TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Microsoft`s next chapter? The company beats earnings expectations after a run-up in the stock price. Is the new CEO turning the market into a Wall Street darling once again?
SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: New rules. Should the Internet be free and equal for all? Or should some be allowed to pay to get their products to consumers faster? Regulators are weighing in.
MATHISEN: And, settlement talks. Bank of America (NYSE:BAC) reportedly ready to pay as much as $10 billion to resolve mortgage-related litigation stemming from the financial crisis. Is the bank ready to put the past behind it?
All that and more tonight for NIGHTLY BUSINESS REPORT for Thursday, April 24th.
GHARIB: Good evening, everyone.
This was a big and busiest day over earnings seasons. More than 60 of the companies on the S&P 500, including five members of the Dow index reported their latest quarterly numbers. And then after the markets closed, two of the biggest household names in technology came out with solid earnings, Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT).
We begin with Microsoft (NASDAQ:MSFT), the software giant posted earnings of 68 cents a share in its fiscal third quarter, 5 cents more than analysts estimate. Also reported better than expected revenues with more than $20 billion in sales.
Shares rose as much as 2 percent in after-hours trading after rising nearly half a percent of the regular session to $39.86.
Sheila Dharmarajan joins us now with more on Microsoft (NASDAQ:MSFT).
So, Sheila, you looked at all the numbers, what`s your one big takeaway?
SHEILA DHARMARAJAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Well, I have one word for you, and that`s the Cloud. It`s all Cloud-tastic, it`s been all about the Cloud for Microsoft (NASDAQ:MSFT) — really making a big push in the Cloud computing. And under CEO Satya Nadella, it does seem to be paying off.
So, Web-based tools such as Office 365 and zero cloud services had big gains of more than 100 percent sales growth.
Now, the Achilles heel for Microsoft (NASDAQ:MSFT) is shrinking PC sales and we did see some impact of it when it comes to the Windows operating systems. For this quarter, though, that was somewhat mitigated thanks to upgrades. But this is an issue that`s not going to go away.
It`s something the company is going to have to deal with. But in the meantime, the Cloud is definitely saving Microsoft (NASDAQ:MSFT).
MATHISEN: The Cloud is where it is.
Now, don`t go anywhere. We`re not done with you yet. We`re going to come back to you in just a second with news on Amazon (NASDAQ:AMZN).
But, right now, let`s go to Josh Lipton, who`s going to take a closer look at Satya Nadella, Microsoft`s the newly named CEO and how his strategy for the company is already changing the corporate culture there and exciting shareholders.
JOSH LIPTON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):
Investors have cheered the appointment of Satya Nadella.
SATYA NADELLA, MICROSOFT CEO: Thank you so much.
LIPTON: But can the CEO keep winning over Wall Street as he implements a new strategic vision for the software giant? Since becoming CEO on February 4th, Microsoft (NASDAQ:MSFT) stock is up about 8 percent.
In contrast, the NASDAQ is flat over that same period. Microsoft
(NASDAQ:MSFT) investors want change and Nadella is delivering it. Under Steve Ballmer`s leadership, Microsoft`s revenue jumped, but the stock dropped more than 30 percent. Ballmer`s critics say he missed the three most important tech trends over the last decade — mobile, social and the Cloud.
Nadella has stepped into Microsoft`s C-suite with a very different strategy and style, often appearing in a t-shirt, jeans and sneakers. The message — this is a younger, hipper and more forward-looking company.
DANIEL IVES, FBR CAPITAL MARKETS: This is all part of the top-down image that Microsoft (NASDAQ:MSFT) is trying to portray as they move to the Cloud and try to become yet again, more ideally, a next gen technology vendor.
LIPTON: The new CEO is making big strategic bets. He`s forcing Microsoft (NASDAQ:MSFT) to break away from its PC-centric focus, Microsoft
(NASDAQ:MSFT) recently announced that an office will be available for the iPad, users can now go the Apple (NASDAQ:AAPL) App Store and access Word, Excel and PowerPoint. Analysts say this move can generate up to $5 billion per year for Microsoft (NASDAQ:MSFT).
Nadella also talks about a new strategy and emphasizes mobile technology. Tomorrow, Microsoft (NASDAQ:MSFT) will complete its acquisition of Nokia (NYSE:NOK). It hopes to boost its very small share of the mobile operating system market.
