Transcript: Nightly Business Report – August 13, 2019

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

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  Tariff delay.  Stocks rally  after President Trump eases his stance on a new round of duties, sending  the Dow back above 26,000.  

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Mountain of debt.  A new  report shows older Americans owe a lot more money now than just a decade  ago.  Could that make retirement a little less golden?  

GRIFFETH:  Must-have documents.  Emergencies happen and there are four  legal papers everyone needs to have to be better prepared for them.  
Those stories and much more tonight on NIGHTLY BUSINESS REPORT for this  Tuesday, August 13th.  

HERERA:  Good evening, everyone, and welcome.  
The buyers came back to Wall Street.  Investors were encouraged by the  White House announcement that it would delay planned tariffs on some  Chinese goods.  The decision raised hopes that the trade talks between the  two economic superpowers would be revived.  

As one strategist said, the stock market reaction is more proof that the  trade war has been hanging over this market, and at least for today that  cloud was lifted.  The Dow Jones industrial average rose 372 points to  26,279, pretty much wiping out yesterday`s losses.  The Nasdaq was up 152  and the S&P 500 added 42.  
Kayla Tausche has the details on today`s cooling of tensions.  

KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT:  After days of no  news and increasing investor worry on the trade front, tensions thawed with  a phone call between U.S. and Chinese negotiating principals, which China  state TV came at Washington`s invitation.  Both Treasury and USDR declined  to comment on whether in-person negotiations were confirmed, but the two  sides are expected to speak by phone again in two weeks just before a  September 1st tariff deadline.  

In the meantime, the Office of the U.S. Trade Representative has shelved  tariffs on a wide swath of consumer goods including smartphones, toys and  some shoes and apparel until mid-December.  Just days after the Fed`s last  meeting this year, and President Trump says he doesn`t want to be the  Grinch.  

DONALD TRUMP, PRESIDENT OF THE UNITED STATES:  We`re doing this for  Christmas season.  Just in case some of the tariffs would have some impact  on U.S. customs, so far, they`ve had virtually none.  But just in case they  might have an impact on people, what we`ve done is we`ve delayed it so that  they won`t be relevant to the Christmas shopping season.  

TAUSCHE:  Toy company Hasbro (NYSE:HAS) among others said it appreciated  the Trump administration listening to their concerns and giving the company  more time to plan while buying the White House an additional three months  to see if China will agree to its terms of a trade deal.  
For NIGHTLY BUSINESS REPORT, I`m Kayla Tausche in New York.  

GRIFFETH:  Apple`s products are some of the main beneficiaries of this  tariff reprieve.  That sent that stock up more than 4 percent, making it  the best performer inside the Dow.  Shares of Apple (NASDAQ:AAPL) suppliers  were also higher today.  It`s so-called ecosystem includes companies like  Qorvo, Lumentum, Skyworks and Corning (NYSE:GLW).  

And retail chains like Best Buy (NYSE:BBY), Kohl`s (NYSE:KSS), and Dollar  Tree (NASDAQ:DLTR), they also got a lift since that sector is viewed as one  with a lot to lose in a U.S./China trade war.  

HERERA:  Peter Sorrentino joins us now to talk more about the impact that  tariff delay had on the market, the tech sector and retail sector today.   He is chief investment officer at Comerica (NYSE:CMA) Wealth Management.  
Peter, nice to have you with us.  
You say basically — 

PETER SORRENTINO, COMERICA WEALTH MANAGEMENT CIO:  Thank you, Sue.   Appreciate the opportunity. 

HERERA:  This is a positive, but longer term, things haven`t changed all  that much?  

SORRENTINO:  No.  The — essentially, we`ve got slowing global growth, and  so while it is a positive announcement, I think it does sort of separate  from the reality that a lot of the ordering and inventory for this holiday  season has already shipped.  I mean, just look at the time it takes to  transship the Pacific Ocean.  So, a lot of the inventory is in the  warehouse in the U.S., but it is a welcome development and shifting trends  for investment as you rightly pointed out.  

