Transcript: Nightly Business Report – November 15, 2019

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

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  Dow 28,000.  The three  major indexes closed the week at records as a rush of euphoria hits Wall  Street.  

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Bold bets.  With the market at  all-time highs, our market monitor has a list of stocks that he says could  climb 30 percent over the next year.  

GRIFFETH:  New prognosis.  The White House wants to force hospitals to  reveal the price of care so that people can look for better deals.  And the  sector rallies.  

Those stories and much more tonight on NIGHTLY BUSINESS REPORT for Friday,  November 15th.  

HERERA:  Good evening, everyone, and welcome.  
The bulls are out on Wall Street.  The major averages all closed at  records.  The Dow above 28,000, thanks to optimism on a trade deal, a rally  in health care stocks and upbeat report on retail sales, which is an  indication that the consumer which has been powering the economy is still  strong.  

Here are the closing numbers: the Dow Jones Industrial Average rose 222  points to 28,004.  The Nasdaq was up 61 and the S&P 500 added 23.  It was  the sixth straight weekly gain for the S&P 500, the longest win streak for  that index since 2017.  
Bob Pisani takes a look at what to make of all these bullishness.  

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  We had another day of  record highs.  Now, the S&P has broken out of its trading range into record  territory, euphoria has been growing and pretty fast frankly.  A number of  technicians have been positively giddy recently but not just the chartists  feeling good about the trends.  Even strategist and everyday retail  investors are starting to get really gung-ho on the markets. 

Barclays, for example, says that small caps are at a turning point and  they`re poised to outperform.  Morgan Stanley (NYSE:MS) also thinks a key  rotation from growth stocks to value stocks is beginning.  Even the average  retail investor is getting all bulled up, according to the latest investor  sentiment survey.  That`s from the American Association of Individual  Investors — high levels of bullishness.  

So, why is everybody so excited?  We could chalk it up to a combination of  a neutral and supportive Federal Reserve, better global growth outlook for  2020.  But remember, this also seasonal strength and there`s higher hopes  for an eventual U.S.-China trade deal that`s also factoring very heavily  into the equation.  

Everybody seemed to think that FOMO, fear of missing out, is going to cause  institutional players to buy in at the end of the year.  The only thing  that can really throw a wrench in the works is the breakdown in the China  negotiations.  

Still, some market observers are not impressed.  So, Brian Belski at BMO  Capital noted that many on Wall Street are habitually late to the party.   He said people get bullish after the market rallies.  He thinks there is  some froth in the market as everyone in Wall Street chases performance  going into the end of the year.  

And he does have a point.  All this euphoria would be great if we were  coming off the big selloff.  But we`re not.  Stocks are at new highs.   Breadth is strong.  Put it all together, the market looks a little frothy  right now.  
For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.  

GRIFFETH:  And as Sue mentioned stocks got a late day lift from health care  stocks after the Trump administration released a plan that would force  hospitals and insurance companies to disclose the price of their care.   That sent shares of insurers higher like Anthem, Humana (NYSE:HUM), United  Health and Cigna.  Hospital operators like Community Health, Tenet and HCA  Holdings also rallied.  
Bertha Coombs has more details.  

BERTHA COOMBS, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The Trump  administration`s new transparency rules would require hospitals to publish  insurance negotiated prices for some 300 procedures starting in 2021.  The  president arguing the move will give patience more control.  And the  transparency will help push system prices lower.  

DONALD TRUMP, PRESIDENT OF THE UNITED STATES:  This will allow you to see  your out-of-pocket costs and other vital price information before you go in  for treatment.  So you know what it`s going to be and be able to have lots  of choices.  

COOMBS:  Four major hospital associations vowed to take legal action to  stop the new rules, arguing that publishing their negotiated rates with  insurers will be too confusing for consumers.  

The policy experts say the rules aren`t as onerous as feared.  

DR. ZEKE EMANUEL, UNIVERSITY OF PENNSYLVANIA:  The penalty for not  revealing the information, $300 a day.  And in the whole hospital industry,  it`s a few hundred million dollars.  That`s in an industry that makes $1.3  trillion.  You know, ignoring in executive order is not going to be very  painful for most hospitals.  

