Nightly Business Report – April 12, 2019

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

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Bulls in control.  Stocks rally on solid bank earnings, positive data out of China and a big energy deal, sending the S&P 500 above a key level for the first time in six
months.

Big reveal.  Disney (NYSE:DIS) comes out swinging with its new streaming
service and investors like the strategy, sending the stocks to a record.  

On the rise.  Gas prices have been heading higher and drivers are feeling
pinched at the pump.  

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Friday, April 12th.

Good evening, everyone, and welcome.  Bill has the evening off.

Things seem to be working in the bulls` favor.  Earnings are starting off
strong.  Today, J.P. Morgan reported record profits blowing past Wall
Street`s expectations.  

Then there`s the merger activity.  Chevron (NYSE:CVX) announcing a $33
billion takeover of Anadarko petroleum.  

And, of course, China.  Economic reports released by the world`s second
largest economy are showing improvement and all of that was a recipe for a rally.

The Dow Jones Industrial Average gained 269 points to 26,412, the Nasdaq
added 36, the S&P 500 is up 19 and it`s less than 1 percent from a record.  

Bob Pisani has the details from the New York Stock Exchange.

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Stocks rallied around the world today on two key headlines to support the market`s thesis — strong earnings and strong global economic data.  U.S. stock futures and European equities jumped, bond yields rose at 4:00 a.m. Eastern Time as China released much stronger than expected bank lending numbers and export data for March.

The futures took another leg up right around 6:50 a.m. Eastern Time when
J.P. Morgan reported quarterly earnings well above Wall Street
expectations, but more importantly, CEO Jamie Dimon said that, quote, even amid some global geopolitical uncertainty, the U.S. economy continues to grow and employment and wages are going up, inflation is moderate and
consumer and business confidence remains strong.

This all plays into the bull scenario.  China is bottoming, the U.S.
economy will remain strong from here.  

So far this earnings season, more companies are beating estimates than
usually, and they`re beating them by more than they usually do.  Twenty-
nine companies have reported for the first quarter so far.  Of those 29, 83
percent are beating estimates.  That`s a lot more than usual and they`re
beating by an average by more than seven percentage points.  That`s far
higher than the usual 3-1/2 percentage point gain.  

Why is this happening?  Because analysts dramatically cut their estimates
back in December, a concern of an imminent, global meltdown which does not happen.

So, here`s the bottom line.  Dimon`s comments have lessened fears that a
recession is around the corner and there`s a good chance we will avoid
seeing the S&P earnings go negative for the first quarter.  That means no
earnings recession.  

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

(END VIDEOTAPE)

HERERA:  So, let`s dig deeper into those bank earnings.  J.P. Morgan, the
biggest U.S. bank by assets benefited from higher interest rates in its
most recent quarter and that helped boost operations at its retail lending
business.  Shares of the Dow component climbed more than four points.  

Wells Fargo (NYSE:WFC) topped Wall Street expectations and reported a rise in first-quarter profit, thanks to lower expenses.  But shares of the bank
drifted lower after the CFO offered a tepid outlook for what`s called its
net interest income, which is the difference between what a ban earns on
loans and what it pays on deposits.  

(BEGIN VIDEO CLIP)

JOHN SHREWSBERRY, WELLS FARGO CFO:  We make a lot of net interest income by reinvesting in our bond portfolio.  There were probably 100 basis points down from where we were in the fourth quarter and the temporary nature of that or the possibility of that being more temporary seems like it`s off the table and so, we understand that we`ll be re-investing in a flatter and lower yield curve environment.

(END VIDEO CLIP)

HERERA:  The stock fell more than 2.5 percent in today`s session.  

Let`s turn now to Scott Siefers to talk more about the bank`s earnings.  
He`s the bank analyst at Sander O`Neill and Partners.  

Welcome, Scott.  Nice to have you here.  

SCOTT SIEFERS, SANDLER O`NEILL & PARTNERS BANK ANALYST:  Hey, Sue.  Thank you for having me.

HERERA:  What`s your overall opinion?  I mean, Wells Fargo (NYSE:WFC) came in better, even though, obviously, the guidance was not as good as the
market would have expected.  But J.P. Morgan seems to be firing on all
cylinders.  

