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Program: Tuesday, December 23, 2003
12/23/03: Mad Cow Disease Comes To America JEFF YASTINE: Late today the Department of Agriculture said it appears that a single case of mad cow disease has been found in Washington State. It`s the first time ever that bovine spongiform encephalopathy, or BSE, has been found in the U.S. The cow was never destined for the U.S. food supply. And the farm it was on has been quarantined. The agriculture secretary says consumers should be assured that the food supply is safe. ANN VENEMAN, SECRETARY OF AGRICULTURE: USDA`s food safety inspection service is working quickly to accurately determine the final disposition of the products from the animal. Even though the risk to human health is minimal based on current evidence, we will take all appropriate actions out of an abundance of caution. YASTINE: Veneman also stressing that this incident is in no way terrorist-related. Samples from the cow have been sent to a lab in Britain for confirmation of the preliminary mad cow finding.
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.
SUSIE GHARIB: On Wall Street today, investors spread more holiday cheer. The Dow edged up 3 points, posting its sixth straight winning session, and the NASDAQ added 19, closing in on that key 2000 level. Not only are the U.S. markets logging healthy gains, so are many stock markets overseas. Suzanne Pratt reports on the foreign market outlook for 2004. SUZANNE PRATT, NIGHTLY BUSINESS REPORT CORRESPONDENT: The strong performance of U.S. stock markets this year took most investors by surprise. But perhaps even more shocking is that many foreign markets did even better. A quick glance at a sampling of international markets from Brazil to Korea shows that 2003 returns have been substantial. JEFF MOLITOR, PORTFOLIO REVIEW DIR., VANGUARD: The best returns have been in really smaller company stocks around the world, both in emerging markets and in developed markets. So it`s really companies that are growing and posting better earnings that are driving a lot of the return. PRATT: Factor in the helpful foreign exchange effects of a weak dollar, and the gains are even more impressive. But experts aren`t so sure that investors can count on a repeat performance by foreign stock markets in 2004. Not only is the U.S. still the greatest engine of global growth, but they say there`s no guarantee the dollar will continue its decline against foreign currencies. MOLITOR: I don`t think that any investor should look at going into foreign markets based on any kind of expectation that the dollar is going to weaken further and just try and get a currency play. That`s not a good reason to go into any kind of equity investment. PRATT: On the other hand, some still see opportunities abroad for owning inexpensive companies with good growth prospects. In particular, many global strategists like East Asia. ROBERT HORMATS, VICE CHMN., GOLDMAN SACHS INTL.: I think there`s an underlying dynamism in the region. China is going to continue to grow very rapidly, that helps other countries in the region. And also, a number of these countries have done a lot to strengthen domestic demand, so that while exports are important to them they have growing domestic strength as well. PRATT: Of course there`s also the strong case for diversification. While it`s true that many foreign markets take their lead from U.S. stocks, it`s also sensible to avoid putting all your eggs in one basket. 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. 12/23/03:The Pickup Truck Business May Soon Be Picking Up SUSIE GHARIB: Get ready for "big" Japanese pickup trucks. Nissan (NSANY) is the first Japanese automaker to roll out a full-sized pickup, and other Japanese brands are expected to follow. But as Diane Eastabrook reports, Detroit`s automakers aren`t likely to take a back seat in a segment they still dominate. DIANE EASTABROOK, NIGHTLY BUSINESS REPORT CORRESPONDENT: Nissan`s Titan rolled into just 17 U.S. markets this month, and dealers say the half-ton truck is already the talk of their showrooms. DEEN COLLINS, NISSAN DEALER: Let`s be honest. Everybody has always wanted a pickup truck. Whether they want to admit it or not, they`ve always wanted a pickup truck, and there`s a lot of that excitement. EASTABROOK: While the Japanese are already selling smaller pickups, the Titan is their first attempt to muscle into the full-size pickup market. And analysts say Nissan did its homework well. They like the Titan`s aggressive style, the powerful engine and extras. The rear door on the king cab opens 168 degrees versus the traditional 90 degrees. There`s a storage area above the rear tire, lights in the rear of the bed, and an optional spray-in bed liner. MARK MCNABB, V.P., NISSAN NORTH AMERICA: I don`t think it was a matter of just differentiating ourselves. It`s more a matter of that we went out and did an unmet needs study, and basically found that truck owners were looking for certain things. EASTABROOK: Despite positive buzz from industry watchers, Nissan faces an uphill battle. U.S. automakers have dominated this segment for decades. Analysts also say most pickup owners live in the South and Midwest, where loyalty to Detroit manufacturers is the strongest. But profit margins on pickups are fatter than those on cars, and that`s the primary reason other Asian automakers like Toyota (TM) and Honda (HMC) also plan to build big pickups. Industry watchers say the Japanese don`t yet have the manufacturing capacity here to pose a serious threat to their American competitors. Still, they expect Detroit will guard its position in the segment aggressively. CHRISTOPHER STRUVE, AUTO ANALYST, FITCH RATINGS: I`m not sure what you do to stave off the onset, other than just maintain a very competitive product and retain your focus on that product. And I think at least Ford (F) has done that. Dodge in the last revision did that as well and, all of our indications are that GM (GM) is incredibly focused on it as well. EASTABROOK: The Titan will arrive at all of Nissan`s U.S. dealerships by the new year, so Nissan should know by the end of January how successful the truck will be. Diane Eastabrook, NIGHTLY BUSINESS REPORT, North Aurora, Illinois.
