Transcript: Nightly Business Report – November 7, 2019

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

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  Rollback rally.  Word of  potential easing of tariffs between China and the U.S., and the Dow and S&P  to finally new records.  

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Mighty mouse.  Disney  (NYSE:DIS) fires on all cylinders in the latest quarter.  And with its  streaming service just days away, can the mouse continue to roar?  

GRIFFETH:  And home buyer hesitation.  Why more people are feeling the need  to hold off on buying that new home.  
All that and more tonight on NIGHTLY BUSINESS REPORT for Thursday, November  7th.  

HERERA:  Good evening, everyone.  And welcome.  
It was another record day for stocks.  The catalyst: word that the two  largest economies wrapped up in a trade war have agreed to roll back  existing tariffs.  The market may have interpreted that news as meaning the  U.S. and China are closer to finalizing phase one of a trade deal.  
Eunice Yoon is in Beijing for us tonight.  

EUNICE YOON, NIGHTLY BUSINESS REPORT CORRESPONDENT:  China says the two  sides have agreed in principle to roll back some of the existing tariffs in  phases.  The commerce ministry said that the negotiators have been  discussing this the past two weeks.  And the ministry stressed that for a  phase one agreement to be reached, some of the additional tariffs have to  go.  Beijing wants the tariffs to be lifted at the same time by the same  amount, though, how much could be negotiated.  And a spokesperson said at  the time and place of a deal signing has yet to be decided.  

After the Commerce Ministry`s remarks, the state media has been laser- focused on the point that if tariffs are not removed, there is no deal.   That`s been one of Beijing`s core demands.  The papers also emphasized that  tariffs need to be lifted simultaneously and indication to the Chinese that  China and the U.S. are considered equals.  Perhaps it`s the way to make it  easier for the Trump administration to meet Beijing demands, Chinese  authorities jailed nine people today, including one with a suspended death  sentence for smuggling opioid fentanyl into the United States.  

China`s narcotic commission worked with U.S. law enforcement in what  Beijing says is the first such collaboration.  The talk is that President  Trump could use the outcome as political cover to lift tariffs, easing  criticism that he is caving to Beijing and is a sign this could have been a  calculated move with the trade talks in mind, the commission says the  decision was made in accordance with the consensus reached between  President Xi and President Trump.  
For NIGHTLY BUSINESS REPORT, I`m Eunice Yoon in Beijing.  

GRIFFETH:  Now, there was a report late in the day that the plan to roll  back those tariffs faces strong internal opposition in the White House, and  that no final decision has been made.  But that wasn`t enough to derail  stocks today.  The Dow rose another 182 points, now at 27,674, Nasdaq rose  23 and did hit an intra-day high.  The S&P added eight points at the close  for a record there.  
Bob Pisani has more on the day`s action.  

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Stocks continue their  record run on Wall Street but ended well off the session highs.  The  markets rallied out of the gate, first on word from Chinese officials that  the U.S. and China would both begin to roll back existing tariffs in phases  and then took another leg higher when sources inside the Trump  administration reiterated that same report.  

Now, by the close — this is the problem.  Stocks slipped on a “Reuters”  report saying the plan faces fierce internal opposition in the White House  and no final decision has been made.  You see how tough it is figuring out  what`s going on with tariffs.  

So, big breakout, the trade sensitive sectors fueled the record run today.   We have 52-week highs in industrial stocks, material stocks, financials,  and technology stocks.  Bank stocks in particular rode the rally to new  highs because of the big spike in bond yields.  The yields on the U.S. 10- year Treasury note spiked to its highest level since August, having its  biggest move in terms of basis points since right after the 2016  presidential election.  

On the flipside, more defensive rate sensitive groups, the retail estate,  utilities, consumer staples, they lagged behind.  That`s been the story all  November.  Home building stocks in particular.  Lennar (NYSE:LEN), Pulte,  D.R. Horton (NYSE:DHI), they all sank 2 to 4 percent.  Home builders have  had a stellar year, though.  

The yield move could be a big deal for the markets because it might —  might — signal a further shift out of bonds back to stocks.  That would  certainly put some real legs under this rally.  We`ll see.  
For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.  

