Transcript: Nightly Business Report – May 1, 2019

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


SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Fed speak.  The Central Bank  chair calls inflation pressures transitory, and investors wonder if an  interest rate cut is now off the table.  

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  Sell in May and go away.   It`s an old adage on Wall Street, but are you better off ignoring it this  year?  

HERERA:  Textbook merger.  A merger creates a powerhouse in the world of  higher education just as the entire industry undergoes massive shifts.  
Those stories and more tonight on NIGHTLY BUSINESS REPORT for this  Wednesday, May 1st.  

GRIFFETH:  And we do bid you a good evening, everybody, and welcome.  
It was a relatively quiet day on Wall Street today until Federal Reserve  Chair Jerome Powell dashed any hopes of an interest rate cut.  At least  that`s how the market seems to have interpreted his comments on inflation  during his news conference today.  During their two-day meeting, Central  Bank policymakers decided to keep rates unchanged and that was not a  surprise, but speculation about the future treasury yields higher and  stocks lower.  

The Dow Industrials fell 162 points, about the low of the session, to  26,430.  The Nasdaq was down 45 and the S&P was down 22.  
In Washington, Steve Liesman has more on what the Fed said.  
(BEGIN VIDEOTAPE)

STEVE LIESMAN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Fed Chairman Jerome  Powell tamped down expectations for a rate cut in his press conference  Wednesday, saying the drop in core inflation which was food and energy and  less of a concern than many believe because it was likely to be transitory.  

JEROME POWELL, FEDERAL RESERVE CHAIRMAN:  The committee would be concerned  if the inflation were running consistently above and below 2 percent.  We  do see good reasons to think that some or all of the unexpected decrease  may wind up being transient.  If we did see a persistent — inflation  running persistently below, then that is something the committee would be  concerned about and something that we would take into account in setting  policy.  

LIESMAN:  Powell pointed specifically to recent shortfalls in prices for  financial services and for apparel, and he believes they`ll work their way  out of the data in coming months causing inflation to firm.  Core inflation  has fallen however for three straight months, even with a strong growth,  and stays at 1.6 percent year over year, moving further away from the Fed`s  2 percent target.  The market has come to believe that declining inflation  could be a reason for the Fed to cut rates in coming months.

But the immediate reaction to Powell`s comment was lower stock prices and  higher bond yields as the market thought twice about whether the rate cut  was coming.  

The Fed`s policy statement made generally positive comments on the economy  and the outlook, noted that the labor market remained strong and that  economic activity is rising at a solid rate.  
And Powell in his press conference said some of the risks that have kept  the Fed on hold have eased.  

POWELL:  It appears the risks have moderated somewhat.  Global financial  conditions have eased.  Recent data from China and Europe showed some  improvement.  And the prospect of a disorderly Brexit has been pushed off  for now.  

Further, there are reports of progress in the trade talks between the  United States and China.  The committee views these developments along with  the outlook for continued growth, a strong job market and muted inflation  pressures, as consistent with continued patience.  

LIESMAN:  But Powell also made clear that while a cut may not be in the  card, neither is a hike.  In the Fed`s new policy of patience, the market  will have to wait until the data more clearly signals the right path for  rates.  
For NIGHTLY BUSINESS REPORT, I`m Steve Liesman in Washington.  
(END VIDEOTAPE)

HERERA:  It is the First of May and investors often start this month by  asking whether they should take an old adage to heart and sell in May and  go away.  
Bob Pisani went in search of some answers.  
(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Sell in May and go  away.  You know, it`s that time of year again, but this year, you may not  want to sell and get out, maybe not just yet.

The “best six months” strategy has become legendary on Wall Street.  Sell  in May and go away means investing in the Dow Jones Industrial Average  between November 1st and April 30th and cashing out and switching into  fixed income for the next six months.  That has dramatically outperformed  and just owning the Dow from May 1st to October 31st.  

So, here`s an example.  If you invested $10,000 in the Dow in 1950 from May  1st to October 31st, you`d end up with a little over $11,000 today.  That`s  a measly gain of a little over $1,000 in 69 years.  

But if you invested the same $10,000 from November 1st to April 30th, you  would have had a return of over $1 million, that`s according to the stock  trader`s almanac.  That`s huge, and, by the way, that`s the power of  compounding interest.  

