To view previous transcripts, check our list of recent broadcasts or select a year below to view older transcripts. Also, search recent transcripts by keyword or visit our searchable archives hosted by Quote.com.
| Select a year: | 2000 | 2001 | 2002 | 2003 | 2004 |
|
Program: Thursday, November 6, 2003
11/06/03: Investors Found Some Scary Things In The October Retail Sales Report
SUSIE GHARIB: New signs today that Americans are closing their wallets. October sales figures for the nation`s retailers were unimpressive, raising questions about the sustainability of the economic recovery. Suzanne Pratt reports. SUZANNE PRATT, NIGHTLY BUSINESS REPORT CORRESPONDENT: U.S. consumers took a breather last month after shopping up a storm in the late summer. The nation`s major retailers rang up mostly disappointing sales in October, with many blaming Mother Nature. CHRISTINE AUGUSTINE, RETAIL ANALYST, BEAR STEARNS: Given that the second part of the month was a lot weaker than the first half and that kind of coincided with the weather getting a little bit unseasonably warm, I would say that probably contributed a lot to the weakness. And I think also the wild fires in California. PRATT: Discounters and warehouse clubs fared the best, thanks to strong Halloween-related sales, but department stores and apparel retailers struggled as consumers had no need to buy sweaters and coats. Same-store sales at Wal-Mart (WMT), one of the few standouts, grew 4.5 percent. Federated (FD), Sears, and Limited (LTD) posted declining numbers, while The Gap (GPS) eked out a gain of about 1 percent. Kohl`s (KSS), however, was the big loser. Its sales plummeted nearly 12 percent, causing the discounter to cut its third-quarter earnings forecast. As is the case with other stores, Kohl`s is having trouble moving moderate women`s apparel. EMME KOZLOFF, RETAIL ANALYST, SANDFORD C. BERNSTEIN: In our view, they`ve created a new chapter in their growth cycle, and it`s a lot rockier. We still think there`s upside to the stock. We still would be buyers in the low 50s, but it`s not going to be a consistent performer in the way in was in the past. PRATT: As for what the October figures suggest about the upcoming holiday season, analysts say hopefully not much. Most analysts believe retailers are still on target for decent sales gains at Christmas. AUGUSTINE: We`re cautiously optimistic about the holiday season. It was a pretty tough year last year. And our forecast is for 3 to 3.5 percent for November-December, compared to 2 percent a year ago. PRATT: Analysts say there is another interesting retail trend that is developing: higher priced merchandise is selling. And that suggests high-end and electronic retailers are likely to be big winners this holiday season. Suzanne Pratt, NIGHTLY BUSINESS REPORT, New York.
Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. 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 Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. Copyright (c) 2003 Community Television Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
PAUL KANGAS: The world`s largest futures exchange came under fire today on Capitol Hill. In a hearing before a congressional committee, officials from the German and Swiss owned EUREX told lawmakers about plans to start trading in the United States. But Chicago`s two futures exchanges say the EUREX wants to break the law and steal their business. As Diane Eastabrook reports, today`s fireworks cap off a week of bitter feuding that`s rocking the futures industry. DIANE EASTABROOK, NIGHTLY BUSINESS REPORT CORRESPONDENT: A cordial panel discussion with futures exchange leaders dissolved into bickering about everything from market access to product pricing before a packed house at the Futures Expo in Chicago this week. UNIDENTIFIED MALE: We have another disagreement here. I think we should move on. (LAUGHTER) UNIDENTIFIED MALE: To another disagreement? UNIDENTIFIED MALE: How about another question? EASTABROOK: What triggered the debate is a plan by German/Swiss-owned EUREX to trade U.S. futures products. The European exchange is setting up offices in the Sears Tower, just blocks from both the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade. If it gets regulatory approval, the all-electronic EUREX could begin trading many of the products the Chicago exchanges have been trading exclusively. RUDOLPH FERSCHA, CEO, EUREX: We very much believe that we should have the opportunity to deliver our services in a level playing field and in accordance to the rules here in the United States. EASTABROOK: But the Chicago exchanges aren`t welcoming EUREX with open arms. The Merc and the CBOT claim EUREX wants to steal their business by purchasing orders. They also claim the European exchange has withheld information in its application to the Commodities Futures Trading Commission. CRAIG DONOHUE, CEO, CHICAGO MERCANTILE EXCHANGE: We don`t know how they are going to effectively regulate activity in their markets, how they are going to provide market supervision, and enforcement of their rules. EASTABROOK: EUREX denies those charges and has fired back by filing an antitrust suit against the Chicago exchanges. The Futures Industry Association doesn`t want to take sides, but thinks more competition will benefit investors, and could also benefit the U.S. exchanges in the long run. JOHN DAMGARD, PRES., FUTURES INDUSTRY ASSOCIATION: We would like to see the Chicago exchanges offer the same products that are traded on the German exchange or the French exchange. We believe that that level of competition is lacking, and we think, you know, going forward that competition is necessary for the customers to get the best price. EASTABROOK: The CFTC has taken the EUREX application off the fast-track and is taking a closer look at it, but many industry experts believe the European exchange will be cleared to trade in the U.S. early next year. Diane Eastabrook, NIGHTLY BUSINESS REPORT, Chicago.
Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. 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 Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. Copyright (c) 2003 Community Television Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
11/06/03: The Internet Tax Ban Expires SUSIE GHARIB: The Senate is close to voting tonight on a controversial bill that would permanently ban the taxing of Internet service. The measure that kept the tax man away from the Web temporarily expired last week. As Stephanie Woods reports, the vote is the source of heated debate in Washington. STEPHANIE WOODS, NIGHTLY BUSINESS REPORT CORRESPONDENT: The Internet is still largely a tax-free zone. In 1998, Congress banned sales tax on Internet access except in a handful of states that already had a tax in place. That ban expired November 1. Senator Ron Wyden wants to make the ban permanent and nationwide. SEN. RON WYDEN (D), OREGON: If you had more than 7000 taxing jurisdictions each taking a bite out of the Internet in a discriminatory fashion, that could do an enormous amount of damage. WOODS: But some lawmakers worry a permanent ban will cost states a bundle. The Congressional Budget Office estimates that states and local governments that now tax Internet access would lose between 80 and $120 million a year. States could also lose part of the $20 billion a year they now collect from telecommunications companies if those firms send phone calls over the Web. Senator George Voinovich says the permanent ban won`t help consumers. SEN. GEORGE VOINOVICH (R), OHIO: What we`re doing here today really is we`re trying to accommodate the telecommunications industry, who by the way contributes substantial money to both political parties and to political candidates, and do it to the detriment of state and local government. WOODS: Opponents of a permanent ban say already strapped state and local governments may be forced to cut budgets or increase taxes, but supporters say states shouldn`t balance their budgets at the expense of the technology industry. WYDEN: A lot of these local jurisdictions now believe that this is the cash cow, the last cash cow left in the pasture that they can milk. WOODS: Some lawmakers are offering a compromise that would extend the just-expired ban for another two years. But even without an extension, analysts don`t expect a rush to tax the Internet. Stephanie Woods, NIGHTLY BUSINESS REPORT, Washington.
