ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Bill Griffeth and Sue Herera.
SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Trade threat. Stocks hit a three-week low on reports the White House is starting to consider some curbs on U.S. investments in China.
BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: Market monitor. Our guest tonight is a five-star fund manager with a list of stocks that he says could go up as much as 25 percent over the next year, even in this
HERERA: Pinot or pot. California`s established vineyards are in a battle
with marijuana farmers. And both say weed and wine do not mix.
Those stories and more tonight on NIGHTLY BUSINESS REPORT for this Friday, September 27th.
GRIFFETH: And we do bid you a good evening, everybody, and welcome.
Just when it looked like September was showing some uncharacteristic
resilience, stocks turned lower for a second straight week. The market
slipped today on dwindling optimism over trade and because of some tepid
economic data which heightened concerns about growth, just as the world`s two largest economies remain embroiled in their trade war. The Dow today fell 70 points. We`re at 26,820. Nasdaq was down 91. And the S&P was off by 15.
As I mentioned, all three major averages were lower for a second straight
Now, today, there was yet another turn in the U.S.-China relations on
reports that the White House is in the early stages of considering limits
on U.S. investments in China. Although it`s still not clear how that would
play out, it did pressure shares of some Chinese companies like Alibaba,
JD.com, and Baidu (NASDAQ:BIDU).
Eamon Javers starts us off tonight from the White House.
EAMON JAVERS, NIGHTLY BUSINESS REPORT CORRESPONDENT: Markets reacting early Friday to reports that the White House is looking into different measures that would restrict U.S. portfolio investments in Chinese
Now, I`m told that that reporting is in fact accurate. But there are a
couple of caveats on this story. One is that it`s not clear where the
administration is going to land. That is there are a lot of different
options here under consideration. And the other is it`s not clear when the
decision would ultimately be made.
The idea here is investor protection. That is Americans are investing in
Chinese companies, often listed on American stock exchanges. And it`s not
entirely clear that those Chinese companies are always what they are
purported to be.
What could this effort look like? Well a number of senators have made a
proposal that might be the basis for any White House action. It`s called
the Equitable Act. You can see the sponsor here including Senator Marco
Rubio. The key points under this proposal are the U.S. regulators would
have access to review audits for Chinese companies and be able to delist
firms that don`t comply with American standards and also to ban new
listings if the audit reports have been withheld.
One of the sponsors there, Marco Rubio, had this to say about the bill.
SEN. MARCO RUBIO (R-FL): The fundamental question on this and on various topics with regard to China is how come their companies, their firms, in this case those companies that are publicly traded — why don`t they have to meet the same standards as American companies have to meet or other companies have to meet.
JAVERS: Officials here not able to really put any kind of scenarios on
this. It`s just really not clear at this point where this is going to end
up. But they do say these measures are under discussion here at the White
For NIGHTLY BUSINESS REPORT, I`m Eamon Javers in Washington.
HERERA: Despite today`s decline, stocks have been fairly resilient in
September. So what`s next?
John Traynor is chief investment officers at People`s United Advisors.
JOHN TRAYNOR, PEOPLE`S UNITED ADVISORS CHIEF INVESTMENT OFFICER: Thank you, thank you.
HERERA: You say this is kind of a tale of two Septembers as we get ready
to close out this month. How so?
TRAYNOR: Correct. We were talking about this this morning on our
investment call, that August was really — really had the turmoil that you
would normally see in September. So, we really thought we had an early
September last month. But with the turmoil that we have seen in the
market, the market we saw today, it looks like we may be having that normal volatility in September that we thought we had taken care of in August.
GRIFFETH: And we`re not finished yet. I mean, there is a lot still to
come in the month of October, right?
TRAYNOR: Absolutely. We`ve got earnings season on Tuesday. You have the 70th anniversary of the birth of China. So there is a big celebration in
China. There are a lot of things going on. And then in October, we`ve got
TRAYNOR: Oh, excuse me.