So, why does the Dow do better between November and May than between May  and November?  Well, first, there are some clear seasonal trends in market  trading.  The slower trading activity in the summer, back to school, end of  the third quarter portfolio window dressing that`s caused stocks to sell  off, in September and sometimes October, which is why September and  sometimes October typically bad months of the year.  

When you move into November, company`s efforts in the fourth quarter to  beef up their numbers can help drive their market higher as do holiday  shopping and the influx of year-end bonus money.  
The bottom line is this: sell in May does not necessarily mean May will be  down or even that the next six-month period will be down.  It doesn`t mean  that.  The point is most of the market`s gains occur November through  April, and that the market tends to drift sideways and is more prone to  selloffs in the May through October period.  
For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.  
(END VIDEOTAPE)

GRIFFETH:  Let`s turn to Mike Bailey now for more sell in May and go away.   He`s director of research at FBB Capital Partners.  
Mike, thanks for joining us tonight.  

MIKE BAILEY, FBB CAPITAL PARTNERS DIRECTOR OF RESEARCH:  Great.  Good to be  back.  

GRIFFETH:  You don`t think it`s a good idea this year, why?  

BAILEY:  We don`t — we don`t for a couple of reasons.  One is if you look  at what`s happened in the past six months, it`s basically been an OK  period.  So, the Dow is up about 6 percent.  That`s not that great.  
You know, if we were to look back and if the Dow was up, you know, 15  percent, 20 percent, you might say, OK, now is a chance to take a breather.   But we really think, you know, the next six months we could see the same  type of upside and we do want to be invested.
And the second piece is sort of looking at the alternatives.  So, fixed  income, if you`re going to sell your stocks now, go to fixed income, you`re  really not looking at a whole lot of returns.  So, I think for us, we`d  rather stick with equities the next six months.  

HERERA:  You also make the point that you don`t just have to get it right  once.  In other words, when you decide to get out and shift into another  asset class, but you also have to get it right the second time when you  decide to go back into stocks.  

BAILEY:  That`s right.  So, it`s two different decisions.  You have to be  smart on selling now and you really have to be smart by getting back in  November.  So, it could be pretty difficult.  

Now, we could get into the behavioral pieces, too.  I mean, a lot of people  can get concerned about procrastinating, buying back, or anchoring to the  sale price now.  There are a lot of concerns now.  
In fact, another way of thinking of it could be twisting it around if  you`re a buy and hold investor.  And perhaps, you want to always remember  to buy in November.  It sounds a little silly but that`s another way to  think about it.  

If you`ve got some cash, you`ve been saving up, put it to work in November  and kind of do the same thing every year.  It`s a little bit easier.  You  only make one decision instead of two.  

GRIFFETH:  But you`re staying with the market right now.  Which sectors do  you think will do best over the next six months or so?  

BAILEY:  So, you know, in general, we`re sort of diversified across the  board.  We do think tech continues to rally, a lot of nice growth, and sort  of companies that are growing over a number of years, we see that  continuing.  We see health care looking a little bit more interesting, so  health care names are beaten up, we like the pharmaceutical names and life  sciences names.  

There are interesting companies out there.  We`re not major over, under and  any particular sector.  But health care and tech are pretty interesting at  this point.

HERERA:  If you wanted to go into fixed income, what part of the yield  curve would you favor?  

BAILEY:  We still like the front end.  At this point, you`re really just  not getting paid a whole lot to go out the curve.  You know, if you want to  lock up your money for five to ten years, that`s fine, but you`re really  not getting a whole lot of returns.  

So, at this point, we`re really just rolling over very short term, the six- month, one-year, possibly two-year bonds a little bit more than that, but I  think at this point, that`s probably the best way to go.  At some point you  get a better yield curve and you can go out a few more years.  

GRIFFETH:  Very good.  Mike Bailey with FBB Capital Partners, again, thanks  for joining us tonight, Mike.  

BAILEY:  Thank you.  

HERERA:  Private sector job growth grew more than expected last month.   According to ADP`s payroll report, employers hired 275,000 people in April,  that topped the estimates which were 180,000.  The increases were  concentrated in the services sector.  The report is often considered an  early read on the most closely followed non-farm payroll report which would  be issued by the Labor Department this Friday.  