COOMBS:  In the meantime, insurers argue that publishing their negotiated  rates would make it harder to drive a bargain with hospitals to lower costs  for consumers.  

EMANUEL:  The worry here is, hospitals won`t reduce their price.  One  hospital in the city will look across town and say, oh, he is getting more.  
COOMBS:  For investors, the news and potential impact of the rules clearly  not seen as bad, as some had feared earlier this year.  The S&P 500 health  care sector hitting a new record high today, with strength both in hospital  and insurer stocks.  
And health insurers are now up 20 percent over seven straight weeks of  gains.  


HERERA:  Retail sales rebounded in October.  Sales increased 0.3 percent  last month, lifted by car purchases and higher gas prices, reversing  September`s decline.  

But consumers did pull back on big ticket household items and clothing.   Experts say that could temper some excitement for a strong holiday shopping  season.  

So joining us now to talk more about retail sales and the consumer is  Michael Lasser, retail analyst for UBS.  
Michael, welcome.  Nice to have you here. 

MICHAEL LASSER, UBS RETAIL ANALYST:  Good evening, Bill and Sue.  Thanks  for having me.  

HERERA:  Are you at all worried?  I mean, the report was better than a lot  of people thought it would be.  Are you worried at all about the pullback  by consumers on the bigger ticket items and clothing?  

LASSER:  No, I`m not.  I think the consumer is on good footing as we merge  into the holiday season.  Household balance sheets are in good shape.   Wages are rising and unemployment is low.  Those are three important  foundational elements of what should drive healthy consumer spending over  the holiday season.  

GRIFFETH:  Winners and losers into the holiday season here, and I`m curious  your thoughts on the department stores themselves, and which category they  fit in right now.  

LASSER:  Well, you know, what I would tell you is that apparel is a  difficult category.  We heard when Walmart reported yesterday, they noted  that apparel was an area of weakness.  That was in part because of the  uncooperative weather.  It`s been a bit warm up until recently.  

GRIFFETH:  Right.  
LASSER:  And as a result people, haven`t been buying apparel.  The winners  will clearly be those with effective omnichannel offerings.  One of the  notable points from these retail sales report was that the e-commerce  channel does quite well.  

So, those that can blend a good in-store experience, along with the robust  omnichannel experience are going to be well-positioned for this holiday  season.  

HERERA:  Should consumers expect a lot of discounting or promotional  things?  I mean, they`re pretty used to that.  

LASSER:  Absolutely.  And, Sue, it`s a good question, because a lot of the  retailers have brought in pretty heavy inventory levels ahead of all the  tariff uncertainty.  So, that coupled with the fact that the holiday always  tends to be promotional.  You should expect to see heavy discounting  throughout the next few weeks.  

GRIFFETH:  I`m curious about home goods as well.  They seem to be doing  well and specifically of RH, which used to be called Restoration Hardware,  which now has a big fan in Berkshire Hathaway (NYSE:BRK.A).  What about  that sector?  It`s doing well all of a sudden.  

LASSER:  It`s a good question, Bill.  You know, home furnishings is a  sector that consumers are interested in because the housing market is very  stable.  It`s an area that consumers choose to continue to invest in.  
It is being impacted by the tariffs.  We heard that from some of the  players like Wayfair thus far.  But nonetheless, we expect that home  furnishings will be stable as we move through the holiday season.  

HERERA:  Michael Lasser from UBS, Michael, thank you.  
LASSER:  Thank you very much.  

GRIFFETH:  And in the news tonight, day two of the impeachment hearing on  Capitol Hill traders on Wall Street have been watching the testimony of  former Ukraine Ambassador Marie Yovanovitch who said she was removed from  her post after what she called a concerted campaign against her.  
Reaction to her testimony pretty much followed party lines.  It ranged from  compelling to irrelevant.  

HERERA:  The Democrats running for the party`s presidential nomination are  trying to set themselves apart.  We hear a lot about the progressive  candidates and their economic platforms, and things like a wealth tax and  Medicare-for-All.  But what about the moderates?  Where do they stand?  
We asked Kayla Tausche to take a look.  

KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT:  While the  progressive darlings of Democratic Party have stolen the headlines.  

SEN. ELIZABETH WARREN (D-MA), 2020 PRESIDENTIAL CANDIDATE:  It`s time for a  wealth tax.  


TAUSCHE:  A handful of candidates led by Vice President Joe Biden, South  Bend Mayor Pete Buttigieg and Minnesota Senator Amy Klobuchar are not so  quietly vying for the party`s moderate vote, with lower price platforms to  appeal to the wallets of the middle class, arguing that health care doesn`t  need to be run by the government.  

JOE BIDEN (D), 2020 PRESIDENTIAL CANDIDATE:  We can do that without  Medicare-for-All.  We can do that by having the public option.  

TAUSCHE:  Expanding some government programs but leaving private options  available too.  

PETE BUTTIGIEG (D), 2020 PRESIDENTIAL CANDIDATE:  The way I would do it is  to make sure that the choice rests with you.  We`re not going to kick you  off your private plan if you don`t want to be kicked off your private plan,  because I trust you to figure out what the right plan is for you.  

TAUSCHE:  They all think higher education should be free for some and that  more student debt should be forgiven than currently but not all of it.  And  to pay for it, they`d roll back President Trump`s corporate tax cut and  raise taxes on certain income brackets and investments.  

Klobuchar says progressive candidates are obscuring the impact of that on  ordinary people.  

SEN. AMY KLOBUCHAR (D-MN), 2020 PRESIDENTIAL CANDIDATE:  We have a big  problem with our debt, and it may not affect you guys, but it`s going to  affect your kids and your grandkids.  So, I want to be able to show how I`m  paying for things as we move forward.  

TAUSCHE:   Buttigieg supports taxing unrealized capital gains on the top 1  percent of Americans.  

BUTTIGIEG:  We certainly need to consider a higher marginal tax rate for  top income earners.  

TAUSCHE:  Biden says closing some loopholes could add up.  

BIDEN:  Eliminate one tax loophole, call stepped up basis.  It only costs  $17 billion for the government.  Eliminate that, it could put every single  solitary person qualified for community college in community college for  free.  

TAUSCHE:  Those messages are resonating with some Democrats in early voting  states.  Polls this week in New Hampshire and Iowa show Biden and Buttigieg  in the lead in those respective states.  The leads are narrow with Warren  and Sanders not far behind and two months to go before the primaries.  
For NIGHTLY BUSINESS REPORT, I`m Kayla Tausche in Washington.  

GRIFFETH:  Time to look at some of today`s “Upgrades and Downgrades”.  
We begin with shares of Grubhub.  They were upgraded to overweight from  under weight at Barclays.  The analyst cited the company`s position as a  dominant brand and as potential for growth as a result.  Price target, $51.   That stock was up 3 percent today to $39.79.  

Qualcomm (NASDAQ:QCOM) was upgraded to buy from neutral at Mizuho.  The  analyst cited the ramp-up of 5G over the next two years in 2020 and 2021.   Price target, an even $100.  Shares rose a fraction to $90.81.  

And Nvidia was upgraded to buy from hold at Craig-Hallum.  The analyst  cited the company`s strong third quarter results.  Price target, $255.  The  stock fell more than 2.57 percent to $204.19 following those earnings that  were reported last night.  

HERERA:  Still ahead, remember WorldCom`s Bernie Ebbers.  Why he is seeking  early release from prison.  

HERERA:  Amazon (NASDAQ:AMZN) plans to protest the Pentagon`s award of a  $10 billion cloud computing deal to Microsoft (NASDAQ:MSFT).  Last night,  the company expressed concern that the decision was based on politics and  not a fair contracting process.  As we reported last month, Microsoft  (NASDAQ:MSFT) beat out Amazon (NASDAQ:AMZN) for the Joint Enterprise  Defense Infrastructure cloud project, otherwise known as JEDI. 