GRIFFETH: Yes, go ahead. I was — but Brexit is a big one right now
TRAYNOR: That`s right. The Brexit. You`ve got — you`ve got a lot of
headlines that will keep us on our toes in October.
HERERA: So have you made any changes to your portfolios or clients`
portfolio given the fact that we are at a time of year which is notorious
for its volatility?
TRAYNOR: You know, we made a change that we`re really spending time with our clients discussing. Since June 30th of 2011 and our model portfolios, we have been overweight equities. We told our clients that you want to be overweight, overweight equities, underweight bonds.
In the last few weeks, we have basically taken that back to neutral. So,
we`ve said — you know, we still like the mechanic. We still want you to
be invested but we said now is not the time to be overly aggressive. So,
we`re dialing back the risk in our portfolios.
GRIFFETH: Where did you put that money?
TRAYNOR: We actually put it into short-term bonds. We were debating
moving it into commodities or moving that into cash. But we said, let`s
put that into short-term bonds. So, two to three-year bonds is where we`re
putting that cash.
HERERA: We will be watching. Thank you, John. Have a great weekend.
TRAYNOR: Thank you.
HERERA: John Traynor is People`s United Advisors.
GRIFFETH: To the economy, now, orders for long-lasting durable goods rose slightly in August. But business investment fell a second straight month, reflecting concerns over the impact of those trade tensions.
According to the Commerce Department, durable goods orders were up 0.2
percent, and a similar report show that consumer spending continues to
slow. Spending barely rose in August. And July`s report revised lower.
Consumer spending, of course, has been the one bright spot on the U.S.
economy this year, especially during the second quarter.
HERERA: Wells Fargo (NYSE:WFC) names a new CEO ending a six-month search. Charles Scharf, the Bank of New York Mellon (NYSE:BK) chairman and CEO will move to Wells Fargo (NYSE:WFC) in October with a focus on restoring the bank`s battered reputation.
(BEGIN AUDIO CLIP)
CHARLES SCHARF, WELLS FARGO INCOMING CEO: We know we have a series of regulatory issues that we need to complete the work on. And so, that is clearly the first priority. It`s been the first priority. And we`re going
to make sure we don`t miss a beat on that.
It`s clear that there is a huge amount of work going on and hopefully, I`ll
be additive to the process of moving that forward.
(END VIDEO CLIP)
HERERA: The CEO announcement sent the stock higher in today`s trading
GRIFFETH: Boeing`s CEO is gong to testify on Capitol Hill next month.
This will be Dennis Muilenburg`s first public hearing since the two fatal
crashing involving the 737 MAX jet. Boeing (NYSE:BA) is facing several
investigations over the development of the aircraft and it`s preparing to
submit software fixes for the plane. The 737 MAX has been grounded since
HERERA: It has been a big year for initial public offerings. But a funny
thing happened on the way to the public markets. Some IPOs were met with
success. Others faltered.
Deirdre Bosa separates the winners from the losers.
DEIRDRE BOSA, NIGHTLY BUSINESS REPORT CORRESPONDENT: There is technology companies, Zoom Video, the software behind video conferencing. Pinterest, the social network for your hobbies and interests. And CrowdStrike, a cybersecurity firm that works in the cloud.
These names on other so-called pure play tech companies have seen
successful initial public offerings this year.
But then there is another class of IPOs this year that are getting a bad
name. They call themselves tech start-ups, but skeptics, they say
ROBERT GRIEFIELD, VIRTU FINANCIAL CHAIRMAN: We look at the We IPO, you saw that regardless what they said and the story they weaved, they`re still in a real estate business that had its amount of peril to it. And you had is a somewhat limited path to profitability.
BOSA: There`s WeWork, real estate as tech. Uber and Lyft, transportation
as tech. There`s even dentistry as tech, that`s Smile Direct Club.
These names seen as less pure plays on technology are also highly
unprofitable and they`re not being received well by public market
BRADLEY TUSK, TUSK HOLDINGS CEO & FOUNDER: You can`t just say, OK, the IPO will switch them out because it hasn`t worked for Uber at all, right?
People don`t believe the company can really innovate.
