ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Sue Herera and Bill Griffeth.
BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: Wall Street`s big week from earnings to the Fed and trade and jobs. Why the next few days could redefine the market as investors know it.
SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Big pharma deal. Pfizer (NYSE:PFE) is merging the off patent business with Mylan (NASDAQ:MYL), creating a new company that controls a number of blockbuster medicines.
GRIFFETH: Battle royale. In the entertainment industry, competitive video game playing is taking off and it could be at the expense of Hollywood.
Those stories and much more tonight on NIGHTLY BUSINESS REPORT for Monday, July 29th.
HERERA: Good evening, everyone, and welcome.
Four pillars of this stock market converge over the next few days. First, there is earnings. This is the busiest week for quarterly results of the season. Then, there is the Federal Reserve which begins the two-day policy meeting tomorrow with the decision on interest rates due on Wednesday.
Trade talks between the U.S. and China are set to resume. And the nation`s labor market which has been fuelling the consumer comes into focus with the release of the monthly jobs report. But today, investors were willing to wait and see what happens, with the major indexes hovering around all-time high.
The Dow Jones Industrial Average was 28 point to 27,221 and the Nasdaq fell 36 and the S&P 500 was down 4.
Bob Pisani has more on what lies ahead for investors.
BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: They call it calm before the storm. The market is bracing for the busiest week for both earnings and the global economy and Fed meeting on top of that. So, right now, investors are reassured by trade talks haven`t blown up yet. Second, Central Banks are keeping interest rates low and will continue to do so. And third, earnings are not collapsing. They are flattish but not collapsing.
First on trade, U.S. Treasury Secretary Steve Mnuchin is in Shanghai to restart trade talks. The markets aren`t expecting any kind of breakthrough. They just need to see that talks are continuing and not faltering, and the market seems content with that, at least for now.
Second, the earnings roster was light today but later in the week, we`ll get results for consumer names like Clorox (NYSE:CLX) and Procter and Gamble, tech titans like Apple (NASDAQ:AAPL) and Samsung, and Chevron (NYSE:CVX) and Exxon-Mobil. The market needs to see the guidance still coming in better than expected and the tech earnings in particular don`t weigh estimates down.
And finally on the economy, the markets are expecting the Federal Reserve to cut rates by a quarter point on Wednesday, but still a minority believe the Fed will cut by a larger 50 basis points as the global economy is a bit weaker. It`s difficult to say whether 25 basis points will be enough to stave the market`s appetite for more stimulus or whether it could spark a modest selloff.
There are plenty of data to watch ahead of its decision, including U.S. data on personal income and spending, home sales and consumer confidence. Also, we have manufacturing data from China and European retail sales. We`ll also get the widely watched July jobs report on Friday, expected to show a gain of 166,000 jobs in the U.S. last month.
For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.
GRIFFETH: A former chair of the Federal Reserve is throwing her support behind an interest rate cut. Janet Yellen says the move is justified because of low inflation and a weaker global economy. She says what happens in the rest of the world affects us.
(BEGIN VIDEO CLIP)
JANET YELLEN, FORMER FEDERAL RESERVE CHAIR: Although the U.S. is doing well, I would be focused on wanting to keep it doing well, to keep the expansion on track. And I think in light of the risks, I would be inclined to cut a bit. I won`t see this as the beginning unless things change of a major easing cycle.
(END VIDEO CLIP)
GRIFFETH: She made those comments yesterday at the Aspen Institute`s Economic Strategy Group meeting.
HERERA: So let`s turn now to Mark Luschini to discuss what this big week for the market will mean for you. He`s the chief investment strategist at Janney Montgomery Scott.
Good to see you again, Mark. Welcome back.
MARK LUSCHINI, JANNET MONTGOMERY SCOTT CHIEF INVESTMENT STRATEGIST: You as well. Thank you, Sue.
HERERA: So there is a awful lot on the market`s place this week. Is there one event that we highlighted that you think will take precedence over the other?