GRIFFETH:  We saw the balance that these stocks received, but these stocks  have been so volatile recently.  I mean, it depends on the next headline  and what they`re going to do.  What does the individual investor do with  some of these companies if they don`t already own them and if they want to  think about them?  What do you think?  

SORRENTINO:  Well, the fundamentals for this group are still positive.  You  know, this is really where we are seeing continued innovation.  The Apple  (NASDAQ:AAPL) ecosystem as you mentioned earlier does reach broadly and it  is a trend that we`re going to see going forward, where you got this  interface between the real world and the digital world.  

And so, that continues to expand.  We see greater digital content in  automobiles.  We`re moving toward driverless autos.  You know, it is an  increasing technology push out into, you know, even now the consumer  services sector.  

So, the general background for these companies is still very, very  positive.  This is a short-run positive for them in terms of just investor  sentiment, but over the longer term, it is a good group.  Any time, you  know, we get an opportunity to buy these stocks cheaper, it`s a welcome  opportunity.  

HERERA:  Speaking of cheaper, how do you feel about valuations?  I know it  will differ depending on the part of the market that we`re talking about,  but in general, do you find these companies fairly valued, still  overvalued?  

SORRENTINO:  One of the problems over the last couple of years is the  market leadership has been so narrow, and it has really been confined to a  large extent to technology, telecommunication services and to consumer  discretionary stocks.  

And these valuations have gotten stretched, and to expect additional  volatility there, it is not too surprising, you know, given that they were  trading on what I would call, you know, a great deal of positive  expectation.  So, you know, to think that they`re going to be volatile  going forward and we could see additional down side, that`s possible.   Again, I think the fundamentals are still very solid for the group, and I  would be encouraged by, you know, any adjustment of price to bring them  more in line with their future valuation.  

GRIFFETH:  Before we let you go, I don`t want to put words in your mouth,  but you don`t sound like you are investing in these companies with the  trade war in mind.  In other words, that doesn`t impact your view of these  companies long term.  Am I reading that correctly?  

SORRENTINO:  Yes.  Even when you look at Apple (NASDAQ:AAPL) — I mean,  Apple`s sales to China have been declining over the last, really, three  years now.  So I think you have to take a broader view of these, really  more of a global view because, in effect, the — what we are seeing in  terms of the automation push out if you will into things like consumer  services and retail, that`s a trend that`s going to continue, just as we  saw with factory automation.  

So, it`s another wave, if you will, of technology, you know, integrating  itself into our daily lives.  And that`s a very positive trend.  It is a  very productive trend for corporate profits.  So, it`s something we are  encouraged by.  

HERERA:  Peter, thank you.  Peter Sorrentino with Comerica (NYSE:CMA)  Wealth Management.  

GRIFFETH:  And even though the mood today was upbeat, there are still, of  course, a number of global hot spots that investors are keeping a close eye  on.  
Bob Pisani has more on that from the New York Stock Exchange.  

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Beyond the U.S.-China  trade war, there are a handful of other geopolitical who were still  outweighing on the global markets.  Hong Kong for example is grappling with  a 10 straight week of violent demonstrations where thousands of anti- government protesters storming the region`s airport for a second day in a  row.  

The protests have taken a toll on the Hong Kong stock market, down roughly  14 percent since start of April.  We`re seeing a lot of big names in that  region lower today, like Macau-based resort and casino operator Sands  China, as well as Hong Kong airline Cathay Pacific, which is now down about  14 percent for the year.  

Investors are worried about a longer term conflict between Hong Kong and  Beijing.  We did see U.S. stocks come off of their highs today when  President Donald Trump tweeted that China is moving troops to Hong Kong`s  borders earlier this afternoon.  

Italy and Argentina are coping with populist fights, with Italy`s  government teetering on the brink of collapse and Argentina coping with the  current President Mauricio Macri`s poor performance in the primary  election.  Argentinian stocks plunged almost 50 percent on Monday, one of  the worst declines the world has seen in decades.  
And let`s not forget about the U.K.  They`re still struggling to avoid a  hard, no-deal exit from the European Union, or Brexit as it is called, by  the end of October.  

