Transcript: Nightly Business Report – November 11, 2019

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

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  All-time high.  The Dow  closes at a record, and for that, you can thank shares of Boeing (NYSE:BA)  which expects to resume deliveries of its 737 MAX next month.  

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  What a rebound.  The  industrial sector had lousy earnings and demand remains weak.  So, why is  it rallying?  

GRIFFETH:  Big bust?  Why cracks may be forming in the high end art market,  just as the gavel drops on auction season.
Those stories and much more tonight on NIGHTLY BUSINESS REPORT for Monday,  November 11th.  

HERERA:  Good evening, everyone, and welcome.  
The blue chip Dow index closed at a record, erasing a 160-point drop during  today`s session.  The gains weren`t big but they were enough.  The Dow  Jones Industrial Average closed up 10 points to 27,691, its ninth record  close of the year.  The Nasdaq fell 11 and the S&P 500 was down 6.  
The reason, Boeing (NYSE:BA).  The stock rose 4.5 percent after the company  said the 737 MAX could be back in service by the end of January.  The  aerospace company also said it will resume deliveries of the jet next  month.  
Phil LeBeau takes a look at what`s behind that optimism.  

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT:  With well over 300  newly built 737 MAXes parked and waiting to go into commercial service,  Boeing (NYSE:BA) is anxious to get the 737 MAX back in the air again.  In  fact, it believes that could happen as soon as January.  

Boeing`s timeline calls for a certification flight by early next month.  If  there are no issues, FAA certification is expected by mid-December, so MAX  deliveries would resume.  Pilot training rules for the plane could be set  by mid-January, meaning airlines could restart commercial flights on planes  that have been parked for almost a year.  

But don`t expect Southwest and American to begin flying the MAX any time  soon.  Both have pulled the plane from their schedules until early March  while United is also expected to push back its MAX plans.  If Boeing`s  timeline holds, it may not be long until we find out whether travelers are  ready to get back on the MAX.  

After two crashes and a year of negative stories questioning the safety of  the MAX, will airlines be able to fill these planes with passengers?  
JIM CORRIDORE, CFRA RESEARCH:  I think ultimately passengers will fly these  planes.  Number one, they have limited number of choices if they want to  get to their destination.  Number two, these planes will be found to be  overwhelmingly safe.  

LEBEAU:  These concerns about the MAX expect a major push by Boeing  (NYSE:BA) and airlines to convince the traveling public that this plane has  not only been fixed but it is safe to fly again.  

GRIFFETH:  Now, Boeing (NYSE:BA) is just one of the companies with a lot at  stake in the trade war with China.  In fact, the entire industrial sector  has been bounced around for years by tariffs and endless rounds of  negotiations, but in the past month or so, that group has suddenly started  rallying.  

Seema Mody tries to make sense of the move higher.  

SEEMA MODY, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Despite lackluster  earnings, industrial stocks have staged a rebound over the past one month  on hopes that a trade deal between the United States and China is coming  together.  Industrials are up 6 percent over the past month, making them  the second best performing sector in the S&P 500 after financials.  

Just look at names like Caterpillar (NYSE:CAT) which had disappointing  results and even cut fourth quarter guidance.  That stock has already  rebounded more than 20 percent from its October lows.  Now, the rebound  comes even as demand for construction and agriculture-related equipment  remains tepid.  

However, investors see the recent improvement in trade talks as a reason to  warm up to industrials.  Reports say the phase one agreement of the trade  deal could include the rolling back of some tariffs which have served as a  headwind for U.S. and Chinese manufacturers, denting demand for big  machinery and heavy equipment, but a key earnings report from farm  equipment maker Deere later this month will provide investors a much needed  update on the health of U.S. agriculture industry and whether farmers  continue to hold off for making big ticket purchases.  

Deere has been cutting production this year but analysts at UBS say  progress on trade could materially change that story.  The recent rebound  in industrials also plays into the overall rotation into cyclical sectors  but whether that rotation has legs will depend on earnings and the trade  narrative continuing to improve.  

If it doesn`t, analysts warn this rebound could be a short lived one.  
For NIGHTLY BUSINESS REPORT, I`m Seema Mody at the New York Stock Exchange.  

