Transcripts: Nightly Business Report – August 18, 2017

ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and Sue
Herera.

 

 

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: A Bannon bounce. President Trump`s controversial aide is out and the market`s cheer initially, but then fall back. What will it take to calm jittery investors?

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Disrupting Hollywood. Who
would have thought Apple (NASDAQ:AAPL), one of the biggest companies in the
world, would be the one to change the movie business.

MATHISEN: Going dark. The nation`s solar power grid will be put to the
test when the country`s sees rare daytime darkness on Monday. It`s the
eclipse.

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Friday,
August 18th.

HERERA: Good evening, everyone, and welcome.

Washington holds its grip on Wall Street. Today, stocks swung when it was
learned that the president`s controversial adviser, Steve Bannon, was out.
It was a dramatic if not necessarily unexpected departure. He is the man
who helped Donald Trump win the White House, but who also clashed with
other senior presidential advisers on a number of issues, including top
economic ones like trade.

This week, he also gave an eyebrow raising interview where he argued that
an economic war with China had already begun and that there is no military
solution to North Korea. Some say his departure could break the
legislative log jam, something Wall Street may like if it means pushing
through the president`s pro-growth policies.

MATHISEN: And that may be why stocks initially rose on word of Mr.
Bannon`s ouster. But the gains fizzled in choppy trading. Today, the Dow
Jones Industrial Average dropped 76 points to 21,674. NASDAQ was off five.
S&P 500 down a modest four. It was the second week in a row during which
all of the major indexes fell as you see there.

Bob Pisani has reaction on Wall Street to the events in D.C.

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: It was a very nervous
open trading was mixed early on. But at 11:18 Eastern Time, word came from
Washington at the news site “Axios” that the White House was prepared to
fire controversial White House aide Steve Bannon. The S&P, which was down
five points, promptly rallied in a matter of minutes and another five
points over the next hour when “The New York Times (NYSE:NYT)” confirmed
that Bannon had been fired at about 12:40 p.m. Eastern Time, stocks rose
further.

The markets have spoken and they clearly prefer White House economic
adviser, Gary Cohn, for the stability that he provides. How much? Well,
stocks dropped yesterday on erroneous reports Cohn might leave the White
House and have rallied on confirmation that his arch nemesis Bannon is now
gone.

The important thing here is traders wanted a concerted effort to raise the
debt ceiling and pass a budget resolution and then move rapidly to tax
cuts. Today`s rally is the market`s way of saying that they believe tax
cuts are still very much alive. Now, the S&P weakened after a 1:00 p.m.
Eastern Time, certainly after Breitbart`s senior editor, Joel Pollack,
tweeted: #war, implying Bannon and/or Breitbart may launch attacks against
Cohn, as well as Treasury Secretary Steve Mnuchin.

Still, the S&P finished lower, and that can be considered a modest victory
for the bulls. But there`s no clear turnaround right now. So, this is
still very much a show me market. We`ll see what happens on Monday. I`

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

(END VIDEOTAPE)

HERERA: So, will the departure of Steve Bannon calm increasingly nervous
investors?

Back with us tonight is Jeff Bush with “The Washington Update”.

It`s great to see you again, Jeff. Welcome back.

JEFF BUSH, PARTNER, HE WASHINGTON UPDATE: Thank you for having me.

HERERA: What is your take on what happened today in so far as it might
either hurt or hinder the president`s agenda getting through the D.C.
roadblock that has been up against.

BUSH: Well, I think Steve Bannon`s departure, like so many things in
politics, there`s not 100 percent positive or a 100 percent negative. On
the positive side, the president should start hearing a more consistent
position from his administration and hopefully, that will transition or
translate into a consistent policy position for the administration.

On the other side of the coin though, nothing about Steve Bannon`s
departure changes Donald Trump`s core beliefs. If you`re Democrat or even
some moderate Republicans, that`s what you`re focused on right now is
Donald Trump`s core beliefs. Now, from a market perspective, I think this
is net-net, more positive than negative, but not a huge issue really.