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

GRIFFETH:  So what do some of the political hot spots like Hong Kong or  Argentina mean for investors?  

Joining us tonight, Jeff Kleintop is back with us.  He`s chief global  investment strategist at Charles Schwab.  

Jeff, it always good to see you.  Thanks for joining us tonight.


GRIFFETH:  Let me start with Argentina.  I mean, I can`t tell you the  number of analysts who have been on the program who say the emerging  markets are the place to look because at some point they have to come back.   But Argentina is a good example of the problems facing the emerging markets  right now.  
Is this as bad as it gets, do you think?  

KLEINTOP:  Argentina is a little bit of an isolated case.  I know we can  look around the world as bob summed up the issues, but Argentina is kind of  a unique factor.  It has a long history of political mismanagement and boom  and bust cycles that made it a difficult market.  

In fact, Argentina was kicked out of the emerging markets index back in  2009 because of the former President de Kirschner instituting capital  controls.  And now, one of the developments, of course, in this latest  primary surprise that caused the stock market to fall so dramatically was  that very same president, now a V.P. candidate, potentially now looking in  position to win that election and maybe return the country to capital  controls.  That was the big concern there.  

Again, this has been a boom-and-bust economy for a long time, maybe not as  representative of the emerging markets universe.  

HERERA:  It`s less clear in Hong Kong, is it not, Jeff?  I mean, we know  the history with Argentina.  We don`t yet know how the protest in Hong Kong  and Hong Kong`s relationship with mainland China is going to play out.  

KLEINTOP:  Sue, you`re right.  This is a much bigger issue for the overall  markets, and one that seems unlikely to involve troops, military engagement  by China coming over the border, but certainly police action.  We`ll be  watching this very closely, not only because it affects Hong Kong and could  scare away businesses, could lead to international sanctions and worsen the  trade war and really slow China`s economy, which is already growing at the  weakest pace in decades which has impacts for global growth.  

But it affects Taiwan.  Taiwan has a presidential election coming up on  January 11th against a pro-Chinese challenger versus a pro-independence  incumbent.  And how China deals with the Hong Kong situation could affect  Taiwan as well and result in an even bigger global market impact.  

GRIFFETH:  Quickly if we can on the Middle East, specifically the Strait of  Hormuz, the impact of oil.  On one hand, you`ve got a global economy that`s  slowing down, which means lower demand which could mean lower prices, but  at the same time, you have all of the problems going on the Strait of  Hormuz which could mean a cut-off in supply, which could mean higher  prices.  

What`s your view on that and its impact on oil?  

KLEINTOP:  Bill, volatility, we might bet on that.  I think that`s the  safest assumption.  

Look, I think any ship interdiction in the Strait of Hormuz is probably  temporary given the military assets the U.S. has now put there, but also  we`re seeing from the U.K. and others as well.  Japan is considering this  also, in escorting ships through there to make sure that any blockade is  very short lived and isolated.  
So, we`ll have to see, but clearly, volatility is the safest bet in oil  prices given the upside and downside factor.  

GRIFFETH:  Well put.
Jeff Kleintop with Charles Schwab, always good to see you.  Thanks.  

KLEINTOP:  You bet.  

HERERA:  A new report on inflation shows it accelerated in July.  The  consumer price index rose for a second straight month, up 0.3 percent,  making this the strongest two-month gain since early 2006.  The price gains  were driven by energy, rent and health care.  

GRIFFETH:  Time to look at some of today`s “Upgrades and Downgrades”.  
We begin with shares of McDonald`s (NYSE:MCD).  They were initial with a  buy rating at new coverage MKM Partners.  The analyst cited strong domestic  and international sales growth for the company.  Price target now, $250.   The stock rose 1 percent today to $219.73.  

Dr. Horton was initiated with a buy rating in new coverage at SunTrust.   The analyst cited the homebuilder`s position in the rapidly-growing entry  level housing market.  Price target now $56.  That stock gained 2 percent  to $47.96.  

And Southwest Airlines (NYSE:LUV) was downgraded to hold from buy at Argus  Research.  That analyst cited the ongoing grounding of the 737 MAX, which  is leading to rising costs and operational disruptions for that carrier.   The stock fell a fraction today to $49.92.  