Nightly Business Report transcripts are available on-line post broadcast. The program is transcribed by eMediaMillWorks. 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 Community Television Foundation of South Florida, Inc. Nightly Business Report, or WPBT. Information presented on Nightly Business Report is not and should not be considered as investment advice. Copyright (c) 2003 Community Television Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
11/06/03: "Bouncing Back,"-Part 3: NBA`s Business Outlook
SUSIE GHARIB: Basketball fans in China and Eastern Europe will now be able to watch NBA games. The league announced today it has new TV deals in seven additional countries, meaning American pro basketball now airs in 212 nations. But global expansion is just one reason the NBA is optimistic about its future. As we wrap up our series "Bouncing Back," Erika Miller looks at the NBA`s business outlook. ERIKA MILLER, NIGHTLY BUSINESS REPORT CORRESPONDENT: LeBron James is the most hyped rookie in NBA history, and fans can`t wait to find out if he`s the next Michael Jordan. The two even share the same jersey number, 23. LeBron mania is the reason tickets to see the Cleveland Cavaliers are among the hottest in the league. DAVID STERN, NBA COMMISSIONER: In the micro version, you can see that the Cleveland Cavaliers, who have done quite poorly at the gate and not been a good road draw, are going to come close to selling out this year and be probably the second best road draw first time around because of one player, LeBron James. MILLER: The NBA is hoping fascination with LeBron James, fellow rookie Carmelo Anthony, and other star plays like Yao Ming, will ignite fan interest. Last year`s NBA Finals were the lowest-rated championship series on television in recent years, and it doesn`t help that one of the league`s star players, Kobe Bryant, is battling sexual assault charges. But polls show that Bryant`s court case has had little impact on fan interest or their intent to buy NBA merchandise. In fact, the NBA reports sales of its licensed products are stronger than ever. SAL LAROCCA, SR. V.P., GLOBAL MERCHANDISING, NBA: Our apparel business has been tremendous the last two years. And the Hardwood Classics apparel line, part of which is behind us, has been a terrific seller across a variety of different teams, featuring former players and great teams from the past. And that has been a great part of our business. MILLER: The NBA is predicting sales of its licensed merchandise will rise at least 20 percent this season, surpassing the $3 billion mark. That would make 2004 the best year yet for NBA merchandise. Much of that growth is expected to come from overseas. Currently about 20 percent of NBA merchandise is sold outside the U.S. The NBA credits much of that draw to its 73 players who come from other countries, roughly 20 percent of the league. Basketball`s global appeal has been paying off in other areas, too. Fifteen percent of the league`s $900 million in annual television revenue comes from its non-U.S. TV partners. The NBA`s commissioner sees even bigger international opportunities ahead. STERN: I think it`s only a matter of time before we see NBA expansion in Europe, and only a matter of time until we see NBA sort of sponsored leagues on a global basis. MILLER: The NBA says it is not profitable, although it won`t discuss specific numbers. But the league is quick to point out that most other major sports leagues, including baseball, are not profitable either. Still, experts say there`s no doubt the NBA`s economic outlook is positive. As evidence, they point to this year`s salary cap, the highest ever, at $43.84 million. RICK HORROW, PRESIDENT, HORROW SPORTS VENTURES: The increase in the salary cap is good news for the players and owners, because as you know from football and other experiences, it`s directly related to a total amount of revenue in the pot: more revenue, more allocations for teams, more money for the salary cap, meaning everybody`s happy. MILLER: And the value of the NBA is more than just a dollars-and-cents question. After all, what is a monopoly on pro basketball worth? It`s also hard to put a price tag on the NBA brand, which is one of the most widely recognized around the world. Erika Miller, NIGHTLY BUSINESS REPORT, New York.
Nightly Business Report transcripts
are available on-line post broadcast. The program is transcribed
by eMediaMillWorks. 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 Community Television Foundation of South
Florida, Inc. Nightly Business Report, or WPBT. Information presented
on Nightly Business Report is not and should not be considered as
investment advice. Copyright (c) 2003 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
11/06/03: Commentary: The Decision Making Process
SUSIE GHARIB: If you run a business, large or small, making the right decisions can make the difference between success or failure. Tonight`s commentator takes a look at the process of decision-making. Here`s Tom Stewart, editor of the "Harvard Business Review."
TOM STEWART, COMMENTARY: It`s budget season in corporate America, the time when most companies make the big decisions about next year`s spending and investment. CEOs will have to manage a tradeoff between growth and control. They`ll have to judge how strong the recovery is, whether to build new plants, buy new technologies, hire new workers. They`ll have to judge the countervailing pressures too, the danger that the recovery will stall or that growth will spin out of control and become what Alan Greenspan memorably called "irrational exuberance."
How do you make that call? Let me offer two suggestions. First, remember there`s no such thing as easy growth. Projections are always rosy; obstacles are always underestimated. One common trap is to think that it`s simple to move into an adjacent market: if we sell toothpaste, we can sell mouthwash; if we sell computers, we can sell computer services. A move into adjacent markets is always harder than it looks, according to Chris Zook, a consultant at Bain & Company. Few companies do it well consistently, so analyze those proposals very carefully.