HERERA:  Brad McMillan joins us now to talk about the rally and the  economically important industrial sector.  He is chief investment officer  at Commonwealth Financial Network.  
Good to see you again, Brad.  Welcome back.  


HERERA:  Do you think — are you one who thinks that this rebound is for  real and sustainable?  

MCMILLAN:  I do think it`s sustainable for a couple of reasons.  First of  all, most of the damage has already been done and companies have responded  to that so they would be improving anyway.  Second of all, both sides have  an incentive to cut a deal, so I think — I think there are a lot of  tailwinds here.  

GRIFFETH:  Who are we talking about here?  I mean, who do you like in that  sector that you`re starting to see some signs of life in?  

MCMILLAN:  Well, when you look at whether stocks are cheap or expensive,  the real — the real cheapest area is in construction equipment, heavy  equipment, heavy trucks.  You know, you`ve seen an example with that with  cat, for example.  That`s been beaten down quite a bit.  It`s very cheap  relative to the market as a whole and even to the sector.  They have the  most head room to grow.  

HERERA:  But how much of this is basically relying on a trade deal getting  done?  What if the negotiations drag on or ultimately are not successful?  
MCMILLAN:  I think the argument that this isn`t just about the trade deal.   I think a trade deal would certainly help, but the fact of the matter is  we`ve seen back-and-forth on the trade deal this whole time and it hasn`t  moved industrial stocks.  Now, we`re starting to see them come back which  suggests to me that the market knows it`s not just about the trade deal.   They`re coming back for fundamental reasons.  If we get a trade deal, that  will certainly help.  

GRIFFETH:  I realize the stock market`s at all-time highs for the most  part, but you still have the whispers for the possibility of a slowdown in  the economy next year.  That can`t be good for this sector.  

MCMILLAN:  Well, but, again, remember, it`s not about whether we`re going  to have a slowdown.  Yes, we probably will.  It`s about expectations.  
And when you look at the companies, the expectations for a slower economy  abroad, a slower growth overall and the trade hit, that all adds up.  They  can still do relatively well compared to what people were expecting a  couple of months ago.  It`s not going to be good, but still they can beat  expectations.  

HERERA:  We will see.  Thanks, Brad.  
MCMILLAN:  Thank you.  

HERERA:  Brad McMillan with Commonwealth Financial Network.

GRIFFETH:  Here in the U.S., of course, we celebrated Veterans Day today.   In Asia, they had their own holiday, Singles Day, which has morphed into a  day of shopping that is bigger than Black Friday and Cyber Monday combined.   And despite recent concerns about the health of the Chinese consumers, this  year`s Singles Day set some impressive sales records.  
Rahel Solomon reports.

RAHEL SOLOMON, NIGHTLY BUSINESS REPORT CORRESPONDENT:  It was a star  studded event complete with lights and displays, an entire experience  created and designed for one purpose, to get the Chinese consumer to shop.  

And shop they did, to the tune of a record-breaking $38.4 billion.  Compare  that to last year`s $30.5 billion.  In 2009, the first year of the event,  sales were just under $8 million.  Alibaba`s double 11 global shopping  festival, also known as Singles Day, has become the world`s largest online  24-hour shopping event, larger than Black Friday and Cyber Monday combined.  

And as the day has evolved, so has the use of technology with live  streaming becoming more and more important.  Last year, $15 billion in  sales on Singles Day came from live stream viewers.  

KIM KARDASHIAN, CELEBRITY:  Reading the comments one each one.  
SOLOMON:  Kim Kardashian West hosted a live stream with the Chinese  influencer in the days before this year`s event and sold out her  merchandise in minutes.  

JAN KNIFFEN, J. ROGERS KNIFFEN WWE CEO:  It tells us the consumers are  pretty healthy.  The other thing it told us is U.S. products are selling  very, very well.  

SOLOMON:  This year`s sales were closely watched as invertors look for  signs on the health of the Chinese consumer and any potential backlash  toward American companies because of the ongoing trade war.  While sales  were strong, some say we shouldn`t draw any larger conclusions about the  state of the Chinese consumer.  

