Transcript: Nightly Business Report – December 11, 2019

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

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Long pause.  The Federal Reserve signals it won`t raise interest rates any time soon, shifting its stance on monetary policy as we enter the New Year.  

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  Blow to Boeing (NYSE:BA).  The FAA chief says he will not allow the 737 MAX to resume flying as lawmakers demand changes at the agency.  

HERERA:  Cash is king.  And for the marijuana business, it is everything.  
But there may be a solution to the industry`s unique problem.  

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Wednesday, December 11th.  

Good evening, everyone, and welcome.  

The economy is looking good.  So, for now, it seems that the Federal
Reserve is going to sit back and wait for any signs of inflation before it
makes a move on interest rates.  That was the take away from the Central
Bank`s two-day policy meeting where interest rates were left unchanged.  
Today`s decision or perhaps better said non-decision follows three rate
cuts this year, which was an about-face from the four interest rate hikes
in 2018.  

Steve Liesman reports tonight from the Federal Reserve in Washington.  


STEVE LIESMAN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The Federal Reserve ended a momentous year for monetary policy by launching what it indicated was a new regime, one where its policy rate is likely on hold for what could be many months.  The move to neutral follows three successive rate cuts that began in August and reversal of plan to 2018 to hike rates in 2019.  Now, in the policy statement following the December meeting, the Fed called its current stance of policy, quote, appropriate.  The Fed`s overnight lending rate stands at a range of 1.5 to 1.75 percent.  

Fed Chairman Jerome Powell suggested that could be the case for a while to

JEROME POWELL, FEDERAL RESERVE CHAIRMAN:  We believe that the current stance of monetary policy will support sustained growth, a strong labor market and inflation near the symmetric 2 percent objective.  As long as incoming information about the economy remains broadly consistent with the outlook, the current stance of monetary policy likely will remain appropriate.  

LIESMAN:  The statements of the Fed is monitoring global developments.  
That means it has its eye on the trade war and foreign economic weakness in both China and Europe as well as elsewhere.  

While the chairman didn`t rule out future rate cuts, he suggested the bar
for hiking rates is high as in high inflation.  

POWELL:  In order to move rates up, I would want to see inflation that`s
persistent and that`s significant.  A significant move up in inflation
that`s also persistent before raising rates to address inflation concerns.  

LIESMAN:  Powell said policy is not on a preset course, but one sign the
rates could be on hold a while, 13 of 17 members of the Fed forecast no
change in rates the next year.  

Those forecasts can change and end up wrong, but for now, the Fed is
telling markets the rates now is the rate it`s going to be in 2020.  

For NIGHTLY BUSINESS REPORT, I`m Steve Liesman in Washington.  


GRIFFETH:  And joining us to talk more about all of this, we welcome back
Sarah Bloom Raskin, of course, a former Fed governor.  She`s currently
Rubenstein fellow at Duke University.  

Governor Raskin, good to see you again.  Welcome back.  


GRIFFETH:  So, any surprises for you?  Is current Fed policy appropriate in
your view?  

RASKIN:  So, the Fed did what I think markets expected it to do, which was
to stay firm and to not make any big change.  This, of course, follows a
number of moves that brought the Fed funds rate down after the Fed, of
course, had been hiking them for quite a while.  

So this is, I think, the bow on the package.  I think the chairman made
clear in his — in his press remarks that this is it, that they expect it
to stay where it is.  Now, that, of course, is subject to a whole host of
caveats —  

GRIFFETH:  Right.  

RASKIN:  — because as you point out there could be a number of headwinds
that come into play next year.  And we are already seeing some of them.  
And the Fed notes this in its statement, the manufacturing sector is flat.  
In fact, there is just a report out that shows that for the first time
since 2009, we are not seeing U.S. manufacturing firms increasing their

GRIFFETH:  Right.  

RASKIN:  So, the manufacturing sector is flat.  Business investment, as you
know, stays really quite flat and declining.  And that`s actually not so
good.  So, there are a number of headwinds.  And, of course, nobody knows
about the trade war —  

HERERA:  Exactly.  