BOSA: Peloton Fitness as tech stumbled in its market debut this week, and
Endeavor, a global entertainment, sports and content company that bills
itself as a platform, shelved its IPO entirely.
As this year`s IPO parade stumbles, a double standard is emerging in the
market. Investors are becoming skeptical of less traditional technology
start-ups. The question is, will the rough ride this year start to affect
the sector as a whole?
For NIGHTLY BUSINESS REPORT, Deirdre Bosa, San Francisco.
GRIFFETH: Time to take a look at some of today`s “Upgrades and
We begin with shares of Texas Instruments (NYSE:TXN). They were upgraded to buy from neutral at Bank of America (NYSE:BAC) Merrill Lynch. The analyst cited the company`s market share gains and stronger free cash flow. Price target, $150. That stock fell a fraction today to $127.14.
Match Group was upgraded to outperform from inline at Evercore ISI. The
analyst cited the company`s investments and near-term strength in its
dating app Tinder. Price target now $95. That stock gained 1 percent to
HERERA: EBay was downgraded to market perform from outperform at Wells Fargo (NYSE:WFC). The analyst cites the stock`s valuation after a nearly 40 percent gain this year. The price target is $45. The stock fell more
than 1 percent to $38.37.
Box was downgraded to underweight from neutral at J.P. Morgan. The analyst there cites intensifying competition among other things. The price target is $15. The stock dropped 6 percent to $15.96.
GRIFFETH: Still ahead, House flipping is a risky business. And for some,
it may be getting even riskier.
GRIFFETH: Health officials say that they still do not know exactly what
has caused the more than 800 vaping-related illnesses that suddenly
appeared around the country. But here`s what they do know. Today, the
Centers for Disease Control said that a number of patients became sick
after using vaping products that contained the marijuana derivative THC.
One particular product is sold under the brand name Dank Vapes. The CDC
officials now recommend staying away from all vaping products while the
HERERA: California is known for many things, including its wine, which is
a big part of the state`s economy. But grape growers are facing a major
challenge — fellow farmers who grow legal marijuana.
Jane Wells has the story from Buellton, California.
JANE WELLS, NIGHTLY BUSINESS REPORT CORRESPONDENT: California`s great experiment with legal marijuana is running into unintended consequences. Especially in Santa Barbara county where avocado groves butt up against pot growing in former greenhouses for flowers.
JOHN DE FRIEL, RAW GARDEN CANNABIS: We have 80 years of stigma that we need to work against in order to normalize this industry as another crop.
WELLS: John De Friel is a building a 44-acre cannabis empire in prime wine company, in a county that has handed out more than a third of the state`s total growing permits. That surprised some traditional farmers.
BLAIR PENCE, PENCE VINEYARD AND WINERY: There is that like one, two,
three, four projects right there.
SCOTT VAN DER CAR, AVOCADO/LEMON GROWER: Follow the money. That`s the only explanation.
WELLS: And here`s the bottom line on the money. The local university
estimates the value of these wine grapevines to Santa Barbara County are
$120 million. You look at the white structure over there. There`s
cannabis in there. It estimates that`s worth $180 million on less land in
But two problems have popped up. The first is the odor which can be strong in places. Some vintners are afraid it could affect the taste of the
grapes, though, there is no proof of that.
AUTUMN SHELTON, AUTUMN BRANDS CANNABIS: So, this is our bio scientific odor control.
WELLS: Cannabis grower Autumn Shelton (ph) spent a $100,000 on a
deodorizing system to be a good neighbor and she blames illegal growers for the smell.
PENCE: Yes, this is a great crop.
WELLS: The second issue, pesticide, cannabis by law cannot have any
pesticide residue on it. And so, growers are of other crops are forced to
hand spray or use less effective means to avoid illegal problems if
VAN DER CAR: Probably down $2,000 to $4,000 per acre cost in both lost
quality and the cost of having to do it the way we did it.
WELLS: Some farmers on both sides are trying to work together to find
solutions without lawsuits.
