ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Sue Herera and Bill Griffeth.
BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: Solid gains. A tariff threat is dropped, companies are doing deals and that helps the Dow reclaim 26,000.
SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Mega-deal. United Technologies (NYSE:UTX) and Raytheon (NYSE:RTN) are merging to create an aerospace powerhouse that the companies say will redefine the defense industry.
GRIFFETH: Great tax debate. Billionaire investors say it`s OK to raise the capital gains tax rate, but that may not be what`s best for individual investors.
Those stories and much more tonight on NIGHTLY BUSINESS REPORT for Monday, June 10th.
HERERA: Good evening, everyone, and welcome.
Investors started the week with some welcome news. Two major mergers were announced and a deal was reached over the weekend that averted tariffs on all imports from Mexico. That lifted sentiment on Wall Street, which in turn lifted stocks.
The major indexes built on last week`s big gains turning in their longest win streak in more than a year. The Dow Jones Industrial Average rose 78 points to 26,062, the Nasdaq added 81 and the S&P 500 was up 13.
Bob Pisani starts us off tonight from the New York Stock Exchange.
BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: Stocks were in rally mode on this Monday with the Dow rising for its sixth straight day seeing its longest winning streak since May of last year, although the market ended well off the highs. Trade talk optimism once again sparks the move higher after President Donald Trump said the U.S. and Mexico reached an agreement to suspend tariffs indefinitely.
Well, it`s no surprise the trade sectors led the market higher. Trade sensitive groups, semiconductors, retailers, industrials, they all outperformed but what a roller coast coaster this has been. We had historic highs in early May.
The S&P dropped 7 percent in the next 5 weeks or so on China trade wars and then Mexican tariff worries. But it`s rallied back in the next week. We`re up 6 percent in a week, knocking right on the door of the old historic high for the S&P 500. That`s 2, 945. We did get through 2,900 today, though closed below that. That`s the good news.
The bad news is stocks aren`t cheap anymore. They`re pricing in a lot of good news. Remember we did not have a China deal even though the market is acting like we do have one and we have not had great economic numbers out of the U.S. or, in fact, out of Europe recently, so weaker global growth is an issue with or without trade.
Another Dow component hit new highs today, Visa (NYSE:V), Walmart, American Express (NYSE:EXPR) (NYSE:AXP) and Microsoft (NASDAQ:MSFT). In fact, Microsoft (NASDAQ:MSFT) broke the $1 trillion mark today and aerospace and defense names also rode the rally, Lockheed Martin (NYSE:LMT), got a boost from this announced mega merger between Raytheon (NYSE:RTN) and United Technologies (NYSE:UTX).
For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.
GRIFFETH: And yes, as Bob just mentioned, United Tech and Raytheon (NYSE:RTN) are joining forces. It`s one of the biggest corporate deals of the year so far and during today`s trading session, both stocks moved in opposite directions.
As Morgan Brennan reports right now, this merger puts a lot of products and systems under one roof.
MORGAN BRENNAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: It`s a move that`s stunned experts — a merger of equals between Raytheon (NYSE:RTN) and United Technologies (NYSE:UTX).
THOMAS KENNEDY, RAYTHEON CEO: We wind up with a great company that is about 50 percent domestic, 50 percent international, 50 percent defense, 50 percent commercial. It`s a very stable, resilient company moving forward and it`s all built on this great technology base.
BRENNAN: The all stock deal is expected to close next year as United Technologies (NYSE:UTX) spins off its Otis elevator and carrier building system segments. It would combine one of the world`s largest defense contractors with one of the top aerospace suppliers, to create Raytheon (NYSE:RTN) Technologies, valued at more than $100 billion and second only to Boeing (NYSE:BA) in sales.
This would bring missiles like the Tomahawk and missile defense programs like the Patriot system together with airplane avionics and jet engines made not only for Boeing (NYSE:BA) and Airbus but for the F-35 Joint Strike Fighter jets as well.
Raytheon (NYSE:RTN) Technologies could be positioned to benefit from more defense spending and more commercial orders. While greater scale could also mean the ability to weather any future slowdowns more smoothly.
