Transcript: Nightly Business Report – November 8, 2019

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


SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Record close.  The major  indexes finished the week at all-time highs.  But what happens next for  stocks may depend on what happens to bonds.  


BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  Blue chip buys.  With  stocks at record highs right now, our market monitor guest is looking to  some household names for big returns. 

 
HERERA:  Social media spies.  LinkedIn (NYSE:LNKD) isn`t flashy.  But  according to law enforcement officials, it`s a hot bed of espionage  activity.  
Those stories and more tonight on NIGHTLY BUSINESS REPORT for Friday,  November 8th.  


GRIFFETH:  And we bid you good evening, everybody.  And welcome.  
You know in golf, a 300-yard drive counts the same as a 2-inch putt, and it  works pretty much the same way on Wall Street.  Remember yesterday, a  nearly 200-pinpoint rally pushed the Dow into record territory.  Today, a  mere 6-point gain did the same thing.  The Nasdaq and S&P closed at record  highs.  


But the moves didn`t come easy.  Stocks wavered between gains and losses.   But in the end, help came from trade optimism, earnings moment up and  decent economic data.  Today as I mentioned, the Dow rose by six points.   We`re now at 27,681.  Nasdaq was up 40, the S&P added seven.  
In fact, all the major averages were higher for the week.  The S&P finished  its fifth consecutive week of gains.  But the big question for investors  now is, can stocks move even higher?  
And as Bob Pisani reports, the answer my lie in the bond market.  
(BEGIN VIDEOTAPE)


BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Beyond the rally in the  stock market, we`ve also seen a rally in bond yields.  The yield on the  U.S. 10-year treasury note risen sharply over the past seven days,  investors haven`t seen that kind of move in bonds since before the 2016  presidential election.  


Now, this recent spike in yields mass pushed bank stocks back into a  leadership position with regional banks like Comerica (NYSE:CMA) and  KeyCorp (NYSE:KEY) hitting highs while utilities slumped 4 percent and the  much loved homebuilding stocks, well, they`re down anywhere from 2 to 8  percent for the month.  But more importantly, it`s finally given some  credence to the bond bears, people who think bond prices are too high.  
The big question is, how sticky is this rally in bond yields that we`ve  seen?  Well, it`s hard to say.  But if a long-term U.S.-China trade deal  reducing tariffs emerges, it could be sticky.  


The decline in bond prices could force more investors into stocks and  provide fuel to give the rally some additional legs going into the end of  2019.  Now, keep in mind a few key factors have led global bond yields to  stay low for longer.  We had aging populations.  We have lower yields in  exchange for safety.  We have central banks, and policy uncertainty.  The  uncertainties around trade and the 2020 election.  


So, you`ve also got demands still outstripping supply for bonds globally.   No one is expecting a revolution in bond prices.  But it`s gotten some  traders buzzing about what might happen if this trend continues a little  bit more or gains momentum into the end of the year.  Like I said, that  could be a help to the stock market.  
For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.  
(END VIDEOTAPE)


HERERA:  New highs in the stock market tend to come when the economy is  growing, but that`s not case now.  Economic data shows that activity is  slowing.  
It`s an unusual phenomenon that we asked Steve Liesman to look into.  
(BEGIN VIDEOTAPE)


STEVE LIESMAN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The market surged to  all-time high looks underpinned by optimistic outlook in three risk areas,  trade, growth and the Fed.  But some think the optimism could be overdone.  


First, the most important outlook is the potential for some kind of trade  deal.  That would ensure that the tariff situation economically at least  doesn`t get worse from here.  But the market has been fooled before.  And  some see all the upside now priced in.  


GREG BOUTLE, BNP PARIBAS:  The market has become much more optimistic about  a trade deal and potentially tariff roll backs.  So, I actually see the  risk from trade now more asymmetric and more potentially to the downside,  but that could disappoint.  Similarly with growth, the market certainly  when you look at earnings estimates is expecting a strong kind of rebound  into next year.  


And for the quarter, we have seen to be the lows in terms of corporate  earnings growths.  So, again, I think the risks for the estimates are on  the downside not upside.  


LIESMAN:  Second prospect for the trade deal led for the prospect that they  are the bottom at the slowdown this year.


CNBC looked at the growth forecast of eight Wall Street economists.  After  the 1.9 percent gain reported by the government and GDP for the third  quarter, the median forecast sees growing slowing to 1.5 percent this  quarter and next.  But rebounds back to 2 percent in the second quarter of  2020.  