HERERA:  Still ahead, older Americans are supposed to be debt-free, but a  new report shows that`s not the case.  

HERERA:  Boeing (NYSE:BA) released its July orders and deliveries today,  and for a fifth straight month, it had zero orders for its beleaguered 737  MAX.  

And as Phil LeBeau reports, that may not change until the grounded airplane  is back in the skies.  

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT:  It sounds like a  broken record.  Another month the 737 MAX is grounded, another month of  zero new orders for the plane.  Hardly a surprise for analysts.  

RON EPSTEIN, BANK OF AMERICA ANALYST:  My expectation is as soon as it gets  back into service, there will be order activity for the airplane.  But I  think the key question is, when does the airplane get back into service?
LEBEAU:  Boeing`s MAX plan is to finish fixing the plane and file for  recertification by the end of September, with the FAA approving it a short  time later and the MAX back in service by the end of the year.  That would  be welcome news for airlines like Southwest, which has parked dozens of  MAXes.  

But the new head of the FAA is in no hurry to say the MAX is safe.  

STEPHEN DICKSON, FAA ADMINISTRATOR:  This plane will not fly in commercial  service again until I am completely assured that it is safe to do so.  

LEBEAU:  With the FAA under pressure to be tougher on Boeing (NYSE:BA),  regulators are scrutinizing the plane`s flight control system to make sure  issues that caused two 737 MAX crashes are completely resolved.  

GORDON BETHUNE, FORMER CONTINENTAL AIRLINES CEO:  I know they keep adding  to additional requirements and additional testing, but sooner or later, you  know, the airplane is going to demonstrate its ability and there won`t be  anything other than maybe political considerations, but the airplane is  ready to go.  I feel comfortable that it is going to be a really good  airplane.  

LEBEAU:  But for now, airlines are not placing new orders for the 737 MAX,  and those who are waiting for deliveries in the future, well, they`re  sticking with the plane.  In July, there were zero 737 MAX cancellations.  

GRIFFETH:  And after countless on-and-off talks, CBS (NYSE:CBS) and Viacom  (NYSE:VIA) are finally merging.  

That`s where we begin tonight`s “Market Focus” with a new company that will  be called Viacom (NYSE:VIA) CBS (NYSE:CBS).  It reunites both media  companies that split back in 2006.  The reunified company hopes to gain  better footing in an industry that is dealing with more TV cord cutting and  an increase in the use of streaming services.  CBS (NYSE:CBS) shares rose  more than 1 percent today to 48.70 while Viacom (NYSE:VIA) was up more than  2 percent to $29.21.  

And with the ongoing trade dispute between the U.S. and China, some Chinese  companies have been bracing for an economic slowdown, but it does not  appear to be the case for, that China-based ecommerce company that  had growth in sales which helped it easily beat estimates.  Shares jumped  nearly 13 percent after the report today to $30.66.  General Electric  (NYSE:GE) CEO Larry Colt bought nearly $3 million of the company stock  during the second quarter.  An SEC filing shows that Colt purchased more  than 330,000 shares at just over $9 each.  

His total holdings are now valued at $8.5 million.  G.E. stock rose more  than 3 percent today to $9.35.  

HERERA:  Brinker International (NYSE:EAT), which is the parent company of  the Chili`s and Maggiano`s restaurant chains reported mix results, topping  analysts earnings estimates but missing on revenue.  The company did say it  plans to acquire more than 100 Chili`s restaurants in the fiscal first  quarter from a franchisee.  Shares fell more than 3 percent to $38.64.  
Advanced Auto Parts missed expectations as same sales stores were flat.   And the company trimmed the high end of its full year net sales forecast.   The auto parts retailer also announced a $400 million share repurchase  program.  The shares were up a fraction to $142.23.  

After the bell, Tilray beat revenue estimates, but it missed on earnings.   The legalization for adult marijuana use in Canada and its product  expansions in Europe helped sales, which the CEO expects to see more growth  of in the near future.  