GREG HAYES, UNITED TECHNOLOGIES CEO: The commercial aero side, we expect growth around 6 percent, 7 percent annually for the next 5 years. Tom, with everything that he`s won and the modernization focus of the DOD, he`s probably looking at about 5 percent or 6 percent growth. So this is not about one company growing and the other not.
BRENNAN: They expect a billion dollars in cost synergies by year four but really, it`s all about the technology — 38,000 patents, $8 billion in research and development, and more than 60,000 engineers. Even though their products don`t overlap, the underlying technologies, be it A.I. and analytics or engineering techniques could be applied to different production lines across commercial and defense.
Still, the news was greeted by President Trump with at least initially some skepticism.
DONALD TRUMP, PRESIDENT OF THE UNITED STATES: When I hear United and I hear Raytheon (NYSE:RTN), which is another incredible company, the missile systems they make are incredible, when I hear they`re merging, does that take away more competition? It becomes one big fat beautiful company.
BRENNAN: Raytheon (NYSE:RTN) and United Tech say they`re complementary, not competitive. They say they`ll create more U.S. jobs and they promise to reduce costs to the government since they`ll be able to bid aggressively on future defense contracts.
For NIGHTLY BUSINESS REPORT, I`m Morgan Brennan at the New York Stock Exchange.
HERERA: But that wasn`t the only deal today. Salesforce is buying Tableau Software for about $16 billion, making this one of the largest software acquisitions ever. As typically happens, the company being acquired rose sharply while the acquirer fell.
Josh Lipton dives into the details.
JOSH LIPTON, NIGHTLY BUSINESS REPORT CORRESPONDENT: Groundbreaking. That`s how analysts are describing Salesforce`s decision to buy Tableau Software. It`s one of the largest software acquisitions ever.
Analysts say the deal is transformative, because it means Salesforce CEO Marc Benioff can offer his business customers something they desperately want, more ways to gather, order, and analyze the data they collect. That`s what Tableau does. It has more than 86,000 customers, including Verizon (NYSE:VZ) and Netflix (NASDAQ:NFLX).
ROGER MCNAMEE, ELEVATION PARTNERS CO-FOUNDER: What an amazing transaction for the tableau shareholder. I mean, they are about to be in a business where their biggest competitors were going to be Amazon (NASDAQ:AMZN) and Google (NASDAQ:GOOG), and all of a sudden, they get bought out at a 50 percent premium. I mean, that is — I mean, we`re breaking out the champagne on behalf of the Tableau shareholder because that was a great outcome.
LIPTON: Cloud companies from Amazon (NASDAQ:AMZN) to Google (NASDAQ:GOOG) all understand that this is a hot market to capitalize on and they`re working to innovate or acquire their way into advanced analytics. It`s why Google (NASDAQ:GOOG) just last week bought a data analytics company called Looker for nearly $3 billion.
Analysts say this deal is a shot across the bow at Microsoft (NASDAQ:MSFT), extending the rivalry between Salesforce and Microsoft (NASDAQ:MSFT) from sales tracking software to the analytics market. But for some, this deal also sparked concern that Benioff knows he can no longer grow his company as fast independently and that he will now have to go out and pay for that growth.
For NIGHTLY BUSINESS REPORT, I`m Josh Lipton, San Francisco.
GRIFFETH: Now that tariffs on Mexican imports have been averted at least for now, attention turns back to China and a new report out today from that country showed a decline in Chinese imports, perhaps an indication that the trade war is reducing demand there. And the icy relationship between the U.S. and China was punctuated over the weekend when Treasury Secretary Mnuchin defended the use of tariffs and said that there could be more coming.
Eunice Yoon is in Beijing for us tonight.
EUNICE YOON, NIGHTLY BUSINESS REPORT CORRESPONDENT: Chinese expert data for May beat expectations. It appears that manufacturers front-loaded shipments or rushed orders after President Trump threatened to slap more tariffs on $300 billion worth of goods.
Experts jumped 1 percent, blowing past consensus of a fall of 3.8 percent. Imports suggested lackluster domestic demand. The trade surplus with the demand widened to a four-month high to $27 billion. Most analysts believe weak global growth and the trade war will hurt the chances of a recovery in the second half and lead to more stimulus.