RASKIN:  — where exactly they are heading.  So, the uncertainty levels I
think haven`t changed at all.  If anything, they have become more — more
severe.  And, of course, this is going to affect long-term growth.  We are
at a low level of growth.  

HERERA:  Right.  

RASKIN:  This is not the level that was, you know — that certainly you
know this White House anticipated.  

HERERA:  Very quickly, of the uncertainties out there, how would — where
would you rate trade versus weakness in the global economy?  

RASKIN:  So it`s interesting to separate the two.  So the way I kind of
look at them is I look at the trade wars as one category of uncertainty and
then, of course, just the level of low global demand.  The level of global
demand, that actually we were starting to see that before the, you know,
on/off switch got played constantly on the trade wars.  So we do have both
things going on.  Low levels of demand, and of course the trade wars that
are on again off again and hard to know when the end is.  

GRIFFETH:  Indeed.  Sarah Bloom Raskin — again, thanks for joining us
tonight.  Good to see again.

RASKIN:  Good to see you.

HERERA:  A key gauge of inflation showed a slight rise last month, the
consumer price index was up 0.3 percent in December as households paid more
for gasoline, health care and rent, and that pushed the rate to its highest
level in a year.  

Now, even though the report shows prices are rising, inflation overall is
still considered low historically.  

GRIFFETH:  Meanwhile, it was a caution day on Wall Street.  Certainly,
stocks seemed to like the idea of no interest rate increases next year, and
the Fed`s upbeat view of the economy.  But we are one day closer to the new
round of tariffs scheduled to take effect on Sunday and negotiators for the
U.S. and China are still working to complete phase 1 of a deal before that

So, at the close, small gains only, but gains nonetheless.  The Dow average
was up just 29 points.  We`re at 27,911.  The Nasdaq added 37.  The S&P 500
gained 9.  

HERERA:  And trade uncertainty is one of the reasons why chief executives
of the nation`s biggest companies lowered their outlook for economic growth
for the seventh straight quarter.  According to the Business Roundtable`s
quarterly survey, members see growth of 2.1 percent next year which is near
the Federal Reserve`s estimate.  While that`s a big concern for many
companies, CEOs are also quick to point out the strength of the consumer.  


BRIAN MOYNIHAN, BANK OF AMERICA CEO:  U.S. economy is two thirds, 70 percent consumer-driven.  And so, if the U.S. consumers are doing well, we know the U.S. economy can do well.  And so, if you look at our spending
just in general last year to this year, it`s up 5.5 percent to 6 percent.  
And that`s across $3 trillion of card usage, checks written, cash out of
the ATM.  

So, it`s a big data set.  It`s grown faster during the year, picked up a
little pace.  And that`s good news.  And if you look at holiday spending,
you know, Wednesday before Thanksgiving to the Cyber Monday, up double digits, strong, people are spending.  So, that`s good news for the U.S.

JEFFREY GUNDLACH, DOUBLELINE CAPITAL FOUNDER:  The odds are against recession occurring before the end of 2020.  And what`s happened is consumer confidence has really held up.  And the year-over-year leading
indicators from the conference board were at 7 percent year over year 15
months ago which is really strong.  And you have never had a recession in
last several decades without leading indicators first going negative.  So,
that`s really the canary in the coal mine.  

KEWSONG LEE, THE CARLYLE GROUP CO-CEO:  The consumer sector is certainly strong and it`s offsetting some of the weakness we see in industrial.  But globally, when you take a step back, we are in a period of time, I think, where we`re seeing slower growth globally.  It`s not negative.  So we still have positive growth.  But the whole world we see it as slowing down.  

And I think the number one question I keep get something do you see a
recession in 2020?  And right now, our data would say probably not.  


GRIFFETH:  Now, to Washington where the head of the FAA testified on
Capitol Hill today about Boeing`s grounded 737 MAX and answered questions from angry lawmakers.  

Phil LeBeau is in our nation`s capital for us tonight.  


PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT:  FAA administrator Steve Dickson facing tough questions on Capitol Hill.  Not only about the FAA`s decisions when certifying Boeing (NYSE:BA) 737 MAX two years ago, but also what needs to happen in order to lift the grounding of the MAX, which the FAA says will not happen this year.  

