BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: Blockbuster growth.
The economy adds the most jobs in nearly a year. Does that make an
interest rate increase next month a foregone conclusion?
SHARON EPPERSON, NIGHTLY BUSINESS REPORT ANCHOR: On the hunt. This
week`s market monitor says now is the time to look for value. He`s got
three names for your portfolio.
GRIFFETH: And windows of the soul. How a new eye test can help
doctors take some of the mystery out of diagnosing concussions.
All that and more tonight on NIGHTLY BUSINESS REPORT for this Friday,
November the 6th.
And we bid you a good evening, everybody. I`m Bill Griffeth, in for
Tyler Mathisen tonight.
EPPERSON: And I`m Sharon Epperson, in for Sue Herera.
So much for the slump, after a few months of disappointing jobs
growth, today`s October employment report was anything but. In fact, it
was the best number of 2015. Employers added 271,000 jobs last month.
That`s about 90,000 more than economists were expecting. The unemployment
rate inched lower to 5 percent.
Hampton Pearson digs into the numbers.
HAMPTON PEARSON, NIGHTLY BUSINESS REPORT CORRESPONDENT: The
blockbuster October jobs report produced the biggest monthly increase in
new jobs in nearly a year and saw the headline unemployment rate drop to 5
percent, the lowest in 7 1/2 years.
JEFF ROSENBERG, BLACKROCK INVESTMENT: Try to spin it some other way,
but it is really good news.
REBECCA PATTERSON, BESSEMER TRUST MANAGING DIRECTOR: I think this is
good news. If the Fed goes a quarter point, I don`t think that kills the
economy, long from it.
PEARSON: The rebound in job growth even prompted a leading Federal
Reserve dove, those monetary policymakers not in a rush to raise rates, to
now say the first hike in nearly a decade could indeed happen in December.
CHARLES EVANS, FEDERAL RESERVE BANK OF CHICAGO PRESIDENT: I`ve said
for, you know, quite some time that, you know, the real side of the
economy`s looking a lot better. We`ve seen substantial improvement in the
labor market supported by our policy actions. And the other branch of this
is, do we have confidence inflation`s going to get up to 2 percent?
PEARSON: In October, the private sector added 268,000 new workers and
job gains were widespread, including 189,000 service sector jobs with big
gains and professional services, health care, retail, and restaurants.
Construction had its biggest gain in eight months, adding 31,000 new
Average earnings now at just over $25 an hour have gone up 2 1/2
percent in the last 12 months, the biggest hike in six years.
Labor Secretary Thomas Perez says employers in many parts of the
country are raising wages voluntarily as the job market tightens.
THOMAS PEREZ, LABOR SECRETARY: The cost of attrition, the cost of
training someone in a new job is significant. And that`s why the employers
I talked to who`ve been raising their wages voluntarily, they understand
that it`s the right thing to do, it`s the smart thing to do, and that high
road is indeed the smart road.
PEARSON: Two soft spots in the labor market — manufacturing being
hurt by the strong dollar and energy still making cuts in drilling and
exploration due to lower oil prices.
For NIGHTLY BUSINESS REPORT, I`m Hampton Pearson in Washington.
GRIFFETH: Well, let`s turn now to two of our guests tonight who have
opposing views on what today`s jobs data mean for a rate hike next month at
the Federal Reserve meeting.
Bricklin Dwyer is senior economist at BNP Paribas. He says the
likelihood of a December rate hike has gone up now. Josh Bivens, economist
and policy director at the Economic Policy Institute, says not so fast.
Bricklin, make the case. I guess this jobs report, you agree with
Charlie Evans, it means maybe things are starting to pick up enough now,
BRICKLIN DWYER, BNP PARIBAS SR. ECONOMIST: Yes. Well, even last
month, you know, the Fed was saying that with a three-month average of
payrolls or the last two months averaging about 145,000 jobs per month,
that was good enough. We heard from the Fed that they`re ready to hike
rates. Now we`ve got this gangbusters number which just tells them that
hey, the labor market is there. Not just that, it came with wage increases
EPPERSON: But, Josh, you say not so fast, that we`re looking at —
need to look at all of the labor market and including those 25 to 54 where
we`re not seeing that much growth.
JOSH BIVENS, ECONOMIC POLICY INSTITUTE ECONOMIST & POLICY DIR: Yes.