And third, the back drop for all this is that interest rates remain low and  the Federal Reserve stays on hold with a high bar to raise rates.  


MARGARET PATEL, WELLS FARGO:  I think there is very low possibility of  interest rates breaking out of the 1.5 to 2.5 percent for the 10-year.  The  Fed is clearly — they learned the lesson in `18 by over-tightening.   They`re clearly on the sidelines being passive.  So, I think that makes a  positive back drop for economic growth to continue, even if it`s only 1.5  or 2 percent.  That`s good enough for earnings growth to expand over the  next year or two.  


LIESMAN:  So an optimistic outlook for an improving trade picture, a bounce  off the bottom for growth and the Fed on the sidelines created the  foundation for the market to rise to all-time highs.  The question is  whether that foundation is solid or shaky, whether the forecasts are  realistic, whether the good news is already priced in.  
For NIGHTLY BUSINESS REPORT, I`m Steve Liesman.  
(END VIDEOTAPE)


GRIFFETH:  Now, earlier this week, for the most part, there was optimism  over the trade dispute between the U.S. and China.  But today, there was a  noticeable change in tone and more questions.  
Kayla Tausche has the latest developments from Washington.  
(BEGIN VIDEOTAPE)


KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The White House is  hoping to have a deal finalized with China by next week, the original date  of the APEC summit and one month after President Trump and Vice Premier Liu  He announced the agreement from the Oval Office and said it would take just  a few weeks to put in writing.  


The home stretch has seen both countries and officials within the White  House posturing to put their preferred outcome forward.  China on Thursday  said an agreement was reached on a scheduled rollback of tariffs.  Comments  confirmed by U.S. officials.  


National Economic Council Director Larry Kudlow said some tariffs would be  removed as a condition of the first deal.  The trade hawk Peter Navarro who  had been fighting the deal internally then said there was no agreement on  tariffs which President Trump himself today reiterated on his way to a  fundraiser for Georgia Senator David Perdue.  


DONALD TRUMP, PRESIDENT OF THE UNITED STATES:  Well, they`d like to have a  roll back.  I haven`t agreed to anything.  China would like to get somewhat  of a rollback, not a complete roll back because they know I won`t do it.  


But we`re getting along well with China.  They want to make a deal.   Frankly they want to make a deal more than I do.  I`m very happy right now.   We`re taking in billions of dollars.  I`m very happy.  


TAUSCHE:  Once the deal is clinched, the question is where to sign it?  The  White House has considered a dozen locations of varying political  importance and convenience for the president`s schedule.  Both the U.S. and  China would prefer to host a signing summit on their home turf.  
Trump again today suggested Iowa or elsewhere in the Farm Belt.  Even as  aides this week said it may be pushed to early December when the president  is in Europe.  


For NIGHTLY BUSINESS REPORT, I`m Kayla Tausche in Washington.  
(END VIDEOTAPE)


HERERA:  And trade was one of the issues we heard a lot about in earning  season.  But as the third quarter earnings season winds down, what did we  actually learn?  


Joining us is Matt Maley.  He`s the chief market strategist at Miller  Tabak.  
Welcome, Matt.  Nice to see you again.


MATT MALEY, MILLER TABAK:  Thank you, Sue.  
HERERA:  So, what was your big takeaway from the earnings season this time  around?  


MALEY:  Well, two things, number one, it wasn`t that great.  It started off  very strong, and looked like it was going to be really good.  


But in the earnings season, they beat expectations.  But, of course, they  always beat expectations because they lower them so much.  But the guidance  coming out for the fourth quarter was disappointing because it came down  again.  We`re not looking for basically a slightly negative growth for 4th  earnings.  


That number was 2 percent growth two weeks.  And back in May, it was 11  percent growth.  However, on the flipside, you look at forward earnings a  bit further out for the first and second quarter, the second quarter went  from 7.7 percent growth, down to 7 percent.  Not that huge decline like we  saw for fourth quarter growth we have seen in recent months.  


So, you know, we`re going — we`re still in the show me stage, especially  given how much the stock market rallied.  But right now, it`s not something  we want to stick a flag in the ground and say this is a fabulous earnings  season.


GRIFFETH:  We are getting those mixed signals about the rollback of  tariffs.  But assuming that were to start happening, how would that impact  those earnings down the road do you think?  