HERERA:  With the launch of its streaming service just days away, Disney`s  quarterly results topped Wall Street estimates, thanks to the box office  success of the Lion King and more growth at its theme parks.  Earning beat  expectations by 12 cents a share.  

And here`s a big number.  The company`s revenue for the quarter rose 34  percent to $19 billion.  Disney (NYSE:DIS) initially rose more than 4  percent following the news.  
Julia Boorstin has the key takeaway for investors.  

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  While Disney  (NYSE:DIS) beat expectations across the board, the biggest take away from  my exclusive interview with Disney (NYSE:DIS) CEO Bob Iger is what`s ahead  for the company`s streaming business, with Disney (NYSE:DIS) Plus launching  Tuesday.  

Iger announcing that Disney (NYSE:DIS) plus has new distribution partners  to help expand its potential reach.  

BOB IGER, DISNEY CHAIRMAN & CEO:  We have distribution deals with a number  of different entities.  We are pleased to announce today a deal with Amazon  (NASDAQ:AMZN).  We have deals with Apple (NASDAQ:AAPL).  We have deals with  Samsung, with Microsoft (NASDAQ:MSFT), with LG, with Google (NASDAQ:GOOG).   So, significant, significant progress in terms of distribution deals, and  Amazon (NASDAQ:AMZN) being the latest one.  

BOORSTIN:  Iger also announcing that premium cable channel FX will have a  presence on Hulu.  They`re creating a destination on Hulu for shows from  FX`s cable network as well as originals from FX creators.  
Iger says this will add a lot of value to Hulu which could drive subscriber  growth.  Iger wouldn`t give any updates on subscriber editions for Disney  (NYSE:DIS) Plus but he says they are pleased with testing and ready to  launch.  
For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in Burbank, California.

GRIFFETH:  Let`s turn now to Dave Heger for more on Disney`s earnings beat.   He`s senior medium analyst at Edward Jones.  
Dave, good to see you.  Thanks for joining us tonight.  


GRIFFETH:  Clearly, they`re having a good year especially at the box  office.  Do you think they can continue this momentum?  

HEGER:  Well, certainly the company has been having a great year at the box  office and it looks like the current quarter is going to continue that with  the new addition of the “Star Wars” movies coming out.  Plus, we have the  “Frozen 2” sequel coming out as well.  

So, it looks like in the near term, we`ll continue to see strength in the  studios.  Then it`s going to be a question of other parts of the business  such as the parks continuing to grow and then even the media business  staying relatively steady in the near term.  

HERERA:  What about parks?  Because they did report really solid results in  their parks business and they`ve been raising ticket prices.  So, they  clear will I have pricing power.  

HEGER:  Yes, they certainly do appear to have pricing power.  And we expect  there could be some uplift in attendance especially here in the U.S. with  the “Star Wars” galaxy edge attractions have roll out both in California  and in Florida.  And there is still more to come on that.  The company  talked about California has a larger area that attraction opening up next  month.  And then Disneyworld in Florida has the same happening in January.  

So, we feel like that should help drive additional growth.  It sounds like  some people have been holding off on visiting those attractions until  they`re really fully opened.  

GRIFFETH:  Right.  And, of course, a lot is riding on Disney (NYSE:DIS)  Plus.  
It`s a money loser to begin with.  How soon do you think before it starts  to contribute to their top and bottom line?  

HEGER:  It looks like it will really be several years before that starts  actually to contribute on the bottom line.  Certainly, from a top line  revenue point of view, Disney (NYSE:DIS) Plus we expect will start  contributing pretty quickly.  The company looks like it`s getting a running  start with the relationship with Verizon (NYSE:VZ).  And then, you know,  come March, they`ll start rolling out more countries and Europe.  

And, you know, the revenue ramp up should occur quickly but there is a lot  of expense associated with the investment in content and in getting the  business up and running.  So it will be several years before we expect it  to contribute to the bottom line.  

GRIFFETH:  Dave Heger with Edward Jones.  Again, thanks for joining us  tonight, Dave.  