SIEFERS:  Yes, and I would say the same thing with PNC, which was the first
large, regional bank to report this morning as well.  For the most part, I
think what we are learning is that we`ve been cutting out expectations for
the better part of the last couple of months and perhaps we were too
punitive.  

HERERA:  Now, what about the loan and lending side of the business?  Some of that, obviously, is dependent on where interest rates are going, but
that seemed to be a bright spot for almost every bank that`s reported.

SIEFERS:  That`s exactly right, particularly on the commercial side, too.  
You know, what we`re seeing is there`s all these capital markets
dislocation in the fourth quarter that allowed the traditional banking
space to recapture some market share and it looks like they have sustained
or retained that market share into the first.  So, that`s definitely a
bright spot for the group.  

HERERA:  Which one are you going to be watching that we still have to hear from?  I think bank of America is kind of a broader swath of the economy that we might a better read on.

SIEFERS:  Yes, that`s an excellent point.  I think for a U.S.-based
investors, B of A kind of retains the position that Wells Fargo (NYSE:WFC)
used to, which is to say it`s probably the best broader indicator of the
health of the U.S. economy, whether it`s the traditional sort of main
street consumer or you have the large capital markets component, as well.  

So, in the U.S., B of A is definitely the one people will be watching and
we`ll have a whole swath of regionals reporting over the next weeks.  

HERERA:  How do you expect the regionals to do?  

SIEFERS:  You know, generally, pretty well.  PNC is probably the best
indicator so far.  I think what you`ll see is loan growth helping to
overwhelm some flattening or potentially some compression in net interest
margins, but overall, the group has a lot of capital management opportunity and a lot of expense leverage as well.  So, we generally feel good about the group.

HERERA:  All right.  Well, we`re off to a good start.  Scott, thanks so
much.

SIEFERS:  All right.  Thank you, Sue.  

HERERA:  Scott Siefers with Sander O`Neill and Partners.

And Disney (NYSE:DIS) shares are having their best day in a decade, this
after the company late last night unveiled the details of its new streaming
service that will push the company into the already competitive online
video market.  But investors like what they heard, sending the stock up
more than 11 percent.  

(BEGIN VIDEO CLIP)

BOB IGER, DISNEY CHAIRMAN AND CEO:  You`re starting from a position of strength, confidence and unbridled optimism.

HERERA:  Unveiling its Disney (NYSE:DIS) plus streaming platform at a
shareholder event, CEO Bob Iger shined bright lights on the future, turning
the mouse house into both a content creator and the content provider, a
shot across the bow of streaming provider like Netflix (NASDAQ:NFLX).  When it launches in November, the Disney (NYSE:DIS) service will cost less than Netflix (NASDAQ:NFLX), at 6.99 a month.  Disney (NYSE:DIS) Plus will open with nine new pieces of content, building to 25 originals within a year,
from the likes of the Disney (NYSE:DIS) Channel, Marvel, National
Geographic, Pixar and Lucas Films.  

Adding new content to libraries containing 7,500 television episodes and
500 movies, Disney (NYSE:DIS) says it can sign up 60 to 90 million
subscribers in five years, and 8 million to 12 million on its ESPN Plus
sports service.  It still owns a share of Hulu, estimating another 40
million to 60 million paid subscribers there, moves Iger believes will
strengthen Disney`s connection with consumers.  

IGER:  They`re going to movies and movie theaters.  They`re renting or
downloading movies in their home.  They`re buying consumer products.  
They`re visiting our products.  They`re selling on our cruise ships, and I
can go on and on.  

If suddenly your customer relationship is much tighter, if the proximity
between you and your customer is better, then you`re going to serve them a lot better across your platforms and you will monetize that called
broadened, deepened relationship.  

HERERA:  Some say its subscriber projections may be too aggressive and
wonder if they can replace revenue being lost by Disney`s traditional cable
offerings.  But the stock price spike has investors and industry insiders
looking to better times ahead.  

BRYN TALKINGTON REQUISITE CAPITAL MANAGEMENT:  I think that Disney (NYSE:DIS) Plus will now be the must-have streaming service that you need.

THOMAS ROGERS, WINVIEW EXEC. CHAIRMAN:  I think they did a terrific job on Disney (NYSE:DIS) Plus.