LUSCHINI: Hardly. The one that`s tangible, of course, is the Fed meeting. There is no doubt it is occurring, and number two, there is no doubt there is some decision coming from it. The one Friday, of course, the jobs report is going to give us a finite reading in the labor market, is the trade negotiation that remains somewhat ambiguous relative to whether anything will be resolved here over the coming days and we`ve seen this movie before where the trade talks end and subsequently they pick up again at some later date.
So I think the market is really baking in expectations around a Fed policy shift that`s going to be supportive of equity prices. So, it won`t be so much the policy move I think as the accompanying policies by way the press discussions, Jay Powell will have, offering up some color around the decision that was ultimately made.
GRIFFETH: Let me ask it another way, Mark. Is the greatest risk for the upside or the downside for the market? Here we said, as Sue pointed out, an all-time high, is that would suggest that all of the good news has been factored into this market. So is the greatest risk to downside, do you think?
LUSCHINI: Tyler, I do. I don`t think it is substantial. I don`t think necessarily anything that we`re going to hear is gong to substantively change the direction of the market over the balance of the next, say, three to six months.
But certainly we could see pressure applied to equity prices. Should the Fed come out by way of either no rate cut which would be a huge shock to the market or even a 25-basis point without accompanying language that is equally dovish relative to the prospect of further rate cuts since the market is expecting two if not three before year end.
HERERA: Mark, let me turn you to earnings. Because to Bill`s point, given the fact that we have the market sitting at all time highs, do you anticipate increased volatility as these earnings come in in individual stocks, depending on how those reports come in?
LUSCHINI: Well, I think most definitely. What is notorious is early on in earnings season, we tend to see results that beat more often than disappoint, and as the earning season wears on, the disappointment come through a little bit more feverishly and, of course, what we know is that earnings over all are not expected to be up much for this quarter, and, of course, that puts a lot of pressure on what we`re going to see over the back end of this year and into 2020, to bail out of market that is trading at a fairly demanding 17 or 18 times forward depending upon how near or far out you stretch your consensus estimate for S&P 500 earning.
And again, that plays back into why it is important that we see the other news flow be generally supportive because its valuations on a stand-alone basis don`t warrant equity prices moving substantively higher from here.
HERERA: Mark, thank you. Mark Luschini with Janney Montgomery Scott.
LUSCHINI: You`re welcome.
GRIFFETH: I really need to wear a name tag or something.
Pfizer (NYSE:PFE) and Mylan (NASDAQ:MYL) are merging part of the business to create a new company that will be one of the biggest sellers of off- patent medicine. The industry has been in — facing pressure, of course, from Washington over high drug prices which is led to a spate of recent deals including Bristol-Myers buying Celgene (NASDAQ:CELG), and AbbVie`s purchase of Allergan (NYSE:AGN). Reaction to today`s deal was mixed. Mylan (NASDAQ:MYL) was one of the best performing stocks in the market today, up more than 12 percent, while Dow component Pfizer (NYSE:PFE) fell.
Meg Tirrell has details.
MEG TIRRELL, NIGHTLY BUSINESS REPORT CORRESPONDENT: The United States is about to get a brand-new drug company, selling medicines from Mylan`s EpiPen to Pfizer`s Lipitor and Viagra. Those are some of the world`s best known medicines, but they`ve lost patent protection and Pfizer (NYSE:PFE), the world`s largest drug maker, is ready to go in a different direction.
In a deal announced today, Pfizer (NYSE:PFE) will spin off a unit it calls Upjohn and combine that business with generic drugmaker Mylan (NASDAQ:MYL). It will create a sizable new company, yet to be famed, with sales of up to $20 billion next year.
The merger also marks the closing of a of a chapter for Mylan`s CEO Heather Bresch. She`s going to retire from Mylan (NASDAQ:MYL) with the closing of the deal.
Bresch is perhaps best known by the public for defending Mylan`s price increases on the EpiPen, an episode that contributed to the stock`s major decline over the past few years. Mylan`s chairman Robert Coury will be the executive chairman of the new company, while Pfizer`s head of Upjohn, Michael Goettler, will be CEO.
The deal is a culmination of a year long strategic review at Mylan (NASDAQ:MYL) which the company undertook amid pressure on U.S. generic drug prices and a government investigation into price collusion in the industry.