MATHISEN: You know, let`s broaden it out a little bit if we might, Jeff,
and talk about all of the turmoil that`s been going on this past few weeks.
Who said August was going to be a quiet month? It hasn`t been. It never
is.

BUSH: Right.

MATHISEN: But I wonder whether all of the turmoil could possibly cause the
factions in the GOP on Capitol Hill and inside the White House to really
focus with laser-like intensity on getting something done?

BUSH: Well, we talked about this Wednesday, really, in the sense that we
expected a lot of volatility in the marketplace throughout September and a
lot of that volatility is going to be what we call politically induced
volatility. And so, we anticipate more of that throughout this year.

Will it bring laser focus to what they`re doing? I certainly hope so.
There aren`t enough legislative days in September to really deal with the
big issues that need to be dealt with, the budget being one and certainly,
the raising of the debt ceiling.

HERERA: Speaking of which, that was one thing that you mentioned on
Wednesday, that could probably concerns you more than some of the other
issues that we discus that evening. Does Mr. Bannon`s departure, do you
think, help or hurt Washington`s ability to raise that debt ceiling or to
meet the deadline?

BUSH: You know, I don`t think it has a huge impact. I really don`t. I
think legislative infighting within the Republican Party, not unlike what
we saw throughout the Affordable Care Act repeal and replace discussion is
going to have much more impact on that issue.

MATHISEN: So, as we turn the corner after labor day into the real work,
what are the three things you`re going to be watching closest for progress?

BUSH: Debt ceiling. Do we have a dialogue about that that`s constructive
and leading quickly to re resolution on that issue? And how we quickly are
we moving budget issues through the legislative process?

Remember, we have few days before the end of September. And so, I don`t
disagree that the risk of a potential government shutdown or short-term
shutdown continues to ratchet up a little bit as we move forward. Not
really Steve Bannon issue. Again, more of a congressional issue.

HERERA: On that note, Jeff, thanks again for joining us. Have a great
weekend.

BUSH: Thank you, you, too.

HERERA: Jeff Bush with “The Washington Update”.

MATHISEN: Americans are feeling good about the economy, according to the
University of Michigan`s consumer sentiment index. Optimism is near a 13-
year high. Surveys like this are watched closely by economists because the
better people feel, the more they spend in theory, and spending accounts
for a big part of U.S. economic activity.

HERERA: Negotiations to modernize the North American Free Trade Agreement
continued today. Representatives from the U.S., Canada and Mexico began
discussing some of the thorniest issues just days before the conclusion of
the initial round of talks. And whatever changes are made, transportation
companies could see the biggest impact because they are ones that transport
goods across the border.

Morgan Brennan has our story.

(BEGIN VIDEOTAPE)

MORGAN BRENNAN, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): For
those companies moving autos and avocados around North America, cross
border trade between the U.S., Mexico and Canada has been a story of
growth, especially to the South.

Werner Enterprises (NASDAQ:WERN) is the biggest U.S. truckload carrier
doing business to and from Mexico. The CEO Derek Leathers says that now
accounts for 15 percent of Werner`s total.

DEREK LEATHERS, PRESIDENT & CEO, WERNER ENTERPRISES: Business is good.
You know, business has been picking up throughout the first quarter and had
further strengthening in the second. Mexico in particular has been a
trading partner of strength, growth to trucking. We`ve seen more flows
year over year again. It`s been the tenth straight year for us of growth
in Mexico and the southern border.

BRENNAN: Leathers and many others welcome changes to NAFTA. It means
modernization, including e-commerce and automated border crossings, but
they also warn that if the pack just disappears, all three economies would
suffer. UPS and FedEx (NYSE:FDX) have been outspoken as well with the
rival shipper CEOs recently co-authoring an op-ed.

Earlier this week, UPS Chief David Abney said he`s encouraged that the
Trump administration is looking to make updates.

DAVID ABNEY, UPS CHAIRMAN AND CEO: Trade we think is such an opportunity
for the U.S. You know, 95 percent of the world`s consumers live outside
the U.S., so we really believe that we need to focus on exports and every
time the U.S. has added a trade agreement, we`ve seen our exports from our
customers increase 20 percent.