Second suggestion: To get a handle on your growth prospects, find out what your customers are saying about you, not what they write on one of those silly "how did we do?" cards. Find out what they tell there friends. If a lot of customers are recommending you to friends, that`s a prime signal that you`re ready and able to grow. In fact, Fred Reichheld, an expert on customer loyalty, has done studies that suggest that the percentage of customers who are recommending you is just about the only number you need to know to grow.
I`m Tom Stewart.
Nightly Business Report transcripts
are available on-line post broadcast. The program is transcribed
by eMediaMillWorks. 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 Community Television Foundation of South
Florida, Inc. Nightly Business Report, or WPBT. Information presented
on Nightly Business Report is not and should not be considered as
investment advice. Copyright (c) 2003 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
11/06/03: Last Word-The New Nickel
SUSIE GHARIB: And finally tonight, it`s time for a change for the nickel. The U.S. Mint took the wraps off new designs today for the backs of the $0.05 piece: one commemorating the Louisiana Purchase; the other the Lewis and Clark Expedition. But the front of the nickel, with Thomas Jefferson`s profile, will stay the same. The new designs are the first remake of the coin since 1938 and they go into circulation in the spring and fall.
And Paul, despite the new images, the size, the shape, the weight, the coin stays the same, so they still work just fine in vending machines.
KANGAS: Well, if all you have is nickels to buy anything in a vending machine these days, you better have a pillow-case full of them.
(LAUGHTER)
Nightly Business Report transcripts
are available on-line post broadcast. The program is transcribed
by eMediaMillWorks. 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 Community Television Foundation of South
Florida, Inc. Nightly Business Report, or WPBT. Information presented
on Nightly Business Report is not and should not be considered as
investment advice. Copyright (c) 2003 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
11/04/03:
"Paul Kangas' Stocks In The News"
PAUL KANGAS: Wall Street opened off a bit despite news that weekly jobless benefit claims tumbled 43,000 to a 34-month low apparently because that was already priced into the market. Thirty minutes into trading, the Dow was down 20 points, although the NASDAQ Index was up 3. The tech sector was firm in reaction to Cisco`s (CSCO) better-than-expected earnings we told you about after the bell last night. And news that third-quarter U.S. worker productivity jumped 8.1 percent didn`t get stocks out of the doldrums since an 8.5 percent increase was generally expected. So at mid-day the Dow was still down 36 points, the NASDAQ was off about half a point. Things firmed up in the afternoon on hopes of a very good October employment report tomorrow. The Dow Industrial Average came in with a gain of 36.14 points at 9856.97. The NASDAQ Composite rose exactly 17 points, ending at 1976.37. Standard & Poor`s 500 Index gained about 6.25 points to 1058.05. Over in the bond market, the 10-year note fell 15/32 to 98 23/32, putting the yield at 4.41 percent.
The most active big board issue, trading 36.2 million shares there, was down $0.40, and that was Calpine (CPN). The company plans to offer $1 billion, mostly in convertible notes, potential earnings dilution there.
AT&T Wireless (AWE) dropped a penny.
Lucent Technologies (LU) moving up $0.07.
Pfizer (PFE), a $0.21 gain.
And The Gap (GPS) was up $1.57. Its October same-store sales were up a better-than-expected 1 percent, total sales up 4 percent. And the company forecast third-quarter earnings coming in as high as $0.28 a share. That would be $0.06 above the Wall Street estimate.
Sprint PCS Group (PCS) gained $0.03.
GE (GE) edged up a penny.
Time Warner (TWX) up $0.25.
A $0.32 gain in Nokia (NOK).
And then SBC Communications (SBC) dropped $0.46 a share, tenth in big board volume.
Marriott International (MAR) moved up $2.08. Smith Barney brokerage upgraded it from hold to buy. The stock had a nice reaction to that.
And then Hartford Financial Services (HIG) rose $2.44. Third-quarter earnings comfortably higher, $1.20 versus $1.06 last year. And the company forecast 2003 earnings should come in around $5.20 to $5.30 a share.