Separately, China responded to Mnuchin`s assertion that Presidents Trump and Xi would meet at the G20 in June. The foreign ministry refused to confirm the meeting, saying: We have noticed the United States has repeatedly expressed this expectation. If there is concrete news on this, China will release it in a timely manner.
China is likely assessing the risks of having President Xi Jinping meet with President Trump. The Chinese won`t want President Xi to be publicly humiliated at the same time they`ll want to appear like the consistent partner and the U.S.-China relationship, which suggests that they would want to have the meeting.
The bottom line, though, is that from the Chinese perspective, a Trump-Xi meeting at the G20 is not a done deal.
For NIGHTLY BUSINESS REPORT, I`m Eunice Yoon in Beijing.
HERERA: So, what does all of this mean for the Fed and the odds of a rate cut?
Steve Liesman has that part of the story.
STEVE LIESMAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Despite a weekend deal with Mexico to avoid tariffs, markets are still betting on a series of interest rate cuts from the Federal Reserve this year. The chance of a rate cut is priced in futures markets running around 80 percent, so what would it take for the Fed to lower rates? The Fed meets next week and they`re expected to stay on hold but perhaps signal possible cuts coming in July.
A cut might come if Presidents Trump and Xi either don`t meet in Japan later this month at the G20 gathering or if they meet and can`t strike a deal. In that case, the president said in a CNBC interview today that additional tariffs could be levied on Chinese goods.
A weak second quarter growth could all seal the deal for a fed rate cut. Some Fed watchers expect a mini-easing cycle by the Fed, consisting of two or three rate cuts.
KRISHNA GUHA, EVERCORE ISI: What does it do? Well, obviously, it supports asset prices and credit conditions. It softens the dollar a little bit. It would help sectors like housing that are beginning to benefit from lower ten-year yields.
Is it totally transformative? No. Does it help lean against this extreme uncertainty from trade? Yes, it does.
LIESMAN: And there are those who say the Fed may decide to hold the line. New York Fed President John Williams last week said he knows what markets are pricing in for the Fed but he declined to endorse it.
TORSTEN SLOK, DEUTSCHE BANK SECURITIES: The bottom line is that the constantly we`re hit by shocks and the question is, assessing the magnitude of these shocks is critical and we just don`t really know at this point if it`s required to have deep cuts and rates that the market is pricing at the moment.
LIESMAN: So, there`s some risk the Fed doesn`t deliver but most economies say another round of tariffs or even tariff threats from the Trump administration would likely force the Fed to cut rates in response.
For NIGHTLY BUSINESS REPORT, I`m Steve Liesman.
GRIFFETH: And from interest rate cuts to raising the capital gains tax. Just last week, billionaire hedge fund manager Stanley Druckenmiller said that he would not have a problem with a hirer capital gains rate, but what about individual investors? How would this affect them if it were to happen?
Joining us right now with his assessment, Ben Phillips. He`s founder and chief investment officer of EventShares.
Ben, good to see you. Thanks for joining us tonight.
BEN PHILLIPS, EVENTSHARES FOUNDER & CIO: Thanks, Bill.
GRIFFETH: You know, among proponents, one of the arguments in favor of raising the cap gains tax is that many wage earners already pay a higher tax than capital gains tax rates. So, raising the cap gains rate would just level the playing field.
What do you say?
PHILLIPS: Well, you know, we looked at past examples in `81, `97 and 2003 when you saw the tax gains rate actually cut and you saw an increase in tax revenue. So, for the individual, we actually think that higher cap gains taxes means that they`re going to be less willing to invest in stocks and it reduces potential future growth as entrepreneurs are less willing to invest. And so, we think that just means lower stock market returns and lower income for retirees who are trying to monetize their stock portfolio.
HERERA: Yes, I was going to say, you make the point that basically for retirees who may still have significant exposure to the stock market, this actually cuts back on their ability to spend quite considerably.
PHILLIPS: That`s right. It`s kind of a double whammy, right? So, you have first the lower equity returns, lower stock market returns so you have that, plus you have the hit from the taxes so if we`re talking from going 20 percent to, let`s say, 35 percent, that`s almost doubling the tax burden on a sale.
So, you sell $100,000 stock position instead of, you know, just paying $20,000 to Uncle Sam, you`re paying $35,000 to Uncle Sam.