MALEY:  Well, the one problem we have at that is that the rollback would —  there is no question it would be positive.  I mean, especially for the  consumer.  And they`re the most important part of the economy.  
But what does it mean for corporate executives?  Does that really lift the  uncertainty surrounding a more comprehensive deal?  I`m not sure that it  does.  


So I`m not sure they`re spending in the way that will really help the  economy grow in a major way.  So, it`s not as good as I`d like it to be if  we had a bigger deal.  


HERERA:  So, broadly speaking, if you`re a long-term investor, do you stick  domestically in terms of investments or do you look overseas?  


MALEY:  I think we have to spread ourselves a little bit.  The last couple  of years, the U.S. has outperformed by — in a dramatic way.  But I think  now we`ve seen outperformance in several areas like emerging markets, even  Europe, over the last two or three months.  


That could continue as we move into the New Year.  So, I think that, you  know, I`m not saying people should leave the U.S. behind.  But we are  starting to see some bright spots in other parts of the world.  So, if you  broaden the horizon you`ll do better in 2020.  
HERERA:  Matt Maley with Miller Tabak — thanks, Matt.  
MALEY:  Thank you.  


GRIFFETH:  Speaking of earning, the Gap (NYSE:GPS) was downgraded today to  market perform from outperform at Telsey Advisory Group following the  departure of its CEO which we told you about last night and some  disappointing earnings.  And the stock fell more than 7 percent today to  $16.68.  


Courtney Reagan takes a closer look now at the troubles facing this once  popular Gap (NYSE:GPS) brand.  
(BEGIN VIDEOTAPE)


COURTNEY REAGAN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Gap (NYSE:GPS) was  already in a period of transition and just got more complicated.  CEO Art  Peck is stepping down, ahead of the plan to spin out Old Navy into its own  public company in 2020.  


Peck was slated to run the rest of the brands, including Gap (NYSE:GPS),  Banana Republic and Athleta.  Board member and founding family member  Robert Fisher will be interim CEO.  


Issues have existed for years at Gap (NYSE:GPS), Inc.  Peck took over as  CEO in 2015 as the business started to stumble and hasn`t been able to turn  it around.  Shoppers have more choices than ever before.  And there have  been a number of merchandise stumbles by Gap (NYSE:GPS), Inc, brands,  including at Old Navy which had been the standout, though recently sales  have begun to fall.  


STACEY WIDLITZ, SW RETAIL ADVISORS:  It`s time for a change in product.   It`s time for a change in thought process.  And it`s also time to consider  the fact that non-stop promotions over the past several years have trained  the consumer to never pay full price again.  


REAGAN:  The apparel retailer also preannounced disappointing third quarter  results and lowered its full-year forecast.  Sales at Gap (NYSE:GPS),  Banana Republic and Old Navy all fell.  The retailer said it was a  challenging quarter.  The CFO said macroeconomic impacts and slower traffic  hurt results that were already hampered by, quote, product and operating  challenges.  


Gap (NYSE:GPS) planned to spin out Old Navy to unlock the value, but it`s  since weakened.  And the process costs about $1 billion, leading to a  growing chorus of those that think it`s best to end the planned separation.  
WIDLITZ:  If we can save Old Navy and keep it from becoming that non-stop  promotional brand, there is hope for this company, but I think changes need  to happen in terms of product, incredibly quickly so that Old Navy doesn`t  become what the Gap (NYSE:GPS) is, which is a low-margin, non-stop  promotional product.  


REAGAN:  The CEO departure, disappointing quarter and forecast led a number  of analysts to downgrade their outlooks for the company, as its futures and  the plan for the Old Navy spinout looks more uncertain.  
For NIGHTLY BUSINESS REPORT, I`m Courtney Reagan.  
(END VIDEOTAPE)


GRIFFETH:  And still ahead, spies like us.  When you think of LinkedIn  (NYSE:LNKD) you probably don`t think of espionage.  But maybe you should.  
(MUSIC)


GRIFFETH:  Democratic presidential candidate Pete Buttigieg today outlined  a $1 trillion plan for affordable housing and child care.  All part of a  package of proposals designed to benefit the middle class.  His campaign  says the programs will be paid for by reforming the way capital gains are  taxed among the top 1 percent of wealthy Americans.  Mayor Buttigieg`s  campaign also provided more details about how he would lower the cost of  college, saying he would eliminate tuition at public colleges for families  earning less than $100,000 and reduce the cost for those earning up to  $150,000.  