GRIFFETH:  Meantime, manufacturing activity hit a two-year low last month  as orders of new goods declined.  The Institute for Supply Management  blamed trade issues and global growth headwinds for that slowdown.  And  separately, construction spending unexpectedly fell 0.9 percent in March  after three straight months of gains.  That decline was due to both a drop  in private and public construction projects.  

HERERA:  Some of the world`s major automakers reported their U.S. sales  figures for April.  Nissan and Subaru posted increases while Fiat Chrysler  and Toyota (NYSE:TM) saw sales fall last month.  The mixed picture comes as  the average price of a new car according to Edmunds is expected to climb to  more than $36,700, the highest level seen so far in 2019.  

GRIFFETH:  Time to take a look now at some of today`s “Upgrades and  Downgrades”.  

McDonald`s (NYSE:MCD) was downgraded today to neutral from buy at Longbow  Research.  That call was based mainly on the stocks valuation.  It`s near  an all-time high and the analyst noted that the company`s solid comp store  sales growth.  The stock was down more than 1.5 percent in today`s trade to  $194.17.  

Corning (NYSE:GLW) was upgraded to buy from neutral at Bank of America  (NYSE:BAC) Merrill Lynch.  The analyst cited the potential for growth given  the company`s near-term investments.  Price target: $40.  The stock closed  at $32.31, up about 1 percent.

And Take-Two was upgraded to outperform from market perform at Cowen.  The  analyst calls Take-Two the most attractive opportunity right now in the  video game sector.  Price target $113.  That stock rose 2 percent today to  $99.05.  

HERERA:  Coming up, high school seniors are saying yes to colleges and  parents are saying yes to taking on more debt.  Some things to think about  before signing on that dotted line.
(MUSIC)

HERERA:  CVS (NYSE:CVS) issues a healthy outlook and that`s where we begin  tonight`s “Market Focus”.  

The company easily surpassed earnings and revenue estimates, thanks to  growth in the Aetna (NYSE:AET) health insurance business.  CVS (NYSE:CVS)  said its pharmacies filled more expensive drugs and its new health hubs  centers in Houston attracted more customers than expected.  The stock was  up nearly 5.5 percent to $57.33.  

Humana (NYSE:HUM) also topped revenue and earnings expectations, thanks in  part to higher premiums.  But the company warned that its 2020 earnings  could take a billion dollar hit from an industry-wide fee and a proposal to  overhaul rebates.  The CEO also said he would not back any legislation that  would make private health coverage illegal.  That`s referring to the  Medicare-for-All proposals being discussed on Capitol Hill.  Shares fell  more than 3.5 percent to $246.16.  

Sales in Asia helped Estee Lauder lift its full-year guidance for the  second time this year.  The cosmetics maker reported better than expected  earnings on strong demand for its luxury skincare brands.  But the stock  was down a fraction to $170.30.  

GRIFFETH:  Shares of cruise line Royal Caribbean is making waves after  posting strong, quarterly results.  That company reported an increase in  both passenger ticket sales and onboard revenue.  Following those results,  the stock soared by nearly 7 percent to $129.03.  

Online ticketing company Eventbrite fell sharply in after-hours trading  tonight after reporting a wider than expected loss.  It also warned that  second-quarter results could come in below current analyst expectations,  and that sent the stock sharply lower in extended hours tonight.  It closed  the regular session at $24.15.  

Also after the bell tonight, Qualcomm (NASDAQ:QCOM) reported better than  expected earnings and revenue, but the CEO told CNBC that weakness in China  affected their guidance.  The company also disclosed it`s going receive  about $4.5 billion from Apple (NASDAQ:AAPL) as part of the recent legal  settlement between those two companies.  The stock was volatile in initial  after-hours trading tonight.  

HERERA:  Some are calling it a win for Wynn.  Massachusetts regulators will  allow the casino company to keep its gaming license in that state, but it  will have to pay a multimillion fine in the wake of a #MeToo scandal that  embroiled the company in a year-long investigation and endangered big  casino plans for Boston.  
Contessa Brewer has the details.  
(BEGIN VIDEOTAPE)

CONTESSA BREWER, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The decision to  allow Wynn Resorts (NASDAQ:WYNN) to keep its Massachusetts license clears  the path for the opening of Encore Boston Harbor.  The integrated casino  resort is scheduled to open in June in Everett.  It wasn`t a sure bet.  