GRIFETH: And we often think of just the stock market when we`re talking about the capital gains rate, but this applies also to small business owners in many cases, doesn`t it?
PHILLIPS: Absolutely. I think it`s about a 50/50 between stock sales and other capital gains which include business sales. So, you think of an entrepreneur who, let`s say that, you know, they put in ten years of sweat equity, no cash equity. They sell their business for a million dollars and you`re talking about another $150,000 that they can`t invest — reinvest in the business if we go from a 20 percent to a 35 percent tax rate.
So, that`s substantial. We think that`s a drag on growth. Small businesses are the engine for job creation. They`re the engine for innovation and U.S. economy. So, if we throw a wrench in that, we think that`s bad overall for U.S. growth.
HERERA: You also say it`s an easy tax to avoid, just don`t sell your shares.
PHILLIPS: That`s right. It is one of the easiest taxes to avoid, so there is some of that encouragement for might encourage a buy and hold investor. So, there might be some of that.
But again, you know, you have to ask the government, what is the intention of hiking the tax there? What would that mean? And they want to raise revenue but actually it`s counter to that. You hike cap gains tax, you see lower tax revenue typically the past three times it`s happened.
GRIFFETH: Ben Phillips with EventShares. Again, thanks for joining us tonight.
PHILLIPS: Thanks for having me.
HERERA: Time to take a look at some of today`s “Upgrades and Downgrades”. Tesla was upgraded to buy from neutral at Roth Capital. The analyst cites the potential for stronger demand from China. The price target is $238, the stock rose 4 percent to $212.88. Analog Devices (NYSE:ADI) was upgraded to buy from sell at Goldman Sachs (NYSE:GS). The analyst cites an improved growth outlook and exposure to multiple revenue drivers. The price target is $114 and the stock rose more than 5.5 percent to $106.55.
GRIFFETH: Still ahead, Amazon (NASDAQ:AMZN) issues a new credit card to help consumers build their credit, but is there a catch?
HERERA: Insys Therapeutics has filed for bankruptcy. The filing comes days after the pharmaceutical company agreed to pay $225 million to settle federal charges over the sales of its opioid drug. Insys is the first drug manufacturer to turn to bankruptcy due to opioid-related legal expenses.
As you know, it is the story that we have been following for years from the first state investigations to doctors who were targeted by the company. And back in 2015, we did a series focused on the issue called “pushing pain”.
GRIFFETH: Also as you know, big tech is facing antitrust scrutiny in Washington these days, and that includes Facebook (NASDAQ:FB), which has ambitions far beyond its core social media platform.
Julia Boorstin has more for us tonight.
JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT: The FTC will be taking a hard look at not just whether the tech giants are too big, but also whether the tech giants are unfairly using their dominance in their core areas to disadvantaged competitors.
DINA SRINIVASAN, ANTITRUST SCHOLAR: I think the focus is going to be on Facebook (NASDAQ:FB) and Google (NASDAQ:GOOG). They both have very dominant positions in niche markets. For Facebook (NASDAQ:FB), it`s social networking. With Google (NASDAQ:GOOG), importantly, it`s advertising technology or ad tech, which is the piece of technology that publishers use to sell ads online. It`s also online search and those markets, they have a very dominant position.
BOORSTIN: With Facebook (NASDAQ:FB) now competing in a wide range of businesses from video games and e-sports to job postings and movie ticket sales, one question is whether Facebook (NASDAQ:FB) is using its dominance in social media to promote, say, its own dating service.
The FTC will scrutinize Facebook (NASDAQ:FB) under the Federal Trade Commission Act. According to one law professor, who says it`s more flexible law and could recognize new forms of power and abuse, saying the FTC could decide that a dominant platform is a gatekeeper and abusing competitors on the platform would be unfair competition.
Google (NASDAQ:GOOG) was fined a record $2.7 billion by the E.U. in 2017 for giving an illegal advantage to its own online shopping service in search results. The FTC investigated Google (NASDAQ:GOOG) for this but didn`t fine the company.
President Trump in an interview with CNBC Monday criticized large E.U. fines against U.S. big tech but said the antitrust issue is worth exploring.
TRUMP: I think it`s a bad situation but obviously, there is something going on in terms of monopoly.