JAMES STEWART, THE NEW YORK TIMES COLUMNIST:  What we`re really seeing now, this digital revolution entering a more mature phase, is transforming all of entertain.

(END VIDEOTAPE)

HERERA:  Bob Iger also confirmed that he plans to step down as CEO in 2021, and that the company is continuing to develop a plan to find his successor.

And now to that major energy deal that we mentioned earlier.  Chevron
(NYSE:CVX) will acquire oil and gas driller Anadarko for $33 billion,
making this one of the biggest energy sector mergers in years.  The
transaction will expand Chevron`s operations in the shale region and some
analysts call it a transformative moment for the second biggest U.S. energy
company, and the CEO says the deal makes a lot of sense.  

(BEGIN VIDEO CLIP)

MICHAEL WIRTH, CHEVRON CHAIRMAN AND CEO:  We`ve been looking as our company has strengthened over recent years and we are always looking to make our portfolio even stronger.  So, it takes a great company and makes it even better.  It really plays to our strengths in shale, deep water and natural gas.  It will allow us to continue to win in any environment and deliver great value for our shareholders.

(END VIDEO CLIP)

HERERA:  But there is a twist to the story.  According to CNBC, Occidental
Petroleum (NYSE:OXY) attempted to buy Anadarko and was prepared to pay $70 a share, more than what Chevron (NYSE:CVX) paid.  Anadarko shares soared 32 percent.  Chevron (NYSE:CVX) and Occidental fell.

Joining us now is Rob Thummel, portfolio manager at Tortoise Capital
Advisers, to talk more about the deal.  

Welcome, Rob.  Nice to have you here.  

ROB THUMMEL, TORTOISE CAPITAL ADVISOERS PORTFOLIO MANAGER:  Thank you, Sue.  

HERERA:  Do you like this deal?

THUMMEL:  Yes.  We think it`s a great deal for both parties basically.  
Look, the energy industry is going through a transformation.  It`s going to
build a mountain of cash flow over the next several years, and the building
scale, reducing operations and operational expenses are really a key to
help bring investors back to the energy sector because there`s a lot of
great things going on in the U.S. energy sector.  The investors haven`t
rewarded that yet.  

HERERA:  Not yet.  You both — you own both of those stocks, correct?  

THUMMEL:  That is right, Sue.  Yes, we own a little more Anadarko than we
do Chevron (NYSE:CVX), but we do own Chevron (NYSE:CVX), as well.  

HERERA:  Now that, you know, the deal making in the oil and energy sector
here at, a ten-year low in the first quarter because of the steep drop in
oil prices.  Do you think we`re going see more deals now that oil has
really reversed that trend?  

THUMMEL:  You know, I think what you have to look at right now, the
industry is right for consolidation and the reason I say that is because
Exxon and Chevron (NYSE:CVX) want to get in to places like the Permian
Basin and use that as a growth engine going forward.  They trade at higher
multiples than some of the real independent companies like Pioneer, Concho, Diamondback Energy.

So, there is a natural opportunity for the higher multiple companies to buy
the lower multiple companies, and for it to make sense for all shareholders
involved.  So, I do think we might see a trend that`s starting to emerge
here.

HERERA:  Yes.  And we should note that some of the biggest shale companies were sharply higher today.  They`re anticipating that more deals will be done.

How much of this is going to have to depend on oil staying at the price
that it is now or perhaps even higher?  

THUMMEL:  Now, we don`t necessarily have the prices to go higher.  We just need them to stay stable.  You know, where we are today, plus or minus $5, is a great spot.  You know, one of the great things that`s been lost is
that the U.S. energy sector has reduced the cost to drill oil
significantly.

And that`s a great thing for consumers because that means we keep energy
costs to consumers in the U.S. lower as well as — as well as costs around
the world are much lower as well.  So, the U.S. energy sector has done a
great job of producing significantly cheaper oil, which is a great thing,
for all consumers, whether you`re here in the U.S. or somewhere
internationally as well.  

HERERA:  If you`re a long-term investor, should you delve into maybe some of those oil shale stocks or others in anticipation of this consolidation
continuing?

THUMMEL:  Yes, at Tortoise, we`re recommending essential assets.

And so, we think shale stocks are essential assets.  Shale is going to be
where the growth is, in terms of production.  

