ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Sue Herera and Bill Griffeth.
BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: Trade in focus. The U.S. reaches a deal with Canada and Mexico over metal tariffs, but an agreement with China may have just hit a snag.
SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Oh, Deere. The company warns of weaker earnings because of the trade war and the heavy rains in the Midwest aren`t helping either.
GRIFFETH: New perks. Restaurants are cooking up new ideas to attract
workers and get them to stay.
Those stories and much more tonight on NIGHTLY BUSINESS REPORT for Friday, May 17th.
HERERA: Good evening, everyone, and welcome.
Wall Street cares about trade. Today`s session proved it. Stocks moved
higher when the U.S., Canada and Mexico reached an agreement on steel and aluminum tariffs, but then stocks headed in the other direction on reports the talks between the U.S. and China have stalled, leading to concerns of retaliation which could hit global growth.
Kayla Tausche starts us off tonight in Washington.
KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT: In the Trump administration`s multi-faceted trade fight, progress on two fronts,
stalling on the other. Today brought news that the White House would lift
steel and aluminum tariffs on Canada and Mexico, two close U.S. allies, who support President Trump, means for the new NAFTA.
DONALD TRUMP, PRESIDENT OF THE UNITED STATES: So, that deal is going to be a fantastic deal for our country and hopefully, Congress will approve the USMCA quickly.
TAUSCHE: Today`s deal lifts tariffs in the next 48 hours. It ends
retaliation against U.S. products like beer kegs, whisky and pork and drops
bitter lawsuits over those actions, in hopes of clearing the path for the
Canadian Prime Minister Justin Trudeau expressed confidence.
JUSTIN TRUDEAU, CANADIAN PRIME MINISTER: Now that we`ve had a full lift on these tariffs we are going to work with the United States on timing for ratification, but we`re very optimistic we`re going to be able to move
TAUSCHE: The White House shelving another set of tariffs, this time on
automobiles, with the decision delayed up to six months while it negotiates
with Europe and Japan, but Trump hasn`t ruled out those charges entirely.
TRUMP: They take advantage of us on trade. It`s not fair. We lost $180
billion with the European Union.
TAUSCHE: Republican lawmakers who have stopped to persuade the president against tariffs sounded their support. In a statement, Nebraska Senator Ben Sasse said, quote: China is our adversary; Canada and Mexico are our friends. The president is right to increase pressure on China. He`s also right to be de-escalating tensions with our North American allies.
In what Sasse called the Cold War with China, sources say talks have
stalled as Washington and Beijing doubled down on their positions and
discussions over the next round of talks in flux until they can agree on
what they will talk about.
For NIGHTLY BUSINESS REPORT, I`m Kayla Tausche in Washington.
GRIFFETH: And trade headlines continue to inject more volatility into the
market. At the close today, the Dow was down 98 points, closed to 25,764,
the Nasdaq slid by 81. The S&P was down 16.
And the Dow registered its first four-week losing streak in three years.
Bob Pisani takes us through all of this week`s twists and turns and he
looks ahead to next week.
BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: It`s never a dull moment on Wall Street, you know. First, the Dow Jones Industrial Average plummets more than 600 points on Monday after China announced a retaliatory round of tariffs over the weekend, it seems like a long time ago.
Then the market edged higher on Tuesday on hopeful comments from Steve Mnuchin, treasury secretary, and President Trump, saying trade talks have
not completely collapsed. Stocks pretty much bounced up and down, in every trade, tweet and headlines that crossed the wire since then.
Look what happened today. They were holding up on good economic numbers and a little more trade talk hope just prior at the open at 8:30, word came out that the White House was officially delaying tariffs on European auto imports, that`s good news. And after the open, we rose more on reports the White House could lift those steel and aluminum import tariffs in Canada and Mexico, that was concerned.
But after all these trade disappointments, it`s getting tougher to sell the
trade story. That`s why we`re not getting a big bounce from industrial
stocks associated with trade like Caterpillar (NYSE:CAT), 3M (NYSE:MMM), or even some of the tech names like Apple (NASDAQ:AAPL) or Intel
(NASDAQ:INTC). Intel (NASDAQ:INTC) had an awful month so far.