And Nadella is working hard to grow Microsoft`s Cloud initiatives.
That`s a relatively small business right now but one that hasn`t enjoyed significant growth.
IVES: While the optimism in the stock is related to Nadella`s Cloud vision, as well as his history in Cloud, that he`s going to be the guy that enables Microsoft (NASDAQ:MSFT) to make that leap.
LIPTON (on camera): Nadella still faces serious challenges, navigating a PC market in sharp decline, integrating Nokia (NYSE:NOK) and turning that business into a growth vehicle.
But analysts have quickly changed their views of the old tech firm and Nadella is giving Microsoft (NASDAQ:MSFT) a fresh face for the future.
Josh Lipton, NIGHTLY BUSINESS REPORT, Silicon Valley.
GHARIB: And now we turn to quarterly earnings for Amazon (NASDAQ:AMZN).com. First quarter profits shot up 32 percent. It earned 23 cents a share, that was right in line with Wall Street estimates.
Revenue rose to nearly $20 billion. That was a slightly beat over forecast and a 23 percent gain from the same period last year. The stock jumped as much as 3 percent in after-hours trading. It pulled back after climbing nearly 4 percent during the regular trading session.
Once again, Sheila Dharmarajan joins us.
You know, Sheila, the numbers were OK, I guess. But you hear from Jeff Bezos, the CEO of Amazon (NASDAQ:AMZN), a new deal a week.
GHARIB: So, are we supposed to pay attention to those new deals or to these quarterly numbers?
DHARMARAJAN: Yes. You know, it really boils down to whether or not you believe in his strategy or not. Because let me tell you, he is sticking to his guns. He is really pouring money and pouring cash into expanding Amazon`s business. And it`s all coming at the expense of profits.
In fact, analyst Gene Munster says they are spending money like drunken sailors.
Now, look, the idea has been to invest for growth, and right now, it does seem to be working. Sales for the quarter did grow more than 20 percent, and also newer businesses, all these deals that he`s been doing, like streaming video services, has grown and, in fact, it tripled the number of views.
Now, investors haven`t given the strategy the benefit of the doubt.
We`re going to see how long they can keep going with it, because remember, Amazon (NASDAQ:AMZN) did project a negative operating income for the upcoming quarter. That`s a little disappointing.
MATHISEN: All right. Sheila, thank you very much. Sheila Dharmarajan.
Choppy day of trading on Wall Street, with the markets ending the session and little changed. That follows a mixed bag of earnings out before the bell, along with a mixed bag on the economy. Orders for long- lasting big ticket durables rose last month, but first time jobless claims unexpectedly spiked higher last week.
Also impacting traders, more saber-rattling in Eastern Europe as Moscow began military exercises near its border with Ukraine.
Now, get this — the Dow was unchanged. That is the first time that has happened since Christmas Eve of 2001. It must mean that Santa Claus is coming tomorrow.
The NASDAQ was up 21 points, the S&P was higher by three.
GHARIB: Well, even though the Dow was unchanged, the biggest in the Dow was Caterpillar (NYSE:CAT), the world`s largest maker of mining and earth-moving equipment, beat earning estimates for the first quarter. The gains come from cost-cutting and a rebound in sales to the construction industry.
Not surprisingly, CEO`s Doug Oberhelman is upbeat on the outlook.
(BEGIN VIDEO CLIP)
DOUG OLBERHELMAN, CATERPILLAR CEO: The good news is, the U.S. is a little better and I think the bright news for us, even with all the risk we see and the possibility of other risks coming in China, our business is building in China and all of our products and services are doing well over there. Our dealers are investing. We`re expanding our model throughout the geography of China.
So, that`s coming along pretty well. In fact, in China, our sales first quarter this year over last year were up 30 percent and again, it`s across all of our businesses.
(END VIDEO CLIP)
GHARIB: Caterpillar (NYSE:CAT) shares rose nearly 2 percent in today`s session, closing at $105.28, up 16 percent so far this year.