HEGER:  Thank you.  

HERERA:  And with Disney`s new streaming service, Disney (NYSE:DIS) Plus  days away from joining the long list of other subscription services, is it  best for you to keep your current bundle or should you unbundle?  That is  the question.  
Tuna Amobi, senior media and entertainment analyst at CFRA Research, joins  us now to talk about that.  
Good to see you, Tuna.  Welcome back.


HERERA:  You say that the bottom line is bundling is not going away.  Why?  

AMOBI:  I think it`s hard to, you know, kind of imagine a scenario where  you know the traditional bundle as we know it today is going away, just  simply because it`s hard to replicate that synthetic bundle with the  streaming offerings.  What you are likely to see is consumers becoming more  and more selective and focusing on those services that they watch the most.   And also keep in mind that most of the offerings today we have are actually  not offering live television.  So, a lot of on demand content, sports, et  cetera.  You have a hybrid services like Hulu.  

So, I think you are seeing more and more, you know, kind of shift towards  these newer offerings, but not necessarily fully replicate the traditional  bundle.  

GRIFFETH:  Reed Hastings, the CEO of Netflix (NASDAQ:NFLX), made an  interesting point.  He was a speaker at yesterday`s “New York Times  (NYSE:NYT)” DealBook Conference, and he asked about all the competition out  there in streaming and otherwise.  And here`s what he said.  Listen to  this.  

REED HASTINGS, NETFLIX CEO:  People subscribe to a couple of services the  way they subscribe to news services.  But then in terms of time, that`s the  real competition.  The tricky thing in this streaming war is, you know,  Apple (NASDAQ:AAPL) and Disney (NYSE:DIS) is not breaking out revenue for  the service.  You`ll hear some subscriber numbers, but you just can bundle  things in so that`s not going to be that relevant.  

So, the real measurement will be time.  How do consumers vote with their  evenings?  And do they end up watching what mix of all services?

GRIFFETH:  You know, we focus so much on price and whether people want to  unbundle because of the high price of bundling at this point.  But will  people have enough time to watch all that they can subscribe to?  He makes  a good point, don`t you think? 

AMOBI:  He does.  I`m sure he was making a lot of sense.  You know, time is  always going to be a constraint.  But I don`t think that with the pricing  that we have seen for some of the services — I think it really affords the  consumer to option to kind of, you know, pick and choose and actually to  mix it up.  

We can foresee people subscribing from four to six offerings and still be  significantly where the price of a traditional bundle is today.  What  they`re getting is the ability to in some ways create their own synthetic  bundle.  

HERERA:  Uh-huh.  

AMOBI:  But they`re also able to significantly save from what they`re  paying today.  

A lot of those trends are also secular, broadband growth and international  markets as well.  That`s why you see a lot of companies looking  internationally where the trends are just (INAUDIBLE) 

HERERA: What — from what we see now, which companies do you think will be  the winners?  And which have more challenges?  

AMOBI:  Sue, I think the way we like to frame this streaming war is not  necessarily playing out in one big battle.  We see potential winners and  losers across various fronts where we see, for example, subscription video  on demand where Disney (NYSE:DIS) is at play, as well as Netflix  (NASDAQ:NFLX).  We peg them in that category.  The sports, of course,  Disney (NYSE:DIS) is going to be very formidable.  
And then you have other areas like, you know, hardware and the streaming  hub, of the likes of Roku and even Comcast (NASDAQ:CMCSA) (NYSE:CCS) —  


AMOBI:  — playing in the advertising space, (INAUDIBLE) and might be a  player as well.  

So, it`s going to be compartmentalized streaming wars is what we like to  think about that.  

HERERA:  Tuna, thank you very much.  Tuna Amobi with CFRA Research.  

AMOBI:  Thank you.  

GRIFFETH:  And coming up, home buyer confidence is starting to buckle.   We`re going to tell you why more people think this might not be the time to  buy a home.  

HERERA:  Shares of Toyota (NYSE:TM) climbed to a 4-year high as the  Japanese automaker posted better than expected quarterly earnings.  
More importantly, unlike other Japanese automakers, Toyota (NYSE:TM) is not  cutting its profit outlook. 
Phil LeBeau tells us why.  