We also like energy infrastructure as well, if you think about there`s
going to be a lot of production, you`re going to need more energy
infrastructure. These essential critical assets are necessary to transport
that energy as well.  

So, we think the energy sector is undervalued and there`s a significant
opportunity to buy a lot of stocks across the energy value chain.

HERERA:  All right.  On that note, Rob, thanks so much for your
perspective.  

THUMMEL:  Thank you.

HERERA:  Rob Thummel with Tortoise Capital advisors.  

It`s time to take a look at some of today`s “Upgrades and Downgrades”.

Apple (NASDAQ:AAPL) was downgraded to sell from neutral at New Street
Research.  The analyst cites concerns over iPhone demand.  The price target is $170.  The shares fell a fraction to $198.87.

Chesapeake Energy`s rating was cut to sell at Goldman Sachs (NYSE:GS).  The analysts expects the company to have less favorable returns than its
rivals.  The price target is $2.50.  The stock fell more than four and a
half percent to $3.17.

Martin Marietta was upgraded to buy from neutral at Goldman Sachs
(NYSE:GS).  The analyst cites higher pricing and more spending on
infrastructure.  The price target is $232.  The shares rose 2 percent to
$212.16.

And still ahead, why our market monitor is finding opportunity in the
gaming and entertainment stocks.

(MUSIC)

HERERA:  Southwest Airlines (NYSE:LUV) does not plan to use Boeing`s MAX jets until August, and that is two months longer than previously announced. Analysts say American and United will likely follow.  Separately, the FAA met today with airlines and pilots to discuss the grounded jet.  American Airlines said it was confident in the direction the FAA is heading.  The pilot said ultimately they need to be satisfied in the training and the software upgrade.

California Governor Gavin Newsom released a number of proposals to help
confront rising wildfire liabilities.  One idea is to create a fund that
spreads out the costs from fire related lawsuits, while holding the state`s
largest utilities more accountable for the growing number of blazes, and it
was the creation of the fund that sent PG&E shares up 20 percent in today`s session.

President Trump said today that he wants the U.S. to win the race to
develop 5G infrastructure.

(BEGIN VIDEO CLIP)

DONALD TRUMP, PRESIDENT OF THE UNITED STATES:  5G networks will also create astonishing and really thrilling new opportunities for our people, opportunities that we`ve never even thought we had a possibility of looking at.  We cannot allow any other country to out-compete the United States in this powerful industry of the future.

(END VIDEO CLIP)

HERERA:  His comments come as the FCC discusses opening up spectrum for the next generation of wireless technology.  The head of the agency says it will be allocating more spectrum for commercial 5G than all of the mobile
broadband providers in America have today combined.  The FCC also announced a billion dollar commitment for high-speed networks in rural areas.

Jumia is the first African startup to list on a major global exchange and
that`s where we begin tonight`s “Market Focus”.

The e-commerce company began trading on the New York Stock Exchange and is often referred to as Africa`s Amazon (NASDAQ:AMZN).  Jumia sells goods and services online.  It operates in 14 countries.  It has 80,000 active
merchants, and according to the CEO, it has a uniqueness that sets it
apart.

(BEGIN VIDEO CLIP)

SACHA POIGNONNEC, JUMIA TECHNOLOGIES CO-CEO:  The uniqueness of Africa is for the sellers, it`s very hard to distribute their products because of the inefficiencies of Africa and the challenges that the infrastructure present and with technology, we have built a platform which is very effective for the sellers to distribute their products and for the consumers to shop.  In Africa, there`s very little retail and the solution is to go online and go on Jumia.

(END VIDEO CLIP)

HERERA:  Its shares priced today at $14.50.  Today, it rose 75 percent to
$25.46.

PNC Financial reported profit and revenue that increased in the first
quarter.  The regional bank more than doubled its provision for credit
losses which its CEO says is due to solid loan growth.  He also added that
overall credit quality remains strong.  The stock was up 3 percent to
$132.70.

General Electric (NYSE:GE) will pay $1.5 billion civil penalty to resolve
claims related to subprime residential mortgages.  Those loans were offered by its WMC unit.  The Justice Department had alleged that GE and WMC misrepresented the quality of those loans in connection with the sale of mortgage-backed securities.  The shares fell 1 percent to $9 even.