IRINA KOFFLER, MIZUHO: I`ll be the first to admit I was one of the skeptics about Mylan (NASDAQ:MYL), that Mylan (NASDAQ:MYL) can get, you know, a solution for the situation but clearly they found just the right party to merge with who had a lot of cash flow and also was willing to do the deal.
TIRRELL: Pfizer (NYSE:PFE) also reported the second quarter results today with revenue missing Wall Street estimates. For that company, the deal marks a further streamlining of its business under new CEO Albert Bourla, to one focused on medicines and vaccines still protected by patents and which could command higher price tags.
For NIGHTLY BUSINESS REPORT, I`m Meg Tirrell.
GRIFFETH: Meg just mentioned that Pfizer (NYSE:PFE) reported soft revenue for the most recent quarter but it also saw a 30 percent rise in profit thanks to demand for its branded medicines. That report, by the way, was released a day earlier than planned.
HERERA: It is time to take a look at some of the today`s “Upgrades and Downgrades”.
UPS was downgraded to hold from buy at Stifel. The analyst cites the challenging macro environment heading into year`s end. The price target is $118, the stock closed right at that level, $118.75.
Starbucks (NASDAQ:SBUX) was downgraded to neutral from overweight at J.P. Morgan. The analyst says a rise in the stock price is limited following a 90 percent gain over the past 12 months, and the price target is 91. The stock fell 1 percent to $98.02.
GRIFFETH: American Airlines was downgraded to neutral from outperform at Macquarie, with the analysts citing challenges facing the whole industry and the ongoing mechanics union slowdown specifically. That price target is now $34. Stock fell more than 1.5 percent today to $30.74.
Anheuser-Busch InBev was upgraded to buy from neutral at Bank of America (NYSE:BAC) Merrill Lynch. The analysts say that the cycle of negative earnings is coming to an end. Price target $118, the stock gained 1 percent to $101.67.
HERERA: Still ahead, the fast lane. United Airlines wants to make it easier for you to get through security using your finger tips and your eyes.
GRIFFETH: Credit rating agency Standard and Poor`s warned today that it may lower Boeing`s credit rating due to the grounding of the company`s 737 MAX airplane. S&P says that prolonged grounding could damage Boeing`s financials and result in a loss of market share. Last week, Moody`s (NYSE:MCO) and Fitch issued similar warnings. Boeing (NYSE:BA) stock fell during today`s session.
HERERA: The head of the European discount airline Ryanair (NASDAQ:RYAAY) said the prolonging grounding of the max to lead to job cuts at his company. CEO Michael O`Leary said he`s concerned Ryanair (NASDAQ:RYAAY) will receive zero planes by next summer which could eat into that carrier`s growth outlook. On an earnings call, O`Leary had some choice words for Boeing (NYSE:BA) which required us to bleep one out.
(BEGIN AUDIO CLIP)
MICHAEL O`LEARY, RYANAIR CEO: We are originally expecting 58 aircraft for the summer of 2020, and that`s now 30 at best. It may well move to 20, it could move to 10. And it could well move to zero if Boeing (NYSE:BA) don`t get their (EXPLETIVE DELETED) together pretty quickly with the regulators.
(END AUDIO CLIP)
HERERA: Regulators have not said when they will allow the planes to fly again and have not given a time line.
GRIFFETH: United Airlines and security firm Clear are teaming up to bring biometric screening to more airports around the country.
And as Phil LeBeau reports, it`s part of a growing trend where your eyes and your finger tips will eventually get you through security faster.
PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT: Clear, which uses biometrics like your fingerprint or eyes to confirm your identity so you move through TSA checkpoints faster is teaming up with United Airlines to expand its presence in airports.
CARYN SEIDMAN BECKER, CLEAR CEO: It has been about bringing on the partners who want to use it. And Delta was an early adopter and United has come on and they`re excited about changing the customer experience from curb to gate.
LEBEAU: Getting passengers through the airports with fewer headaches is one of the reason united is buying a stake in clear. It`s also adding Clear kiosks to its hubs like Chicago O`Hare.