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT:  With Americans driving  more pickups and SUVs, these are tricky times for Japanese automakers who  sell a sizable number of cars.  But Toyota (NYSE:TM) has been able to ride  out the shifting tastes of Americans, thanks to a full lineup of trucks and  SUV.  That helped the automaker post better than expected earnings for the  most recent quarter, with global revenue rising almost 5 percent.  

More importantly, Toyota (NYSE:TM) has not lowered its full-year profit  forecast as have other auto makers.  Meanwhile, Toyota (NYSE:TM) is  partnering with China`s BYD, which makes electric cars and buses.  The two  firms will work on developing EVs.  

While Toyota (NYSE:TM) pioneered hybrid cars with the Prius, it has not  been a leader in pure electric vehicles.  And as Tesla has grown its sales,  with a plant in China about to start production, Toyota (NYSE:TM) CEO Akio  Toyoda is now pushing his company to be more aggressive when it comes to  electric vehicles.  

Meanwhile, Toyota (NYSE:TM) is looking to grow its pickup sales here in the  U.S. with a new plant about to begin production in Mexico.  That will  provide Toyota (NYSE:TM) dealers here in the U.S. with more Tacoma pickups  looking to increase sales of trucks in this country.  


GRIFFETH:  No celebration for party city.  And that`s where we begin  tonight`s “Market Focus”.  

The retailers results missed on both profits and sales and it cut its full- year forecast a second time this year.  Party City also cited helium  shortages and fewer Halloween shoppers in its stores as major headwinds.   And look at that, the stock lost more than two thirds of the value today,  ending at just $2 even.  That`s an all-time low.  

Ralph Lauren saw strong growth in China for its polo shirts and tweed  jackets, and that helped the retailer top estimates.  The company also said  it`s raising prices to help offset rising costs from tariffs on Chinese  imports.  Shares spiked more than 14.5 percent today to $115.67.  

And Teva Pharmaceutical posted mixed results.  It topped revenue forecasts  but slightly missed on earnings.  The drugmaker also raised the lower end  of its full-year forecasts.  Separately, the CEO said today that the opioid  related litigation against Teva could be resolved by the end of the year.   Shares rose more than 4.5 percent to 8.47.  

And then after the bell, booking holdings, which used to be called  Priceline, they reported better than expected earnings but came up shy on  revenue.  Shares of the travel reservation company were volatile in after- hours trading tonight.  They close the regular session down more than 8  percent to $1,849.93.  

HERERA:  Also after the bell, Activation Blizzard posted results that  beating estimates, thanks to the recent launch of its “Call of Duty” games.   But the videogame maker sees revenue in the holiday quarter below estimates  due to increased competition from online and free to play games.  Shares  were volatile after hours.  They close the regular session down more than 3  percent to $54.55.  

GAP`s CEO Art Peck will be stepping down.  The board`s current non- executive chairman will be taking over the reins of the company for the  time being.  Separately, GAP says its comparable sales were down in its  third quarter.  Gap (NYSE:GPS) shares initially fell sharply following the  after-hours news.  They close the regular session up nearly 2 percent to  $18.06.  

And Zillow`s revenue topped expectations driven by the real estate website,  selling more homes and growth in advertising platform.  Shares initially  rose after-hours trading, but closed the regular session down a fraction to  $33.44.  

GRIFFETH:  Meanwhile, mortgage rates moved higher as the bond market sold  off.  Just more bad news for home buyers who are already losing confidence  in the housing market.  
Diana Olick has more.  

DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Demand for housing is  strong, but a shrinking share of Americans think now is the right time to  buy, that according to a new survey from Fannie Mae.  It found just 21  percent of people said now is the time to sign on the line.  That`s down  from 28 percent in September.  

Why?  Probably because of another data point in the survey.  Fewer people  say their household income is higher than it was a year ago, just 16  percent, down from 21 percent in September.  Affordability is front and  center and it`s getting worse.  