Amdocs Limited (DOX) up $2.45. The company is involved in the computer billing system business. And fourth-quarter was earnings of $0.20 a share versus a loss of $0.04 the year prior. Revenues up a very vigorous 16 percent. And the company also plans to buy back up to 5 million of its own shares.
ICN Pharmaceuticals (ICN), one of the best percentage gainers of the day with that gain of $6.02. The company did report a third-quarter loss of $0.99 a share, more than last year`s $0.90 loss. But there is optimism over the company`s decision to move to Phase III trials for its Hepatitis C treatment called Viramidine. The stock did very nicely on that news.
Hewitt Associates (HEW), which is involved in human resources consulting, more than doubled its fourth-quarter earnings, $0.31 versus last year`s $0.15 a share.
Than Weight Watchers (WTW) moving up $1.74. Third quarter, excluding one-time items, came in at $0.38 a share, in-line with Street estimates. But the company said its worldwide attendance growth was 11 percent, and that was better than expected.
Scor (SCO) American Depositary shares the big percentage loser, tumbling almost 24 percent. It`s a French re-insurance company. And the AM Best rating agency cut its outlook for the company from developing to negative. And also the company plans to offer securities to raise cash in order to keep it in business.
Another big loser, Talbots (TLB), down $3.36. October same-store sales were down 8.4 percent and the company cut its third-quarter earnings estimate from around $0.63 down to $0.59 a share.
And UNUMProvident (UNM) fell $1.11. Its third-quarter earnings were lower, $0.36 versus last year`s $0.47. That`s fully diluted.
Cisco Systems (CSCO) up $1.10, topped the NASDAQ active list, that`s in reaction, of course, to yesterday`s better-than-expected earnings we told you about.
Microsoft (MSFT), a $0.13 gain, but after the close Microsoft said it will pay North Carolina consumers $89 million to settle a class action lawsuit regarding over-charging for its Windows operating software.
Intel (INTC), a $0.38 gain.
A $0.35-rise in Oracle (ORCL).
Applied Materials (AMAT) up $0.66, number five in NASDAQ dollar volume.
InterActiveCorp (IACI) fell $1.53. Smith Barney brokerage downgraded it from buy to just a hold.
Qualcomm (QCOM) gained $0.07.
Amgen (AMGN), an $0.11 drop.
Yahoo! (YHOO) fell $1.07.
Tenth in volume was KLA-Tencor (KLAC), moving up $1.44.
American Physicians Capital (ACAP) plunging $10.34. The company said it`s going to delay its third-quarter results until next Wednesday so they will reflect a substantial loss due to insurance policy losses.
Another big loser, Intervideo (IVII) plunging $5.84. This company just went public in July at $14. And the company says its fourth-quarter earnings will be the same as the third quarter: $0.16 a share at best. The Street was looking for $0.21 a share.
And then Concord Camera (LENS) plunging almost $4 a share. The company had a first-quarter loss of $0.02 per share versus earnings of a nickel a year before. And it lowered its second-quarter sales forecast on top of that.
And then Ultralife Battery (ULBI) plunging $3.83. The company did have third-quarter earnings of $0.12 versus a loss of $0.21 a year prior, but it still - its profits were $1 million below the company`s earlier projection. And on top of that, the company cut its 2003 earnings guidance.
And those are the "Stocks in the News."
Nightly Business Report transcripts
are available on-line post broadcast. The program is transcribed
by eMediaMillWorks. 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 Community Television Foundation of South
Florida, Inc. Nightly Business Report, or WPBT. Information presented
on Nightly Business Report is not and should not be considered as
investment advice. Copyright (c) 2003 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
|
| <%dobanner 11,1901%> |
NBR
appreciates the support of its national underwriters -- A.G.
Edwards, Inc. and Franklin
Templeton Investments. The program is produced
by NBR
Enterprises/WPBT2 and distributed by American
Public Television.
Copyright © 2005 Community
Television Foundation of South Florida, Inc. ALL RIGHTS RESERVED. Terms
of use
Click
here to contact NBR.