I think the real issue is it`s one month. It was a really good month. If
we had a lot more months like this over the past six years we would have
already had lift-off.
I think it`s too early. You look at the three-month average of job
growth, it`s a less than 100,000. It doesn`t look that much different than
other three-month periods in the economy.
And the wage number which got people justifiably excited that it`s
going up, 2.5 percent nominal growth over the year, that`s still well short
of what nominal wage growth would be in a healthy economy. Like more than
a percentage point south of that.
So, I would — a couple more months like this before I would be really
on board a rate hike for sure.
GRIFFETH: Josh, what is your fear, if they raise rates in December,
do we risk a recession? Is that the big fear?
BIVENS: I think we risk a slowing of what is shaping up to be a
decent recovery and it`s much, much easier for the Fed to restrain an
economy that`s overheating by raising rates than to boost an economy that
started to go south by lowering rates because we`re already at zero. And
so, given, the huge asymmetry in risk stationed ahead of time, I think we
want to make sure we`ve actually achieved escape velocity before we start
EPPERSON: Do you think we`re there, though, Bricklin? You think
we`re already ready to do this?
DWYER: Yes. Well, the Fed is looking at the stock of progress, not
just the pace. So, you know, they`re looking at the total amount of jobs
created, which, you know, we can debate all day long about whether the
unemployment rate is representative where the economy is right now. But
it`s giving a signal that a lot of people have jobs and they`re keeping
And so, what that`s telling is we should start to see inflation in
wages rise. You know, I think one of the points that was just made about
wages starting to increase, you know, wages aren`t supposed to increase
until the economy is at full employment or some level of employment where
some natural everybody has a job that`s supposed to have a job idea. And
then they ask for more money. When they ask for more money, that`s when
inflation starts to pick up. The Fed has to be ahead of that curve, not
GRIFFETH: But you know, Bricklin, what`s happened in the past —
every time they start making noises that they are thinking seriously about
raising rates, the dollar goes up and that`s happened recently. Commodity
prices go down. And most importantly, that means energy costs go down.
And then we don`t get the inflation numbers that they`re looking for and
they don`t end up raising rates.
Could that happen again?
DWYER: It certainly could. You know, there`s a bit of a cat and
mouse game here, which is the dollar appreciating is in anticipation of
what the Fed is already going to deliver. You know, so, obviously the Fed
can`t react too much to the appreciation in the dollar because it`s in
response to expectations for their own policy.
And then, of course, the other side of that is, you know, a decline in
energy prices is a net benefit for the majority of Americans. You know,
certainly, there are a lot of people who suffer job losses and things like
that in energy related industries. But it`s a net positive in terms of
demand and ultimately, a net positive in the inflation outlook.
EPPERSON: Josh, in light of the dollar and commodity prices where do
you see the Fed moving, when do you see them moving?
BIVENS: I think there`s a good chance they do the rate increase in
December, that that would be a mistake in my view. But about a week ago, I
thought it was less than 50-50 we`d see a December increase. Now, it`s —
I think more like 70-30 that we will.
Like I said, I think that`s premature given asymmetry of risks going
ahead of us, but I actually kind of do expect it at this point.
GRIFFETH: But you do have other central banks around the world, the
ECB and others that are talking more dovish, they`re talking about adding
liquidity, not taking it away at this point. Does that complicate things
for our Fed here, Josh?
BIVENS: I think it does. I mean, the United States economy is a big
part of the global economy. It also runs a big trade deficit which means
we`re kind of a consumer of last resort for a lot of the global economy.
So, if you`ve got the rest of the industrialized world, especially Europe
and Japan, growing slower than they`d like, I think you want to be really
sure we`re not shutting off one source of demand growth for those countries
as well. So, I think that`s surely got to be on the minds of Fed
GRIFFETH: All right. Bricklin Dwyer with BNP Paribas, Josh Bivens
with the Economic Policy Institute — thank you both tonight. Appreciate
DWYER: Thanks —
EPPERSON: Stocks ended the day little changed after that strong jobs
report. Gains in financials offset a big drop in utilities which is an
interest rate-sensitive sector. The Dow Jones Industrial Average rose 46
points to 17,910. The NASDAQ was 19 points higher. The S&P 500 was off a
fraction of a point.