ZACHARY SCHWARTZMAN, RBC:  I don`t know if it`s a statement of the Chinese  consumer as much as really the strength of Alibaba and the specific  technology investments that they`ve made, the fact that their platform is  still growing robustly in China.  I think it`s more of a testament to how  good Baba has really done.  

SOLOMON:  Another group that did well, U.S. brands.  Notably Apple  (NASDAQ:AAPL) with its iPhone 11, the Pro, Pro Max, Nike (NYSE:NKE), Estee  Lauder, Gap (NYSE:GPS), and Nestle.  

HERERA:  It is time to take a look at some of today`s “Upgrades and  Downgrades”.

Cisco (NASDAQ:CSCO) was upgraded to neutral from overweight at Piper  Jaffray.  The analyst points to a slowing macro environment as well as the  lack of any near-term catalysts for the stock.  The price target is $51.   The stock fell about 1.5 percent to $48.10.  

Qualcomm (NASDAQ:QCOM) was downgraded to equal weight from overweight at  Morgan Stanley (NYSE:MS).  The analyst cites the valuation gap between the  chip maker and its peers which he says has closed following recent gains.   The price target is $90.  The stock fell more than 2 percent to $91.84.  

GRIFFETH:  Some sad news tonight out of the health care industry.  The CEO  of Kaiser-Permanente died suddenly over the weekend.  And as Bertha Coombs  reports, he raised the bar for the entire sector.  

BERTHA COOMBS, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Kaiser Permanente  CEO Bernard Tyson was one of the nation`s foremost advocates for improving  patient care and access.  He spent 30 years at Kaiser, rising through the  ranks to become CEO in 2013.  
Under his leadership, health care advocates say the nation`s largest  nonprofit integrated health system grew to be a leading example of the  highest standards of care.

CECI CONNOLLY, ALLIANCE OF COMMUNITY HEALTH PLANS CEO:  At Kaiser  Permanente, you have a very particular model, which is to put the dollars  around a health plan and clinical teams working in partnership.  When you  do that, you get better health.  

Bernard not only understood and appreciated the power of that collaboration  but he had the insight and the energy and the passion to take it out into  the community.  

COOMBS:  Tyson died unexpectedly in his sleep early Sunday.  He`s being  remembered as a leader who in the words of one colleague walked the talk.   He helped Kaiser invest in data analytic tools for patients at risk of  health problems and he recently described his company`s push into digital  communication allowing patients to securely text their doctors for easier  access.  

BERNARD TYSON, KAISER PERMANENTE CEO:  Just think about it.  You`re working  at McDonald`s (NYSE:MCD) and you have a 15-minute break and you need to  check out something with your physician — well, that`s what that is about.   That`s about a rapid response, and texting is designed for that.  

COOMBS:  Over the last year, Tyson increasingly talked about the need to  help patients beyond the hospital, launching a $200 million initiative to  address economic and social issues that impact Kaiser`s patients in their  communities, starting with an affordable housing plan in Kaiser`s hometown  of Oakland, California.  

TYSON:  Our incentives are all aligned to community benefits and the well- being of the entire community.  

COOMBS:  Tyson was on the board of the American Heart Association and  On Sunday, Salesforce CEO Marc Benioff tweeted that,  quote: A light in the world has gone out.  He always did so much for others  and the world, calling Tyson an inspirational leader.  
Bernard Tyson was 60 years old.  

GRIFFETH:  WeWork is reportedly in talks with T-Mobile CEO John Legere  about leading that troubled office sharing startup.  According to the  reports, Legere is among the candidates being considered.  And so far, no  final decision has been made.  

But Legere has ties to WeWork`s newly appointed executive chairman, Marcelo  Claure.  The former Sprint CEO Claure who helped drive the recently  approved merger with Legere`s T-Mobile.  Shares of T-Mobile closed down 1.5  percent in today`s trade.  

HERERA:  A former FDA commissioner is calling for all of Juul`s vaping  products to be removed from the market.  Scott Gottleib cited two studies  on teen use and says it is clear that Juul cannot keep their products out  of the hands of kids.  This comes on the same day that President Trump said  he plans to meet with the vaping industry, but as Meg Tirrell reports, the  situation is complicated.  