MATHISEN: And, Susie, 3M (NYSE:MMM) was another closely watched earnings report. It came out before the bill today. The net income at the Dow component was up 7 percent, led by sales in its health care equipment unit. But the numbers disappointed Wall Street and shares of 3M (NYSE:MMM) fell 1 percent today.
GHARIB: A big drop in profits at General Motors (NYSE:GM), down 88 percent, mostly because it took a charge of more than $1 billion for the massive recall of cars with defective ignition switches. So, how do things look at G.M.? The company`s chief financial officer is cautious.
(BEGIN VIDEO CLIP)
CHUCK STEVENS, GENERAL MOTORS CFO: We`re cautiously optimistic about the potential impact on sales. In March, our retail sales were actually up and our retail share was up year over year. So far through the first 20 days of April, we have seen improved sales versus March. So, that`s really a testament to the strengths of our new products.
(END VIDEO CLIP)
GHARIB: Efraim Levy, equity analyst with S&P Capital IQ, now joins us to talk more about GM.
I guess it`s a case of half glass — half full — half glass full or half empty. He is talking about increased sales.
But you know, profits are down, international operations weak, Europe lost money, all of those recalls. How is GM really doing?
EFRAIM LEVY, S&P CAPITAL IQ EQUITY ANALYST: Well, actually, if you strip out all the information, the mask, the core part is actually not doing that badly. They had the charges that with the recall, and that really took away a lot of the profits of the main market which is north America. The other main driver is China. That`s also doing well.
So, you have the two main engines doing well. Europe is actually on the way to improving. But there are negatives such as in South America, there is weakness because of currency, political items, Venezuela, Argentina, and Russia also because of the political situation, their market, which is a big market, is weakening.
But if you look out, they`re investing now and launching newer products with higher average transaction prices, which means the probability is better, to be more disciplined with the disincentives. And we think that the challenges for 2014 prepares us for a strong 2015, where you`ll see big profit improvement.
MATHISEN: Has the stock been unfairly punished?
LEVY: Well, I think there are a lot of concerns out there. And there are risks to the sales. But, you know, company like this can handle a recall, as long as it doesn`t get better. You see Toyota (NYSE:TM), it cost them. But they came back with some of their market share.
Ford actually had bigger recalls in the past and Ford is doing very well. So, right now, the market is being punished for the bad news. But I think once we get past that, there is good prospect.
GHARIB: How do you think Mary Barra is doing as the new CEO? She`s obviously been so involved with this recall crisis? But do we know how she plans to grow GM or what her vision is?
LEVY: Well, her job in my view is really to continue the progress and process that started before she came. And that has resulted in award- winning vehicles, they swept the awards at the North American International Show with the best car, best truck, their dealership rankings have been improving. The profits and prices have been going up in North America, their key market.
What she has to do is continue that but she also has been thrown this challenge of the fact that she has to deal with the recall. That hurts the image. And I think what she`s really shown there is that she is showing and taking the opportunity to use the new GM to change how the company does business and allows them to invest in improvements in the production capacity and manufacturing procedures that will help them down the road.
MATHISEN: If you had one piece of advice to offer her, what would it be?
LEVY: I would say stick in there. Focus on the long-term and you will do well.
GHARIB: Interesting. Efraim Levy with S&P Capital IQ, thank you so much.
LEVY: You`re welcome.
MATHISEN: And still ahead, regulating Internet traffic. Who wins and who loses, and what does it mean for consumers every time you point and click?
GHARIB: Bank of America`s reportedly in settlement talks with regulators to resolve lawsuits about risky mortgage-backed securities that the banks sold ahead of the financial crisis that later went bad.
Kate Kelly joins us now with more on the talk.
You know, every headline we see are big dollar amounts, $900 million here, $800 million there, and now, this $10 billion potential settlement.
You know, how — where are they at these talks?
KATE KELLY, NIGHTLY BUSINESS REPORT CORRESPONDENT: Well, Susie, I have to tell you — this is almost like an appetizer compared to the main course that JPMorgan (NYSE:JPM) paid back in November. You may recall they paid $13 billion at the time, a record breaking settlement with the Justice Department, and various things were tied into that with other government agencies and state agencies, as well.
In this case, B of A looks like they may be looking to pay $10 billion-plus. It`s apparently pretty early stage yet. We don`t know the breakdown and we don`t know what the ultimate number will be. It maybe not as high as that 13, but it`s certainly is awfully high.
