Transcript: Nightly Business Report – September 13, 2019

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

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  Win streak.  The Dow rises for eight straight sessions for the first time in more than a year,
crawling ever closer to all-time highs.  

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Deadline looms.  The UAW and GM are locked in intense negotiations.  The union scandal complicates things as workers get ready to walk.  

GRIFFETH:  Bad news for borrowers.  Mortgage rates saw their biggest one-week rise in three years and it maybe just the beginning.  

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Friday, September 13th.  

HERERA:  Good evening, everyone, and welcome.  

The Dow`s rise isn`t flashy but it is there.  The blue chip index was up
for eight straight sessions.  Investors have been in a better mood,
primarily because of trade relations with China and a report today that
China will exempt some U.S. agricultural products from additional tariffs.  
That lifted shares of trade sensitive names like Caterpillar (NYSE:CAT) and Boeing (NYSE:BA) and it put the Dow within striking distance of new highs.  

At the close, the Dow gained 37 points to 27,291, the Nasdaq fell 17, and
S&P 500 was down two.  All of the major indexes were higher for the third straight week.  

Bob Pisani takes a closer look at what`s driving the mechanic and why next week could be decisive for Wall Street.  

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Stakes made a modest run of record highs but fell short on this Friday the 13th.  The Dow still riding the impressive eight-day win streak.  All three major averages up for a third week in a row.

Four big drivers behind this rally better: U.S.-China trade headlines,
lower geopolitical tensions, expectations of more rate cuts from global
central banks and a strong U.S. consumer.  

All this retail sales beat estimates and the consumer sentiment rose more
than expected, it`s clear the U.S. consumer is the key bright spot in the
global economy, that`s why you saw economically sensitive cyclical sectors like banks and transports all leading the charge this week and up again today.  

Big moves in the bond market, by the way.  The U.S. 10-year treasury yield seeing its biggest weekly surge since 2016.  That move lifted all the
regional banks like Comerica (NYSE:CMA) and SunTrust, all up seven to ten percent each.  Bond yields bottomed last Wednesday, no surprise that was the bottom for the stock market.

But investors are treading with caution, ahead of the Federal Reserve
meeting next week because they`re worried the stronger data might make the Fed less inclined to keep cutting rates.  So, right now, the markets are pricing in roughly 90 percent chance of a quarter point rate cut, about 10 percent odds of the Fed standing pat.  

There`s no shortage of other potential market movers next week.  Earnings from FedEx (NYSE:FDX), General Mills (NYSE:GIS), Darden, along with data on industrial production and on housing.

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

(END VIDEOTAPE)

GRIFFETH:  Shares of Apple (NASDAQ:AAPL) weighed on the market today and its market value fell back below a trillion dollars after a Goldman Sachs (NYSE:GS) analyst dropped his price target on the stock, saying that Apple`s planned to bundle its newest iPhone with a free year of its streaming video service will harm hardware margins and have a material negative impact on earnings.  

Apple (NASDAQ:AAPL) disputed that call late this afternoon, saying, quote: We do not expect the introduction of the Apple (NASDAQ:AAPL) TV Plus, including the accounting treatment for the service, to have a material impact on our financial results.

Nevertheless, Apple (NASDAQ:AAPL) shares fell about 2 percent in trade
today.

And very late today, we learned that Disney (NYSE:DIS) CEO Bob Iger has
resigned from Apple`s board.  No reason was given, but as you know, Disney (NYSE:DIS) is also launching a streaming video service to be called Disney (NYSE:DIS) Plus.

HERERA:  Well, Apple (NASDAQ:AAPL) and other tech companies are being targeted by a House panel.  Lawmakers made a public demand for documents and sent letters directly to CEOs as it deepens its investigation into big tech`s power and potential anti-competitive behavior.

Ylan Mui is in Washington.

(BEGIN VIDEOTAPE)

YLAN MUI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The House Judiciary Committee is requesting a detailed list of documents from big tech companies, including emails and communications from their top executives. In letter sent directly to the CEOs of Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN) and Alphabet, lawmakers said they`re-interested in competition and digital markets where their dominant firms are engaged in anti-competitive behavior online and whether existing laws and enforcement measures are adequate.