STEPHEN DICKSON, FAA ADMINISTRATOR:  If you just do the math, that`s going to extend into 2020.  

LEBEAU:  So it won`t be recertified this year.  Do you expect it by the end
of January or by the end of February?  What would you say is realistic?  

DICKSON:  It`s impossible to say be Phil.  If I would that crystal ball, I
would — I would certainly be able to share it.  But it`s very important
that our team works very closely with the international authorities that
have been working with us.  And with the — with the Boeing (NYSE:BA) team to do this right.  

LEBEAU:  Dickson testified before members of Congress and relatives of
those killed in two MAX crashes.  The message was clear, the FAA must make changes to avoid a repeat of the mistakes made on the MAX.  

REP. SAM GRAVES (R), MISSOURI:  We have a system that is absolutely
fundamentally broken.  

REP. PETER DEFAZIO (D), OREGON:  I`m concerned about Boeing`s influence.  

REP. ELEANOR HOLMES NORTON (D), DISTRICT OF COLUMBIA:  We are concerned, obviously, about allegations that FAA was a captive of the industry.  

LEBEAU:  Meanwhile, a former Boeing (NYSE:BA) manager who worked at the 737 plant outside Seattle testified the push to ramp up production created an unsafe environment.  

EDWARD PIERSON, FORMER BOEING EMPLOYEE:  Normally when the factories running fine everything is going well.  But then we had a cascading problem.  And it just kind of got out of hand.  

LEBEAU:  This hearing raises fresh questions about the safety of the 737
MAX.  But it may not change when this plane returns to service.  Boeing
(NYSE:BA) is targeting for that to happen early next year, provided the FAA
is confident this plane is safe to fly again.  

Phil LeBeau, NIGHTLY BUSINESS REPORT, Washington.  


HERERA:  So what will Boeing (NYSE:BA) have to do to encourage the public to get on the 737 MAX once it`s back in the air?  

With us now is Dan Hill, CEO of the crisis management firm, Hill Impact.  

Welcome, Dan.  Nice to have you here.  

DAN HILL, HILL IMPACT CEO:  Thank you.  Glad to be here.  

HERERA:  It seems to me it`s not just Boeing (NYSE:BA), but the individual
airlines are also going to have to do not rebranding necessarily but
they`re going to have to convince the public.  How do they do that?

HILL:  Yes, that`s exactly right.  You have to look at who the customer is.  
For the customer of Boeing (NYSE:BA), it`s the airlines.  And for the
airlines, it`s the public.  

And they do have a big task at hand.  They have to convince their
passengers that they have done enough to certify that this aircraft is
ready to return to service.  And what Boeing (NYSE:BA) has to do is
convince the airlines not only that they fixed the aircraft but that they
have improved their culture and their systems.  And that`s a challenge they continue to face.  

GRIFFETH:  Well, FAA Commissioner Dickson has said — we know he is a
pilot.  He has flown the 737 and he is going to fly it himself.  The
airline officials have said they will get on the first flight.  Are those
the kinds — you know, getting on an airplane is a matter of trust.  So,
getting that trust back is very important.  

Is that the way to do that?  Or what other suggestions do you have?  

HILL:  I think so.  I think, you know, first of all, I think that`s helpful
to Boeing (NYSE:BA).  They`re going to want that seal of approval from the
regulators and from the airlines.  And that is the kind of thing that will
go a long way.  

The public when you get online and start looking at airfare tickets, you
don`t generally look at what airplane am I going to fly on?  You look at
what carriers, either offering the best deal or the ones most reliable, say
have the best customer service.  And so, those kinds of things will go a
long way in terms of allaying fears of those passengers who do care about
the safety issue.  

HERERA:  What does the airline itself have to do?  Say, you know, Southwest has a lot of 737s.  Put yourself in Southwest`s shoes or another airline`s shoes, how do we reach out and reassure the public?  What concrete things can they do in case you do have a customer who says, I don`t want a flight with the 737?  