BRENDAN KENNEDY, TILRAY CEO:  I tell my team all the time that this is day  one in this industry.  All of this excitement is about two countries in the  world that have legalized for adult use, and 41 that have legalized for  medical.  And we expect both numbers to increase significantly.  I expect  the global medical market to more than double in terms of countries that  legalize over the next three years.  

HERERA:  Shares initially dropped in the after hours trading but closed the  regular session up more than 8 percent to $46.02.  

GRIFFETH:  Household debt is rising, especially among seniors.  According  to a new report from the New York Federal Reserve, people in their 60s held  just over $2 trillion of debt in the second quarter.  That`s much more than  the $1.5 trillion they held during the financial crisis, and it is even  worse among those 70 years and older.  Their debt level is roughly double  what it was a decade ago.  
What do we make of this?  

Joining us tonight is Joe Brusuelas.  He`s chief economist at RSM U.S.  
Joe, always good to see you.  Thanks for joining us tonight.  
JOE BRUSUELAS, RSM US CHIEF ECONOMIST:  Thank you.  It is good to be here.  

GRIFFETH:  I`m both fascinated and horrified by those numbers there.   Seniors are supposed to be debt-free.  What happened?  What is going on  here?  

BRUSUELAS:  The baby boomers didn`t get it done during their prime working  age years, so they`re trying to substitute debt for lack of fixed income  revenue and then their own savings rate.   And this is going to be a  budding problem.  You know, when you go to Washington, you go up on the  Hill and you talk to people, there is active talk about a U.S. retirement  crisis.  I think what you are seeing in the internals of those debt  dynamics is exactly that.  

GRIFFETH:  So they`re borrowing to make ends meet or borrowing to get  through, but they`re doing it in a low interest rate environment, almost a  record low environment.  So, they`re not making anything on what they  actually have saved.  

BRUSUELAS:  Well, that`s right.  So if you are a saver in this new economy,  right, where we`re going to have very low interest rates for a very long  period of time and we may actually indeed have negative interest rates over  the next several years, you`re not going to get good returns as savers.   So, I`m not surprised that the boomers have turned to the credit markets in  order to make ends meet or as a substitute for what they didn`t do during  their prime years.  

GRIFFETH:  What will Congress do about this, if anything?  

BRUSUELAS:  Well, you know, it`s funny.  I think that this is one of the  sleeper issues of the upcoming campaign.  

My sense is that the Democratic Party will get way in front of this.  I  won`t be surprised if Mr. Trump gets aggressive on this too, and they try  to put together a package to alleviate some of the issues.  Now, what`s  interesting, Bill, as you guys well know, half of the population is under  38.  

I wonder how they`re going to look at that given their elevated levels of  student debt.  This is going to be a very combustible issue I think going  forward.  

GRIFFETH:  All right.  Joe, good to see you.  Thanks for the information.  
BRUSUELAS:  You got it.  It is not going away.  
GRIFFETH:  Yes, Joe Brusuelas from RSM U.S., thanks again.  
HERERA:  Well, the pork industry is a big part of the Chinese economy but  it has been ravaged by disease this year due to the spread of the African  swine flu.  

The situation is so severe that the government has actually stocked up on  its strategic pork reserves, even importing U.S. pork despite the trade  war.  But now there`s a push to change the industry`s business model.  
Eunice Yoon takes a look at the shift in strategy.  

EUNICE YOON, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Chinese agricultural  companies are preparing for a greater push towards large-scale farms,  similar to what you would see in the United States.  African swine fever  has ravaged the industry here, wiping out an estimated quarter of China`s  400 million pigs, and that sparked a call for change.  

LIU YONGHAO, NEW HOPE GROUP CHAIRMAN:  China can purchase globally instead  but such a purchase will be far from enough.  Buying has raised global pig  prices to a relatively higher level now.  To solve the problem, we have to  rely on our own ability inside the Chinese system.  

YOON:  Beijing wants to professionalize an industry made up largely of  smaller backyard farms.  The government is now requiring tighter controls  and bigger investment in waste disposal and bio security and it`s offering  financial support to get producers to scale up.
But there are still challenges like China`s lack of experience and big  farming population.  
For NIGHTLY BUSINESS REPORT, I`m Eunice Yoon in Beijing.  