For the week, the Dow and the NASDAQ were more than 1 percent higher.
The S&P up nearly 1 percent.
The yield on the benchmark ten-year bond rose today to a five-year
high after the jobs report made a December rate hike look more likely.
GRIFFETH: Meantime, President Obama announced today he has rejected
the request from the Canadian energy giant TransCanada to build that
controversial Keystone pipeline. The president said that the project would
not be in the country`s best interest and would not make a meaningful long-
term contribution to our economy.
(BEGIN VIDEO CLIP)
BARACK OBAMA, PRESIDENT OF THE UNITED STATES: For years, the Keystone
pipeline has occupied what I frankly consider an overinflated role in our
political discourse. It became a symbol that often used as a campaign
cudgel by both parties rather than a serious policy matter. And all of
this obscured the fact that this pipeline would neither be a silver bullet
for the economy as was promised by some, nor the express lane to climate
disaster proclaimed by others.
(END VIDEO CLIP)
GRIFFETH: Shares of TransCanada fell by 5 percent on that news today.
EPPERSON: Bill, Ford has reached a tentative agreement with the
United Auto Workers Union. Details haven`t been released yet. The Ford
deal is believed to be similar to the one General Motors (NYSE:GM) workers
are voting on today. Aside from raises and benefits, the key to this deal
is the eventual elimination of a two-tiered wage system at U.S. plants.
GRIFFETH: Well, on this jobs front, we are taking a look at growth in
the additive manufacturing jobs, these better known as 3D printing. It`s a
growing number of manufacturers who are seeking workers with the skill set
to adjust to this new reality.
Mary Thompson is at a Lockheed Martin (NYSE:LMT) Space Systems in
Littleton, Colorado, for the latest in our ongoing series on, “Where The
MARY THOMPSON, NIGHTLY BUSINESS REPORT CORRESPONDENT: It`s not rocket
science. For Lockheed Martin (NYSE:LMT) Space Systems, using 3D printers
to make parts like these propellant tanks makes financial sense.
DENNIS LITTLE, LOCKHEED MARTIN SPACE SYSTEM V.P. OF PRODUCTION: There
are significant cost savings, up to 50 percent.
THOMPSON: 3D printing, or additive manufacturing, can also cut
production time in half. And while the technology is decades old, Lockheed
Vice President Dennis Little says there`s still a lot to learn.
LITTLE: Additive is a new journey for us. It requires new skills,
requires a brand new education.
THOMPSON: It also requires more workers. Lockheed Martin (NYSE:LMT)
is looking to hire 120 people with 3D skills and that means STEAM, not just
If you`re thinking in 3D, your artistic, or right side, should
complement your left side science, technology, and engineering and math
Lockheed`s David Gulbernat says that`s because 3D takes inspiration
from nature`s efficient designs, not straight lines and right angles.
DAVID GULBERNAT, LOCKHEED MARTIN SPACE SYSTEMS MANAGER: You end up
with a lot of parts that look like tree branches. They look like roots.
They look like bone structure. They look like stalactites.
THOMPSON: Engineers use software to design products which are then
printed or built by machines bringing thousands of thin layers of composite
on top of one another. Good for customized parts in small scale
production. Deloitte says 3D printing is a $10 billion industry for now.
DR. MARK COTTELEER, DELOITTE SERVICES RESEARCH DIR.: We`re seeing
rapid growth. As fast as 20 percent to 30 percent per year with
projections exceeding $20 billion by the time we get to 2020.
THOMPSON: Seeing an opportunity, Metropolitan State University of
Denver is launching a four-year degree next fall in advanced manufacturing
with a focus on 3D.
President Stephen Jordan seeing a need as the state`s losing business.
STEPHEN JORDAN, METROPOLITAN STATE UNIVERSITY OF DENVER PRESIDENT:
Those companies say there is no workforce that`s already here and trained
in additive manufacturing.
THOMPSON: The degrees designed with input from different departments
including electrical and mechanical engineering and from firms like
Lockheed Martin (NYSE:LMT). Jordan sees strong demand for his 200 future
graduates, along with healthy paychecks.
JORDAN: The industry folks have been very clear that the starting
salaries for our graduates will be in the $60,000 to $65,000 a year range.