SHELTON: Everybody wants everyone to be successful. No one wants to hurt anybody`s business.
DE FRIEL: I actually think in large part, the agricultural industry is
either indifferent or excited about seeing a new crop come in.
WELLS: Not everyone is excited.
PENCE: It`s going to be a giant legal battle. You know, I guess, in the
end, the lawyers will win. But you know, we`re going to fight it tooth and
nail. We`re going to fight to the end.
WELLS: Just the latest sign that high hopes for legal cannabis in
California have so far been a bit of a buzz kill.
For NIGHTLY BUSINESS REPORT, Jane Wells, Buellton, California.
GRIFFETH: Fiat Chrysler settles with the SEC, and that`s where we begin
tonight`s “Market Focus” with the automaker today agreeing to pay $40
million over charges that it misled investors on how many new vehicles were sold each month in the U.S.
The SEC alleges that the company falsely reported an uninterrupted year
over year sales growth streak. But whenever that streak was in jeopardy,
the company dipped into a pool of unreported sales referred to as the
cookie jar according to the allegation, to keep that streak going. Now, as
part of today`s announced settlement, Fiat Chrysler did not admit or deny
any wrongdoing, and shares fell a fraction to $12.89.
In another SEC settlement, Herbalife (NYSE:HLF) is going to pay $20 million
after the nutrition company was accused of misleading its investors on how it compensates its sales representatives in China. The company also did not admit or deny any wrongdoing. And that stock dropped a fraction to $38.30.
Then drug maker Mylan (NASDAQ:MYL) settled with the SEC. It`s paying $30 million for allegedly failing to disclose potential losses related to a
civil investigation into whether it overcharged for its drug treatment for
allergic reactions. And as you can tell, a common theme with the SEC
settlements, Mylan (NASDAQ:MYL) did not admit or deny any wrongdoing. And shares slipped more than 2 percent today to $19.29.
HERERA: Toyota (NYSE:TM) and Subaru are expanding their partnership to jointly develop new vehicles. As part of the deal, each automaker will buy more stock in the other. Toyota (NYSE:TM) will raise its stake in Subaru
from 17 percent to 20 percent. It`s not clear how big of a stake Subaru
will take in Toyota (NYSE:TM). Toyota (NYSE:TM) shares fell about 1.5
percent to $136.28.
Hedge fund D.E. Shaw is reportedly taking a stake in Emerson Electric
(NYSE:EMR) and it`s planning to push for significant changes, including a
potential split up. Emerson is known for its process automation which
helps power plants and factories in areas like mining and cement. Both
D.E. Shaw and Emerson declined to comment. Emerson Electric (NYSE:EMR)
shares rose nearly 3.5 percent to $66.40.
GRIFFETH: Time for our weekly market monitor. He has three stocks that he believes could rise 15 to 25 percent over the next year. This is his first
time on NIGHTLY BUSINESS REPORT.
And we welcome Thomas Plumb, the president and portfolio manager of Plumb Funds.
Tom, good to see you. Thanks for joining us tonight.
THOMAS PLUMB, PLUMB FUNDS PRESIDENT & PORTFOLIO MANAGER: Thanks, Bill. Thank you, Bill.
GRIFFETH: We start with the digital payments company Square, something of a fallen angel. Last year, it was $100 stock. Today, around $60. What do
you think will propel the gain you are looking for.
PLUMB: Well, I think the merchant volume has been something that`s been an issue for them. But when we look forward, they`ve got a lot of non-financial transactions add-ones to services and looks to us like it`s
bottomed out and that when we still see a company with 30 to 40 percent
revenue growth, we think it`s a great opportunity, market has given us a
HERERA: Next on the list is Constellation Brands (NYSE:STZ). You like it
for a variety reasons but also because they`re investing in the future with
Canopy Growth, which is basically the largest cannabis company in Canada.
PLUMB: Well, they`ve shown that they`ve been able to execute ever since
they got the U.S. rights to the Modelo family of beers. The premiumization
of wine and beer are something that they`ve been executing on, branding.