REP. DOUG COLLINS (D-GA):  You cannot have a conversation concerning the competitive nature or the size dominance of a Alphabet or Google
(NASDAQ:GOOG) who the parent company of Google (NASDAQ:GOOG) or a Facebook (NASDAQ:FB) or an Apple (NASDAQ:AAPL) or in Amazon (NASDAQ:AMZN) without having also the same concerns because the amount of information that they store and actually keep.

MUI:  Lawmakers called this a milestone in the committee`s bipartisan
antitrust investigation, and they asked for some very specific information
from each company.  They`re especially interested in acquisitions.  For
Facebook (NASDAQ:FB), that means handing over documents related to
Instagram, WhatsApp, Onavo.  For Alphabet, it`s DoubleClick, AdMob and YouTube.  On Amazon (NASDAQ:AMZN), they`re looking for information on search algorithms and the pricing for Prime.  And for Apple (NASDAQ:AAPL), lawmakers are focused on why certain apps were removed from the App Store.

The committee is also seeking any documents that companies have turned over to the Department of Justice and the FTC as part of those antitrust investigations.  But today, FTC chairman Joseph Simons said big doesn`t always mean bad.

JOSEPH SIMONS, FEDERAL TRADE COMMISSION CHAIRMAN:  On the other hand, though, if they are big and successful because they engage in any competitive conduct, then we want to do something about it.

MUI:  On Capitol Hill, lawmakers said they won`t prejudge the outcome of their investigation and that they`re still on a fact-finding mission.

For NIGHTLY BUSINESS REPORT, I`m Ylan Mui in Washington.

(END VIDEOTAPE)

GRIFFETH:  The Trump administration apparently has plans to unveil a new tax cut plan by the middle of next year.  White House adviser Larry Kudlow told reporters today that the plan which he dubbed tax cut 2.0, he said it would be aimed at the middle class, but he did not offer any details beyond that.  Earlier this week, recall the president rejected a proposal to index the capital gains tax for inflation saying it would benefit wealthy
investors too much.

HERERA:  Health care was a major focus at last night`s Democratic debate in Houston.  The candidates clashed over how the system should be revamped, making it the most divisive issue of the campaign.

(BEGIN VIDEO CLIP)

JOE BIDEN (D), PRESIDENTIAL CANDIDATE:  I think that Obamacare worked.  I think the way we add to it, replace everything that has been cut, add a public option, guarantee that everyone will be able to have affordable insurance, number one.  

Number two, I think we should be in a position of taking a look at what
costs are.  My plan for healthcare cost a lot of money.  It costs $740
billion.  It doesn`t cost $30 trillion.  

SEN. BERNIE SANDERS (I-VT), PRESIDENTIAL CANDIDATE:  Status quo over 10 years will be $50 trillion.  Every study done shows that Medicare for All is the most cost effective approach to providing health care to every man woman and child in this country.

SEN. ELIZABETH WARREN (D-MA), PRESIDENTIAL CANDIDATE:  On Medicare-for-All, costs are going to go up for wealthier individuals and costs are going to go up for giant corporations.  But for hardworking families across this country, costs are going to go down and that`s how it should work.

SEN. AMY KLOBUCHAR (D-MN), PRESIDENTIAL CANDIDATE:  What I favor is something that what Barack Obama wanted to do from the very beginning and that is a public option, a nonprofit choice that will bring down the cost of insurance cover 12 million more people and bring down the prices for 13 million more people.  That is a bold idea.

PETE BUTTIGIEG (D), PRESIDENTIAL CANDIDATE:  I think we do have to go far beyond tinkering with the ACA.  I proposed Medicare-for-All who want it. We take a version of Medicare, we make it available for the American people.

And if we`re right as progressives that that public alternative is better,
then the American people will figure that out for themselves.  I trust the
American people to make the right choice for them.

(END VIDEO CLIP)

HERERA:  The major health insurers all traded higher in today`s session.

GRIFFETH:  Elsewhere, health experts today have given a thumbs-up to a
treatment for children with life-threatening peanut allergies.  Late this
afternoon, an advisory committee for the FDA voted overwhelmingly in favor of a treatment from Aimmune Therapeutics that we told you about earlier this week.