MEG TIRRELL, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Two months to the day  after the Trump administration said it planned to ban all flavors of e- cigarettes other than tobacco, no guidance has arrived.  But the president  in a tweet said today he`ll meet with the vaping industry, medical  professionals and state representatives to come up with a, quote,  acceptable solution to the vaping and e-cigarette dilemma.  Children`s  health and safety, he wrote, quote, together with jobs will be a focus.  
Pro-vaping advocates see the president`s focus on jobs as a sign that he  may be potentially softening on a total flavor ban, potentially allowing  menthol to remain on the market and exempting vape shops like this one.
Despite the ban, the owner of this vape shop and two others in New York  City say the national focus has already had a major impact on her business.  

SPIKE BABAIAN, VAPENY SHOP OWNER:  Almost every shop in New York at this  point has lost between 60 and 80 percent of sales.  We have been struggling  to stay open.  Most of us have laid off employees, cut down our expenses  absolutely as much as possible.  A lot of shops have not paid their rent  and we are putting off our landlords to try to make sure we can stay in  business until this is over.  

TIRRELL:  She and others who rallied on the issue at the White House on  Saturday say the administration`s stance on a flavor ban could have major  political implications too.  

PAUL BLAIR, AMERICANS FOR TAX REFORM:  They want politicians to know not  only do they feel passionately about the products, but that they are  voters, they are vapor voters.  Similar to gun owners who feel deeply  passionate about the use of firearms in the protection of themselves and  their families, these people will vote on that issue.  

TIRRELL:  The group Americans for Tax Reform has warned that a Trump flavor  ban may mean vapors may just not show up to the polls in 2020, potentially  costing the president important votes in swing states imperative to his  2016 win.  

Meanwhile, reports last week showed one-in-four high school students had  recently used an e-cigarette, up from one-in-five last year.  For that  reason, groups concerned about e-cigarette use among youth have their own  warning for the president.  

Matthew Meyers, president of the Campaign for Tobacco-Free Kids, said a  weakened proposal on e-cigarette flavors is not only bad public policy but  bad politics for Trump, saying, quote: This is an issue in which parents  including suburban moms across the country, across the political spectrum,  feel is very important.  

For NIGHTLY BUSINESS REPORT, I`m Meg Tirrell in New York.  

GRIFFETH:  Walgreens may have gotten its offer, and that`s where we begin  tonight`s “Market Focus”, with Bloomberg reporting that private equity firm  KKR (NYSE:KKR) has formally approached the drugstore chain about a deal to  take it private.  

As we told you last week, if Walgreens is taken private, it would likely be  the largest leveraged buyout in history.  Shares rose another 5 percent in  today`s trade, close to $62.25.  

SunPower (NASDAQ:SPWRA) is splitting itself into two publicly traded  companies separating its solar panel manufacturing unit from its energy  storage and services division.  Company says that the split will help lower  costs and improve efficiencies.  SunPower (NASDAQ:SPWRA) shares were up  more than 1 percent today to $8.47.  

HERERA:  Nektar Therapeutics (NASDAQ:NKTR) announced positive test results  from combining its experimental skin care drug with Bristol-Myers Squibb  (NYSE:BMY) Opdivo in patients with untreated melanoma.  Shares rose on the  news, up nearly 5 percent to $20.98.  

Tupperware (NYSE:TUP) said it will be suspending its quarterly dividend and  will focus on improving financial flexibility and driving profits in the  short term.  The shares fell more than 1 percent to 9.23.  

GRIFFETH:  A recent report in “The New York Times (NYSE:NYT)” says that  child abusers are running rampant online and big tech companies are looking  the other way as the criminals take advantage of loopholes in search  engines and social media and the cloud by re-circulating old pornographic  images of child abuse victims.  

Michael Keller co-wrote the story for “The Times”.  He joins us now to talk  more about it.  
Michael, thanks for joining us tonight. 

MICHAEL KELLER, REPORTER, THE NEW YORK TIMES:  Hi, thanks for having me.  

GRIFFETH:  Who are these big companies we`re talking about and why do you  think they aren`t doing more to police this troubling trend?  