DOUG DUNCAN, FANNIE MAE CHIEF ECONOMIST:  The main source of the  affordability problem is the lack of entry-level housing because boomers  are not moving.  Gen-Xers are not moving.  And builders typically build for  a move up buyer.  So, the biggest affordability issue is simply lack of  supply.

OLICK:  Home prices which have been cooling off turned hotter in the last  month due to that severe shortage of homes for sale.  The realtors reported  a nearly 3 percent annual drop in inventory at the end of September.  But  the drop is far more on the low end of the market.  For homes priced  between $100,000 and $200,000, it`s down 13 percent from a year ago.  And  that`s the range where most first-time buyers live.  

DUNCAN:  Our data on first-time home buyers showing they are the most  conservative in terms of share of income dedicated to housing of several  generations.  

OLICK:  Mortgage rates should be helping, but they actually ticked back up  in September and jumped again today.  Current buyers have very little  wiggle room in the wallets and even small rate moves matter, not only in  the affordability but in the ability to qualify for a mortgage.  Fewer  people think rates will go down further according to the Fannie Mae survey.  

And adding to the supply pressure, fewer people think now is a good time to  sell too.  That`s why more are staying in homes longer, five years longer  than they were just a decade ago.  And the longer they stay, the less homes  there are for sale.  
For NIGHTLY BUSINESS REPORT, I`m Diana Olick in Washington.  

GRIFFETH:  Let`s turn now to Daryl Fairweather to talk more about the  housing market and if you should be buying now or waiting until spring.   Daryl is chief economist at Redfin.  

Thanks for joining us tonight.  Good to see you.  


GRIFFETH:  I know you agree that affordability is the biggest issue facing  the housing market right now, but do you see any relief coming in that  regard going into the New Year?

FAIRWEATHER:  Well, 2019, buyers still have a lot of challenges out there  when it comes to affordability.  Rates came down and the market slowed a  bit, which gave buyers a better opportunity than they saw in 2018 or 2017.   They`re facing fewer bidding wars.  But the underlying problem is still  prices.  

HERERA:  And what about mortgage rates?  We saw them tick up today.  But  historically, they`re still really low.  But consumers seem to be extremely  sensitive to those small variations.  

FAIRWEATHER:  Mortgage rates are low from a historical perspective.  Any  time they tick up or down, it does impact how much you pay every month.   But most buyers are looking for a home in their price range where they can  afford the down payment.  And that matter more than just the monthly  mortgage payment changing by a few dollars.  

GRIFFETH:  Supply is, of course, a big issue.  Home builders have been  reticent about building new homes.  But I was reading the first time in a  while, home building contributed to GDP numbers in our economy.  
That has to provide some hope, doesn`t it?  Do you think that`s the  beginning of a trend?  

FAIRWEATHER:  That`s right, home builders pay attention to interest rates  too appear opinion and when they come down they can afford to build more.   So, that`s definitely good news.  Unfortunately, we have a really big  housing shortage here in the U.S. that`s even larger in places like  California and other expensive coastal metros.  
So, I think it`s going to be a long time before building really puts a dent  in home affordability.  

HERERA:  So what`s your take for those who are sitting there saying, well,  I don`t know, is this a god time to go out and buy a house?  Or should I  wait for the traditionally stronger spring selling season?  

FAIRWEATHER:  It really depends on your personal situation.  I think right  now, it is a good time to buy a home, compared to next year.  There might  be even more competition prices might be even higher.  So, I wouldn`t  advise anyone to wait thinking that they`re getting a better deal later on.   With this housing market and the lack of supply of homes, I only see prices  going up.  

GRIFFETH:  Daryl Fairweather with Redfin, again, thanks for joining us  tonight.  

FAIRWEATHER:  Thank you.  

HERERA:  Up next, how about a nice cup of coffee without the coffee?  

KATE ROGERS, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Coffee comes in a lot  of forms — hot, cold, flavored.  But have you ever heard of coffee made  without coffee beans?  I`m Kate Rogers (NYSE:ROG) in Seattle.  And tonight  on NIGHTLY BUSINESS REPORT, we`re going to tell you how and why one start- up is doing just that.  