One other trade sensitive group that`s had an awful week is retailers.
They finally got a modest lift, but names like Macy`s (NYSE:M) and Kohl`s
(NYSE:KSS) were down two to four percent this week, Gap`s down 8 percent, week is going to will be another busy month. We`ll get earnings from retailers at Home Depot (NYSE:HD), and Lowe`s and Best Buy (NYSE:BBY).
Any commentary on China or tariffs could be key. Footlocker (NYSE:FL) is a
big one. Seventy percent of U.S. footwear is imported from China, 70
For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.
HERERA: There`s trouble on the farm and it is affecting Deere. The
company lowered its earnings and revenue for the year citing both the trade war and the lousy weather in the Midwest. The tractor maker`s
disappointing results sent the stock down 7-1/2 percent.
Morgan Brennan has more on Deere`s one-two punch.
MORGAN BRENNAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Deere cutting its full-year outlook as bad weather and trade war with China threatens to further hit farm incomes and with them, demand for Deere equipment.
The maker of green tractors and harvesting combines now expects equipment sales to rise just 5 percent for the year, down from a previous forecast of seven.
In a statement, CEO and chairman, Samuel Allen, saying, quote: Ongoing
concerns about export market access, near term demand for commodities such as soybeans and the delayed planting season in much of North America are causing farmers to become much more cautious about making major purchases. Nearly 60 percent of Deere sales come from North America, and for farmers
here, it`s been really a one-two punch.
Escalating trade tensions with China, a crucial export market for U.S.
agriculture had sent soybean futures to a 10-year low, and cold, wet
weather in the Midwest, including historic flooding in some places, has
delayed farmers` abilities to plant crops. That`s weighed on the demand
for Deere, the reason JPMorgan (NYSE:JPM) downgraded the stock, underweight ahead of today`s results.
ANN DUIGNAN, J.P. MORGAN ANALYST: They have to now actually underproduce retail in the back half of the year because their dealers have too much inventory, and they have no visibility in 2020. So, we don`t know if we will have to continue to underproduce into next year or whether things will be right-sized by the time we get to the end of this year because there`s so much uncertainty out there.
BRENNAN: Deere telling investors today it is not currently vetting on a
trade resolution. The reason it`s now planning to cut production of farm
equipment by 20 percent at two of its North American factories. A straight
miss on earnings and dampened outlook sent shares of Deere lower, adding to losses that have accelerated in recent months.
For NIGHTLY BUSINESS REPORT, I`m Morgan Brennan at the New York Stock Exchange.
GRIFFETH: Now, as we reported, the U.S. and Mexico came to that agreement today on steel and aluminum tariffs, but the two countries are still fighting over tomatoes, and this trade skirmish will cost you.
Jane Wells explains.
JANE WELLS, NIGHTLY BUSINESS REPORT CORRESPONDENT: Fresh tomatoes are a $4 billion business and half the crop we eat comes from Mexico. But American growers, mostly in Florida, claim they`re suffering, that the current tomato situation is rotten. They say Mexico is using loopholes in our trade agreement to dump product here and now the Commerce Department is investigating and bringing back an old tariff of about 18 percent.
Mexico says prove it.
ROBERT LARUSSA, ATTORNEY FOR MEXICAN GROWERS: You can`t justsay
WELLS: Robert Larussa represents Mexican growers. He calls Mexican
tomatoes the best in the world and likens them to the Golden State
LARUSSA: Nobody beats them and that`s because they are the best in the
world, they have the best players in the world. If someone says they`re
cheating, they have to have something to back it up. It`s the same with
WELLS: Some small Mexican growers are now saying they`re going to stop
shipping tomatoes north because their U.S. import operations cannot afford now to put up the cash bond to cover the potential tariff until the issue
is decided. Well, what does that do to prices? So far they`re up 2
percent at the retail level since this started, they`re up 10 percent in
And companies like Chipotle buy millions and millions of pounds of
tomatoes. But they`re telling us since they contract out, they don`t an
impact. They don`t plan to raise prices and they may not have to. Mexico
is suing in U.S. court to make this all go away.