They`ve been spending R&D with cannabis. And it looks like they have a
good volume increase on the core products here, and are investing for the
future. As cannabis becomes legal, like your last story showed.
GRIFFETH: Right. The third one, Exact Sciences, another fallen angel of
sorts. It started the month out at $120. Now, it`s at $90. They were in
the news this week I know.
Why do you like this company right now?
PLUMB: Well, there is few things that are as unpleasant as having a
colonoscopy, the gold standard for trying to find colon cancer. Colon
cancer is slow growth and it`s easily treated if found early enough. Well,
this company with their DNA stool-based test, you can test it at home, and
you don`t need anesthesia. You don`t need invasive. You don`t need to go
through the discomfort of preparation.
And it`s expanding the number of people willing to go ahead and get a test
to detect this terrible cancer.
PLUMB: So, they have grown 70 percent a year last year, 70 percent this
year. We think there`s still a lot of ahead of them. This week, as you
said, they`ve got approved for people 45 years and older, instead of 50
years and older. It looks like to us it expanded the potential market by
over 20 percent.
GRIFFETH: All right. Very good. Tom, good to see you. Thanks for
joining us tonight.
PLUMB: Thanks, Bill. Thanks, Sue.
GRIFFETH: Thomas Plumb with the Plumb Funds. And you read more about his picks. You can go to our website at NBR.com.
HERERA: It is getting tougher to make money flipping homes. The
competition is heating up, right along with home prices. And that`s why
flippers are borrowing more money to do it. Is that a risk to the mortgage
Diana Olick reports from Bethesda, Maryland.
DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT: Vipin Motwani expects to flip about 15 homes this year like this in a pricey Bethesda, Maryland, neighborhood.
VIPIN MOTWANI, REAL ESTATE INVESTOR: We`ll rehab the kitchen down here through the hallway.
OLICK: There are very few foreclosures or distressed properties nationwide to rehab and resell, so flippers like Motwani are investing in older, pricier properties and using more financing, either mortgages or private lending.
MOTWANI: It`s always smart to use a mortgage because you get leverage.
You can do many more deals, right, if you`re borrowing money.
OLICK: About 40 percent of flipped properties in the second quarter of
this year were bought using mortgages or private lending. That`s
substantially lower than the 68 percent share during the height of the
housing boom in 2005. But the dollar volume of today`s purchases is up 30
percent annually to nearly $8.5 billion, according to Adam Data Solutions.
That`s the highest level the end of 2006.
Banks will lend to flippers and Fannie Mae, Freddie Mac and the FHA all
back a limited number of investor loans. But Motwani says big banks are
MOTWANI: You`re looking for like the W2 wage earner or somebody who had consistent income from an easily sourced job, for example. They can verify your income. They know you`re good for the loan.
OLICK: So, he goes to community banks which can interview him personally and better understand his business.
The underwriting on investor loans in general is much stricter now than it
was during the last housing boom. There`s no such thing as no dock, no
down payment loans. Banks have already been burned.
LAWRENCE YUN, NATIONAL ASSOCIATION OF REALTORS: I think the lenders are clearly aware, they want return on the mortgage lending as well. So, given the price increases with less chance of price decline, given the housing shortage, I think it`s a little safer environment. But for the market to decide and both lenders and flippers apparently are working it out.
OLICK: The housing market is stronger today with low mortgage rates and
rising home prices. But it is not without risk. If the economy turns
weaker and rates rise, funding flippers may no longer be a safe bet.
For NIGHTLY BUSINESS REPORT, I`m Diana Olick in Bethesda, Maryland.
HERERA: Coming up, the fight for streaming dominance heats up. And
Netflix`s story line is about to take a turn.
GRIFFETH: Food delivery company DoorDash has been hacked. The company says that nearly 5 million customers, delivery workers and merchants had their personal information exposed. The breach happened in early May. DoorDash blamed it on a third party service provider and said that once it was discovered, it took immediate steps to block further access and improved security.