GRIFFETH:  And coming up, four documents everyone needs as part of their  financial and estate planning.  

GRIFFETH:  Here is what we are watching.  Tomorrow, Macy`s (NYSE:M) report  earnings.  Investors will be looking for any impact that tariffs may be  having right now.  Dow component Cisco (NASDAQ:CSCO) also reports its  quarterly results.  Questions about its exposure to the U.S./China trade  war will be brought up as well.  And we`ll get a fresh read on the Chinese  economy itself when it releases numerous economic reports.  That`s what  we`re watching for on Wednesday.  

HERERA:  An unexpected emergency.  It can happen at any time.  That`s why  you need to be prepared.  There are four essential documents everyone needs  to have.  
Our senior personal finance correspondent Sharon Epperson joins us with  more on that.  
Good to see you, Sharon.  


HERERA:  So if something happens to you, what is the number one document  that you think everybody has to have?  

EPPERSON:  Well, I think everyone needs to have for their estate planning  purposes a will.  You want to figure out where your assets are going to go,  what inheritances you may have, who is going to get those, but most  important for me as the mother of two children is that it gives the  guardianship designation.  I think for those who have not passed away, they  are going through something where they`re unable to care for their children  at the time they`re still living, having that guardian set up is very key  and I learned that.  

HERERA:  Yes, indeed.  

GRIFFETH:  Something else you learned — a document that you need if you  become seriously injured, as you were a few years ago.  

EPPERSON:  Yes.  It is so important to have a financial power of attorney,  a durable power of attorney to handle the financial decisions that need to  be made while you`re not there, from paying your bills to making sure that  the medical bills eventually get paid as well.  So, whether you are having  something on auto pay already, you still need a person to oversee that,  making sure that everything is done.  That`s where the durable power of  attorney document comes in, allowing you to designate that person.  

HERERA:  The other aspect of it is if you were incapacitated in some way,  shape or form, if you have certain health wishes, you need someone who can  execute that for you but they have to be given permission to do that.  

EPPERSON:  Yes, I had a period of time where I was not able to make any of  those kind of critical medical decisions, and I needed someone to be able  to step in and take that role and it was my health care power of attorney.   I had a document that allowed someone to do that.  That`s my husband.  I  had an alternate already name, that was my sister.  

And together, they made those decisions together.  And they also followed  what I had in my living well in terms of what wishes I wanted in terms of  end of life treatment when it`s a very critical situation.  

GRIFFETH:  Where do you get the documents?  

EPPERSON:  Well, you can go — my favorite thing to do is go to an estate  planning attorney.  I want to talk to someone who`s going to draft the  documents, kind of walk me through all of the steps and also be able to  have someone to call when these documents may be needed, and also in case  they`re challenged.  

In my case, it was good to be able to give my family members a name, a  number and someone that they could contact.  You can also find the health  care documents on the American Bar Association.  They have forms to help  you do it online, or AARP, some of those health forms can be available.  
And there are also websites that will allow you to do a power of attorney  or even a will online.  But again, I think if you can, it`s best to find an  estate planning attorney that can help walk you through this, talk to  friends, talk to other sources, financial advisers can also give you some  good leads on those attorneys.  

HERERA:  Yes, good advice and peace of mind for yourself and everybody.  

EPPERSON:  Yes.  Exactly.  That`s exactly.

HERERA:  Sharon, thank you as always.

EPPERSON:  My pleasure, my pleasure.

HERERA:  Sharon Epperson.  

GRIFFETH:  Before we go, a look at the final day on Wall Street.  Remember,  yesterday we were down more than 300 points.  Today, we were up more than  300 points, back above 26,000.  Nasdaq was up 152, the S&P added 42.  

HERERA:  And that is NIGHTLY BUSINESS REPORT for tonight.  I`m Sue Herera.   Thanks for joining us. 

GRIFFETH:  I`m Bill Griffeth.  Have a great evening.  See you tomorrow.  

Nightly Business Report transcripts and video are available on-line post  broadcast at 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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