GRIFFETH:  Streaming service Hulu is hiking prices for the second time in  less than a year, this time from $44.99 to $54.99 per month.  Company says  the new price reflects the substantial value of its Hulu + Live TV service.   Just last month, AT&T (NYSE:T) raised the price of its TV Now service to  $65.  Experts say it`s the latest sign that providers are having trouble  making money on discounted packages that rival cable.  

HERERA:  And as cord cutting picks up steam, media companies have a plan to  battle back.  

Here is Julia Boorstin.  


JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Media companies are  pulling out all the stops to fight the growing cord-cutting threat.  Paid  TV subscriber declines accelerated to 1.8 million last quarter.  That`s the  third consecutive quarter of over 1 million subscribers lost.  AT&T  (NYSE:T), which owns DirecTV, is suffering the most, losing 1.1 million  video subscribers last quarter.  That`s nearly three times its year earlier  loss.  

ALEX KRUGLOV, FORMER HULU HEAD OF CONTENT ACQUISITION:  The biggest factor  on acceleration the past quarter is a confluence of new options available  to consumers, most of them are driven by newly emerged subscription  services, most of which are actually effectively free to the consumer.  So,  as a result when you look at a person`s time, more and more of that time  can be spent on a subscription service and on options that are available  over the top.  

BOORSTIN:  But while consumers drop TV bundles, they do need faster  broadband or mobile Internet to access streaming services.  And that`s  where these media giants are focusing.  AT&T (NYSE:T) growing its wireless  customer base much faster than expected last quarter.  While Comcast  (NASDAQ:CMCSA) (NYSE:CCS) high-speed internet customers grew at a record  pace.  Its best third quarter in a decade.  

In fact, now, Comcast (NASDAQ:CMCSA) (NYSE:CCS) calls broadband not video  the foundation of our customer relationships.  In addition to selling the  pipes, media companies have three ways to tap into the shift to streaming.   First, of course, there are the wave of subscription services such as  Disney (NYSE:DIS) Plus and HBO Max.  Second, they`re selling content to  streamers, as Viacom`s Nickelodeon is to Netflix

(NASDAQ:NFLX).  And third,  there`s digital advertising on streaming apps.  
KRUGLOV:  I absolutely believe that the suppliers will continue investing  in the free ad supported services simply because the subscription  marketplace is quite crowded at this time.  But will the consumers actually  gravitate to consistent usage of the services?  That remains a big question  mark.  

BOORSTIN:  Connected TV ads such as those on Hulu or Roku are expected to  grow nearly 40 percent this year to $7 billion and to double in four years  according to e-marketer.  While Hulu is Disney`s bet on the digital ad  market, NBC Universal (NYSE:UVV) will launch its ad-supported play Peacock  next year.  
For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in San Francisco.  

HERERA:  Julia mentioned Comcast (NASDAQ:CMCSA) (NYSE:CCS) in her story.   And as you know, Comcast (NASDAQ:CMCSA) (NYSE:CCS) is the parent company of  CNBC, which produces this program.  

GRIFFETH:  T-Mobile CEO is reportedly going to stay put.  That`s where we  begin tonight`s “Market Focus”.  

As first reported by CNBC, T-Mobile`s chief executive John Legere is not  taking the top job at WeWork as speculated early in the week.  T-Mobile is  waiting for the acquisition of Sprint to be approved by state attorneys  general around the country.  T-Mobile shares rose more than 1.5 percent to  $78.07.  

Strong online sales helped Alibaba`s chief rival in China,, top Wall  Street`s expectations.  The Chinese-based Internet company has maintained  solid growth in the industry despite the ongoing trade war with the United  States.  Shares fell a fraction today to $33.55.  

And JCPenney reported a smaller than expected loss as it sold more diamond  jewelry and denim clothing in the latest quarter.  Retailer did miss on  revenue estimates.  But it raised its financial outlook for the whole  fiscal year.  Shares gained more than 6 percent today to $1.17.  

HERERA:  United Airlines is the latest carrier to extend its grounding of  the Boeing (NYSE:BA) 737 MAX.  United`s schedule returned date is now to  pushed to early March, which is the similar time frame to both American and  Southwest.  United shares fell a fraction to $92.51.  