HILL:  Yes.  I think it`s all about communicating what their own process to
go beyond what the FAA is doing to say, this is Southwest Airlines
(NYSE:LUV) or United Airlines approach to evaluating the safety.  But I
also think they want to convince the public that they pushed Boeing
(NYSE:BA), the manufacturer, very hard to make sure that Boeing (NYSE:BA)
has done more than just adjust and fix technical issues but they have also
fixed whatever the cultural issues are that led to this.  

And that`s still a big question out there.  Have they addressed those
things?  Can they detect a problem in the future if it`s something else?  
And will they be transparent about it?  

HERERA:  A lot of questions still to be answered.  Dan Hill with Hill
Impact, thank you very much.  

HILL:  Thank you.  

GRIFFETH:  Time to look at some of today`s “Upgrades and Downgrades”.  

We begin with shares of Cigna.  They were downgraded today to underweight
from equal weight at Wells Fargo (NYSE:WFC) Securities.  The analyst says
the debt load could hamper growth in the future.  Price target, $181.  The
stock rose a fraction to $191.75 today.  

Meanwhile, Wells Fargo (NYSE:WFC) Securities also downgraded Walgreen`s to equal weight from overweight.  The analyst cited pressures on its core business in the near term, as well as longer term risks.  Price target: $61.  The stock fell slightly to $58 and a penny today.  

And Apple`s price target was raised to $305 from $275 by Evercore ISI.  The
analyst sees solid holiday demands for Apple`s wearable devices.  The firm
has an outperform rating on that stock and shares of Apple (NASDAQ:AAPL) rose today to $270.77.  

HERERA:  Still ahead, a strong start for Disney`s newest product.  


GRIFFETH:  UPS was downgraded today to market perform from outperform at BMO Capital Markets, with the analyst expecting that company to have a hard time improving profitability and free cash flow.  But UPS has a plan.  It`s creating strategic partnerships with companies lake CVS (NYSE:CVS) to give consumers more of what they want.  

Frank Holland is in Atlanta for us tonight.  


FRANK HOLLAND, NIGHTLY BUSINESS REPORT CORRESPONDENT:  This is one of the 4,600 CVS (NYSE:CVS) locations where customers can pick up and drop off UPS packages.  Packages at a CVS (NYSE:CVS), yes.  It`s called Access Point, a partnership that began in July designed to increase profitability and volume for UPS as well as foot traffic and retail sales for CVS (NYSE:CVS).  

UPS CEO David Abney and CVS (NYSE:CVS) CEO Larry Merlo meeting at an Access Point to discuss how to further leverage stores within five miles of most Americans as well as the growing e-commerce market.

LARRY MERLO, CVS (NYSE:CVS) HEALTH PRESIDENT & CEO:  It`s about meeting the unmet needs for consumers and this is one of the concept stores that we call the health hub.  And, you know, it`s about access, convenience.  

HOLLAND:  Competitors FedEx (NYSE:FDX) and Walgreens have a similar
partnership that started in 2017.  But Abney and Merlo say they don`t
believe the first movers have the advantage.  

DAVID ABNEY, UPS CHAIRMAN & CEO:  What`s important to us is to make sure we take the strengths of both companies appear look to where we can make it a better experience for customers.  If we focus in that regard, then we will have differentiation and it`s the customers that will vote.  

HOLLAND:  UPS and CVS (NYSE:CVS) are also both facing disruption from
Amazon (NASDAQ:AMZN).  The tech giant is expected to increase the amount it self-delivers by more than 50 percent in 2020.  Amazon`s pharmacy business acquired start-up PillPack in 2018 is also growing.  

ANTHONY CHUKUMBA, LOOP CAPITAL MARKETS SENIOR RESEARCH ANALYST:  Right now, Amazon`s market share is very, very low.  It may not be 1 percent at this point.  We think that Amazon (NASDAQ:AMZN) has the potential to get a mid to high single digit market share in prescription drug retailing over the next five years or so.  

HOLLAND:  However, Abney and Merlo say they see disruption as challenge not a threat.  The companies are also partnering on drone delivery of prescriptions and retail goods.  Both CEOs see it as another way this partnership could really take off.  

UPS and CVS (NYSE:CVS) plan to turn 1,400 more drug stores into access
point locations in the first half of 2020, bringing the total to 6,000.  