But there`s a larger trend here. Biometrics are increasingly replacing the need to show your ID. Delta used facial recognition instead of checking passports to board passengers on some international flights. Now, Clear is expanding beyond the airport to Hertz rental car lanes, some stadium entrances, and soon for buying something in the airport or during a flight.
Clear`s goal: ending the hassle of taking out a credit card.
SEIDMAN: I was at LAX last night in line at the — you know, getting magazines and you`re finding your wallet, finding your credit card and none of them are good customer experiences and kind of painful, specially on new bags like me. So, I think over the next 12 months, it will be here.
LEBEAU: Even though joining clear could cost well over $100, it is clear many do want to be clear. In fact, the security program now has almost 4 million subscribers.
Phil LeBeau, NIGHTLY BUSINESS REPORT, Chicago.
HERERA: Exact Sciences is strengthening strong hold in cancer screenings. That is where we begin tonight`s “Market Focus”.
The cancer diagnostic company will buy Genomic Health (NASDAQ:GHDX) for nearly $3 billion. The acquisition will help Exact Sciences expand its testing for breast and prostate cancers. Separately, Exact Sciences reported missed quarterly results, missing earnings expectations but topping revenue estimates. Shares of Exact Sciences fell a fraction to $117.57, Genomic Health (NASDAQ:GHDX) share rose 6 percent to $73.07.
Sanofi posted better than expected results, thanks to an increase in sales of vaccines and rare disease products. The drug maker also raised its full-year guidance. The stock was up more than 1.5 percent to $43.03.
Cooper Tire and Rubber missed earnings and revenue expectations due to costs connected to new tariffs on imports from China. It was also hit by restructuring costs related to a facility in London where it halted light vehicle tire production. The company lowered its full year outlook. The stock dropped more than 9 percent to $27.55.
GRIFFETH: Uber is laying off 400 employees in its marketing department. That`s about a quarter of the marketing team global work force. The company says the restructuring will help focus on brand across audiences and project and regions. The stock fell more than 1 percent today to $43.88.
And then after the bell, Transocean (NYSE:RIG) missed analyst expectations. The offshore drilling company also reported weaker than expected revenue. The CEO cited uncertainty around oil prices, but added that offshore products do remain attractive. Shares were falling in after hours trading tonight. They close the regular session down near 4 percent to $5.37.
Also after the bell, AK Steel posted mix results, beating Wall Street`s earning forecast but reported a shortfall in revenue. The steel company saw a decrease in shipments to the automotive market. Shares were volatile in the after-hours session, as you can see. They closed the regular day up more than 2 percent to $2.54.
HERERA: Sales are growing fast at Beyond Meat. The plant-based burger maker reported better than expected revenue and raised its forecast, but its quarterly loss was wider than forecast. The company also said it plans to issue additional shares of stock in what is known as a secondary offering and that caused the stock to fall in initial after-hours trading.
Aditi Roy has more on Beyond Meat`s results.
ADITI ROY, NIGHTLY BUSINESS REPORT CORRESPONDENT: Beyond Meat says it will bring in more revenues in 2019 and than it previously thought. The company projects $240 million in sales in 2019, up from the $210 million the company previously predicted last quarter. Most of the increase is folded into the company`s second quarter revenue beat.
Why the change? One driver of top line growth is new partnerships. In the last two weeks alone, we`ve seen Beyond Meat land deals with Dunkin` Donuts and Blue Apron. The company also cites an increase in sale volume of its products and greater demand from existing customers. It remains to be seen how Beyond Meat fairs with increasing competition from companies like Tyson Foods (NYSE:TSN) and Impossible Foods.
For NIGHTLY BUSINESS REPORT, I`m Aditi Roy, San Francisco.
GRIFFETH: And coming up, the entertainment industry is changing and there`s big money following it.
GRIFFETH: Here`s what we`re watching tomorrow.
As we mentioned earlier, the Fed policymakers begin their two-day meeting on interest rates tomorrow. Trade talks between U.S. and China begin in Shanghai. Then, Apple (NASDAQ:AAPL) reports earnings. Investors are going to be looking for an update on its service, as well as demand for its flagship iPhone.