At the same time, both sides continue negotiating a new trade deal to
remove the tariffs, which might include things like higher floor price for
selling the tomatoes. And while the tariffs are back, they`re not yet
going to the U.S. government. They`re being held in escrow until there`s a
final decision on whether or not Mexico has, in fact, been cheating.
But wait, there`s more. We may get half our fresh tomatoes from Mexico,
but we get 80 percent of our avocados from there and avocado prices are way up ever since the president threatened to close the border. Now, “Reuters” reports there`s another country thinking of sending fruit here to
potentially close any guac gap, a country we`re hearing a lot about during
these trade wars, Vietnam.
For NIGHTLY BUSINESS REPORT, I`m Jane Wells in Los Angeles.
HERERA: It is time to take a look at some of today`s “Upgrades and
Under Armour (NYSE:UA) was upgraded to overweight from neutral at J.P.
Morgan. The analyst cites the potential for gross margin expansion. The
price target is $29. The stock rose more than 7-1/2 percent to $23.58.
Foot Locker was upgraded to buy from neutral at B. Riley FBR. The analyst
calls Foot Locker as best in case footwear retailer and as Bob Pisani
mentioned earlier, it reports its earnings next week. The price target is
$54. Despite the update, though, the stock fell a fraction to $55.20.
Baidu (NASDAQ:BIDU) was downgraded to hold from buy at Deutsch Bank. The analyst says the company`s growth is slowing more than expected and losing market share in advertising. The price target is $147. The shares dropped 16 percent to $128.31.
GRIFFETH: Still ahead, getting schooled.
(BEGIN VIDEO CLIP)
SCOTT COHN, NIGHTLY BUSINESS REPORT CORRESPONDENT: States are threatening to crack down on for-profit colleges after the Trump administration eases regulations. What does that mean to these schools and their students at a time when skilled workers are in short supply?
I`m Scott Cohn in Silicon Valley. We`ll have the story coming up on
NIGHTLY BUSINESS REPORT.
(END VIDEO CLIP)
HERERA: Consumer sentiment is at a 15-year high. The University of
Michigan points out its survey was done before the escalation and trade
tensions between the U.S. and China, but added that most of the optimism
comes from the strong job market and rising wages.
GRIFFETH: And as you know, that tight labor market is making it difficult
for companies to find the right workers. Just today, the head of the
Philadelphia Fed said that our country is running out of people to hire and
it needs creative solutions to deal with the problem.
And as Kate Rogers (NYSE:ROG) reports now, that`s exactly what some in the restaurant industry are doing.
KATE ROGERS, NIGHTLY BUSINESS REPORT CORRESPONDENT: This isn`t your typical job interview. It`s a party. A hiring party, that is.
Taco Bell hosted 600 of them last month nationwide to attract new workers
in the face of a historic labor crunch.
BJORN ERLAND, TACO BELL VP OF PEOPLE AND EXPERIENCE: It is very tight today and we want to do something different to help us stand out among competition because it is extremely competitive for great talent.
ROGERS: It`s working. The company says it`s seen about a 40 percent
increase in applications from a year ago from people like Tiffany
TIFFANY THORNTON, TACO BELL JOB APPLICANT: The situation like this allows for people to actually be able to come together, show themselves, their personalities, their strengths, attributes, attitudes and possibly get a
ROGERS: Brands are thinking outside of the box to attract workers.
McDonald`s (NYSE:MCD) recently announced a partnership with the AARP to build 250,000 summer jobs. Shake Shack is testing out a four-day workweek for managers, giving added flexibility.
It`s also about retention. Chipotle says more than 80 percent of its
managers are homegrown and last year, it promoted 13,000 employees.
Benefits include bonuses and tuition reimbursements.
Starbucks (NASDAQ:SBUX) offers full tuition coverage through its college
achievement plan, along with paid leave, as well as stock options for
eligible workers. Some franchises are also investing more in training to
keep their workers they hire on board.
The Wolak Group which owns nearly 100 Dunkin` Donuts locations built a
facility in 2017 dedicated to training, as well as bringing new orientation
program in place.