BRENNAN: More exports, more jobs. Analysts say trade with Canada and
Mexico helps drum up demand across many modes of transports.

DONALD BROUGHTON, BROUGHTON CAPITAL: Because of the magnitude of the
trading relationships we have with those economies, you see literally
massive amounts of truck freight back and forth across the Canadian border,
back and forth across the Mexican border, and you also see a large amount
of rail freight. There`s a smaller amount of air freight and parcel
freight, but it`s primarily an auto. It`s primarily a trucking and
railroad story.

BRENNAN: Every major railroad does business with Canada. And south of the
border, Union Pacific (NYSE:UNP), also owns part of the Mexican Railroad
and Kansas City Southern (NYSE:SO) (NYSE:KSU) has one of its own. That
Mexican business accounts for more than half of Kansas City Southern`s
profit. The reason that stock has become a proxy for relations between the
two countries. Shares sold off when Trump was elected president. But as
it seemed likely, the trade talks won`t be as tough as originally feared,
they`ve rallied. A sign perhaps that cross border business will continue
to boom.

For NIGHTLY BUSINESS REPORT, I`m Morgan Brennan.

(END VIDEOTAPE)

HERERA: And today, the U.S. formally launched an investigation into
China`s alleged theft of American intellectual property. As we reported,
the move was widely expected. It is the administration`s first direct
measure against China`s trade practices and says theft of such property
could amount to as much as $600 million. China has said that it will
defend its interests.

MATHISEN: Trade is one of the president`s top priorities, bringing jobs
back to the U.S. is another, and progress was made on that front today.
Wisconsin`s state assembly approved a $3 billion tax break package that
would bring a Foxconn plant to its state. The bill now heads to the
Wisconsin`s state.

As we reported, Foxconn, best known for its role in manufacturing Apple`s
iPhones has agreed to build a $10 billion plant in the state, but requires
the approval of certain tax incentives.

HERERA: Coming up, why this week`s market monitor says when it comes to
your portfolio, it`s time to think like a nerd. We`ll explain.

(MUSIC)

MATHISEN: A rough day and a rough week for shares of some major movie
theatre chains. Today, there are reports that Apple (NASDAQ:AAPL) and
Hollywood Studios are discussing the possibility of creating a video on-
demand format that would release films just weeks after they open in
theatres. That sent shares of Regal, AMC and Cinemark all lower. This
follows a story we told you about earlier this week that Apple
(NASDAQ:AAPL) hopes to become a real player in Hollywood, reportedly
investing a billion dollars in original content.

So, is Apple (NASDAQ:AAPL) trying to disrupt the movie business?

With us now is ComScore`s Paul Dergarabedian.

Paul, welcome. Good to have you with us. So, what is Apple (NASDAQ:AAPL)
up to here?

PAUL DERGARABEDIAN, SENIOR MEDIA ANALYST, COMSCORE: Yes.

Well, I think Apple (NASDAQ:AAPL) has a tremendous amount of resources.
And when you have a billion dollars to put into content, I think it shows
these huge companies realize that there is a massive demand for content on
the big and small screen. So, there`s a lot of confidence that audiences
around the world want this content. They want movies. They want original
television programs, and they want them on every device, everywhere they
are, and that`s what Apple (NASDAQ:AAPL) is trying to do, including the
movie theater space.

HERERA: What about the movie theater space, Paul? Because in the past,
they`ve kind of called the shots. Is this not a way for the major studios
to gain more control or at least leverage over them?

DERGARABEDIAN: I think that`s part of it and, obviously, at this point,
there`s no consensus among all the major studios as to what they want to do
and, obviously, theaters don`t want to have this window shrink anymore than
it already has over the past many years. And the whole idea of premium
video on demand at a $30 or $50 price point two weeks after film`s
theatrical release, that`s obviously concerning to the theater owners.

That being said, I think this will shake out over time. And irrespective
of how this goes, certainly, the small screen and big screen content is
something that people still want and maybe the way they get that content
will change. But I think the movie theater is here to stay and I think the
small screen content is here to stay. If you`re a consumer of the big
screen, you also want small screen content and vice versa.