GRIFFETH:  Finally tonight, the coffee industry has a sustainability  problem.  Most of it is grown in certain latitudes around the world.  And  potential climate change is forcing farms to continually move higher, where  there is less land.  But one company has set out to solve that problem by  taking the bean out of your morning cup of Joe.  
Kate Rogers (NYSE:ROG) is in Seattle to see what the buzz is all about.  

ROGERS:  Coffee, it`s a ritual for many.  The brewing of it, the taste, the  smell, but one Seattle start-up says it figured out how to make a great cup  of coffee without the bean.  It`s called molecular coffee.  And if you`re  wondering why, you`re not alone.  

ANDY KLEITSCH, ATOMO CO-FOUNDER AND CEO:  Many don`t like the taste of  coffee, you know?  In fact, a lot of people add cream and sugar.  Sixty- eight percent of people add cream and sugar to the coffee because they  simply don`t like the taste.  And so, one reason we thought, let`s just  make a better tasting cup of coffee.  But really what`s driving us is the  whole deforestation and the long-term viability of coffee.  

ROGERS:  Atomo, based in Seattle, not far from the Starbucks (NASDAQ:SBUX)  in Pike`s Place Market was founded by friends, Andy Kleitsch and Jarret  Stopforth, who from the tech start-up and consumer packaged goods world.  

The two say they`re coffee lovers but know that coffee production as it  stands today may not be sustainable.  Most of it`s grown in certain  latitudes and climate change will force farms to continually move higher  where there is less land.  So, they reverse-engineered the coffee bean,  making coffee from materials including sun flower seed husks and watermelon  seeds.  

KLEITSH:  These are waste stream products that are normally discarded by  farmers.  And we take those ingredients, we find compounds in those  ingredients that we can use to contribute the flavor and the aroma and the  body and the mouth feel of coffee.  So, we`re taking up cycle ingredients  and naturally derived sustainable ingredients and using that as our base  for our coffee.  

ROGERS:  And yes, it does have caffeine.  

UNIDENTIFIED MALE:  Give it a smell.  

ROGERS:  The project began on Kickstarter, raising $25,000.  Then the  venture capital world came in with $2.6 million from Horizon ventures,  backer of Impossible Foods.  And among Atomo`s advisers is the CEO of  Soylent, which makes plant-based meal replacements.  

BRYAN CROWLEY, SOYLENT CEO:  This is not fad.  It`s here to stay, because  we have to do it.  We have to find disruptive solutions to these issues  that we`re facing from a sustainability standpoint.  

ROGERS:  Atomo plans to ship its first batch of cold brew to its  Kickstarter investors this January as it continues working to get its  coffee grounds right for hot brew.  Atomo says the cold brew should be  available at retailers mid-year.  

So, we had to put the product to the test right here in Seattle up against  another leading cold brew.  

Which one did you like better?  

UNIDENTIFIED FEMALE:  I like this one better.  
ROGERS:  And the people liked it.  Seven out of ten chose Atomo.  
UNIDENTIFIED FEMALE:  I really like that.  It`s really good.  
ROGERS:  Yes, please.  

As it turns out maybe the perfect cup of Joe doesn`t need a bean after all.

For NIGHTLY BUSINESS REPORT, I`m Kate Rogers (NYSE:ROG) in Seattle.  

GRIFFETH:  Some of our staff tried that today and they said it was actually  sweeter than traditional coffee.  But I`m not sure you need to call it  coffee if you`re not using coffee beans.  

HERERA:  True, that`s really true.
GRIFFETH:  Call it something else.  
HERERA:  Something else.  We`ll come up with a name.  

HERERA:  Before we go, here`s a look at the day`s final numbers on Wall  Street.  The Dow rose 182 points to a record 27,674.  The Nasdaq rose 23.   S&P 500 added eight, for a record close as well.  

And on that note, that will do it for us.  We`ve got to go get a cup of  coffee.  

I`m Sue Herera.  Thanks for joining us.

GRIFFETH:  Or something else.  

HERERA:  Or something else.  

GRIFFETH:  I`m Bill Griffeth.  Have a great evening.  We`ll 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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