THOMPSON: High pay and praise for those using both sides of their
brain to work in 3D.
For NIGHTLY BUSINESS REPORT, I`m Mary Thompson in Littleton, Colorado.
EPPERSON: Coming up, don`t chase a rally. At least that`s what our
market monitor tells us. He says why and gives us three picks he says you
should make right now.
GRIFFETH: Well, fresh off its $6 billion purchase of video game maker
King Digital, Activision Blizzard (NASDAQ:ATVI) is holding its annual
investor day and launching the latest installment of its “Call of Duty”
game franchise, which by the way is one of the biggest franchises of all
Julia Boorstin is in Anaheim, California, with a look at the company`s
JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Twenty-five
thousand video gamers are here for Blizzcon`s ninth year, a sold-out event
to celebrate Activision Blizzard`s games with panels and presentations for
UNIDENTIFIED MALE: Roller derby nova. The green skin from Harris
(NYSE:HRS) of the storm.
UNIDENTIFIED FEMALE: I am an undead warlock, a level 1 undead
UNIDENTIFIED FEMALE: I`m actually a night elf, without the ears.
BOORSTIN: It`s also a destination for e-sports tournaments to
determine the world champions for four different video games, competing for
over a million dollars in prize money.
UNIDENTIFIED FEMALE: I`m a huge fan of e-sports in general. I love
that, you know, we`re creating our own niche for video games in general.
BOORSTIN: This weekend`s competition comes on the heels of Activision
Blizzard (NASDAQ:ATVI) doubling down on the business of e-sports,
announcing a new league and hiring the former CEO of ESPN and the NFL
network to lead it.
BOBBY KOTICK, ACTIVISION BLIZZARD CEO: Think about how many tens of
millions of people are playing games around the world in organized
competition. It`s only going to grow. We have the most played franchises
generally speaking and we want to make sure that we`re appropriately
celebrating the commitment our players make for that content.
BOORSTIN: Activision Blizzard (NASDAQ:ATVI) making another big
commitment to expand its business into Hollywood, today announcing a film
and television studio to create original content based on its video game
KOTICK: We have such rich intellectual property that it lends itself
very well to storytelling. We`re going to walk before we run. We`re going
to be much more development than production focused. But you know what, I
think we always feel like our intellectual property has so much value that
it would be hard tone trust it to anybody else.
UNIDENTIFIED MALE: Perfect. I think studios should take over that
more often because they own the actual franchise. They own it, they
breathe, it they love it. You saw with a lot of the Marvel movies and
Marvel Studios takeover, they put the love and effort into it and they
really took off.
BOORSTIN: And now, Activision has more family-friendly brands to turn
into movies and TV shows. With its acquisition of Candy Crush maker king
announced earlier this week. Soon an addition to the call of duty movie
franchise in the works favorite social and mobile games could hit the big
screen as well.
For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in Anaheim,
EPPERSON: We begin this “Market Focus” with investors not liking the
way Men`s Warehouse looks.
The retailer giving abysmal preliminary third quarter results, the
company saying it`s moved away from its buy one/get three suits promotion
is weighing on traffic and sales. We`ll find out more when the company
releases its official quarterly results in December. Shares plunged 43
percent to $22.70.
Drug makers Eli Lilly (NYSE:LLY) and Merck (NYSE:MRK) disclosed they
are being investigated by federal prosecutors over drug pricing practices.
This comes as there has been increased attention on drug prices, including
a probe the Senate launched into the matter this week. Eli Lilly
(NYSE:LLY) was off a fraction to $80.46. Merck (NYSE:MRK) fell also off
slightly to $54.61.
And more on that saga at Valeant Pharmaceuticals. Valeant says
Goldman Sachs (NYSE:GS) sold more than 1 million Valeant shares that were
used as collateral for loans given to the drugmaker`s chief executives.
And that helped trigger yesterday`s 14 percent drop in the stock. Today,
shares were nearly 4 percent higher to $81.77.
GRIFFETH: Well, Medicare membership growth helped to increase
Humana`s earnings. Still, revenue came in below consensus, which weighed
on the insurer in today session. That stock fell by 1 percent to $177.24.
Cigna also reported mixed quarterly results. Revenue from premiums
and fees rose. The insurer hiked the low end of its operating income
forecast at the same time. Shares were up 3 percent today to $55.87.