Meg Tirrell is with us tonight to talk more about this vote and the
treatment.

Remain us again how it works.

MEG TIRRELL, NIGHTLY BUSINESS REPORT CORRESPONDENT:  So, it`s interesting.  We don`t actually refer to it necessarily as a drug because it`s made of peanut flour.  So, the whole idea is that by giving small doses at the beginning, ramping them up over time, you can help patients increase their tolerance to peanuts so that they`re protected in case they get accidental peanut exposure.  

HERERA:  This was an advisory panel.  When does the entire FDA vote on this particular treatment?

TIRRELL:  Right.  So this is just an outside panel of advisers to the FDA.  

HERERA:  Right.

TIRRELL:  The agency usually follows their recommendations but it doesn`t have to.  And so, the agency is set to decide by the end of January.

GRIFFETH:  And cost could become an issue, right?

TIRRELL:  That is the next question, of course.  If it gets approval, what
will it cost?  And the company is called Aimmune Therapeutics, they`ve kind of put out some guidelines where they`re looking maybe between $3,000 and $20,000 a year as the broad range.  So it sounds like it`ll be several thousand dollars.

GRIFFETH:  For peanut powder?

TIRRELL:  For very highly regulated peanut powder that`s gone through the FDA approval process, but it`s not just the treatment that patients are
going to have to take.  It sounds like the FDA might require that they have
prescriptions for EpiPens or other epinephrine auto-injectors that go along with this because of the risk for allergic reaction to the product itself.

GRIFFETH:  Very good.

Meg Tirrell, thanks for staying late for us tonight.

TIRRELL:  Of course.

GRIFFETH:  Appreciate it.

HERERA:  It is time to take a look at some of today`s “Upgrades and
Downgrades”.

Southwest was upgraded to outperform from neutral at Macquarie.  The
analyst there cites the airline`s competitive management team.  The price target is $67.  The stock rose about one and a half percent to $55.79.

Etsy was upgraded to outperform from neutral at Wedbush.  The analyst cites new initiatives that could drive margin expansion.  The price target is $66. The shares rose more than three percent to $56.86.

GRIFFETH:  Advance Auto Parts (NYSE:AAP) was upgraded to buy from neutral at Citi.  The analyst says that same store sales momentum should drive that company`s growth going forward.  Price target, $188.  That stock was up 1 percent to $157 even.

Broadcom (NASDAQ:BRCM) was downgraded to hold from by at Loop Capital.  The analyst cited expectations for subdued growth.  Broadcom (NASDAQ:BRCM) as you know is among the tech giants affected by the U.S.-China trade war. Price target: $310.  That stock was down more than 3 percent today to $290.32.

HERERA:  Still ahead, our market monitor has some real estate-related names that he says are worth investing in.

(MUSIC)

HERERA:  We mentioned today`s strong economic reports bit earlier in our program, but here are some more details, retail sales rose 0.4 percent, which was more than expected.  Most of that came from purchases of new autos and building supplies.  Economists say the spending is being driven by the strong job market and rising wages.  

A separate report from the University of Michigan showed consumer sentiment also rose a bit more than expected.  However, while consumers felt more confident, they are also worried about the impact of tariffs.

GRIFFETH:  It was just a few weeks ago, wasn`t it, that mortgage rate
seemed to be dropping like a rock.  But tonight, we have some bad news for borrowers.  They started rising again.  In fact, this was the biggest
weekly gain for mortgage rates in three years.

Diana Olick has more.

(BEGIN VIDEOTAPE)

DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT:  If you were hoping to refinance your mortgage at rock-bottom rates, you just missed the boat. The average rate on the -year fixed is now basis points higher than it was on Monday and 36 basis points higher than its last low on September 4th, that according to “Mortgage News Daily”.  And that is the biggest short-term jump since the week following the election of President Trump.  That is the bad news for borrowers.  

The good news is that rates are still incredibly low, and in the weeks
before this turnaround, rates had fallen to the lowest level in three
years.  August was actually the best month for mortgage rate drops and 2019 has been the best year since 2011.  

So, it begs the question, is this a short-term correction from those recent
lows or a new shift toward rising rates?