COLLEEN FOGARTY, THE WOLAK GROUP HUMAN RESOURCES DIRECTOR: When you look at the turnover, it`s well over 100 percent. We were not satisfied with that as an organization and tried to take a very broad, strategic look at what things we could do to improve our training, improve our workplace culture and those are the things I think now that we`re seeing with the lower turnover percentage that are really having an effect for us.
ROGERS: The group says it`s been a success. Turnover fell dramatically
last year and in this labor market, hanging on to those workers is good for
For NIGHTLY BUSINESS REPORT, I`m Kate Rogers (NYSE:ROG).
HERERA: In an era of acute worker shortages, can America do without for-
profit colleges? Officials at the colleges say they`re needed and after
years of scrutiny, they`ve learned their lesson. But students at these
institutions are more likely to take out student loans than their nonprofit
counterparts, and graduate with more debt.
Scott Cohn is in Silicon Valley for us tonight.
STUDENT: I really need to see — figure out the money thing first.
COHN: The stories are cringe-worthy. In this federal undercover
investigation from a decade ago, agents posing as students found aggressive
ADMISSION DIRECTOR: You owe it to yourself, finish your paperwork, apply to the school. This is your admissions and application process.
COHN: Getting them on the hook for student loans.
ADMISSION DIRECTOR: No one here has not gone to school because of
COHN: All for an education with limited job prospects. Major reforms
followed, but even now, schools are shutting down, giving students in a
lurch, including Argosy University abruptly closing in March.
ASHLEY ACHENBACH, ARGOSY UNIVERSITY STUDENT: A lot of us are frustrated and hurt and angry because what do we do?
COHN: But the CEO of the nation`s largest chain, University of Phoenix,
says the industry has largely cleaned up its act, making huge changes. The
university`s parent company took itself private in 2017 and began slashing
programs for graduates who were getting jobs.
PETER COHEN, UNIVERSITY OF PHOENIX PRESIDENT: We evaluated all of our programs and we got rid of most of our associate programs, and we had gotten rid some of our largest programs, which was tough for the
COHN: The for-profit colleges had little choice, but to change. Under an
Obama-era crackdown, they risked losing access to federal aid programs if
their graduates weren`t finding gainful work.
The Trump administration has reversed that, but the colleges are not out of
States are weighing in with rules of their own, including a bill under
consideration in California to reinstate the Obama standards in the state.
DAVID CHIU (D), CALIFORNIA STATE ASSEMBLY: It`s the for-profit colleges
that have received a tremendous amount of federal resources that have had very little oversight and the numbers we`re talking about have been worse
COHN: For-profit college students are more likely to take out loans than
their traditional college counterparts, 83 percent on average. They
graduate with more debt, nearly 40,000. And nearly half are defaulting on
their loans, compared to 28 percent overall.
The University of Phoenix says all of its programs meet the Obama era
standards, and its loan statistics are now comparable with traditional
schools. But CEO worries about a patchwork of state laws.
COHEN: I would urge state and I would urge the federal government to come together and think about if there needs to be some formula that was served that good players in higher education have an opportunity to serve adults who need this education.
COHN: At a time when businesses have a voracious appetite for educated
workers, for-profit colleges are not going away.
For NIGHTLY BUSINESS REPORT, Scott Cohen, San Jose.
GRIFFETH: Luckin Coffee gets a caffeine jolt in its opening day of trading
and that`s where we begin tonight`s “Market Focus”.
The Beijing-based chain surged in its trading debut on the Nasdaq, up as
much as 53 percent at one point, while Starbucks (NASDAQ:SBUX) is
celebrating its 20th year in China, Luckin is trying to overtake it as the
biggest coffee chain there.
The CFO laid out how the company can compete with the likes of Starbucks
(BEGIN VIDEO CLIP)
REINOUT SCHAKEL, LUCKIN COFFEE CFO: Everything is cashier-less, which means that we have all of the connection with the customers and data.
That`s point one.
I think point two is we`re using technology. Technology is very, very
important, which makes our operations efficient, lower waste, and there is
very good quality control.
The last point why we`re different, we are using very small stores, right?