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.
SUSIE GHARIB: One of the biggest trade cases of the year is expected to be filed next week. Shrimpers from eight southern states are preparing to ask the Commerce Department to launch an anti-dumping investigation against billions of dollars of imported shrimp. Darren Gersh reports. DARREN GERSH, NIGHTLY BUSINESS REPORT CORRESPONDENT: Sorry, Charlie, shrimp has now topped tuna as America`s number one seafood. Consumption is growing almost 10 percent a year, thanks in part to a flood of cheaper imports of farm-raised shrimp. Shrimpers in southern states say the imports have cut prices almost in half, down to 1950s levels. So low, American shrimpers argue they can`t compete. EDDIE GORDON, PRES., SOUTHERN SHRIMP ALLIANCE: They`re working hard. They`ve upgraded their boats. They are the leading edge of technology, as far as fishing is concerned on the boats. But the price they are getting at the dock is just below what they can produce for. GERSH: As a result, southern shrimpers are preparing to file a trade case by the end of the year. Their argument: companies in countries like Thailand, Brazil, China, and Vietnam are dumping shrimp on the U.S. market for a lower cost than in their home markets or in Europe. U.S. shrimpers say the value of their catch has been cut in half while imports have taken more than 80 percent of the market. Unless the federal government imposes anti-dumping duties and higher tariffs, the shrimpers say the U.S. is in danger of losing its fishing fleet. GORDON: We`ve got boats tied up from North Carolina all the way to Texas that can`t afford to go shrimping, because the prices are so low. We`re going to not only lose our shrimp industry, but we`re going to lose the guys and the boats that actually could go flounder fishing, that could go clamming, oystering, et cetera. GERSH: Seafood distributors say the shrimpers are on the wrong side of a revolution. Whether it is salmon or shrimp, wholesalers say it is cheaper to farm fish than to catch them. And they warn higher tariffs on shrimp could cost jobs in markets and restaurants. WARREN CONNELLY, AMERICAN SEAFOOD DISTRIBUTORS ASSN.: In fact, we had an economic study done that suggested that restrictions on imports could affect 80,000 jobs or more in the United States. In other words, imports of shrimp have created that many jobs. GERSH: Domestic shrimpers argue aid from international institutions like the World Bank and other support programs also give Asian competitors an unfair advantage. GORDON: There is a lot of subsidies going on, especially in some of the non-market economies like Vietnam and China, where these countries more act as monopolists. GERSH: The World Bank says its aid programs simply level the playing field for the world`s poorest nations. URI DADUSH, INTL. TRADE DIR., THE WORLD BANK: I think, frankly, the idea that you can go into a country which has virtually no infrastructure, extremely low levels of education, very little ability to meet international quality standards, and you help them take the first few steps up the ladder in that regard, as creating unfair competition, is really far-fetched. GERSH: Both sides of this debate agree American shrimpers have failed to market the benefits of wild-caught fresh shrimp. So Congress has given eight southern states $35 million to launch a marketing campaign next year. Darren Gersh, 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.