Matthew Graham of “Mortgage News Daily” said: That`s a risk worth
considering.  Any time rates have been moving lower at the best pace in
decades for 10 straight months.  He said a move even lower would have to be driven by a big deterioration in global economies.

While rates are still historically low, so many borrowers have already
refinanced that the pool of those who could benefit is extremely limited
and sensitive.

When rates dip to their recent low, the number of borrowers with good
credit scores who could save on a refinance surged to the largest on
record, $11.7 million, according to Black Knight.  That has now dipped back by about $2 million, more proof that you can`t time the mortgage market.

For a NIGHTLY BUSINESS REPORT, I`m Diana Olick in Washington.

(END VIDEOTAPE)

HERERA:  Sticking with real estate, it`s time now with — for our weekly
market monitor who is investing in real estate investment trusts, otherwise known as REITs.  The last time he was with us, he recommended Prologis, Invitation Homes, each up more than 20 percent, and Simon Property, which is down about 10 percent.

Jeung Hyen is with us, or Hyun, I`m sorry.  He`s portfolio manager at
Atalanta Capital Management.

Welcome back.  Nice to have you here.

JEUNG HYUN, ADELANTE CAPITAL MANAGEMENT PORTFOLIO MANAGER:  Great.  Thanks for having me back.

HERERA:  And you still like real estate and you think it`s going to do well
near-term.

HYUN:  Absolutely, near and short-term.  I mean, near and longer-term.

HERERA:  Longer-term.

Let`s get to your first pick and it is Americold Realty Trust.  Why do you
like it?

HYUN:  Americold is the only publicly traded REIT that focuses on
temperature control warehouses, strong food industry fundamentals, as well as a growing consumer preference for fresh but perishable foods should continue to drive demand.  We also think Americold is going to be a consolidator in what is a fragmented industry.

GRIFFETH:  Next, I guess it`s a vote on Hawaii.  The Hawaiian (NASDAQ:HA) real estate investment trust Alexander & Baldwin (NYSE:ALEX), it`s got a yield of 3.09 percent.  Why do you like this one?

HYUN:  Alexander & Baldwin`s a local sharpshooter that owns a diversified portfolio commercial real estate in Hawaii where the economy is doing great.  I do want to point out that about two-thirds the portfolio is grocery anchored shopping centers, but we`re comfortable with that exposure because of, one, grocery component and, two, because it just costs more and takes longer for e-tailers to ship their goods to Hawaii.

HERERA:  And we finish up with Invitation Homes.  The dividend is just
under 2 percent, but you make the point that it is the largest single
family rental REIT in the U.S., and it`s in an awful lot of markets.

HYUN:  Yes.  This has been our pick for three years in a row.  So, the
thesis is still intact.  The household formation in Invitation`s markets
which is mostly Sun Belt states and the West Coast is two times the
national average.  But the supply of affordable homes does not kept pace
with that, that`s the reason why an average tenant stays for more than
three years in an Invitation Home.

GRIFFETH:  The Fed is widely expected to cut rates again next week.  Is
that good or bad for real estate investment trust right now?

HYUN:  I think investors and your viewers should focus more on what`s
happening on the long end of the yield curve, what`s happening with the
yield on the 10-year, and that`s been going up, which could potentially
pressure REITs.  In the long run, an improving economy should help
everybody, including the landlords.

I do want to point out that the total return for REITs in the past ten
years has been identical to that of the S&P 500 index, which is around 13
percent per year, despite whatever`s been happening with the Fed policy and longer-term interest rates.

HERERA:  That is a good fact.

Thank you so much, Jeung.  Nice to have you with us.

HYUN:  Great, thanks for having me back.

HERERA:  Jeung is with Adelante Capital Management.

GRIFFETH:  PG&E reaches another settlement and that is where we begin
tonight`s “Market Focus”, with California`s largest power provider agreeing to an $11 billion settlement to resolve about 85 percent of the insurance claims related to those massive wildfires back in 2017 and `18.  The utility which is in the midst of a bankruptcy reorganization reached a billion dollar settlement with other entities back in June. That stock
rallied about 11 percent today to $11.18.

Tyson shares were up today after China said it`s going to exempt U.S. pork from future tariffs.  The meat processors pork unit accounts for about 12 percent of its annual sales.  That stock was up about 2 percent to $85.17.