Rental, decoration, we save a lot of money, we are very close to our
And if you look at those three together, that`s kind of what we call the
new retail model.
(END VIDEO CLIP)
GRIFFETH: Shares finished up nearly 20 percent today to $20.38.
Another company that made its debut on Wall Street today was content
distribution network Fastly. While its competition includes Google
(NASDAQ:GOOG) and Amazon (NASDAQ:AMZN), the company`s founder and CEO talked about the importance of cloud computing.
(BEGIN VIDEO CLIP)
ARTUR BERGMAN, FASTLY FOUNDER & CEO: As customers are migrating to the cloud, and they want to do a multi-cloud strategy, which the prediction is, by 2022, 90 percent of enterprises will have a multi-cloud strategy, they
need a replacement for their old edge inside their data center, so were you
enforce security, where you enforce compliance, or you do love balancing,
if you go all-in on a one cloud provider`s solution, you`re really locked
in to that cloud provider. So, we`re kind a neutral third party in that
(END VIDEO CLIP)
GRIFFETH: And shares rose nearly 50 percent to $23.99.
Meanwhile, J.P. Morgan Chase is buying medical payments technology firm
InstaMed for more than $500 million, making it the bank`s biggest
acquisition since the financial crisis. The move strengthens J.P. Morgan`s
push into the health care spending market. J.P. Morgan was off a fraction
today to $110.77.
HERERA: Hewlett-Packard (NYSE:HPQ) Enterprise is buying super computer maker Cray (NASDAQ:CRAY) for about $1.3 billion in cash. The move is part of the business technology giant`s efforts to advance in high performance computing and sell super computing products to its commercial clients. Hewlett-Packard (NYSE:HPQ) Enterprise was up a fraction to $14.62. Cray (NASDAQ:CRAY) rose more than 22 percent today to $36.52.
Amazon (NASDAQ:AMZN) is buying a stake in the British delivery service
company Deliveroo, and it becomes Deliveroo`s largest shareholder. The
move takes aim at popular food delivery services like Uber Eats. Shares of
Amazon (NASDAQ:AMZN) fell 2 percent at $1,869.
And the ride-sharing company Lyft is being sued by investors over its IPO.
The lawsuit claims Lyft misled investors about its ride-sharing position,
bicycle safety issues and labor matters. It also alleges Lyft`s fall
statements inflated the share price where investors lost money when that
price fell. Lyft fell more than 3 percent to finish at $53.79.
GRIFFETH: Time now for our weekly market monitor who is betting on the
Quint Tatro is back with us. He`s founder and president of Joule
Welcome back. Good to see you again.
QUINT TATRO, JOULE FINANCIAL FOUNDER & PRESIDENT: It`s good to be here.
GRIFFETH: And the first one you bring up for us, if you`re thinking about
the consumer is Twitter. Now, I don`t often think of that as a consumer
company, obviously a technology company. How does that fit in?
TATRO: Well, the consumer or the American people really have this appetite for news and what`s happening out there. And so, this is not necessarily a place that they`re going to go and buy things, but they`re going to go there to understand what is going in the world. We are seeing this through the trade agreements or isn`t lack thereof. There isn`t a person walking around who isn`t aware of the Trump tweets. Yet, most people do not think of this as a viable business.
GRIFFETH: Because it has had trouble monetizing this user, right?
TATRO: That is exactly correct. And what we have seen is that this
company has made a tremendous transition fundamentally in the last quarter. They were significantly profitable with extreme cash flow which we like to see.
We like to look for companies that are growing and that we can buy at a
reasonable price and Twitter is one of those names.
HERERA: And Walmart you like, as well. They just came out with earnings
the other day. Online sales were up better than 35 percent.