HERERA:  Michael Bloomberg is reportedly preparing to make a late entrance  into the 2020 Democratic primary race.  And that could change the current  debate over wealth and taxes.  
Here`s Robert Frank.  
(BEGIN VIDEOTAPE)


ROBERT FRANK, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Michael Bloomberg  would be the richest man ever to run for president.  And while his wealth  could turbo-charge his campaign, it could also be his biggest liability in  an increasingly populist Democratic party.  


Bloomberg sending staffers to Alabama to qualify for the primary there  before today`s deadline.  He has not made a decision, but people close to  the former mayor saying he is seriously considering a run.  
Now, Bloomberg`s net worth is now $52 billion, that makes him the 8th  richest American.  Now, his fortune comes from his 88 percent stake in  Bloomberg LP, that`s the financial data and news empire that he cofounded  in 1981.  


Now, he served as mayor in New York for 12 years, switching to the  Republican Party for his first election and then back to the Democratic  Party.  


Mayor Mike, as he is known in New York City, has given away over $8 billion  to charity mainly focused on gun control, climate change, education and  health care.  


Now, moderates are hoping Bloomberg could pull the party`s wealth tax and  business agenda towards the center.  At a speech in New Hampshire earlier  this year, Bloomberg said the wealth tax is probably unconstitutional and  that, quote, we shouldn`t be embarrassed about capitalism.  


He favors more evolutionary changes to the tax system and health care to  reduce inequality and help those at the bottom.  


MICHAEL BLOOMBERG, FORMER NEW YORK CITY MAYOR:  If you want to solve income  inequality, one of the things you have to do is you have to adjust how  progressive the tax rates are.  To replace the entire private system where  companies provide health care for in their employees would bankrupt us for  a very long time.  It`s just not a practical thing.  


FRANK:  Elizabeth Warren writing to supporters last night: Another example  of the wealthy wanting our government and economy to only work for them.  


And she directed Bloomberg to her billionaire wealth tax calculator which  shows Bloomberg paying $3 billion in wealth tax this year under Warren`s  plan.  
Now, Bernie Sanders also tweeting that billionaire class is scared and they  should be scared.  
For NIGHTLY BUSINESS REPORT, I`m Robert Frank.  
(END VIDEOTAPE)


HERERA:  Earlier this week, two former Twitter gees employees were charged  by the Department of Justice with spying for Saudi Arabia.  The news got us  wondering about other social media companies.  


Eamon Javers did some digging and he found that it`s not just Twitter but  LinkedIn (NYSE:LNKD) as well that`s a goldmine for foreign spies.  
Eamon joins us now with more on that.  


And, Eamon, you reported LinkedIn (NYSE:LNKD) as one of the biggest targets  for foreign intelligence services, but why?  


EAMON JAVERS, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Yes, so, that`s the  question.  Current and former law enforcement officials told me LinkedIn  (NYSE:LNKD) is really teaming with spies and one of the hottest social  media platforms for spies to go to.  It has to do with what people post on  there and why they post it.  


First of all, what they`re posting.  It`s a lot of business and personal  information.  You put your full resume up there.  All of your credentials,  where you work, who you know, all of that is valuable information for  foreign intelligence services.  


And then why are you post going on LinkedIn (NYSE:LNKD)?  Everybody posting  on LinkedIn (NYSE:LNKD) is putting their information up there because in  theory, maybe down the line, they want a new higher paying job, maybe more  responsibility, all of that.  For an intelligence service, that means that  that person may want some money, may want some recognition, may be  disgruntled in their job.  


All of that is a thread for spies to pull on to get information.  They can  set up fake accounts and really pretend to be people they`re not.  And draw  out a lot of the information.  


GRIFFETH:  Wow.  What`s LinkedIn (NYSE:LNKD) doing about this?  Anything?  


JAVERS:  Yes.  You know, Bill, I talked to LinkedIn (NYSE:LNKD) about this.   They say they`ve been aware of this problem for years.  They`ve been  working with the federal government on it.  They say just in the first six  months of the year, they eliminated more than 20 million fake accounts on  their site.  