HERERA: The Internet sector contributed more than $2 trillion to the U.S.
economy last year. That`s about 10 percent of the nation`s gross domestic
product. The study was done by the Internet Association, and it says the
sector is now the fourth largest in the U.S. economy, right behind real
estate, government and manufacturing.
GRIFFETH: It is a plot twist in the Spider-Man saga. Disney (NYSE:DIS),
Marvel and Sony (NYSE:SNE) have now resolved their differences. They will team up once again for a third Spider-Man movie. Last month, recall the two companies ended the relationship over financing and royalty issues.
But according to reports today, Sony (NYSE:SNE) will now pay Disney
(NYSE:DIS) a larger cut of revenue from the next Spider-Man movie. Sony
(NYSE:SNE) owns the rights to Spider-Man, Disney (NYSE:DIS) owns the rights to all the other Marvel superheroes. Marvel`s work on the last two Spider-man generated $2 billion worldwide in box office revenue.
HERERA: It is a critical movement for Netflix (NASDAQ:NFLX). Subscriber
growth is slowing as competition increases. And the stock has lost about
30 percent of its value over the past year. To better compete, the company
decided to make a big investment in big name TV producers to create
And as Julia Boorstin reports, Netflix`s strategy is being put to the test.
JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Netflix
(NASDAQ:NFLX) is hoping paying that big TV creators big bucks will help it
compete with all its coming rivals.
UNIDENTIFIED FEMALE: Your ambition frightens me.
BOORSTIN: Hit TV producer Ryan Murphy`s series “The Politician” launches on Netflix (NASDAQ:NFLX) today. It`s the first product from the streamer`s recent spate of deals with TV creators. Reviews so far are not great according to Rotten Tomatoes.
But the big question is whether it generates positive buzz to draw new
subscribers and keep them.
BERNIE MCTERNEN, ROSENBLATT SECURITIES: The key is how many hit shows they can create, including global hit shows like “Stranger Things”. So, with Ryan Murphy, if they can get one or two global hits, that will be a
positive for them.
BOORSTIN: Netflix (NASDAQ:NFLX) lured Murphy over from Fox, where he created hits including “Glee”, “American Horror Story”, “American Crime
Story” and “Nip/Tuck”.
Netflix (NASDAQ:NFLX) is reportedly paying him $300 million for a five-year exclusive deal, considered the priciest deal in TV history.
Netflix (NASDAQ:NFLX) is also making exclusive deals with other top
producers. “Game of Thrones” David Benioff and D.B. Weiss, reportedly
paying them $200 million, and Netflix (NASDAQ:NFLX) has a reported $150
million deal with Shonda Rhimes. She`s behind ABC`s hit “Scandal” and
The first fruits of these deals launching today with “The Politician” comes
as Netflix (NASDAQ:NFLX) prepares for a range of new rivals, with Apple
(NASDAQ:AAPL) TV Plus and Disney (NYSE:DIS) Plus launching in November. Netflix (NASDAQ:NFLX) shares are now down more than 30 percent from the all-time high in May, a concern about these rivals, as well as Netflix (NASDAQ:NFLX) losing domestic subscribers last quarter, its first decline in years.
MCTERNEN: The most important metric by far is subscribers. The company is increasingly talking about hours of content consumed and how many people are viewing a particular show. But what really matters is how people talk with their wallet. That`s if they stay on the service or not. So, for us, we`re looking at subscribers as the most important metric by far.
BOORSTIN: While Netflix (NASDAQ:NFLX) doesn`t report ratings, we`ll see if CEO Reed Hastings reports how the new show drove viewership or subscriber additions and we`ll see what his outlook is for other top shows from creators coming next year.
For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in Los Angeles.
GRIFFETH: And before we go, a final look at the day on Wall Street, with
the Dow down 70 points, Nasdaq down 91, S&P down 15. And all three of
those major averages were lower for a second straight week.
HERERA: And that is NIGHTLY BUSINESS REPORT tonight. I`m Sue Herera. Thanks so much for joining us.
GRIFFETH: I`m Bill Griffeth. Have a great weekend.
GRIFFETH: See you Monday.
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