KELLER:  Yes, our investigation looked at many of the major tech companies  including Google (NASDAQ:GOOG), Dropbox, Amazon (NASDAQ:AMZN), Facebook  (NASDAQ:FB), and found a number of them had both policy gaps that allowed  files to be uploaded, for example, and not be detected for this material,  but also the number of companies including Microsoft (NASDAQ:MSFT) were not  using their own tools built to detect and remove this material.  

In our own tests, we were able to write a computer program that searched  Microsoft`s Bing search engine for illegal material and found a number of  matches raising serious questions about some of the companies that even  have invested a lot into it really why they`re not taking full advantage of  the tools that are out there.  

HERERA:  And I know you reached out to some of those companies.  What was  their response, if any?  

KELLER:  Some of them said that this was for privacy reasons, that — that  scanning users` files raises specters that privacy advocates could take  issue with.  Some of them such as Amazon (NASDAQ:AMZN) Web Services or  Microsoft (NASDAQ:MSFT) Azure, their enterprise systems, said that their  terms of service already barred illegal material, and that they felt that  their customers` privacy was a higher priority.  

GRIFFETH:  What are law enforcement officials doing about this, if  anything?  

KELLER:  So, we reported that last year, there were over 45 million images  and videos reported to the National Center of Missing and Exploited  Children, the federally designated nonprofit that receives these reports,  and they were largely overwhelmed, law enforcement is.  Some of them have  had to prioritize by age, overwhelmed by even the number of images that  involve infants and toddlers, which was particularly shocking.  

HERERA:  So where do you think this is headed?  Because your story  certainly got a lot of buzz.  A lot of people are talking about it.  
Is it going to be social pressure that maybe makes these companies put in  place or use some of the tools that they already have or are they just not  adept enough at handling the volume, unfortunately, that is out there?  

KELLER:  Yes, that`s a good question.  
I think there`s a couple parts to it.  One, I think that most of these  discussions are happening in private.  Some companies have policies but  they`re not really discussed publicly even though they raise serious  concerns, one about this crime type being particularly egregious in terms  of child safety, but also in terms of what are the privacy-related issues  that it brings up.  

So I think, one, more public discussion would help.  Two, in terms of the  new technologies that are still needing to be addressed, for example, live  stream video, is a particularly challenging area where currently there are  not the same developed tools to be able to detect this.  

GRIFFETH:  A troubling but an important story.  Michael Keller with “The  New York Times (NYSE:NYT)” — again, thanks for joining us tonight.  

KELLER:  Thank you.  
HERERA:  Coming up, making tough money decisions in order to plan for the  future.  

CONTESSA BREWER, NIGHTLY BUSINESS REPORT CORRESPONDENT:  From Wall Street  to Main Street, how does America really feel about the future of the  economy?  I`m Contessa Brewer.  Coming up on NIGHTLY BUSINESS REPORT, we`ll  share the results of a new survey.

HERERA:  The art auction season is here, and after a big year last year,  with some pieces selling for tens of millions of dollars, this year could  end up being a bust.  
Robert Frank explains.  

ROBERT FRANK, NIGHTLY BUSINESS REPORT CORRESPONDENT:  More than 2,000 works  and more than a billion dollars worth of art coming up for auction in New  York this week.  The total is expected to be down 20 percent from last  year.  That is the biggest drop since the financial crisis.  
The real trouble is at the very top of the market, paintings that usually  sell for eight or nine figures.  Now, two years ago, we had the Leonardo da  Vinci that sold for $450 million.  Then last fall, two pieces sold for over  $90 million.  

This year, the star lot is estimated at less than half that, $30 million to  $40 million for Ed Ruscha`s “Hurting the Word Radio #2” up for auction at  Christie`s.  

Christie`s also a rediscovered David Hockney called Sur La Terrasse, which  could fetch $45 million, still a big drop from the Hockney they sold last  year for $90 million.  And Sotheby`s has a de Kooning “Untitled 22”  estimated at $25 million to $35 million.  

