAQ:PAYX) were lower on
the day. Meanwhile, shares of Square popped 10 percent to $95.35.

The fast food chain Sonic (NASDAQ:SONC) is being bought for more than $2
billion. The owner is a private equity backed firm that owns restaurants
Arby`s and Buffalo Wild Wings (NASDAQ:BWLD). Shares of Sonic (NASDAQ:SONC)
popped 18 percent to $43.46.

And after the bell the homebuilder KB Home (NYSE:KBH) reported stronger
than expected earnings, thanks to rise in deliveries of new homes. The
company also saw total revenues rise. Shares initially rose in after-hours
but they finished the regular day down nearly 1 percent to $25.29.

GRIFFETH: New figures show that 529 college savings balances have reached
a record. Total investments this year hit the all-time high of nearly $330
billion. That`s up 3 percent in the last six months alone. The average
529 account balance is now more than $24,000.

But despite the tax benefits, fewer than half of parents used these
accounts to save for higher education.

HERERA: So even with the total number of 529 accounts at new highs,
families are still relying on financial aid more than ever as college costs
continue to climb. A new survey shows parents are also not willing to take
on as much debt as they were in the past.

Senior personal finance correspondent Sharon Epperson is with us once again
today.

Good to see, Sharon.

SHARON EPPERSON, NIGHTLY BUSINESS REPORT CORRESPONDENT: Good to be here.

HERERA: All right. So, they are saving more, 529 balances are high but
they`re not willing to take on more debt.

EPPERSON: That`s good news. The parents are saying no we`re not going to
take on all the debt ourselves. A year ago, more than a quarter of parents
were saying that they would take on $75,000 or more in debt.

This year, only 14 percent of parents are saying that according to a new T.
Rowe Price study, and 25 percent say they will take on between $25,000 and
$75,000 in debt, 61 percent saying it has to be $25,000 or less. We`re not
going to take on more than that.

GRIFFETH: So they`re being smarter about taking on debt. But there is
still a gap when it comes to paying for college. So how do they close that
gap?

EPPERSON: There is a major gap. When you look at what they are saying
they are able to pay. Seventy-five percent of parents are saying I can
only pay some of this. And only 6 percent are saying they can pay all of
it.

So, what are they doing to bridge the gap? It`s scholarships and loans
that is the most of it. But some kids are going to have to work. And some
parents are going to use regular income to cover it. And then you have
students loans either the kids are paying for these student loans or the
parents are paying, and often both.

HERERA: All right. So if you want to — I`m taking notes because I`ve got
two that are going in shortly. If you want to do financial aid, fine. If
you want to do scholarships and grants, how early do you have to apply for
that?

EPPERSON: Well, it`s all part of the financial aid package often. And so,
even though as school or state deadline may be a while away, you want to do
the free application for federal student aid as soon as it becomes
available, and that`s Monday, October 1st. So, you can start October 1st
to start applying for financial aid for the 2019-2020 school year.

And what you have to get together, and you can start this weekend is get
those federal tax returns together, bank statements, investment records.
And you can even start using on Monday the MyStudentAid app that the
Department of Education is putting out to try to make it simpler for
people.

The thing to know, though, is to really try to do this as soon as possible.

HERERA: Right.

EPPERSON: October 1st is when you can start. But the earlier you do the
better because sometimes this aid is on a first come, first serve basis.
And you want to get as much as possible.

HERERA: Bill is smiling because he`s done.

GRIFFETH: I know what you are doing this weekend.

HERERA: Exactly, I`m not quite there. I`ve got two years to go, but
nonetheless. Thanks, Sharon, as always.

EPPERSON: Sure.

HERERA: Sharon Epperson.

GRIFFETH: Coming up teens and plastic surgery, a fast growing industry
that is raising a lot of questions.

(MUSIC)

HERERA: The Justice Department met with state attorneys general today to
discuss how tech companies handle user data. The California attorney
general said the focus of that meeting was to see if privacy issues can be
addressed using antitrust law. The meeting was short and the group made no
plans to file any case or open an investigation.

GRIFFETH: And the CEO of Google (NASDAQ:GOOG) is reportedly going to be
meeting with lawmakers in Washington this week. Sundar Pichai is expected
to address a range of issues, including the company`s business dealings
with China and those allegations of political bias in its search results.
The meeting was organized by House Majority Leader Kevin McCarthy.