They gave us a statement saying: We actively seek out signs of state- sponsored activity on the platform and quickly take action against bad  actors in order to protect members.  They say they are working on this and  they are aware of the problem.  And they say they prioritize the safety of  LinkedIn (NYSE:LNKD) members who are participating in the site  legitimately, not trying to trick people into giving over information.  


GRIFFETH:  And quickly as we wrap up this up, Eamon, do the social media  themselves have a possibility to make sure what`s being posted on the site  is the truth?  


JAVERS:  Well, that is the big question in social media right now.  They`re  all wrestling with it.  You see LinkedIn (NYSE:LNKD) doing it here.   Facebook (NASDAQ:FB) is doing the same thing in terms of phony  disinformation, and disinformation, political advertising.  That`s the big  question in social media right now.  


And it`s really a society-wide question.  What kind of a media do we want  to have?  And what the do we want the companies to do on our behalf, Sue?  


HERERA:  Indeed.  Eamon Javers in Washington — thanks, Eamon.  


JAVERS:  You bet.  


GRIFFETH:  Revlon (NYSE:REV) Sales are in need of a makeover.  That`s where  we begin tonight`s “Market Focus” with the beauty products maker saying it  saw North American sales slip due to declines in well-known brands like  Almay, Juicy Couture, and Britney Spears branded fragrances.  Revlon  (NYSE:REV) shares plunged almost 15 percent today to $20.76.  


And despite reporting better than expected earnings, Honda cut its profit  and global sales outlook.  The automaker cited a stronger yen and weakness  in some key markets including India, also announced plans to buy back $900  million worth of its own stock.  The shares gained more than 3.5 percent to  $28.91.  


HERERA:  Activist investor Carl Icahn is cutting his stake in Occidental  Petroleum (NYSE:OXY) by nearly one third.  Icahn has been a critic against  Occi`s $38 billion acquisition of Anadarko Petroleum (NYSE:APC), calling it  hugely overpriced and advised the company`s board to put it on the market  instead.  Shares rose about 3 percent to $40.10.  


Southwest and American Airlines are removing the Boeing (NYSE:BA) 737 MAX  from their flight schedules through March.  The airlines cited continuing  uncertainty around regulatory approval of the jet.  Southwest and American  fell a fraction.  Boeing (NYSE:BA) shares were down about 2 percent to $351  even.  


GRIFFETH:  Speaking of which, time for our weekly market monitor who has  three names that he believes will grow between 15 and 20 percent over the  next 18 months.  This is his first for a time on NBR.  He is Kevin Miller,  the chief investment officer at Evaluator Funds.  
Kevin, good — nice to see you.  Thanks for joining us tonight.


KEVIN MILLER, EVALUATOR FUNDS CHIEF INVESTMENT OFFICER:  Thank you for  having me.  Appreciate it.  


GRIFFETH:  And your first pick is Boeing (NYSE:BA), a rather gutsy call,  frankly.  And I`m very curious to know why you think it will grow that much  over the next 18 months.  


MILLER:  Well, the things we look at are cash flow, what corporations do  with that cash flow.  We want positive cash flow, growing cash flow.  And  we want to see them use that cash flow and give dividends back to their  shareholders.  


And Boeing (NYSE:BA) has a strong history of growing cash flow and also  increasing their dividend year over year.  Now, this last year, as a result  of what they`re in the midst of with their MAX jet, cash flow has kind of  leveled off.  


But if you look at Boeing (NYSE:BA) back when — in 2017, that stock that  year was up over 90 percent.  You look what they have for competitors, the  only other competitor they have in the world, quite frankly is Airbus.  So,  that gives them a good mote.  Meaning another company cannot really come in  and take them over or move them from the position they`re in.  
We`re going to be spending money in aerospace.  They`ll be part of that.   They purchased an aerospace parts distributor, KLX, recently.  And that`s a  very high margin market.  
GRIFFETH:  All right.  


MILLER:  So I think we`ve got a real good opportunity with them.  


HERERA:  And then let`s go to Visa (NYSE:V).  It`s a consumer play.  But  it`s also kind of an e-commerce play for you.  


MILLER:  Yes, you know, a lot of people were — we`re embarking on the  holiday season.  And people are doing a lot of purchases online.  And  either you are going to use Visa (NYSE:V), MasterCard (NYSE:MA), American  Express (NYSE:EXPR) (NYSE:AXP).  Well, Visa (NYSE:V) is broadly distributed  in one of them.  