And these banks are looking forward to put this mortgage litigation behind them. It`s, after all, it`s been six years since the financial crisis.
MATHISEN: Ten billion here, $10 billion there, it adds up to real shareholder money. Hasn`t the company already paid billions, $13 billion or something like that, to settle residential claims? Where does the money go?
KELLY: Oh, they paid many billions, Tyler. In fact, I think it`s north of $50 billion overtime that they paid. If you recall, they bought Countrywide Financial, which was a big sub-primer issue. So that created some head winds for them.
But you`re right. I mean, it has added up to a great deal. And earlier this year, they paid $6 billion to settle with Fannie and Freddie as well, with the New York state attorney general. This would be one of the biggest hunks for them to put behind them. It would be the Justice Department, probably various states as well, and it would resolve quite a bit of the outstanding issues.
GHARIB: All right. So, we already reported their earnings, so we can`t go back and talk to them about how this impacts earnings. But what do you hearing from management, Brian Moynihan, CEO, about what all this means to the other things that Bank of America (NYSE:BAC) wants to do?
KELLY: Well, they`re definitely very eager, and I haven`t talked to them today. But they`re definitely very eager to put these matters behind them, although they also want to be honest and try to manage expectations.
And in that case, with first quarter earnings, that meant that their CFO said, look, this stuff is hard to predict, and we set aside an additional
$6 billion for legal payments and that notion and the lack of clarity really sent the stocks swooning that day during that phone call. It was interesting.
Having said that, I think investors feel relief to think that some of this might be settled and the stock has actually rallied in a week or so since then. So, I think there will be relieved that there`s closure.
MATHISEN: All right. Kate Kelly, thank you very much. Appreciate it.
Shares of Verizon (NYSE:VZ) were the biggest decliners in the Dow today. They fell 2 1/2 percent. That`s after the company missed earnings estimates, despite signing up a half million more wireless subscribers and netting $6 billion in profits last quarter.
But analysts says the nation`s largest wireless carrier may be turning off a whole lot more potential new subscribers by not offering big discounts and no-contract plans like rivals AT&T (NYSE:T) and T-Mobile.
GHARIB: Well, Verizon (NYSE:VZ) is one of the big Internet service providers keeping watch on proposed rules out of Washington over what`s called net neutrality, regulating Internet traffic so that it`s open and fair to all Web sites, and so that the sites that used up the most broadband pay the piper.
Morgan Brennan explains.
MORGAN BRENNAN, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):
The Federal Communications Commission proposing new Internet rules that would allow cable providers to charge companies a premium for access to their fastest Internet pipelines. Simply put, companies like Netflix
(NASDAQ:NFLX) could pay providers like Verizon (NYSE:VZ) and Time Warner
(NYSE:TWX) Cable for preferential treatment, getting their content to consumers more quickly.
JON STEINBERG, BUZZFEED: There will be a fast lane that certain companies can pay to be in. This would make sense for voice services, video services.
BRENNAN: The proposed changes strike directly at the concept of a free and open Internet, where the idea that Internet is an equal and level playing field to all companies regardless of size. FCC chairman Tom Wheeler says the rules will be designed to insure that access to these fast lanes would be commercially reasonable.
The regulators haven`t yet defined what that means.
STEINBERG: From the BuzzFeed`s standpoint, this is not thrilling to me, right? The idea that other companies can pay to be in the fast lane — look, we deliver video, we deliver images, we have long posted tons and tons of images, I don`t (INAUDIBLE) bandwidth intensive, I don`t know what commercially is. I look forward to hearing what it is and seeing if we can afford it.
BRENNAN: Analysts are assessing the impact the new rules could have.
But some say winners and losers are already starting to emerge.
RICH TULLO: I would say the consumer is going to be the winner. I`d say arguably, the cable companies are going be the winner.
BRENNAN: Cable companies where the new revenue stream could be incentivize to the build out even faster broadband, which could be a boon for customers.
TULLO: New technologies would be available for them, because there`s more profit in the ecosystem.