Art experts blame the weakness on sellers who don`t want to let go of major  works at these prices.  You also have slowing growth overseas, trouble in  Hong Kong, Brexit, political noise here in the U.S. and removal of a tax  loophole that allowed art collectors to sell paintings and trade up without  ever paying capital gains taxes.  

EVAN BEARD, BANK OF AMERICA PRIVATE BANK:  Across the board, the ultra,  ultra high net worth are starting to pull back on these sentiment driven  purchases and I think some people are saying, is this the canary in the  coal mine?  This is the smart money saying, let`s wait and see what happens  coming into an election year.

FRANK:  Now, over the long term art is performing well.  Sotheby`s has a  Mark Ross painting called “Blue over Red” that hammered for $5.6 million in  2005, estimated to sell this week for over $25 million.  
The sales start today at Christie`s and run through Friday.  

GRIFFETH:  Despite a solid economy, 2/3 of adult fear a recession could  come next year.  A new survey from CNBC and Survey Monkey shows that half  of respondents are taking active steps to strengthen their finances.  For  many, that means making some tough money decisions, something that came  naturally to a former Air Force veteran who spoke to our Contessa Brewer in  Dayton, Ohio.  

BREWER:  In Dayton, Ohio, Charlynda Scales is hard at work.  

CHARLYNDA SCALES, MUTT`S SAUCE CEO:  I`m a proud Air Force veteran who  while serving on active duty received the only copy of my grandfather`s  secret sauce recipe that I learned how to bottle and now I sell in retail  stores.  

BREWER:  The founder of Mutt`s Sauce learned early on to make tough  financial decisions.  

SCALES:  When I joined the military I had a dream that many other young  airmen have, I wanted a new car.  I had exactly enough in savings for my  BMW that I could start Mutt`s Sauce LLC.  So, instead of choosing my car, I  chose the company.  

BREWER:  Today, like millions of other Americans, Charlynda is trying to  figure out what the next year will bring for the U.S. economy.  A new CNBC  and Acorns` Invest in You survey conducted by Survey Monkey finds 65  percent of respondents believe a recession is likely in the next year.  The  same percentage says they`ve noticed costs going up in the last three  months — restaurants, housing, insurance, and groceries.  

The American consumer has been fueling the U.S. economy and the upcoming  holiday shopping season is crucial for retailers, but in our survey, 36  percent say they plan to spend less this holiday shopping season compared  to last year, and of those who think recession is coming, 45 percent say  they plan to prepare by trimming household spending.  

UNIDENTIFIED FEMALE:  I can`t believe what just a gallon of milk is these  days.  

UNIDENTIFIED MALE:  I think the economy`s strong and we`re going to be  fine.  

BREWER:  Charlynda Scales is optimistic about the future of her company,  but cutting costs where she can just in case.  

SCALES:  A steady paycheck of the military, disability of even a full-time  job is a stark contrast to being a small business owner.  You`re counting  every penny.  

BREWER:  With conservative spending and careful planning, she`s hoping to  taste sweet success.  
For NIGHTLY BUSINESS REPORT, I`m Contessa Brewer.  

GRIFFETH:  We should point out Comcast (NASDAQ:CMCSA) (NYSE:CCS) and  NBCUniversal have a stake in Acorns and NBCUniversal produces this program.  

HERERA:  And finally, tonight on this Veterans Day, Wall Street honored our  service men and women.  The New York Stock Exchange unveiled plaques on the  trading floor and members of the United States Marine Corps, Coast Guard,  Air Force, Navy and Army rang today`s opening bell.  
And President Trump was in New York to kick off the 100th annual New York  City Veterans Day parade.  

And on that note, that is NIGHTLY BUSINESS REPORT for tonight.  I`m Sue  Herera.  Thanks for joining us.  

GRIFFETH:  I`m Bill Griffeth.  Have a great evening.  See you tomorrow.


Nightly Business Report transcripts and video are available on-line post  broadcast at The program is transcribed by ASC Services II  Media, LLC. Updates may be posted at a later date. The views of our guests  and commentators are their own and do not necessarily represent the views  of Nightly Business Report, or CNBC, Inc. Information presented on Nightly  Business Report is not and should not be considered as investment advice.  (c) 2019 CNBC, Inc.

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