And the world`s largest Starbucks (NASDAQ:SBUX) opens its doors in the  Windy City.  The Chicago store is five stories high and it covers about  35,000 square feet, edging out its Tokyo location for the top spot.   Starbucks (NASDAQ:SBUX) shares were down a fraction to $84.21.  

GRIFFETH:  Time for our weekly market monitor who has three names he  believes will grow as much as 30 percent over the next year.  This is his  first time on the program.  We welcome Dave Harden.  He`s the president and  chief investment officer at Summit Global Investments.  
Dave, thanks for joining us tonight.  And welcome.  


GRIFFETH:  A couple of those names are household names.  And they`ve done  very well this year starting with Microsoft (NASDAQ:MSFT).  You`re  expecting a 30 percent gain.  It`s already up that much this year alone.  
What`s going to propel it even higher?  

HARDEN:  It`s done very well.  You know, this is a company that really fits  into our baskets really — just our portfolios love this.  Love outstanding  companies with little to know downside risk, downside surprises.  We really  like to own outstanding companies with the least surprises. 

And Microsoft (NASDAQ:MSFT) here has a great management team.  They`re  really executing.  They were late to the cloud but with the JEDI, you know,  being awarded, they are really executing very, very well.  And it`s all  going to the bottom line.  You have about $136 billion in cash.  They`re  returning it to the shareholders in a good dividend, almost as much as the  10-year.  And so, great company to own with a lot of upside potential.  

HERERA:  Next on the list is Zoetis and as a dog owner, you know, we spent  a lot on our pets.  And you say that they`re very much well-positioned with  their animal health line.  

HARDEN:  You know, they`ve become the market leader in this space for  animals.  And we do love our pets.  And pets are a lot less political than  the bio, and everything else out there.  

So, with your animals, Sue, I know you have a few and mine, this is  something we are willing to spend on with a lot less rink from the  standpoint of other health care companies.  So, I like this.  They have a  lot of room to grow.  Good management team.  
And they have done well all these have done well.  But, again another  outstanding company 

GRIFFETH:  And then you have Walmart, of course, the number one retailer,  had good looking earnings yesterday.  But again, this is another stock that  had a stellar year and you`re specking another one next year, I guess.  

HARDEN:  Well, Walmart is one that let`s say the economy doesn`t do as well  with.  They actually increased their volume.  So, they pick up in the down  market and in the up market where the consumer is doing well, they grew  over 40 percent on their online sales.  Their groceries are doing well.   So, as people go to buy more groceries, they are picking up shoes.  It`s a  great story.  We all know it very, very well.  And they continue to  execute.  
And this is a big market.  They have a lot of room to grow.  A lot of  online to cover.  

GRIFFETH:  All right.  Very good.  Dave Harden from Summit Global Investments  — again, thanks for joining us tonight, Dave.  

HARDEN:  You`re welcome.  Thanks for having me again.  

HERERA:  Well, he presided over one ever the biggest corporate frauds of  all time.  But now, just halfway through his prison sentence, former  WorldCom CEO Bernhard Ebbers wants to go free.  Even the judge who  sentenced him says that he has been punished enough.  But has he?  
Scott Cohn has the story.  

SCOTT COHN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  In his prime, he was  known as the “Telecom Cowboy”, big, bold, brash and loud.  

BERNARD EBBERS, FORMER WORLDCOM CEO:  The new company which will be called  WorldCom is uniquely equipped to develop and market communications products  and services that are growing the fastest — data, Internet, wireless,  local, and international.  

COHN:  Bernie Ebbers turned a small Mississippi long distance company into  a telecommunications behemoth.  

WorldCom`s explosive growth in the `90s and competitor`s frantic efforts to  keep up helped give rise to the Internet as we know it.  But it turned out  it was built on a lie.  $11 billion in accounting fraud, allegedly  orchestrated by Ebbers himself to keep the illusion of growth going.  

EBBERS:  We are going to come up with the ball.  And we are going to right  this effort like we never have before.  

COHN:  He claimed he wasn`t a numbers guy, that the fraud was the work of  others.  