In the 15 months since “The Wall Street Journal” first published a list of  allegations against the founder of Wynn Resorts (NASDAQ:WYNN), its chairman  and CEO Steve Wynn, the company was scrutinized by investigators from  Nevada and Massachusetts.  

UNIDENTIFIED FEMALE:  You were making excuses for high-level folks that had  failed to do their job.  
BREWER:  Those investigations concluded company executives repeatedly, over  years, failed to protect employees and failed to apply their own policies  to Steve Wynn after serious accusations of rape, harassment and other  sexual misconduct, charges he`s denied.  

And the company, its board and executives never informed gaming regulators  when they learned of the allegations and settlements.  The company was  assessed a $20 million fine in Nevada and a $35 million fine in  Massachusetts.  But the Massachusetts gaming commission determined there is  no substantial evidence that Wynn Resorts (NASDAQ:WYNN) willfully provided  false or misleading information to the commission.  

Executives and directors were also found suitable to hold the gaming  license, including the only two remaining individuals from the original  license application in 2013.  Elaine Wynn, the company`s largest  shareholder and co-founder and ex-wife of Steve, and CEO Matt Maddox.  
But the commission fined Maddox $500,000 for his own failures to  investigate allegations properly and ordered him to have executive coaching  for leadership, an embarrassing reprimand for the CEO of a global company,  but Maddox was also given credit for significant changes made by Wynn  Resorts (NASDAQ:WYNN) in the scandal`s wake — new board member, new  policies and a new culture.

MATT MADDOX, WYNN RESORTS CEO:  This company`s never going to be about a  person again.  

BREWER:  Gaming analysts are generally upbeat about the decision.  They  call it an optimal outcome and say it allows Wynn to focus on the future on  a global scale.  That`s especially important as Wynn Resorts (NASDAQ:WYNN)  competes to land a gaming license in Japan.  
But for now, the focus will be on launching its gleaming new property on  the shores of Boston Harbor.  
Contessa Brewer, NIGHTLY BUSINESS REPORT.  
(END VIDEOTAPE)

GRIFFETH:  In other news, two textbook giant announced this morning that  they plan to merge.  Now, we have this deal that`s approved by regulators,  the combination of McGraw-Hill Education and Cengage Learning Holdings will  produce the second biggest publisher of textbooks and higher education  materials in the United States with annual revenue of more than $3 billion.  

We have the two CEOs of both companies with us tonight.  Nana Banerjee is  the CEO of McGraw-Hill, and Michael Hansen of Cengage, who will become the  CEO of a combined company that will be called McGraw-Hill.  
Welcome to both of you.  Thanks for joining us tonight.  
So, why merge now?  And I`m curious.  Who called who?  
NANA BANERJEE, MCGRAW-HILL PRESIDENT & CEO:  I can start if that`s  acceptable.  

GRIFFETH:  OK.  

BANERJEE:  I had the chance to meet with Michael, I would say in July or  August last night at a conference.  We were introduced by a mutual friend  and the conversation quickly led to a situation where we understood that we  were looking at a common vision of what we understood of our industry, that  what plagues our industry as challenges and also a vision of what would be  an exciting future for us to update to.  That led to more conversations and  making a recommendation to our financial sponsors.  

GRIFFETH:  And I guess you feel doing it together you can do it more  cheaply then, is that the idea?  

BANERJEE:  For sure.  There is a basis for if you have a common core and a  common backbone, you can then allow yourself to reinvest in the business  that is really has been deprived of growth.  So, the point is you have to  find yourself an opportunity to invest in growth.  

GRIFFETH:  The idea I guess is to bring the cost of textbooks down.  I  mean, that`s a big cost for college students.  How are you going to do  that?  

MICHAEL HANSEN, CENGAGE CEO:  Absolutely.  This doesn`t stop with the  merger and we have started this do this way before the merger and, you  know, education costs are a real barrier for students today and textbooks  are a part of that.  

GRIFFETH:  Right.  

HANSEN:  So we started to introduce at Cengage, which is a subscription  model that for one fixed price, instead of buying multiple textbooks, you  get access to all of the textbooks and you get it online and you get it in  a very affordable way.  

GRIFFETH:  How much is that?  

HANSEN:  That`s $120 a semester and that compares — or $180 a year.  That  compares to the average student spending around $500 today.  So, it`s a  significant savings for the student.  
So, affordability is absolutely key to what we do and between the two  companies we can continue to do this and drive even more value.  