And the FDA said today that some medicines, including Sanofi`s popular
heartburn treatment Zantac contained low levels of a probable cancer-
causing chemical.  That chemical in question is the same one found in a
blood pressure medicine that led to recalls last year.  Drug safety
officials in the U.S. and Europe say they aren`t looking into this issue
right now.  Shares of the company we`re down a fraction to $43.71.

HERERA:  CloudFlare debuted on Wall Street, opening at $18 a share.  The
web security company priced its IPO at $15 per share, and one of its co-
founders says there is plenty of room for it in the crowded cloud industry.

(BEGIN VIDEO CLIP)

MICHELLE ZATLYN, CLOUDFLARE CO-FOUNDER:  We have this vision of platters and service that customers are choosing to help make sure that their Internet applications are fast, that they`re safe and that they`re reliable around the world.  And so, having other players in the market is great but we work alongside all those and custom companies use us together and I think that we`re just getting started.  

(END VIDEO CLIP)

HERERA:  Shares soared 20 percent to $18 even.

UPS must pay about $8.5 million to settle allegations that the company
overcharged the federal government for package deliveries.  The Justice
Department alleges that UPS failed to abide by the terms of its contract
with the General Services Administration and overcharged for services from 2007 to 2014.  The shares were up a fraction to $122.67.

Shares of Altria fell on a report from CNBC that Juul`s valuation is,
quote, coming down sharply.  Altria has a 35 percent stake in the e-
cigarette company.  According to that report, Altria invested in Juul at
about $250 per share in the private market.  It has now valued 20 percent
lower in a range between $225 to $230.  

Altria struck stock dropped more than 3-1/2 percent to finish at $42.01.

GRIFFETH:  This weekend is a critical one for the United Auto Workers and for General Motors (NYSE:GM).  The union`s contract expires late Saturday night.  And while the UAW today did agree to temporary labor contract extensions with Ford and with Fiat Chrysler, GM still faces that deadline, and its leadership is leading negotiations even as a federal corruption probe expands and includes more arrests.

Phil LeBeau has details.

(BEGIN VIDEOTAPE)

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT:  These are contentious times for the UAW and General Motors (NYSE:GM), both sides believe they should get a better deal in the next labor contract.  GM wants you UAW members to pay a greater percentage of their healthcare costs, and allow more flexibility on jobs.  Meanwhile, the union wants pay raises and more jobs added in the U.S.  

A particular sticking point, GM`s idling of four plants including one in
Lordstown, Ohio.  That move has drawn the ire of President Trump who is pushing the company to add more jobs.  

Overshadowing these talks is the growing investigation of UAW leaders
either convicted or accused of spending millions of dollars on themselves.  
The most recent criminal complaint in the case is raising fresh questions
about UAW president Gary Jones and former union boss Dennis Williams.

How that investigation influences the feelings of rank-and-file members is anyone`s guess.  If they vote to strike, GM dealers have plenty of
inventory and sales are unlikely to be impacted

It`s been more than 30 years since the last extended strike at a U.S.
automaker, and for now, nobody`s expecting another one.  But that could
change if auto workers walk off the job this weekend.

Phil LeBeau, NIGHTLY BUSINESS REPORT, Chicago.

(END VIDEOTAPE)

HERERA:  Ford is recalling more than 300,000 of its 2017 Ford Explorer
vehicles because of a sharp seat frame edge.  The automaker says there have been 31 reports of hand injuries.  The vehicles were made at a Chicago plant from February of 2016 to October of 2017.

GRIFFETH:  And coming up, a controversial way to purchase pets.

(BEGIN VIDEOTAPE)

RAHEL SOLOMON, NIGHTLY BUSINESS REPORT CORRESPONDENT:  For many, pets are more than just furry friends, they`re family.  But what a Fido or Teddy Bear could be repossessed just like a car?

Coming up, what you need to know about the industry of pet leasing.

(END VIDEO CLIP)

(MUSIC)

HERERA:  WeWork is one of this year`s widely anticipated IPOs, but it`s
been struggling as of late.  Its valuation targets have been falling and
according to CNBC could come in below $15 billion.  Its private valuation
was as high as $47 billion.