EBBERS:  What happened is not anything really different than a lot of other  people, other than if it ends up being true that there is a lot of  accounting issues.  I don`t know the facts on that.  I haven`t been privy  to any of that information.  

COHN:  But a jury didn`t buy it, convicting Ebbers on nine counts in 2005.  
Judge Barbara Jones imposing what she acknowledged was a life sentence, 25  years.  But now, 13 years after reporting to prison, Ebbers now 78 wants  out.  According to court filings he is blind, has heart disease, has  withered to 160 pounds.  

His daughter says she fears he only has weeks to live.  Even Judge Jones  now retired says he has been punished enough.  

But prosecutors in New York say that life sentence should stand.  Prison  doctors have said as recently as this summer that his condition is not so  dire.  A new judge has asked to hear from WorldCom victims and asked to  hear more medical data.  If she doesn`t set him free he is not due for  release until 2028 if he lives that long.  

HERERA:  Coming up, the rental market is red hot in Manhattan, even those  with sky high top price tags.  

HERERA:  Next week, the housing market will be in focus, and here`s a look  at what to watch.  

On Monday, we`ll hear from the home-building industry about now optimistic  they are on future orders.  On Tuesday, a report on housing starts will  indicate if ground breaking on new construction is picking up. 

On  Thursday, existing home sales for October are due.  
And that is what to watch for next week.  

GRIFFETH:  But finally tonight, when we talk about real estate, Manhattan  is literally an island unto itself, operating with a different set of rules  and prices, even in the luxury rental market.  
Robert Frank is in New York City for us tonight.  

ROBERT FRANK, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Luxury real estate  sales have been falling in Manhattan for two years.  But the wealthy who  are not buying are renting.  And that`s created huge demand and huge prices  for luxury real estate rentals.  

Prices for high-end rentals are up 4 percent this year at the very top it`s  almost four times that.  While luxury sales prices are down 10 percent this  year.  So why would people who can afraid to buy choose to rent? 

New taxes have made owning and buying more expensive.  The mansion tax on  sale, the new cap on state and local taxes and renewed talk about a pieta  terra tax on in New York City.  

With so much uncertainty in the New York real estate market, wealthy buyers  are opting to camp out in rentals until prices fall further.  And with the  oversupply of luxury apartments, sellers are opting to rent to at least  collect some money on units that are languishing on the market.  The demand  has led to a new segment in Manhattan real estate, the $100,000 a month  rental.  An apartment at 15th Central Park West rented for $125,000 a month  this spring.  

And this apartment on Leonard Street downtown can be yours for $123,000 a  month.  It`s got 6,000 square feet, six bedrooms, four and a half baths,  14-foot ceilings and a 56 stories high views of all of Manhattan and both  rivers.  

TIMOTHY MELZER, DOUGLAS ELLIMAN REAL ESTATE:  Sometimes people want to try  out the neighborhood.  They want to try out to see if it is a building that  they necessarily like.  Other times, there is people that only want to be  in Manhattan for six months or one year at a time.  

FRANK:  Now, the owners of this apartment who bought it back in 2016 for  $30 million have received offers for short-term rentals but they want a  year long lease which would total $1.4 million to rent.  Sky high views at  sky high prices.  
For NIGHTLY BUSINESS REPORT, I`m Robert Frank in downtown Manhattan.  

HERERA:  Wow.  Before we go, here is another look at the day`s final  numbers on Wall Street.  

The Dow rose 222 points to close above 28,000 for the very first time.   Speaking of sky high.  The Nasdaq was up 61.  And the S&P 500 added 23.  It  was the sixth straight weekly gain for the S&P 500, the longest win streak  for that index since 2017.  

And on that note, that does it for us tonight.  I`m Sue Herera.  Thanks for  joining us.  

GRIFFETH:  Happy birthday, my dear.  
HERERA:  Oh, thank you.  
GRIFFETH:  You young whippersnapper you.  
HERERA:  I wish.  

GRIFFETH:  I`m Bill Griffeth.  Have a great weekend, everybody.  See you on  Monday.  
HERERA:  Thank you.  


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