SUSIE GHARIB: A financial system based on religious beliefs that are centuries-old may not sound like a recipe for success, but Islamic-style banking has been growing rapidly, and Malaysia is looking to tap into that growth, both domestically and globally. Rian Maelzer reports from Kuala Lumpur. RIAN MAELZER, NIGHTLY BUSINESS REPORT CORRESPONDENT: Those may look like interest rates. But they aren`t a guarantee of returns depositors will get, because this is an Islamic bank, and Islam prohibits interest. Instead, depositors here get roughly a 70 percent cut of the bank`s profits. MUSTAPHA HAMET, ISLAMIC BANKING & FINANCE INSTITUTE: If you put in money today, you are not going to know how much you are going to get in return. But before you put the money, you can see the track record, the trend. MAELZER: Banks based on Islamic principles have only been around for some 20 years. Aside from not charging or paying interest, Islamic banks also won`t invest in ventures connected with pork products, or alcohol, gambling and other activities deemed immoral. In Malaysia, the Islamic sector now has 10 percent of the total assets in the banking system, having grown some 50 percent a year for the past decade. A worldwide Islamic resurgence is only part of the explanation. In fact, many Islamic banking customers here are non-Muslim. And even for most Muslims, religious considerations may not be paramount. HAMET: Bottom line consideration is more important, so to come up with the right product, right pricing, right security is very, very important. MAELZER: This expansion of Islamic financial practices is international. For instance, some non-Muslim countries such as Singapore are vying to become offshore centers for Islamic financial services, alongside such well-established strongholds such as Bahrain. And Dow Jones offers a special index that tracks stocks deemed to comply with Sharia, or Islamic law. Malaysia has similar indices and funds. But what`s sanctioned as Islamic here may be considered un-Islamic in some other countries. Most contentious are products such as loans for housing or vehicles, in which customers repay a fixed fee spread out over time. To some, it`s all too similar to interest charges. Such conflicting views are hindering the flow of investments between Muslim countries, analysts say. SAIFUL AZHAR ROSLY, INTERNATIONAL ISLAMIC UNIVERSITY: Something must be done because otherwise the disunity among Muslim investors, Muslim bankers will continue, and we may fight not just in politics and military, but also in the financial sector. MAELZER: But within Malaysia, there`s no real controversy. In fact, many Malaysians happily enjoy the best of both worlds, choosing to put their deposits in Islamic schemes and borrow from conventional banks or vice versa, depending on the rates. Little wonder then that almost all conventional banks here now offer the option of Islamic-style financial services. Rian Maelzer, NIGHTLY BUSINESS REPORT, Kuala Lumpur.
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.
SUSIE GHARIB: Well, here comes Santa Claus, and tonight`s commentator says it`s time St. Nick got busy with the world of business. Here`s Irving R. Levine, dean of international studies at Lynn University and former chief economics reporter for NBC News. IRVING R. LEVINE, COMMENTARY: While Santa is preparing to make his rounds tomorrow night, may I suggest some words of advice Old Nick might want to stuff in the stockings of a variety of people. Words of advice to stuff in the stockings of members of Congress. From now on, limit legislation to a length that can be read in one hour or less, unlike the new 1000-plus-page Medicare bill. Stocking stuffer advice for financial institutions. Make your periodic privacy protection notices more credible by putting the exceptions in plain English and in large print. For radio advertisers. Do away with commercials that end with an announcer reciting mile-a-minute disclaimers. The fast talk indicates that you`re trying to pull a fast one. For television advertisers. Stop urging viewers to ask their doctors about a medication without explaining to viewers just what ailment the drug is meant for. For telephone pollsters. If you expect us to take the time to answer a long list of questions, pay us for our time. Advice for consumers. Think twice before cashing any check you get in the mail that automatically enrolls you in a service. Don`t take the bait unless you really need the service. And finally, Santa, for one and all, a stocking stuffer of good wishes for the holidays. I am Irving R. Levine.