GRIFFETH:  Is anyone else doing this model?  I mean, Pearson is the number  one textbook publisher.  You guys will be the number two combined.  But is  anybody else using the subscription model right now?  

BANERJEE:  You know, there are varieties that fit.  So, the McGraw-Hill is  kind of the status quo and something we plan to preserve because  optionality and choice is very important to us.  The inclusive access model  is different from what Michael described, is making the course, especially  the digital platform course available to students on the first day of  class, making it easier for them to buy at the point of registration at 50  percent to 80 percent lower cost than they would have bought — if they  were buying from the bookstore.  

GRIFFETH:  College costs too much.  We know that.  How are we going bring  the costs down?  

There is no real competition as we know it.  You know, students don`t shop  for college the way they would shop for clothing.  Colleges don`t price the  way a clothing manufacturer would price, to try and lure somebody in.  
So, how do you bring those costs down, do you think?  

HANSEN:  Well, I think, Bill, you`re hitting on the key point which is  transparency and competition, right?  And we have experienced this in the  college textbook market.  We have a lot of competition out there.  There  are rental companies and Amazon (NASDAQ:AMZN) is in this market, renting  textbooks.  There are companies that sell used textbooks, et cetera.  
So we have seen the competition and the competition has frankly, led us to  sharpen our pencils, to really focus on the student, the student experience  and on affordability.  And I think, broader, to your point, broader, every  player in the system, whether it`s college, an online college or any  supplier in the system needs to be held accountable to the value that  they`re really having.  And we are all for it, but we`re also starting at  home as opposed to pointing to other people that should be doing a better  job.  

GRIFFETH:  What do you think, there`s a drop-off in enrollment to bring  cost down eventually or not?  

BANERJEE:  No, we hope no.  Education has a very important societal role.   And I do agree with the point that you made, that it has become very  expensive.  We as publishers of content, that is digital or print, have a  role to play.  We`re completely committed to that.  
And in fact, one of the drivers, what we could call the mission of this  merger is affordability, and we have multiple ways of doing it, choice is  an important factor and bringing down the cost of production and passing it  back to the student.  

GRIFFETH:  Well, we wish you well with the merger and hopefully it gets  regulatory approval at the same time.  
Nana Banerjee from McGraw-Hill, Michael Hansen from Cengage Learning,  thanks for joining us.

BANERJEE:  Thank you for having us.  

GRIFFETH:  Sue?  

HERERA:  Bill, as we continue on education, today is the deadline for high  school seniors to pick their college for next year, but they`re not just  saying yes to a school, but also to a financial aid package.  Students  aren`t the only ones taking out the loans to cover that cost.  Their  parents are, as well.  

So, we brought back our senior personal finance correspondent Sharon  Epperson.  She joins us with more on this.  
It`s great to have you here.  I am all ears and I am taking notes.  How big  of an issue is this and how much are parents having to borrow to help their  kids?  

SHARON EPPERSON, NIGHTLY BUSINESS REPORT SENIOR PERSONAL FINANCE  CORRESPONDENT:  You know, we talked about the student debt crisis and the  fact that $1.5 billion is the amount of money that`s owed to student debt  and 45 million borrowers, a lot of those borrowers are parents, not only  students.  When we look at the more popular parent loans, the Federal  Parent Plus Loans, we have about 3.4 million borrowers, $87 billion that  they have borrowed, $87 million, I should say, that they have borrowed.   So, it`s a significant amount.

And what`s changed is the amount that they`re borrowing continues to  increase and they are able to borrow more.  So, while the federal student  loan for undergraduates is about $6,500 in the 2017 average loan amount, it  was over $16,000 for parents who are borrowing.  Not as many are borrowing,  but the numbers who are borrowing are borrowing much larger amount.

HERERA: So, how do these parents` plus loans differ from what we might  think of as the traditional student loan?

EPPERSON:  Well, the traditional student loan, of course, for the  undergraduate, the most important part is the rates are a lot lower, the  rates for student loans, subsidized or unsubsidized, is about 5 percent.   For a parent plus loan, it`s 7.6 percent, add to that the origination fee  of nearly 4-1/4 percent, and you`re talking about a $20,000 loan becomes a  loan of more than $22,000 that you`re going to end up paying over a long  period of time.  

HERERA:  You also dug up some other options that parents have.  Tell us  about that.  