BRENNAN: But not everyone stands gain from this proposal. Netflix (NASDAQ:NFLX), which accounts for 30 percent of all Internet traffic during peak hours, could be pressured to forge more deals like the one it has with Comcast (NASDAQ:CMCSA) (NYSE:CCS), that has already increased the site- streaming speeds by 65 percent.
But more deals will cost Netflix (NASDAQ:NFLX), which announces price increases for new subscribers just earlier this week. Netflix
(NASDAQ:NFLX) saying that, quote, “The proposed approach is the fastest lane to punish consumers and Internet innovators.”
(on camera): Chairman Wheeler has said the new rules build off of the open Internet concepts already established in 2010. Rules designed to protect the consumer from Internet providers that were becoming increasingly powerful.
But the latest proposal is not set in stone. The FCC still has to vote on the issue next month and allow a full public comment period.
For NIGHTLY BUSINESS REPORT, I`m Morgan Brennan.
MATHISEN: We begin market focus with after-hour earnings from Visa (NYSE:V). The credit card company reported a 26 percent jump in profit.
Higher operating revenue and payments volume helped up the credit card company`s bottom line.
Revenue came in just about where the street was expecting it to fall and shares did fall initially after the close. The stock was up slightly in regular trading to $209.40, as you see on that graphic.
Starbucks (NASDAQ:SBUX) also record a higher quarterly profit that matched Wall Street expectations. Revenue was higher but it came in lighter than estimates. The coffee chain also raised its outlook for the full year. Shares were initially up after the bell. The stock ended the regular session, up about 1 percent to $71.09.
And Aetna (NYSE:AET) posted record first quarter results, helped by a surge in profits from its commercial business and by adding new customers.
The medical membership rose by more than half a million new subscribers in the quarter, not only on the government health care exchanges, but Aetna
(NYSE:AET) also added clients in its traditional large corporate business.
The insurer also raised its forecast for the year. Shares of Aetna
(NYSE:AET) climbed 6 percent today to $72.96.
And United Continental said its first quarter loss widened and that sent shares way down in today`s session. The airline saw expenses increased and revenue fall. It blamed flight cancellations from the harsh winter weather for the disappointing earnings. Those cancellations cost the company $200 million, it says. Shares tumbled almost 10 percent,
$41.53 to close.
GHARIB: But American Airlines flying high after reporting a record first quarter profits, the company got a boost from the take-off and landing slots at Washington`s Reagan National Airport. Also operating expense fell slightly, but revenue came in lighter than estimates. Still, shares rose slightly to $37.26.
Johnson & Johnson (NYSE:JNJ) announced it will raise its quarterly dividend by more than 6 percent to 70 cents a share. This is the 52nd straight year that the company has hyped its dividends. Still, J&J was off slightly to about 100 a share.
Shares of Elizabeth Arden (NASDAQ:RDEN) surged today on reports it`s hired Goldman Sachs (NYSE:GS) to explore a sale of its business. The cosmetics company has reported it reached out to a small group of potential buyers. The stock jumped 13 percent to $36 a share.
A lot of health care deals this week and here`s another one to tell you about, Zimmer Holdings (NYSE:ZMH) said it would buy rival Biomet. It`s a deal valued at more than $13 billion. The combination is expected to make Zimmer the second largest seller of orthopedic products behind Johnson & Johnson (NYSE:JNJ). Shares of Zimmer jumped 11 1/2 percent to $101.97.
GHARIB: And government safety officials are proposing new rules regarding the sale and marketing of e-cigarettes, the first federal regulations ever for the increasingly popular alternative to traditional smokes.
Eamon Javers has more.
EAMON JAVERS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):
Those electronic cigarettes you see popping up everywhere lately have also gotten the attention of the FDA. And now, the federal agency says it wants to regulate e-cigarettes for the first time and to find out what`s actually in the product.
The e-cigarettes are battery-powered devices that heat liquid nicotine into a vapor that users inhale. Supporters say they`re safer than cigarettes because users aren`t also inhaling tar and tobacco byproducts.
ERIK MILLER: If you`re trying to be healthier, trying to quit smoking, this is a much healthier alternative than lighting up a cigarette.
JAVERS: But the FDA says it`s worried about the fast-growing products.