Bristol-Myers shareholders approved that company $74 billion acquisition of Celgene (NASDAQ:CELG), more than 70 percent of eligible shareholders voted for that deal.  The acquisition has drawn pushback from institutional
investors, saying there was too much risk involved.  The deal is expected
to close in the third quarter, both stocks were lower in today`s trading
session.

And the maker of a migraine medicine is reportedly exploring a sale.  
According to Bloomberg, BioHaven Pharma has attracted takeover interest.  
The company is expected to file a marketing application for its oral
migraine treatment.  Shares rose about 20 percent to $58.24.

And Allegheny Tech warned investors that first quarter results would come
in below expectations.  The CEO said the maker of specialty materials faced
unexpected headwinds like higher operating costs and lower demand for some products, but he added that things are expected to improve in the second quarter.  Nonetheless, the shares fell 5 percent to $25.66.

Time now for our weekly market monitor who is betting on the entertainment and gaming industry.  He has names he says you`ll want to own for the next year.

Joining us is Ross Gerber, CEO and president of Gerber Kawasaki.

Welcome back, Ross.  Nice to see you again.

ROSS GERBER, CEO AND PRESIDENT, GERBER KAWASAKI:  Thank you.

HERERA:  Let`s start with Disney (NYSE:DIS).  Obviously, big news on that
stock today and hit a new record.  

Why do you like it longer-term?

GERBER:  Well, I`ve owned Disney (NYSE:DIS) my whole life.  So, to be
honest, you know, it`s just a lifer kind of stock.  But Disney`s finally
made the 21st century transition into streaming and they`ve done it in a
huge way.  

And by taking control of Hulu and Fox assets, combined with all the Disney
(NYSE:DIS) assets, they`ve produced I think the greatest app I`ve seen
since Netflix (NASDAQ:NFLX).  And at the price point that they started out
at $7, it`s just like a must-have for families across the world.  So, this
is a huge move in the right direction for Disney (NYSE:DIS).

And it`s irrelevant of the fact they have the best movie slate I`ve ever
seen coming out.  And all these movies are going to be on the app when it
launches over the next year.  So, you know, it`s really an amazing product
they`ve created.  So we`re more bullish now — we were bullish on Disney
(NYSE:DIS) for the last period of time.  

We`ve waited for several years for the stock to move higher.  It`s doing it
now.  It`s a great, great time to be involved with Disney (NYSE:DIS).

HERERA:  All right.  Sticking kind of with that theme, but going globally,
we go to Tencent.

GERBER:  Yes, so Tencent is really the most interesting and dominant tech
player out of China, with a lot of investments throughout the world,
including an investment in Tesla.  But they own Riot Games and the own part of the company that owns “Fortnite”.  And so, they they`re well entrenched in the video gaming business.  And in Asia, that business is huge.  They also know own part of a company called Jolla, which is the Twitch of China, which is also growing like crazy.

But most importantly, they own the operating system on most phones in China called WeChat.

So, Tencent is a wonderful investment.

HERERA:  All right.  Next, MGP.  It`s MGM Growth Properties.  This is a
REIT.

GERBER: Right.  This is a REIT that owns the land under MGM Hotels in the
United States and it`s a wonderful investment because you have the safety
and security of owning real estate and yet you`re getting a yield of almost
6 percent, about five-and-three-quarters percent.  And with a rising
dividend yield and interest rates moving lower, the spread between this
yield and the yield on a 10-year treasury is very, very large for what a
safe asset this really is.

So, we look at this is a great way to get extra income, rising income, and
some benefit obviously from the growth of gaming and Las Vegas as they get sports and a new stadium and online gambling.  So, we`re really bullish on this because interest rates we think are going to continue to go lower over the next couple years.

HERERA:  On that note, Ross, thanks so much.

GERBER:  Hey, thank you for having me.

HERERA:  Ross Gerber with Gerber Kawasaki.

Coming up, filling up and paying up.


(BEGIN VIDEO CLIP)

RAHEL SOLOMON, NIGHTLY BUSINESS REPORT CORRESPONDENT:  At gas stations across the country, drivers are feeling the pinch at the pump.