HERERA: The founders of the Instagram are unfriending Facebook
(NASDAQ:FB). Kevin Systrom and Mike Krieger are leaving the social
network. In a statement, they said they are grateful for their six years
at Facebook (NASDAQ:FB) which acquired the company for $1 billion. There
are reports, though, of disagreements with Facebook (NASDAQ:FB) CEO Mark
Zuckerberg over the photo app`s direction. Zuckerberg nonetheless praised
the founders, calling them extraordinary leaders.

GRIFFETH: A greater number of teenagers are going under the knife for
cosmetic surgery, this according to a new report published by the American
Society of Plastic Surgeons. Last year, nearly 230,000 procedures were
performed on patients between the ages of 13 and 19 years old. In fact,
teens accounted for 5 percent of all cosmetic surgeries in 2017, and the
industry has a whole brought in more than $16 billion.

Some of the most common surgeries requested by teens were nose reshaping,
breast augmentation and ear surgery.

Joining us tonight is Dr. Alan Matarasso. He`s president-elect of American
Society of Plastic Surgeons.

Doctor, good to see you. Thank you for joining us tonight.

DR. ALAN MATARASSO, ASPS PRESIDENT-ELECT: Thank you for having us.

GRIFFETH: Why is this happening? How much does social media have to do
with all of this and the influence it has on teens?

MATARASSO: There is no question that social media has a tremendous impact
on people`s perceptions of themselves, people`s ease in which they talk
about plastic surgery. And there is different pressures on today`s youth
than there was on our — in our times.

GRIFFETH: Right.

HERERA: Yes.

You know, also teens have always wanted to kind of fit in. But now, I
think there is more social pressure as ever, partly as Bill mentioned from
social media, but also because life is very different for teens — and I
have two teens. So, I get it. But it seems like a very dangerous trend.

MATARASSO: Well, you know, things like nose reshaping, breast surgery,
usually actually to reduce breast size in men and women and ear surgery
have been always very, very popular procedures. As we mentioned, teenagers
don`t want to stand out. They want to look like their peers, feel normal
and not feel the pressures that society puts on them if they don`t look the
same.

GRIFFETH: How much do the procedures cost? Does insurance cover this?
Who pays for this?

MATARASSO: Well, some of these are covered, for example, very large
breasts in a developing female may be covered by insurance. Breathing
issues in the nose can be covered by insurance. Those that are cosmetic
are self-pay and the fees vary according to regions of the country,
complexity of the procedure and the background.

GRIFFETH: Which suggests to me that mom and dad have to be a part of this
process.

MATARASSO: And 529s don`t pay for it.

HERERA: But to Bill`s point about being involved, tell me what I need to
know as a mom if my daughters or my son come to me and they say, you know,
I really want to change the way I look.

MATARASSO: Well, that`s actually the most important thing. It has to be
self-motivated. It shouldn`t be a parent or a friend telling them that you
would like better if you did this. So, that`s the first step is that they
have to approach you, feel that there is something that bothers them. And
then it`s a process from there.

You have to look at their emotional maturity, their physical maturity, what
their needs are, what their expectations are. And then when you get into
the consultation a board certified plastic surgeon, a member of the
American Society of Plastic Surgeons. And you have a discussion of the
expectations will be, and you want them to understand the healing process,
what`s involved, the risks.

HERERA: Does it change their self-esteem have you found?

MATARASSO: It can have a tremendous impact on a teenager who won`t look up
because they are covering their face or a child who won`t go to gym class
because they`re uncomfortable in a t-shirt, or ears that are protruding
forward that makes them look different or be teased in school. It can
totally impact that those teenage years have. It really leaves an
indelible mark on your psychological well-being what happens in those
years.

GRIFFETH: Interesting.

Dr. Alan Matarasso with the American Society of Plastic Surgeons, again,
thank you for joining us tonight, Doc.

MATARASSO: Thank you for having us.

GRIFFETH: Very interesting.

HERERA: It is. Fascinating.

That will do it for us tonight. Thanks for joining us. I`m Sue Herera.

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

END

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