And Warren Buffett`s Berkshire Hathaway (NYSE:BRK.A) saw its operating
profit actually slip in the most recent quarter. That`s the number the
investors look at in this firm`s report as it offers the best read of the
conglomerate`s performance. The company did see quarterly profit double
following its recent Kraft (NYSE:KFT) Heinz acquisition, though. Class B
shares fell initially after the close but during the regular session, the
stock was off a fraction to $136.38.
EPPERSON: And now to our market monitor who says individual stock
selection is key in this low-return environment. The last time he was on
in February, he recommended Symantec (NASDAQ:SYMC), which is down 19
percent. Microsoft (NASDAQ:MSFT), which gained 25 percent. And Qualcomm
(NASDAQ:QCOM), which is down about 25 percent.
He`s Jordan Posner, senior portfolio manager at Matrix Asset Advisors.
And, Jordan, thanks for being here.
JORDAN POSNER, MATRIC ASSET ADVISORS: Pleasure.
EPPERSON: We don`t have that much longer in 2015, but what is your
outlook for U.S. stocks for the end of the year?
POSNER: Well, we think there`s still a chance for bouts of volatility
as we`ve seen in the third quarter and then, of course, over the course of
October in reverse. We think that earnings have come in OK and as a result
in a kind of a flat to slow growth earnings environment, that`s actually
been a pretty good environment for stock picking.
We expect that the year will end up probably in the plus mid single-
digit range, call it 4 percent to 7 percent for the full-year 2015. And we
expect improvement in 2016 and beyond.
GRIFFETH: You`re a value player, so you`re going to look at maybe
some fallen giants. And I put Harley-Davidson (NYSE:HOG) in that category.
They recently said, hey, they`re struggling, the currencies are a headwind
for them and they`ve got other problems going on with their product line-
You like that stock, though, at these price levels, I guess, huh?
POSNER: Well, we do. We like it a lot. The stock trades at under 12
times earnings, has a dividend yield over 2 percent.
They started to address their problems, some of which were currency
will I related versus competition. They`ve funded a program for improving
their product and improving their marketing from cost cuts internally. And
they`re buying back a lot of stock through an under-levered balance sheet.
EPPERSON: And now, you`re looking at every industry and any industry
to invest in where you see value. You like an orthopedic device company.
Why do you like this one?
POSNER: Zimmer Biomet, it`s one of the leaders in the industry.
Zimmer bought Biomet a little less than a year ago. They`ve levered up in
terms of their debt. They`re beginning to pay that down, which will pay it
down very rapidly.
The earnings progression here is very clear over the next couple
years, trades around 13 times earnings. And we think there`s probably 25
percent upside in the stock.
GRIFFETH: And finally, the giant in Teva — in generic drugs, Teva
Pharmaceuticals, you like that one as well.
POSNER: Right. People have been concerned about Teva because of
their reliance on a drug for multiple sclerosis. That`s been responsible
for about 40 percent of their profitability. That`s been more stable than
people have expected. They`ve got a big generic combination deal on the
table with Allergan (NYSE:AGN).
This is a company where a new CEO has really stabilized the business
and improved the strategy and the visibility of forward earnings is very
We think the company has a very positive outlook in front of it.
EPPERSON: That new strategy is what you`re looking at.
Thank you, Jordan Posner, with Matrix Asset Advisors for joining us.
GRIFFETH: Up next, how a new tool that tracks your eye movement can
help doctors diagnose concussions.
EPPERSON: Here`s what to watch next week: Dow component Cisco
(NASDAQ:CSCO) reports earnings. Lots of economic data including the
producer price index and retail sales. Fed Chair Janet Yellen and Vice
Chair Stanley Fischer both speaking at events. And that`s what to watch
GRIFFETH: And finally tonight, the number of head trauma injuries
treated in emergency rooms has jumped by nearly 70 percent in the last ten
years. But concussion treatment has become increasingly controversial too.
The effects which can linger for weeks and months have been nearly
impossible to measure until now.
As Tyler Mathisen tells us tonight, the bright idea for a new tool
which does just that belongs to a company in Bethesda, Maryland.
TYLER MATHISEN, NIGHTLY BUSINESS REPORT: Katie Rothstein got a scare
when she fell off a Segway during a family vacation in Paris this summer.