In a filing today, the shared office space company says it plans to make a
number of governance changes, which include curtailing the founder`s voting power.  The company also eliminated a provision that would have allowed the founder`s wife to lead the search for the successor if ever that time arose.  WeWork hopes that such moves will help drum up demand from investors.

GRIFFETH:  Americans spent more than $2 billion purchasing pets last year, but half a dozen states around the country are now cracking down on a controversial payment arrangement for pets that some call predatory.  It`s called pet leasing.  Supporters say as long as there`s full transparency, what`s the problem?

But as Rahel Solomon reports now critics argue that a growing number of
customers have no idea what a pet lease is or that they`re even signing one bringing.

SOLOMON:  — Scott and Maltese Chase.

PATTY SMITH, CHASES`S OWNER:  Scott fell in love with him as soon as they took him out of the cage and put him in his lap.

SOLOMON:  They bought Chase in June 2018 from Breeders Club of America in Middletown, New Jersey.  They negotiated a price, handed over their debit
card and prepared to leave, except they were told their card didn`t work.

SCOTT SMITH, CHASE`S OWNER:  And they said, well, why don`t you just
finance the dog?

SOLOMON:  The Smiths agreed and signed the contract, planning to pay off the balance right away.  But when the bill came their puppy love quickly turned to buyer`s remorse.  The financing was actually a pet lease, meaning Chase didn`t belong to them until he was paid off in full.

According to the ASPCA, pet leases tend to be 18 months to three years long and usually require an additional final payment to keep the animal, in this case, $505.

JENNIE LINTZ, ASPCA DIRECTOR OF PUPPY HILL INITIATIVES:  A dog that costs $2,000 could end up costing a consumer $7,000.  

SOLOMON:  If consumer doesn’t make their payments, the financing company can repossess the animal, just like a car.

LINTZ:  We think that there used the threat of repossession unfortunately
to basically squeeze as much money out of the consumer as they can.

SOLOMON:  The lending companies associated with the Smith`s contract,
Virginia-based My Pet Funding and California-based Monterey Financial
declined repeated requests for comment, as did Breeders Club of America, although the store did say it stopped offering pet leases earlier this year.

The contract that was emailed to the Smith family emphasizes that the
agreement is a lease, but the family says in the store, they were shown on
an iPad only the areas where a signature is required.  

I think their argument would be, we bolded it, we underlined it, it — we
couldn`t make it more clear.  What would you say to that?

S. SMITH:  Then why you didn`t tell me it was financed?

P. SMITH:  Financed and we didn`t see that page?

SOLOMON:  New Jersey Governor Phil Murphy just signed a law in August banning pet leasing, joining California, Indiana, Nevada, New York and Washington.

U.S. Senator Bob Menendez says the Federal Trade Commission needs to do more to protect consumers.

SEN. BOB MENENDEZ (D-NJ):  They should know what that ultimate payment is. They should know the terms and conditions.  There should be absolute transparency as there is required under the Consumer Lending Act, and we want the Federal Trade Commission to issue rules that ultimately make that happen.

SOLOMON:  After consulting with their lawyer, the Smiths decided not to
pursue litigation and paid off Chase within weeks of buying him.  And while they agree you can`t put a price on love —  

S. SMITH:  Every once in a while, they tell him, he cost me X amount of
dollars, but —  

SOLOMON:  The Smiths say they wish this love wasn`t so expensive, a
whopping $1,200 more than they expected.

For NIGHTLY BUSINESS REPORT, I`m Rahel Solomon.

(END VIDEOTAPE)

GRIFFETH:  There are other companies, by the way, besides the two that
Rahel mentioned that offers similar financing.  And the ASPCA also points
out, if the pet gets sick or dies while you`re still paying off the lease,
the consumer is still on the hook for the money.

HERERA:  Here`s another look at the day on Wall Street.  The Dow gained 37 points, the Nasdaq fell 17, the S&P 500 was down two.  And it was the third week of gains for all of the major indexes.  A good way to go into the
weekend.

GRIFFETH:  Indeed.

HERERA:  That`s it for us tonight.  I`m Sue Herera.  Thanks for joining us.

GRIFFETH:  I`m Bill Griffeth.  Have a great weekend, everybody.  See you
Monday.

END

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