BOORSTIN: Experts saying that regulatory scrutiny is likely to be much more about policing these companies` behaviors rather than trying to break them up.
MICHAEL KATZ, HAAS SCHOOL OF BUSINESS PROFESSOR: I do believe the agencies are going to look closely at big tech, but I think it`s going to be much more drawn out and sort of in the trenches and details than people think. I just don`t think we`re going to see these sort of sweeping wholesale changes or break-ups that some people are talking about.
BOORSTIN: Now that Facebook (NASDAQ:FB) enables its users to make phone calls and sell products, they`ll have to be careful to show it`s not disadvantaging new rivals, including the likes of mobile carriers and eBay (NASDAQ:EBAY).
For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in Los Angeles.
HERERA: American Airlines extends flight cancellations of 737 MAX planes past Labor Day and that`s where we begin tonight`s “Market Focus”.
The airline carrier says it`s canceling more than 100 daily flights because of the grounding of the 737 MAX planes through September 3rd. Later than the previously planned August 19th date. Boeing (NYSE:BA) says it has finished a software patch for the 737 MAX planes but aviation officials have not signed off yet on those fixes. The plane was grounded in March following an Ethiopian Airlines crash, the second fatal crash in five months involving a MAX. Shares of American Airlines dropped a fraction to $30.76.
Kraft (NYSE:KFT) Heinz says it`s completed an internal accounting investigation and changed its financial practices that triggered a regulator probe and steep decline in the food maker`s stock price. The company says it is taking actions to strengthen internal controls over financial reporting. Shares rose more than 5 percent to $30.31.
GRIFFETH: Private equity firm Apollo Global is buying online digital photo services company Shutterfly (NASDAQ:SFLY). Apollo is going to pay $51 in a share that values Shutterfly (NASDAQ:SFLY) around $2.7 billion. Shutterfly (NASDAQ:SFLY) was up more than 2 percent in the regular session today to $50.25.
And Merck (NYSE:MRK) is buying pharmaceutical company Tilos Therapeutics. That`s a deal valued at around $773 million. The acquisition gives Merck (NYSE:MRK) control of a pipeline of cancer, fibrosis and autoimmune disease treatments. Merck (NYSE:MRK) was up a fraction today to $82.48.
HERERA: Amazon (NASDAQ:AMZN) is launching a new credit card for prime members with no credit history or bad credit. The card will be called Amazon (NASDAQ:AMZN) Credit Builder and it will allow users to build up their credit through a secured card, while getting perks like 5 percent cash back on purchases.
What are the pros and the cons?
Well, Greg McBride, chief financial analyst at Bankrate joins us now to talk about that.
Greg, nice to have you here.
GREG MCBRIDGE, CHIEF FINANCIAL ANALYST, BANKRATE: Thank you, Sue.
HERERA: You know, it seems as though it`s a good idea for those who are, quote, unquote, unbanked, don`t have access to credit, but it seems the devil is in the details. One instance is an extremely high interest rate.
MCBRIDGE: Very high, even by retail card standards. The interest rate is over 28 percent. Retail cards by nature tend to have higher rates to begin with but even 28 percent is really at the top end.
GRIFFETH: And that`s on a secured card, so you deposit money and that becomes your credit line and yet you`re still paying the 28 percent. The other thing that strikes me is you can only use the card to buy items on Amazon (NASDAQ:AMZN). That`s a new wrinkle.
MCBRIDE: Yes, and this is a — what`s called a closed loop card, so like a lot of retail cards you can only use it at that particular retailer. So this retail-type card but having a secured card , that`s kind of a new wrinkle. And you`re right, you make a deposit that`s equal to your credit line, anywhere between $100 to $1,000 that really takes away a lot of the risk for the issuer and also for the card holder. But again, paying 28 percent, you don`t have to keep a balance for too long and you have more than wiped out any cash back they`re giving you on those purchases.
HERERA: So, it comes down to discipline, does it not, in terms of if you get one of these cards, you need to pay off the balance completely.
MCBRIDE: Absolutely. I mean, it is a lot like a sharp kitchen knife in the right hands, it`s a very useful tool. In the wrong hands, it can be dangerous. With an interest rate of over 28 percent, if you`re carrying a balance, that`s dangerous.