MATHISEN: Paul, what is the typical window today? In other words, what is
the time between the theatrical release and the time it might show up on
demand or in some video service like a Netflix (NASDAQ:NFLX) or, you know,
one of the ones you get from your cable company?

DERGARABEDIAN: Yes, it`s actually shortened over the years. It used to be
like six months. It`s shortened a bit to three months. And I think
everyone would agree that if a film is in a theater and it`s not filling
seats after a month or two, that to get it on to the small screen might be
advantageous for everyone.

But there is a prestige factor in having films in a theater first, having
that window, and in moving to the small screen. And a lot of audiences
will follow that content from the big screen to the small screen and all
this talk about the movie industry and upheaval is because at this moment,
the box office is down.

But I`ve been doing this for 25 years and at ComScore, we track all this
information and we`ve seen over the years, it ebbs and flows when we get to
“Thor”, “Ragnarok”, “Justice League”, and “The Last Jedi” at the end of the
year, we may be seeing a completely different tone.

MATHISEN: Paul, thanks very much. Have a great weekend. Paul
Dergarabedian with ComScore.

DERGARABEDIAN: Thank you.

HERERA: Investors run from Foot Locker. That`s where we begin tonight`s
“Market Focus”.

The athletic apparel retailer reported earnings that fell far below Wall
Street expectations. Foot Locker cited a slow down in the sales of some
top styles as well as the limited availability of new products in the
market. The company says it expects sales to continue to fall for the
remainder of the year. Foot Locker shares plummeted 28 percent to $34.38.

Hibbett Sports (NASDAQ:HIBB) reported a drop in earnings and a more than 9
percent drop in sales. The athletic wear company said it expected the
difficult retail environment to persist and cut its full year guidance for
2018. Hibbett Sports (NASDAQ:HIBB) fell 5 percent to $10.90.

MATHISEN: Deere posted a higher profit, but a second straight quarter of
lower than expected sales, improving market conditions around the world,
especially in South America, led the tractor maker to boost its full year
equipment sales forecast though. Wall Street though focused on those sales
numbers and Deere shares fell nearly 5.5 percent to $117.31.

Estee Lauder posted higher than expected results, thanks to strong sales
from its Mac and Tom Ford brands. A strong performance overseas especially
in Italy and China also helped. The company also forecasts full year
profit and sales ahead of Wall Street targets. Lauder shares touched an
all time high, ending up nearly 8 percent on a rather flattish day at
$105.92.

HERERA: And it`s time for this week`s market monitor, who says the
market`s been run by the cool kids. Now, it`s time to look for the nerdy
kids. He`s Richard Steinberg, president of Steinberg Global Asset
Management. Here`s a look at how his previous picks have done, two out of
three. With Cerner (NASDAQ:CERN) and Allergan (NYSE:AGN) up strongly, it
was a bit of a miss with Ensign Group.

Welcome back, Richard. Nice to see you again.

: Good to see you.

HERERA: So, when you say the nerd, the cool kids have been running the
stock market, you`re talking about the FANG stocks. The Facebook
(NASDAQ:FB). Apple (NASDAQ:AAPL).

RICHARD STEINBERG, PRESIDENT, STEINBERG GLOBAL ASSET MANAGEMENT: Yes,
it`s like the whole, the old high school maxim. You know, cool kids want,
you know, the cool toys and that`s what Facebook (NASDAQ:FB) and Apple
(NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) and Netflix (NASDAQ:NFLX), Google
(NASDAQ:GOOG) represent, right?

So, a big chunk of the S&P`s returns this year were coming from a very
small amount of the cool kids and as the market sells off, those are going
to be the first names where people are going to take profits and they
should be looking for companies that are more value-oriented that might
have been beaten up in this earnings cycle because companies that missed or
even did OK sold off on the news.

MATHISEN: So, let`s talk about nerds, shall we?

(LAUGHTER)

MATHISEN: Shire (NASDAQ:SHPGY) Pharmaceuticals, I don`t know that they`d
like being called that. But they`re $150 right now or thereabouts. You
see them going to $220. And so far, over the past year, they`re down 27
percent. Why do you like them?