KATIE ROTHSTEIN, EIGHT GRADER: I was fine after. I sat down for like
two minutes and I was really dizzy.
MATHISEN: Katie`s mother Adrienne got to her moments after it
ADRIENNE ROTHSTEIN, KATIE`S MOTHER: A mom that was in the group
pulled me aside and said she had flown over the handlebars of the Segway
onto the top of her head.
MATHISEN: Katie seemed okay after that until back at home almost
three weeks later she volunteered to help a company called RightEye test
MELISSA HUNFALVAY, RIGHTEYE CHIEF SCIENCE OFFICER AND CO-FOUNDER:
When the report came off, I looked at it and I knew it`s a unique pattern
that has more to do with a concussion.
MATHISEN: Melissa Hunfalvay, a RightEye co-founder, has studied eye
tracking for more than 15 years. Their first product, Neuro Vision, is a
digital version of the smooth pursuit test.
HUNFALVAY: If you are not concussed then your eye will move smoothly
with my finger. If you are concussed, then the eye does this.
MATHISEN: Which is what Katie`s test showed.
HUNFALVAY: You can see that basically she jumped from here to here.
MATHISEN: The eye tracker takes 120 pictures per second, recording
eye movements. Katie was lucky. Within weeks her tests were normal.
HUNFALVAY: One of the problems with concussion is being able to
accurately be able to assess what`s going on and then know when it`s OK to
MATHISEN: Hunfalvay, a former tennis pro, has studied the differences
between elite athletes and weekend warriors. She learned the elites focus
not only on the ball but on their opponents as well, to anticipate where
the ball is going and that the elites are better at blocking out
distractions. Perhaps most importantly, the differences aren`t limited to
HUNFALVAY: So, even the best, whether it`s a surgeon, an athlete,
military personnel, their vision will change if they`re not able to control
MATHISEN: It wasn`t until late 2011 when she met entrepreneur Adam
Gross on a tennis court, of course, that she found a way to turn 12 years
of research into a practical application.
ADAM GROSS, RIGHTYEYE CEO AND CO-FOUNDER: Three years ago, we
couldn`t have done it. The cost and the size of the eye-tracking tech
itself has gone down.
MATHISEN: Together they developed software that reduced her
evaluations from weeks to mere seconds. Their team spent months listening
to potential customers, the military, major league baseball, and eye care
professionals, before deciding to goo ahead with Neuro Vision.
GROSS: They started to ask us, can we use it to measure things like
someone`s depth perception or field of view, or extreme eye dominance? And
I looked at Melissa, and the answers were yes, yes, and yes.
MATHISEN: While concussion diagnosis is a headline grabber, eye care
professionals like New Jersey optometrist Leonard Press already see wide-
DR. LEONARD J. PRESS, VISION AND LEARNING CENTER OPTOMETRIC DIR.:
Idea behind we put you on an eye chart and read letters is really
impoverished. You could have wonderful eyesight and still be having
problems performing, navigating, driving, reading. So, you really need to
bring the technology up to the 21st century.
MATHISEN: RightEye sees an even greater impact if it can become a
faster, more cost-efficient way to help school children uncover reading
disorders, because reading ability can affect graduation and even juvenile
GROSS: There are large populations in this country where these kids
are not getting screened appropriately and no one`s paying attention to
them. And if it impacts their ability to be successful in school, it`s
going to impact their ability to be successful in life and we take that
very seriously and we want to have an impact.
GRIFFETH: By the way, RightEye says it expects to make additional
tests called Essential Vision and Performance Vision available by the end
of this year. And in case you`re wondering, that young lady who shared her
story about falling off the Segway, she was indeed wearing a helmet when
that accident occurred.
I know both your kids are young and out there, still playing
athletics. This is a very important story for you.
EPPERSON: Very, very important. And so many kids and their parents
of course are worried about even if they seem fine after an accident on the
court or on the field are they really OK? This is going to be essential
GRIFFETH: Got to get them tested.
EPPERSON: That`s for sure.
GRIFFETH: That is NIGHTLY BUSINESS REPORT for tonight. Thank you so
much for joining us. I`m Bill Griffeth.
EPPERSON: And I`m Sharon Epperson. Have a great weekend, everybody.
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