And it`s a way for investors to partake in a strong consumer as we`ve been  seeing with the consumer confidence report.  And what we anticipate as a  strong holiday season without having to particularly select, you know, do I  invest in Walmart?  Do I invest in Target (NYSE:TGT)?  Do I invest in  Amazon (NASDAQ:AMZN)?  So, they`ll get an indirect opportunity through  that.  


GRIFFETH:  Finally, quickly if we can, Home Depot (NYSE:HD).  Is that a  vote on the housing market?  Why this one versus Lowe`s?  What`s the story  here?  


MILLER:  Yes, housing strong dividend again, strong cash flow growth,  dividends at about 2.4 and inflation at 2.  Interest rates are low.   Opportunity for people to do their housing projects, consumer confidence is  strong.  It just — it`s got a probably a bigger footprint than Lowe`s.   So, we really like it for multiple reasons.  


GRIFFETH:  Very good.  Our market monitor this week.  Kevin Miller with  Evaluator Funds — Kevin, again, thanks for joining us.  


MILLER:  Thank you very much.  
HERERA:  Coming up, a look at what`s really holding back home buyers.  
(MUSIC)


HERERA:  There is a new barrier to entry in home ownership.  And it`s not  student loan debt.  That`s just one of the surprising new findings in  realtors` annual survey of who is buying homes and how.  
Diana Olick has more.  
(BEGIN VIDEOTAPE)


DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Americans are racking  up more and more credit card debt.  And that is now keeping some from  buying houses.  Forty-five percent said that was making it hard to save for  a down payment, up from 37 percent the year before, according to the latest  annual profile of buyers from the realtors.  


JESSICA LAUTZ, NAR VP OF RESEARCH:  It could be that just expenses today  are so difficult for people to make ends meet that they are putting things  on credit cards that perhaps they have not typically in the past.  


OLICK:  Michelle Patters is trying to get out from under her credit card  debt.  


MICHELLE PATTERS, RENTER:  Almost there.  I`ve almost cleaned it up.   That`s probably why I`m renting, too.  


OLICK:  Increasing debt, as well as higher home prices are also likely  behind another striking change in this year`s survey.  The share of first- time buyers purchasing homes with friends is small but it doubled in one  year from 2 percent to 4 percent.  


CLAIRE FRISBIE, RENTER:  In grad school, I lived with three other women and  that was fun.  So, I think later down the road and the right place and  price, I would really like to do that.  


OLICK:  Still, some are skeptical.  


Christian Gordy owns a house on his own.  


CHRISTIAN GORDY, HOMEOWNER:  It`s an interesting concept.  I would like to  see what happens when things don`t work out legally, like, how do you split  the assets?  


OLICK:  And that would be a problem as well for unmarried couples, another  growing subset of buyers now at 9 percent.  


COLLEEN KRIVACEK, HOMEOWNER:  I think it`s great.  I owned a home with my  husband before he was my husband.  So, with my — when he was my boyfriend  and when he was my fiance.  


LAUTZ:  I think it mirrors the drop in the marriage rate in the U.S. people  are not necessarily embracing the institution of marriage or getting  married later in life.  But they`re willing to make the biggest financial  purchase of their life with a partner who they`re not married to.  


OLICK:  It also mirrors the very social nature of this social generation.   Something also changing, why people move.  For decades, the number one  reason to move somewhere else was for a new job.  Now, suddenly, the  primary reason is to be closer to friends and family.  


For NIGHTLY BUSINESS REPORT, I`m Diana Olick in Washington.  
(END VIDEOTAPE)


GRIFFETH:  Finally tonight, the iconic charging bull statue in Lower  Manhattan is moving.  Officials are working on a plan to relocate the bull,  citing security concerns.  A new location hasn`t been announced but it`s  expected to move closer to the New York Stock Exchange.  


HERERA:  And before we go, a final look at the day`s numbers from Wall  Street, where all of the major averages closed at records.  The Dow rose 6,  the Nasdaq was up 40, and S&P 500 added 7.  All of the major indexes were  higher for the week as well.  


Good way to go into the weekend.  


GRIFFETH:  Indeed.  


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


GRIFFETH:  I`m Bill Griffeth.  Have a great weekend.  We`ll see you on  Monday.  

END



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Nightly Business Report transcripts and video are available on-line post  broadcast at http://nbr.com. 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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