For NIGHTLY BUSINESS REPORT, I`m Frank Holland in Atlanta.  


HERERA:  Move (NASDAQ:MOVE) over, Apple (NASDAQ:AAPL).  You are no longer the world`s most valuable publicly traded company.  That is where we begin tonight`s “Market Focus”.  

Saudi Aramco made the trading debut on the Saudi exchange giving it a
valuation of more than $1.8 trillion.  The majority of Aramco is state-own
and the crown prince who runs it plans to use the money raised in the IPO
to help diversify the country`s economy and fund national projects.  Shares rose 10 percent in its first trading session.  

Home Depot (NYSE:HD) warned today that its sales growth next year will be below consensus estimates.  The home improvement retailer says it`s so-
called One Home Depot (NYSE:HD) strategy which combines its digital and its brick-and-mortar operations is not generating as much revenue as it had
expected.  The stock was down more than 1.5 percent to $212 even.  

American Eagle Outfitters (NYSE:AEO) is forecasting profit and sales for
the holiday quarter to come in below market expectations.  The teen
retailer has been ramping up discounts to counter increased competition and soft demand for its flagship American Eagle brand.  The company reported decline in profit but a rise in sales in the most recent quarter.  The
shares fell 6.5 percent to $14.13.  

GRIFFETH:  Children`s Place reported better than expected earnings but
revenue fell below forecasts as did its comparable store sales.  The
retailer also gave a weaker full-year forecast saying that it`s bottom line
would be hurt by tariffs.  Stock lost nearly a quarter of its value today
closing at 54.31.  

And it was a disappointing quarter for Lululemon.  The athletic apparel
retailer reported adjusted third quarter profit that was below Wall Street
expectations and said the key holiday quarter, that will also be soft.  The
company has been increasing discounts to better compete with its rivals.  
Share fells an initial after-hours trading tonight after rising in the
regular session to close at $233.19.  

HERERA:  Disney`s CEO Bob Iger has been named Business Person of the Year by “Time Magazine”.  The editor cited his accomplishments of the past 12 months, including the closing of the $71 billion Fox acquisition, the
opening of two “Star Wars” theme park lands, a record $10 billion in global
box office sales and the launch of its streaming service Disney (NYSE:DIS)

And today, we`re learning more about the number of times that the Disney
(NYSE:DIS) Plus app has been downloaded since it became available four
weeks ago.  

Julia Boorstin has more.  


JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The first day Disney (NYSE:DIS) Plus launched, the app was downloaded 10 million times to mobile devices desktops and smart TVs according to Disney (NYSE:DIS).  Now research firm Apptopia is giving us a hint of how the services faired since then, reporting that Disney (NYSE:DIS) Plus has 22 million downloads to mobile devices alone.  And Disney (NYSE:DIS) Plus`s average 9.5 million daily active mobile users, ranking number one in Apple (NASDAQ:AAPL) and Google`s app stores every day since launch.  

These numbers only measure mobile use and do not measure use on smart TVs or streaming devices such as Roku and Apple (NASDAQ:AAPL) TV.  And we don`t know how many downloads the 7-day free trials the Verizon (NYSE:VZ) unlimited accessing their free year.  

But there is evidence the Disney (NYSE:DIS) signature app is gaining

Apptopia reports the mobile app generated $20 million in revenue for Disney (NYSE:DIS), a combination of per month fees and annual contracts.  Though Disney (NYSE:DIS) Plus` user base is smaller than Netflix`s, which reported more than 60 million U.S. subscribers last quarter it`s notable on a per-user basis, Apptopia reports Disney (NYSE:DIS) had 6 percent longer average session times than Netflix (NASDAQ:NFLX) and nearly 8 percent longer than Amazon (NASDAQ:AMZN) Prime Video.  

Apptopia says Disney (NYSE:DIS) Plus` early success does not yet seem to be hurting mobile downloads or traffic to other streaming services.  But
Disney (NYSE:DIS) Plus is boosting new installs of Hulu and ESPN, which are bundled with Disney (NYSE:DIS) Plus at a discount, as well as streaming
tool Roku.  