I`m Rahel Solomon for NIGHTLY BUSINESS REPORT.  Coming up, I will tell you what`s behind the increase and also when we can finally see some relief.

(END VIDEO CLIP)

(MUSIC)

HERERA:  Here`s a look at what to watch for next week.  

Earnings will be in focus with companies like Goldman Sachs (NYSE:GS),
Citigroup (NYSE:C), Johnson & Johnson (NYSE:JNJ) and Netflix (NASDAQ:NFLX) all reporting their earnings.

The major automakers will show off their high-tech vehicles and concept
cars at the New York Auto Show.

Economic data, including retail sales, housing starts and the Feds Beige
Book is also due out.

That`s what to watch for next week.

With just a few days until the tax filing deadline, an early look at the
data shows average bills are dropping.  H&R Block (NYSE:HRB) reports that
its average customer paid $1,200 or 25 percent less in federal tax in 2018
compared to 2017.  The report is based on returns filed through March 31st
and it provides a first look at how the biggest change to the tax code in
30 years is impacting filers.

While on a day that saw a $33 billion energy deal, oil prices climbed to a
five-month high, settling at about $63 a barrel.  As you`re aware, domestic
crude has been rising since the start of the year, up 40 percent, and that
also means it`s costing you more to fill up your tank.

Rahel Solomon is in Fort Lee, New Jersey, tonight.

(BEGIN VIDEOTAPE)

SOLOMON:  If you feel like the cost to fill up has been creeping higher,
you`re right.  

UNIDENTIFIED FEMALE:  I would normally spend fill-up regular like $30.

SOLOMON:  And how much was it today?

UNIDENTIFIED FEMALE:  Forty.

UNIDENTIFIED MALE:  I actually drive over and the last time I checked in
this particular gas station, it was like $2.65.  And all of a sudden, I see
this surprisingly enough, it was like 10 cents more.

UNIDENTIFIED FEMALE:  I want to be more conscious about the way where they drive because I can`t really afford to go everywhere I would like to go.

SOLOMON:  The average price for a gallon of gas has steadily risen since
the beginning of the year.  According to AAA, the national average today
for a gallon of regular unleaded is $2.81, about 12 percent higher than a
month ago, and nearly 4 percent higher from a year ago.

PATRICK DEHAAN, GASBUDDY.COM ANALYST:  The price of oil continues to put pressure on gas prices, jumping to a five-month high.  Now, at about $63 a barrel.

SOLOMON:  Patrick DeHaan of Gasbuddy.com says there are several factors to blame.  One is refinery disruptions because of maintenance, both planned and unplanned.

Another factor for states out west, March`s destructive flooding in the
Midwest.  The severe weather damaged railways that transport ethanol that`s blended into gasoline to meet environmental regulations.

DEHAAN:  Anything flowing through Iowa, Nebraska has been a challenge.  
Iowa mainly, the U.S. is largest state when it comes to ethanol production.  
So, those trains have found it difficult or very challenging at best to get
to the West Coast.

SOLOMON:  In fact, five of the six most expensive states to buy gas are
west — Oregon, Washington, Arizona, Nevada and California.  In some places like Los Angeles, they`re paying more than $4 a gallon for the first time in about five years.

Summer to summer, analysts say, expect this year on average to be slightly
cheaper than last year with June being the most expensive month, and
September being the least expensive.  So, expect prices to tick a little
higher before we finally see some relief.

For NIGHTLY BUSINESS REPORT, I`m Rahel Solomon, in Fort Lee, New Jersey.

(END VIDEOTAPE)

HERERA:  Finally, tonight, SpaceX giant rocket called the Falcon Heavy
launched into orbit and struck its — stuck rather I should say it`s
landing.  It was the second launch for what is the most powerful rocket in
operation today, but it was the first launch carrying a commercial payload.  
The satellite it was carrying will provide telecom services to the Middle
East, Africa and Europe.  One more Falcon Heavy flight is scheduled for
this year.

Before we go, here`s a look at the final numbers on Wall Street.  The Dow
gained 269 points, Nasdaq added 36, S&P 500 was up 19.  The week saw just
modest moves but it was the third straight up week for the S&P.

That does it for NIGHTLY BUSINESS REPORT.  Thanks for joining us.  Have a
great weekend and we`ll see you on Monday.

END

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