So, another busy day coming up on Tuesday.
HERERA: A three-day Fortnite tournament turned a teenager into a millionaire. It also highlighted the big money, power and influence of the competitive e-sports industry.
Josh Lipton has more.
JOSH LIPTON, NIGHTLY BUSINESS REPORT CORRESPONDENT: It`s official. Kyle Giersdorf aka “Bugha” is the best Fortnite player on the planet. A 16- year-old gamer from Pennsylvania, he just won the first ever Fortnite World Cup. His prize: $3 million, the largest single payout in e-sports history.
The competition took place at Arthur Ashe Stadium in New York City. Fifty- nine tickets were sold and a whole lot more fans watched online. Nearly 10 million views on YouTube on the final day of competition.
UNIDENTIFIED MALE: It feels amazing. I mean, I might be 30 years old but I`m here. Let`s go.
UNIDENTIFIED MALE: Honestly, it is crazy. I did not expect this many people to show up and this many fans. It is an awesome experience all around.
LIPTON: The event speaks to the powerhouse that is “Fortnite”, a game that boasts more than 250 million players and nearly $4 billion in estimated revenue. It also showcases the popularity of e-sports. It might sound crazy to some but people really do like watching other people play video games for big prize pools, 454 million people will watch e-sport this is year, a jump of 15 percent and a revenue will grow nearly 30 percent to more than $1 billion mostly from media rights, advertising and sponsorships.
Who is watching e-sports? More than 80 percent of the audience is male, according to Nielsen, the average age is 25, with an annual household income of $70,000.
For NIGHTLY BUSINESS REPORT, I`m Josh Lipton, San Francisco.
GRIFFETH: And as people spend more time streaming video game tournaments, they`re spending less time in movie theaters. And the business minds in Hollywood are very well aware of the intensifying competition.
Julia Boorstin has that part of the story.
JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Despite the mega- hit, the movie industry is facing, some big challenges.
The domestic box office is down nearly 7 percent from last year which was a record. The drop comes as options increase for consumers, including free or inexpensive content at home. There is the explosion of interest in e- sports, and the increasing number of new exclusive content both movies and TV shows made with big budgets for streaming on the small screen.
Thanks to Netflix (NASDAQ:NFLX), Amazon (NASDAQ:AMZN) and others ramping up their spending, all of this raising the bar for the studios. They need bigger brands and bigger budgets for their movies to stick out from the clutter. The studio that is consistently giving consumers reason to leave the house and buy tickets is Disney (NYSE:DIS). It`s just broken its own all time annual box office record and it`s only July.
Bolstered by “Lion King,” which has now grossed nearly $1 billion, the studio set a new record for the biggest studio growth in a year, $7.7 billion. Disney (NYSE:DIS) has the five biggest films of 2019.
CARTOON CHARACTER: I won`t let anything happen to her.
BOORSTIN: And Disney`s dominance is expected to continue with “Frozen 2” in November, and in December, “Star Wars: The Rise of Skywalker”, both expected to hit a billion dollars.
KARA SWISHER, RECODE EDITOR-AT-LARGE: They really do dominate. But in the entertainment market I don`t think you feel — or people`s time market, I don`t know if it is the entertainment market any more, I think they have plenty of competitors and lots of choices. They`re just making content people love.
BOORSTIN: The question is how much higher the bar will be for the movie industry, when the media giants give consumers more options for new exclusive content at home. With Disney (NYSE:DIS) Plus and Apple (NASDAQ:AAPL) TV Plus launching in the fall, and then the NBCUniversal streaming service and HBO Max launching in the spring.
Once again, Disney (NYSE:DIS) may be best positioned as it will be able to use the mega franchises such as Marvel and “Star Wars” to drive fans of its movies to subscribe to its new streaming service and fans of the service back to theaters.
For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in Los Angeles.
HERERA: And there is a new report tonight that Netflix (NASDAQ:NFLX) is investing $520 million to make three big budget films. The decision comes amid slowing subscriber growth and according to the “Wall Street Journal”, the move is part of a bigger push into the entertainment industry once controlled by big Hollywood studios. Analysts expect Netflix (NASDAQ:NFLX) to spend $15 billion on programming this year.