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. 12/23/03: "Paul Kangas' Stocks In The News" JEFF YASTINE: Well, merger rumor or not, the buyers returned to the NASDAQ today, leaving the Dow behind. Early in the session, everything was in Santa Claus rally mode, including the Dow. The government kept its estimate of third-quarter gross domestic product at 8.2 percent, while consumer spending figures also came in at their highest levels since August. Buying interest dried up quickly in these thin pre-holiday trading conditions and stocks drifted lower before buyers returned in the last hour of the session, boosting the Dow back into the green for a sixth day of gains. The Dow closing up 3.26 points at 10,341.26. The NASDAQ gaining 18.98 points to close at 1974.78. And the S&P 500 Index added just over 3 points to finish at 1096.02. Bonds notched lower as the latest economic news raised fresh rate-hike concerns and today`s Treasury auction of 2-year notes also got a weak reception. And the 10-year note falling 23/32 to 99 29/32, that puts the yield at 4.26. And topping our list we have Ford Motor (F), the Ford F-Series pickup truck expected to be the top-selling vehicle in Canada this year, 19.8 million shares trading hands. AT&T Wireless (AWE) rising $0.34. Published reports say Cingular is interested in a possible acquisition of AT&T Wireless. Nokia (NOK) losing $0.19. Baxter International (BAX) falling $0.51. The company warns of lower-than-expected fourth-quarter results. GE (GE) gaining a dime. Tyco (TYC) shares rising $0.64. The company says it received a new $2 1/2 billion credit line from its banks. The stock has more than doubled from its lows in mid-March. Pfizer (PFE) shares adding $0.22. Time Warner (TWX) stock off $0.08. And Micron Technology (MU) gaining $0.39. After the close, Micron reported fiscal first-quarter results that came in at break-even levels compared to last year`s $0.52-loss for the same period. First Call, the analysts, were looking for a $0.06-loss. So not too bad there. Rounding out the actives, you can see Lucent (LU) rising - or actually, falling two pennies. On our widely helds, McDonald`s (MCD) finished the day up slightly. But it was down about $1 after hours. And that`s on a knee-jerk reaction to that one case of mad cow reported by the USDA late today. J.C. Penney (JCP) rising $1.46. The stock broke out to a new yearly high as bidding heats up for J.C. Penney`s Eckerd Drug Store chain. J.P. Morgan upgraded the stock. Computer Associates (CA) up $0.62. The company is selling its 90 percent ownership stake in ACCPAC International, the price tag: $110 million. On our gainers, shares of Duane Reade (DRD), New York City`s largest drug store chain rising $1.78 or almost 12 percent. An investment group led by billionaire Robert Bass is buying the chain and taking it private. The price tag: $700 million in cash and debt, that works out to about $17 a share. Phelps Dodge (PD) gaining $1.32. Lehman Brothers upgraded the metals and mining sector to positive. And that led to gains in the sector overall. Let`s take a look at some of those: National Resource Partners (NRP) rising $0.91; Rio Tinto (RTP) up $1.12; and Alliance Resource (ARLP) up $0.39. On our losers, Shopko Stores (SKO) dropping $1.33. Shopko is lowering its fourth-quarter and full-year earnings. Guidance noted lower-than-expected holiday sales and gross margin pressures from promotions and clearance sales. Shares of Flowserve (FLS) down a buck-and-a-half, cutting its third-quarter guidance on project delays. S&P downgraded it from hold to avoid. And American Greetings (AM) falling $1.28. Third-quarter earnings coming in at $0.60 a share versus $0.62 a year ago on a 4.6 percent gain in sales. But the company trimmed its full-year estimates by $0.12 a share and says early holiday sales have been lower than expected. Over on the NASDAQ, Research In Motion (RIMM) topping the actives here, moving sharply higher, gaining $23 or 51 percent to a 52-week high. Late yesterday, the maker of the Blackberry e-mail device posted third-quarter earnings of $0.20 a share versus a loss of $1.21 a share in the same period last year. Bear Stearns upgraded it and so did J.P. Morgan. Intel (INTC) up $0.69. Microsoft (MSFT) off three pennies. Cisco Systems (CSCO) losing $0.04. eBay (EBAY) up $1.05, setting a new yearly high -- actually an all-time high for eBay. Qualcomm (QCOM) adding $1.27. Amazon (AMZN) gaining more than 2 1/2. Applied Materials (AMAT) up $0.33. Amgen (AMGN) rising $0.61. Dell (DELL) rounding out the group, gaining $0.62. On our NASDAQ movers, Hooker Furniture (HOFT), the big loser, falling $7. Record sales cannot shake investor worries over its drop in fourth-quarter results. The company earned $0.31 versus a gain of $0.52 a share in the same period last year. And Red Hat (RHAT) falling $0.63. That`s despite yesterday`s Banc of America Securities upgrade from neutral to buy. And those are our "Stocks in the News" tonight.