STEINBERG: Yes, the — it`s a bio pharmaceutical company based in Dublin.
They basically have orphan drugs, hemophilia drugs and ADHD drugs.
Adderall is one of their drugs. And there`s been a lot of competition in
the hemophilia space.

Stocks, like you said, has gotten hammered. It`s now trading at ten times
earnings. We think on the risk-reward basis, it makes sense to own it
here.

HERERA: All right. Your second stock is called AMERCO, but it`s probably
better known for its U-haul.

STEINBERG: Exactly. The U-haul business is a great business. Great
franchise both in moving and in storage. Amazing management. We have a
$480 target. And if you take their earnings and you normalize them, they
could earn close to $24.

So, we think it`s cheap and it`s a great long-term growth story.

MATHISEN: Your third pick is NCR (NYSE:NCR), which you think has 40
percent upside potential. They`re the maker of ATMs and other automated
products.

STEINBERG: Right. So, the three of us have been in the business long
enough to field national cash register.

MATHISEN: Right.

STEINBERG: That dates us a little bit. Yes, the automation story and also
kind of the movement, more to the software side, especially as retailers
and big boxes need to compete against Amazon (NASDAQ:AMZN).

We think the stock is super cheap. We have a $50 target. And that`s
really a deep value play if you`re patient and you have a long time
horizon, we think you`ll get rewarded there.

HERERA: On that note, Richard, thanks so much for joining us again. Have
a good weekend.

STEINBERG: Good to see you.

HERERA: Richard Steinberg with Steinberg Global Asset Management.

MATHISEN: And coming up, what happens to solar power during an eclipse?
We will find out Monday.

(MUSIC)

HERERA: Monday`s total solar eclipse could cost employers nearly $700
million in lost productivity. That`s according to the outplacement firm
Challenger Gray and Christmas. That firm predicts that roughly 87 million
workers will be at work come eclipse time and it estimates that each worker
will need about 20 minutes to find a viewing spot.

MATHISEN: You`re just going to walk outside. It doesn`t take 20 minutes,
man.

It`s not just spectators who are getting ready to view the eclipse, but
also the people who run California`s electric grid. That`s because the
state is home to almost half of all the solar power in the country. What
happens when the sun goes away?

Monday will bring an unusual challenge and Aditi Roy reports from Novato,
California.

(BEGIN VIDEOTAPE)

ADITI ROY, NIGHTLY BUSINESS REPORT CORRESPONDENT: This solar farm on a
hilly remote area in Novato, California, has 6,000 solar panels pointing
towards the sun. It`s enough to power 300 homes a year. But during
Monday`s solar eclipse, that number will be cut by 75 percent.

BYRON VOSBURG, MARIN CLEAN ENERGY: So, a fun challenge for us.

ROY: Byron Vosburg works for Marin Clean Energy, the local utility in this
area. He say they`ve been planning for this event for months.

VOSBURG: Luckily, we`ve got a lot of notice. You know, we`ve known this
is coming for, I don`t know, hundreds of thousands of years, right? We`ve
had phone calls, conference calls, a million, back and forth, you know,
making sure that everyone is on the same page.

ROY: They`re not the only ones. Officials at California`s Independent
Assistant Operator or Cal ISO which runs the state`s power grid, project
the eclipse will effect solar power between 9:00 a.m. and noon Pacific
Time. During that window, they`ll loosen up solar energy to supply 6
million homes. Officials say they`ll rely more heavily on other energy
sources like hydroelectric and wind power.

California`s not the only state to grapple with the issue. The U.S. energy
information administration says hundreds of solar plants in states like
North Carolina and Georgia will lose 9o percent of their power because of
where those states are situated. They don`t expect any disruptions in
service, but they do urge residents to watch their energy use during the
eclipse.

(on camera): California`s grid officials say they had a real life case
study to work from. In 2015, Germany, which relies even more heavily on
solar power, went through a similar eclipse and made it through smoothly.

For NIGHTLY BUSINESS REPORT, I`m Aditi Roy, Novato, California.