GRIFFETH: So, where is this shift in viewing habits taking the entertainment industry?
Joining us tonight is Paul Shanley. He covers the gaming business for “The Hollywood Reporter”.
Paul, thanks for joining us tonight.
PATRICK SHANLEY, HOLLYWOOD REPORTER WRITER & EDITOR: Hi. It`s Patrick.
GRIFFETH: Patrick. I apologize.
SHANLEY: It`s all right.
GRIFFETH: I was called Tyler, so we`re all mixed up.
I`m gobsmacked by the number of people who filled Arthur Ashe Stadium. It`s the biggest tennis venue in the world and they`re going to watch other people play video games. Where is the e-sports industry going here?
SHANLEY: Up is the easiest answer to that question. It is something that is growing significantly since about 2012 stateside. But globally it is a phenomenon, mostly in Asian markets.
HERERA: Now, we just had a report about how that might and is impacting the movie industry. Do you see a confluence where they both coexist or maybe the movie industry can benefit from this new e-sports craze?
SHANLEY: Well, we`re seeing video game adaptations on the big screen. There is some plan. There`s some that came out this year. Detective Pikachu became the highest growing video game film of all time. But that trend is not going to go away any time soon. It`s also happening on the small screen.
In terms of movies competing with video games and e-sports, it`s hard to say because really we`re talking just about eyeballs at this point. There is only so many hours in a day and people could be on the phones watching content at any given point at any day.
So, it is really just who could get the most eyeballs. Even Reed Hastings himself from Netflix (NASDAQ:NFLX), he said they compete with and lose to Fortnite more than they do with HBO. So video games aren`t going anywhere. They`re really a booming industry right now.
GRIFFETH: You know, when I saw they were at Ashe Stadium, I`m thinking, are they going to build their own stadiums at some point? I mean, is there an infrastructure to be built for the e-sports business, do you think?
SHANLEY: Comcast (NASDAQ:CMCSA) (NYSE:CCS) certainly seems to think so. Comcast (NASDAQ:CMCSA) (NYSE:CCS), obviously the media giant and second biggest cable provider on the planet I believe. They are investing $50 million to make an e-sports stadium for the Overwatch league team that they own, the Philadelphia Fusion. That`s being built now. I`m not sure exactly when it`s going to open but obviously they`re putting a lot of money in that.
We already have a stadium here in Los Angeles. It`s where they used to film “The Tonight Show” with Johnny Carson. It`s over in Burbank, and that is where all the Overwatch games are held right now. But, yes, this is definitely something that`s going to start happening across the country.
HERERA: So what companies do you think have the advantage? Obviously, the company behind Fortnite right now. But, you know, Apex Legends launch, and my kids preferred Fortnite to that.
So, what companies are you watching on the cutting edge?
SHANLEY: Epic Games is definitely the one that we watch. Epic Games are the making of Fortnite. I mean, they made $2 billion last year with just Fortnite which is pretty unbelievable number.
You mentioned Apex Legend. That`s a company called EA Electronic Arts (NASDAQ:ERTS). They`ve been around for a very long time and they`re definitely one of the biggest players in the space.
Apex Legends was kind of their answer to Fortnite. It`s a battle royale model, which is the name of the genre of games.
So, there`s a lot of bigger movers and shakers, things like Take Two.
SHANLEY: You have the EA, you have the Activision. Activision Blizzard (NASDAQ:ATVI) does Overwatch.
So, a lot of power players in video games, but also, you`re seeing Hollywood get into it. There is Bad Robot from J.J. Abrams. They launched the games division last year.
GRIFFETH: Got to go. Very good. Patrick, thank you. Nice to see you. Thanks for joining us.
SHANLEY: Appreciate it. Thank you very much.
GRIFFETH: You bet.
HERERA: That is it for us tonight. I`m Sue Herrera. Thanks for joining us.
GRIFFETH: I`m Bill Griffeth. Have a great evening. See you tomorrow.
HERERA: Yes, you are.
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