Disney (NYSE:DIS) declined to comment on Apptopia`s data.  We`ll hear its
official numbers in the company`s fourth quarter earnings report.  

For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in Los Angeles.  


GRIFFETH:  And coming up, the pot industry`s next chapter.  


JANE WELLS, NIGHTLY BUSINESS REPORT CORRESPONDENT:  I`m Jane Wells in Las Vegas at MJBizCon, the largest marijuana business conference in the world. 2019, a terrible year for legal pot, especially for investors.  So, what`s going to change in 2020?  We have that coming up.  


HERERA:  Back in 2015, as part of our “Bright Ideas” series, we told you
about a start-up called Managed by Q.  It`s a management platform designed to increase office efficiency, allowing employees to simply schedule cleanings and maintenance and other non-work related tasks.  

Earlier this year, we told you the start-up was bought by WeWork which as
you probably know has since stumbled.  Now, WeWork is the reportedly
looking to sell Managed by Q to help raise cash and refocus on its main

GRIFFETH:  Finally tonight, you know, the marijuana industry was supposed to see exponential growth as more states legalized its use.  But it hasn`t worked out that way.  Many companies have seen their value shrink as they try to navigate a maze of regulations and find elusive solutions.  As you saw, Jane Wells is at a cannabis convention in Las Vegas tonight.  


UNIDENTIFED MALE:  These are 45 plus tax for a pack (ph).  

WELLS:  You`re looking at one of the bright spots in legal marijuana.  A
pot superstore in Las Vegas bigger than Walmart doing more than $5 million a month in sales.  It`s called Planet 13.  

BOB GROESBECK, PLANET 13 CO-CEO:  We are cash flow positive now.  We are fortunate.  We`re one of the few companies in the industry, publicly traded companies.  

WELLS:  Much of the rest of the legal pot business hasn`t done well in
2019.  The top six publicly traded cannabis companies lost a combined $25
billion in market value since the end of March.  

MATT BATTLEY, AURORA CANNABIS CHIEF CORPORATE OFFICER:  I think it`s fair to say that 2019 and particularly the slow rollout of retail stores in
certain provinces in Canada caught everybody by surprise.  

DANNY MOSES, MOSES VENTURES:  I would have thought by now the debt markets would have opened up more than they have, but because they haven`t companies putting forth budgets and CapEx plans and so forth forced to use the stock to raise capital.  That`s a vicious cycle on the way down.  

WELLS:  And so, here at MJBizCon in Las Vegas, the largest marijuana
business conference in the world.  People are hoping 2020 will be better
with better solutions to challenges unique to the industry, like cash.  

Cash isn`t just king.  It`s pretty much all there is.  Most banks will not
let cannabis companies have credit cards because the drug is still illegal
at the federal level.  That`s creating an opportunity which is serial
entrepreneur hopes to well cash in on in.  

KEITH MCCARTY, WAYV CEO:  It`s very difficult everything in the cannabis
industry is it a hundred times harder.  

WELLS:  Keith McCarty has a long history in tech.  Now, he`s running Wayv, a logistics platform which most California cannabis retailers use for
online sales and next day delivery.  Now, it`s partnered with an Arizona
financial technology start-up called Hypur to create a business to business
digital payment system for cannabis, using a handful of banks willing to
take the plunge, credit unions or state charter banks not subject to the
same federal rules.  

ALEX HERRERA, ATRIUM PARTNER:  It would be easier for us to use this also because paying different brands through bank accounts, you risk getting them shut down.  

WELLS:  Alex Herrera runs a legal pot shop in Los Angeles called Atrium and he`s going to use the new system.  

Do you have a bank account?  

HERRERA:  Yes, yes.  

WELLS:  Do they know what you`re doing?  


WELLS:  The hope is eventually there will be more tools like this to make
the cost of doing business safer and even cheaper.  

MCCARTY:  Really our competitor right now is the illicit market and we are
going after them.  And I think the digital payment will really set us



HERERA:  And before we go, here`s another look at the day`s final numbers on Wall Street.  The Dow was up 29 points.  Nasdaq added 37.  S&P 500 gained 9.  

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

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


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