TATRO: Yes. Walmart is a staple for us. I don`t think this is one that`s
going to nearly be as speculative as a Twitter, therefore, we might no get
the same upside. It`s trading pretty high as is, compared to its, you
know, valuation. But we like what Walmart is doing to go after the market
share through ecommerce, one day delivery, and the numbers that they
brought out are exceptional. And the company yields 2 percent, so we`re
getting paid to wait for them to continue to take market share in that
GRIFFETH: Then in the financial services industry, Capital One, a familiar
name. I look at the chart today and you go back to 2016, and the stock is
essentially right where it was 13 years ago before the financial crisis,
but I assume you feel it goes up from here, beyond its lost decade if you
TATRO: That`s exactly right. Well, one of the things we like to look at
and that you brought that up is how has the company done in relation to
their stock price despite going nowhere in that stock price, that company
has continued to improve its overall value. But what we like about Capital
One, many financial companies are undervalued. That`s true arc cross the
banking sector as a whole, but Capital One is making a big move to the
online space to really try to get that younger generation and they`re doing
a great job at it.
GRIFFETH: Very good. Quint Tatro with Joule Financial, always good to see
you. Thanks very much.
TATRO: It`s good to be here. Thank you.
HERERA: Coming up, fixing our nation`s infrastructure.
(BEGIN VIDEO CLIP)
ADITI ROY, NIGHTLY BUSINESS REPORT CORRESPONDENT: I`m Aditi Roy at the port of Oakland in California. Infrastructure spending on U.S. ports is at an all-time high. Coming up, I`ll show you what`s behind it and why
they`re still in need for more.
(END VIDEO CLIP)
GRIFFETH: The port of Oakland is one of the major hubs for goods traveling between the U.S. and Asia, so you might think that it would be feeling the impact of the trade with China. But that`s not the case. And as you saw there, Aditi Roy reports, the bigger issue of the port is the upgrading of its infrastructure.
ROY: Business is booming at the port of Oakland. The last two years, the
port has moved record volumes of cargo, nearly $57 billion worth last year
alone. The swell in business is attracting investment dollars. The port
is in the middle of a seven-year $1 billion program for infrastructure
MIKE ZAMPA, PORT OF OAKLAND COMMUNICATIONS DIRECTOR: The investment is necessary because cargo volumes are growing, customers are getting more demanding. We need to enlarge and improve our ability to handle cargo so we can keep that cargo coming to Oakland.
ROY: Part of that money will go towards a $55 million warehouse and
distribution center about to be built, and last fall, this $100 million
facility which allows perishables to be stored while in transit just opened
Company president Jason Dreisbach says it was a not to be missed business
JASON DREISBACH, DREISCBACH ENTERPRISES PRESIDENT: There is definitely need from the customer standpoint to have a refrigerate transport (ph) control, the quality of the food products and obviously its location right here in the heart of the port may be ideal for transiting the products out of the rail into the ocean containers.
ROY: Nationwide, there`s a similar boom in infrastructure spending at U.S.
ports. The American Association of Port Authorities or AAPA found
infrastructure spending from 2016 to 2020 increased threefold compared to
five years prior.
That`s due in large part to the U.S. lifting its ban on crude oil exports
in 2015. Since then, there`s been a construction boom at the ports along
the Gulf of Mexico to handle the extra volume.
Still, needs remain. The AAPA last month asked for $66 billion worth of
federal funding for port infrastructure projects to help move cargo in and
out of ports more efficiently. The threat of tariffs also looms high for
some port businesses which say long-term tariffs could impact growth.
DREISBACH: It only has an impact on us, and we are really hoping a trade
agreement gets reached.
ROY: Still, officials here at the port of Oakland say that the strength of
the U.S. economy combined with the rise of the middle class in Asia has
helped softened the tariff impact.
For NIGHTLY BUSINESS REPORT, I`m Aditi Roy, Oakland, California.
HERERA: And before we go, here`s a look at these Friday final numbers on
Wall Street. The Dow fell 98 points to 25,764, the Nasdaq slid 81 and the
S&P 500 was down 16. The Dow registered its first four-week losing streak
in three years.
One of those weeks.
GRIFFETH: And I wonder what next week brings with the trade headlines, as well.
HERERA: I don`t know.
GRIFFETH: It will be interesting.
HERERA: It sure will.
OK. That does it for us tonight. I`m Sue Herera. Thanks for joining us.
GRIFFETH: I`m Bill Griffeth. Have a great weekend. See you on Monday.
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