(END VIDEOTAPE)

HERERA: The cars are rare. They`re antique and they`re vintage. And some
will sell for millions this weekend at Pebble Beach. But the auction comes
at a time when the high end collectible care market is hitting the brakes.

Robert Frank has our story from Pebble Beach.

(BEGIN VIDEOTAPE)

ROBERT FRANK, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): Pebble
Beach is the Super Bowl of car collecting. Tens of thousands of people
come to the Monterrey area to show drive, race and buy and sell cars. This
year, more than 1,100 cars worth more than $290 million will be sold. That
will be down from last year and mark the third straight year for a decline
in sales.

At the high-end of the market, those multimillion dollar Ferraris, Porsches
and Mercedes are faring the worst as concerns about the stock market,
Washington and tax reform are weighing on the minds of most of the high-end
buyers. The speculators and investors who bid up prices three years ago,
have also left the market.

MCKEEL HAGERTY, HAGERTY INSURANCE CEO: At the high-end, it`s a little bit
of this wait-and-see, they`re waiting to see, you know, what`s going to
happen. What`s going to come up. And yet, when very good cars come to
market, everyone comes out to take a shot at them.

FRANK (on camera): Now, the strongest part of the classic car market right
now is cars at $100,000 or less. So, it`s the Japanese cars. It`s car
from the 1980s and `90s and, of course, the classic American muscle cars
like this 1969 Chevy Camaro that could sell for between $75,000 and
$90,000.

Experts say every day collectors are back in the market in part because of
the stronger job market and wage gains.

DAVE MAGERS, MECUM AUCTIONS CEO: For the average collector who has one or
two cars that are in that $30,000 to $100,000 range, it`s the consumer
confidence that I`m feeling better about the economy. I`m feeling better
about my personal finances, my future, my retirement income, my 401(k).
That gives me the comfort to come out and use a little expendable income
and buy a treasure.

FRANK (voice-over): The most expensive likely to sell will be this, 1956
Aston Martin DBR1, one of only six built that could fetch over $20 million.
A supercar once owned by boxing champ Floyd Mayweather, this Koenigsegg is
selling for up to $2.7 million.

The real star of the week is the racing Porsche, used in Steve McQueen`s
movie “Le Mans”. His cars sell for huge premiums and this one is likely to
become the most expensive Porsche ever sold, fetching up to $16 million.
That would top his on screen and on track rival, Paul Newman, whose race
car that he used in “Le Mans” sold for only $4.4 million last year. That
shows the McQueen race is on despite a slowing market.

For NIGHTLY BUSINESS REPORT, I`m Robert Frank in Pebble Beach, California.

(END VIDEOTAPE)

MATHISEN: And finally tonight, the Powerball jackpot is now worth more
than a half billion dollars. So, if you`re feeling lucky, you`ve got until
tomorrow night to buy tickets and dream about what you do with all that
money.

(BEGIN VIDEO CLIP)

UNIDENTIFIED FEMALE: I would travel the world. I would also pay off my
friend`s student debt.

UNIDENTIFIED FEMALE: Pay off some debt, have the kids set up for college.
Take a nice long vacation.

UNIDENTIFIED FEMALE: Help others, give to charity, but come on, we know
what I would really do. And that`s take a great trip. Have a good time.
Take care of my family. But I would probably give a lot of it away.

(END VIDEO CLIP)

MATHISEN: And now, we`re not trying to throw cold water on your money
dreams, but, of course, the odds of matching all five numbers in the
Powerball number are about one in 293 million.

I got to go buy some tickets.

HERERA: I got mine.

MATHISEN: Oh, do you?

HERERA: Yes.

MATHISEN: Oh, I`m going to go down to the bodega.

HERERA: I`m also in the office pool.

MATHISEN: Oh, are you?

HERERA: Yes, but I`ll share. It will be fine.

MATHISEN: There will be fighting.

HERERA: No, there will be no fighting.

That`s NIGHTLY BUSINESS REPORT for tonight. I`m Sue Herera. Thanks for
watching.

MATHISEN: I`m Tyler Mathisen. Thanks from me as well. Have a great
weekend, everybody. We`ll see you Monday.

END

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