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.
NET PERCENT
CLOSE CHANGE CHANGE
DOW CLOSE 10341.26 +3.26 + .0
HIGH 10375.93
LOW 10296.15
NASDAQ COMP. 1974.78 +18.98 +1.0
HIGH 1974.78
LOW 1952.44
VOLUME 1,149.1
PREVIOUS 1,236.7
UP VOLUME 705.8
DOWN VOLUME 423.1
DOW TRANSPORTS 3006.61 +1.34 + .0
DOW UTILITIES 264.85 +1.53 + .6
CLOSING TICK +1127
S&P 500 1096.02 +3.08 + .3
S&P 100 543.42 +1.14 + .2
MIDCAP 400 572.77 +2.11 + .4
REUTERS/CRB 255.76 -1.03 - .4
NYSE COMPOSITE 6337.48 +15.64 + .3
VALUE LINE 358.88 +2.39 0.67
RUSSELL 2000 555.03 +5.66 1.03
WILSHIRE 5000 10657.14 +37.56 0.35
U.S. TREASURIES
5-YEAR NOTE 3.375%
Nov. 15,2008 100 14/32 -13/32 3.28
10-YEAR NOTE 4.25%
Nov. 15,2013 99 29/32 -23/32 4.26
30-YEAR NOTE 5.375%
Feb. 15, 2031 104 21/32 -1 4/32 5.06
LEHMAN BROS.
LONG BOND INDEX 1729.80 -18.24
DOW CLOSE 10341.26 +3.26 + .0
ADVANCES 2043
DECLINES 1193
NEW HIGHS 461
NEW LOWS 4
NET PERCENT
NYSE MOST ACTIVES 4PM CLOSE CHANGE CHANGE
F Ford Motor 16.17 -.62 -3.7
AWE AT&T Wireless 7.75 +.34 +4.6
NOK Nokia Corp 16.85 -.19 -1.1
BAX Baxter Intl 30.39 -.51 -1.7
GE GE 31.10 +.10 +.3
TYC Tyco Intl 26.54 +.64 +2.5
PFE Pfizer 34.52 +.22 +.6
TWX Time Warner 17.84 -.08 -.5
MU Micron Tech 13.16 +.39 +3.1
LU Lucent Tech 2.86 -.02 -.7
NASDAQ CLOSE 1974.78 + 18.98 + 1.0
VOLUME 1,326.1
PREVIOUS 1,292.9
ADVANCES 2051
DECLINES 1114
NASDAQ ACTIVES
RIMM Resch In Motion 69.61 +23.51 +51.0
INTC Intel 31.11 +.69 +2.3
MSFT Microsoft 27.15 -.03 -.1
CSCO Cisco Systems 23.94 -.04 -.2
EBAY eBay 63.74 +1.05 +1.7
QCOM Qualcomm 53.52 +1.27 +2.4
AMZN Amazon.com 52.48 +2.59 +5.2
AMAT Applied Matl 22.33 +.33 +1.5
AMGN Amgen 61.77 +.61 +1.0
DELL Dell 33.62 +.62 +1.9
AMEX CLOSE 1146.25 + 2.34 + .2
INDEX SHARES
DIA DIAMONDS TRUST 103.46 -.15 -.1
QQQ NASDAQ 100 35.84 +.28 +.8
SPY S&P DEP.RECEIPTS 109.73 +.07 +.1
STOCKS IN THE NEWS
MCD Mcdonald's 25.28 +.12 +.5
JCP J C Penney 26.22 +1.46 +5.9
CA Computer Assoc 26.90 +.62 +2.4
DRD Duane Reade 17.00 +1.78 +11.7
PD Phelps Dodge 77.12 +1.32 +1.7
NRP Natl Rsc Ptnrs 39.71 +.91 +2.4
RTP Rio Tinto Plc 106.33 +1.12 +1.1
ARLP Alliance Rsc 33.47 +.39 +1.2
SKO Shopko Stores 15.15 -1.33 -8.1
FLS Flowserve 20.77 -1.50 -6.7
AM American Greet 21.30 -1.28 -5.7
HOFT Hooker Furniture 38.90 -7.00 -15.3
RHAT Red Hat 17.98 -.63 -3.4
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