If you`re trying to establish credit, don`t fall for this notion that you have to carry a balance in order to build credit. You don`t. You can make small token purchases, pay it off in full every month, build credit very effectively that way, not incur finance charges. And if you`re a prime member, you can get 5 percent back on those purchases.
GRIFFETH: But it does highlight the number of people who are either underbanked or unbanked completely. They`re taking advantage — they`re looking into this opportunity to reach those people who wouldn`t otherwise have an opportunity to have a card, right?
MCBRIDE: Yes, Bill, I mean, this has been, really, I think, the area where a lot of financial institutions and even some nonfinancial institutions have been trying to tap into this market — the unbanked and the underbanked consumer, viewing that as a potential growth area. But on the other side of that, if you`re the consumer, you`ve got a real incentive to do what you can to pay that bill on time, not run up balances that you can`t pay back and then eventually translate to an unsecured card.
HERERA: Greg, as always, thank you. Greg McBride with Bankrate.
Coming up, help wanted, the power of wind and the job skills that are in demand.
HERERA: The number of job openings remain near a record in April and it exceeded the number of unemployed Americans by the largest margin on record. According to the Labor Department, there were about 7.5 million unfilled jobs, meaning that employers are still having a hard time finding the right workers.
GRIFFETH: And that is especially true in the wind power industry which is experiencing record growth right now. Many businesses there are hanging out the help wanted sign and Kate Rogers (NYSE:ROG) went to one of those companies in Shenandoah, Pennsylvania.
KATE ROGERS, NIGHTLY BUSINESS REPORT CORRESPONDENT: In 2018, Jason Urichich was at a crossroads, after losing his home and landscaping business in Youngstown, Ohio. He decided to pursue a six month program for wind turbine technicians.
JASON URICHICH, AVANGRID RENEWABLES SENIOR LEAD TECHNICIAN: I was really interested just in the small turbines at home, trying to build one myself. I decided that maybe I didn`t know enough about it. Maybe I should go to school for it.
ROGERS: That maybe turned into a career for him, who`s now a senior lead technician for Avangrid Renewables in Shenandoah, Pennsylvania.
With 114,000 fulltime jobs supported by wind energy in 2018, from construction to manufacturing, the American Wind Energy Association says workers like Urichich will be in demand for years to come with projects under way nationwide. Turbine technicians make a median of $50,000 annually. But in the face of a tight labor market, companies are aggressively recruiting across state lines, offering signing bonuses and competitive benefits.
With 60 wind facilities and another five in development, Avangrid Renewables says talent retention is a top concern.
LAURA BEANE, AVANGRID RENEWABLES CEO: We`ve been doing a lot at the local colleges and schools and even starting in the high school area because it doesn`t require a four year degree. It`s really a commitment to safety, first and foremost, mechanical aptitude and problem solvers. And so when you look across our workforce of technicians, they come from all different backgrounds.
ROGERS: Manufacturers do make parts for turbines like these ones domestically, but the supply chain is also global. So, tariffs on imported Chinese goods could hinder job growth moving forward.
TOM KIERNAN, AWEA CEO: We would have been hiring more people if it weren`t for the current tariffs, and if the tariffs increase as the president is proposing, that will either further reduce our growth or could at some point lead to a decline in the number of jobs in the wind industry.
ROGERS: Political uncertainties aside, technicians like Clayton Karenek say the job is rewarding.
CLAYTON KARENEK, AVANGRID RENEWABLES WIND TECHNICIAN: It`s like working on a big car. It`s satisfying. It pays good. The benefits are good. You know, kind of makes you feel like you`re doing a little bit good for the environment, even if it`s just small.
ROGERS: For NIGHTLY BUSINESS REPORT, I`m Kate Rogers (NYSE:ROG) in Shenandoah, Pennsylvania.
HERERA: Here`s a look at the final numbers on Wall Street today. The Dow rose 78 points, the Nasdaq added 81 and the S&P 500 was up 13.
And that is NIGHTLY BUSINESS REPORT tonight. I`m Sue Herera. Thanks for joining us.
GRIFFETH: I`m Bill Griffeth. Have a wonderful evening, everybody. See you tomorrow.
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