EPPERSON:  You talked about this before as well.  Don`t forget to contact  the financial aid office.  You`ve already accepted the offer, but you may  want to call and say, let me just appeal this and let you know a few more  things about my child, merit based or need based, or just maybe the school  doesn`t have the enrolment numbers, has more money to give you.  So, that`s  the first call.  

The next thing you need to do is look at the federal loans versus the  private loans.  We talked about the difference in the student loan amount  in terms of the rate.  Private loans may get you a lower rate depending on  your credit.  And final thing that everyone should do, whether you`re a  student or a parent is start paying back that loan while you`re in school.

HERERA:  Right.

EPPERSON:  Because, one, you won`t have the compounded interest on the  debt, but also if you were paying on the student instead of taking out a  loan, help the student max out their loans and help them pay back those  loans so then they`re building their credit paying off that loan while  they`re in school.  

HERERA:  That is a great nugget of advice.  

EPPERSON:  Yes.  

HERERA:  Sharon, thank you so much.  Sharon Epperson.  

GRIFFETH:  And coming up, you want to shoot a basketball like an all-star.   Guess what?  There`s an app for that.  
(MUSIC)

GRIFFETH:  OK, all you basketball fans, if you ever wanted to shoot a ball  like a pro, well, now you can with an app.  Eric Chemi went to Brooklyn to  try it out.
(BEGIN VIDEOTAPE)

ERIC CHEMI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  It`s game changing  technology that`s turning amateur basketball players into the next  sharpshooter.  HomeCourt is an app that uses high-tech computer vision and  machine learning to improve shooting.  
VOICE:  Forty-nine degrees.  

CHEMI:  Available in a free and subscription model, the app tracks shots  made and missed, launch angle, leg angle, vertical and reaction time using  just an iPhone.  No sensors, no high-tech equipment necessary.  

ALEX WU, HOMECOURT CO-FOUNDER:  Today, you run, you`re using your Apple  (NASDAQ:AAPL) Watch or Nike (NYSE:NKE) Run app or you can track all those  miles and stuff.  For basketball that doesn`t exist.  So, the first problem  you wanted to solve for is how do we help people easily track their shots  without strong do a lot of the manual work?  

CHEMI:  HomeCourt is a top ten downloaded sports app in the Apple  (NASDAQ:AAPL) Store and it has more than a dozen college and pro team using  it, including Joe Harris (NYSE:HRS) of the Brooklyn Nets who this year led  the NBA in three-point shooting and won the three-point shootout.  
OK.  I feel good and I did play center on my sixth grade basketball team.   So —  
Joe and I went head to head to test it out.  
That`s pretty good.  
Joe`s arc is flatter than my big arcs and his reaction time is much quicker  than mine.  
WU:  So, you`re 420, 20 percent.  

CHEMI:  Oh, I didn`t stand in the right spot the whole time.  
Also notice how consistent Joe`s shots are.  The shots are tracked the same  and mine were all over the place.  

JOE HARRIS, BROOKLYN NETS:  We`re in the age of analytics and technology,  any time you can put that to us is to help you out to improve and get  better, I`m all for it.  

CHEMI:  Joe plans to use HomeCourt in his youth basketball camp this  summer.  

As for me, I need a lot more practice.  HomeCourt is backing from leading  NBA minds like Steve Nash, Jeremy Lin, Sam Henkie and Mark Cuban.  
For NIGHTLY BUSINESS REPORT, I`m Eric Chemi in Brooklyn, New York.  
(END VIDEOTAPE)

HERERA:  Very cool.  
Here`s a look at the final numbers from Wall Street.  The Dow fell 162  points, the Nasdaq was down 45, S&P 500 slid 22.  
And that is NIGHTLY BUSINESS REPORT tonight.  I`m Sue Herera.  Thanks for  joining us.  

GRIFFETH:  I`m Bill Griffeth.  Have a great evening, everybody.  We`ll see  you tomorrow.

END
Nightly Business Report transcripts and video are available on-line post  broadcast at http://nbr.com. The program is transcribed by ASC Services II  Media, LLC. Updates may be posted at a later date. The views of our guests  and commentators are their own and do not necessarily represent the views  of Nightly Business Report, or CNBC, Inc. Information presented on Nightly  Business Report is not and should not be considered as investment advice.  (c) 2019 CNBC, Inc.

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