MARGARET HAMBURG, FDA COMMISSIONER: It is an unregulated environment with respect to these products. We think that the FDA can and should have a role in the oversight of these e-cigarette products and other tobacco products as well. And that`s why we`re moving forward today to try to make sure that we can extend our regulatory authority.
JAVERS: And the FDA points out that the nicotine in e-cigarettes are addictive. And the officials there are concerned that children might start using nicotine through e-cigarettes before moving on to tobacco.
(on camera): There are now millions of people around the world smoking e-cigarette like this one. It`s become a $2 billion industry. The FDA`s proposal today doesn`t necessarily mandate any new changes, but it does put the FDA on the road to regulating this fast-growth new business.
For NIGHTLY BUSINESS REPORT, I`m Eamon Javers in Washington.
GHARIB: Coming up, one day after Apple (NASDAQ:AAPL) wowed the street with a big stock split, a buy-back, dividend hike and earnings, is the stock now more attractive to investors? That story next.
GHARIB: Four tech giants have agreed to settle allegations of conspiring not to poach each other`s employees, no terms have been disclosed, but Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG), Intel
(NASDAQ:INTC) and Adobe, has settled a huge antitrust class action lawsuits with about 60,000 plaintiffs over backdoor agreements not to start a salary war by hiring away one another`s workers.
MATHISEN: Wall Street was buzzing about Apple (NASDAQ:AAPL) today, after the blow-out sales of iPhones last quarter, and plans to return more money to shareholders and split the stock to make more shares available to more investors.
And that news sent shares skyrocketing more than 8 percent today.
That`s its second best trading day ever for Apple (NASDAQ:AAPL).
Dominic Chu takes a look at what Apple`s latest moves will mean to small investors and whether this maybe a good time to divvy those shares up.
DOMINIC CHU, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):
Apple (NASDAQ:AAPL) wowed investors with not only a dazzling earnings report but also news of a boost to the quarterly dividend and increased plan for buying back shares and a 7-1 stock split.
So, the plan? Not only to show that the company is friendly to shareholders but also to make those shares accessible to more potential shareholders. The stocks split doesn`t change the overall value of the company or the fundamentals of the business. It does, however, lower the cost of each share.
So, the big questions are, will Apple (NASDAQ:AAPL) stock be more attractive to average investors and what if it were to ever make it into the Dow Jones Industrial Average?
UNIDENTIFIED MALE: That would definitely bring us more integrity and more backbone behind it, huh?
UNIDENTIFIED MALE: Yes, I would buy the stock. If they give you a good deal, yes.
REPORTER: Good investment.
UNIDENTIFIED FEMALE: Yes, definitely, I think it`s just going to get even better.
CHU (on camera): The stock split will allow more types of investors to buy in, and in theory, that could help to boost the stock price. But stocks that split don`t always end up out-performing.
(voice-over): Take a look at companies like Under Armour (NYSE:UA), Google (NASDAQ:GOOG), and MasterCard (NYSE:MA). Each of those companies have effectively split their stocks since the start of 2014, and each stock has under-performed the broader stock market.
Then, there is the underlying concern about Apple`s growth in the future. Investors are anxiously awaiting the next wave of new products like new iPhones, iPads and possibly new TV-related products. That could help propel the stock back towards its past record highs.
ALEX GAUNA, JMP SECURITIES SENIOR RESEARCH ANALYST: Whether it can get back to its peak will depend on the kind of innovation we get in the second half. We`re expecting a larger iPhone. We`re expecting an iWatch.
We`re expecting something with Apple (NASDAQ:AAPL) TV.
The unfortunate part is they`re not first movers in these areas.
They`re becoming increasingly so fast followers, and that has some implications.
CHU: This latest set of moves also solidifies Tim Cook`s role as Apple (NASDAQ:AAPL) CEO. Apple (NASDAQ:AAPL) continues to look for ways to energize consumers. But can the company and Tim Cook ultimately get out of the shadow of the late legendary co-founder and former CEO Steve Jobs?
For NIGHTLY BUSINESS REPORT, I`m Dominic Chu.
GHARIB: And that is NIGHTLY BUSINESS REPORT for us tonight. I`m Susie Gharib. Thanks so much for watching.
MATHISEN: And I`m Tyler Mathisen. Thanks from me, as well. Have a great evening, everybody. And we hope to see you back here tomorrow night.
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