02/01/06: United Flies Out of Bankruptcy
SUSIE GHARIB:United Airlines flew out of Chapter 11 today,
after enduring the longest bankruptcy in U.S. airline history. The carrier
completed its reorganization and said it will continue the progress it made
under court protection. But as Diane Eastabrook reports, the skies ahead
are still cloudy for United.
DIANE EASTABROOK, NIGHTLY BUSINESS REPORT CORRESPONDENT: It looked
like business as usual today for United Airlines but it wasn`t. The
company came out of bankruptcy and admitted it still has its work cut out
for it.
PETER MCDONALD, EXEC. V.P & COO, UNITED AIRLINES: We plan to
continuously improve our products, our services and become more efficient
as we go forward. But today it`s all about thanking our customers and our
employees.
EASTABROOK: United is a smaller and more cost-efficient airline than
it was a little more than three years ago when it filed for Chapter 11. It
has dramatically cut its employee headcount and the number of planes that
it flies. It is filling more seats and United flights are making more
money for every mile passengers fly. But despite that, experts say United
still faces huge obstacles.
DOUGLAS BAIRD, PROFESSOR OF LAW, UNIVERSITY OF CHICAGO: A particular
kind of problem is behind United, but not the fundamental problem of
running a business profitably on a day-to-day basis. That is something
they still need to do.
EASTABROOK: Soaring oil prices are one challenge. United says it can
turn a profit if oil prices are in the $50 to $60-a-barrel range. But oil
has been trading well above that, prompting analysts to speculate about how
United and its competitors will respond.
WILLIAM WARLICK, AIRLINE ANALYST, UNITED AIRLINES: If fuel spikes,
inevitably, I think you`ll see United and all of the carriers making some
adjustments in their capacity. They`ll be abandoning some unprofitable
capacity.
EASTABROOK: United also has a volatile relationship with its labor
unions. The carrier abandoned its pensions in bankruptcy and negotiated
steep wage cuts with its machinists, pilots, and flight attendants.
United`s pilots union said it would keep working with the airline to
improve its bottom line. But the union said it might try to reinstate some
scheduling and work-rule givebacks it negotiated during bankruptcy.
HERB HUNTER, SPOKESMAN, AIRLINE PILOTS ASSOC.: If the company was
smart, from our perspective, they would step up here and try to improve
some of these quality of life issues.
EASTABROOK: Another challenge for United is the legacy it now faces.
TWA, Continental and U.S. Airways all emerged from Chapter 11 only to go
back in again. Experts say the next 18 to 24 months will be crucial for
United, if it doesn`t want to follow in the footsteps of those other
carriers. 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) 2005 Community Television Foundation of South Florida,
Inc. ALL RIGHTS RESERVED. Terms of use.
02/01/06: Boeing's Profit Picture Takes Off For 2006
PAUL KANGAS: Other earning news today was decidedly better, with positive
results from two marquee names helping boost the market. Boeing and Time
Warner both turned in better than expected financial results. Scott Gurvey
runs down the numbers.
SCOTT GURVEY, NIGHTLY BUSINESS REPORT CORRESPONDENT: Time Warner was
king for the day on Wall Street, the world`s biggest entertainment company
posting an increase in profits in the fourth quarter. First Call reports
that Time Warner earned $0.25 a share, compared to $0.24 a share in the
fourth quarter of 2004. The First Call survey of analysts had forecast
earnings at $0.22. Time Warner posted revenue gains in all but one of its
operating units. "Harry Potter" drove profits in movies; higher ad revenue
and job cuts added to profits in magazines. Time Warner cable was the
fastest growing segment. But AOL, the Internet portal, lost 625,000
American subscribers and was the only part of the company to report a drop
in sales, although profits still rose.
SUSAN KALLA, MEDIA ANALYST, CARIS & CO.: The big swing factor in the
stock is, of course, the performance of AOL. So, to the degree that they
can stop the decline in subscribers and shore up the subscription business
and grow-- more importantly, grow the advertising business -- then they`ll
be able to turn that business around.
GURVEY: Dow component Boeing posted a soaring increase in profit for
the fourth quarter. The company credited strong demand from growing
airlines in Asia and the Middle East. Boeing`s fourth quarter earnings of
$0.58 a share were more than double earnings for the year-ago period.
First Call`s survey had forecast earnings of $0.44. Boeing gave upbeat
guidance for 2006, saying sales of both commercial jets and weapons systems
are expected to remain strong. David Strauss, his team or family own
shares in Boeing and UBS does business with it.
DAVID STRAUSS, AEROSPACE ANALYST, UBS: As long as they can keep the
momentum going on the commercial aerospace side with orders and Mr. McNerny
(ph), the new CEO, can live up to his promises that he`s made on the cost
cutting side, we think it looks pretty good. We like the commercial
aerospace suppliers better, in terms of upside to current stock prices, but
we think Boeing is likely to trade up as well.
GURVEY: Amazon.com and International Paper are two of the companies
expected to report earnings tomorrow. Scott Gurvey, 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) 2005 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
2/01/06: Paul Keung Internet Analyst For C.I.B.C. With His Guesses For Google
SUSIE GHARIB: Google stock tumbled as much as 11 percent today, then
recovered, losing $30.88 to $401.78. The drop came after the company
reported fourth quarter earnings late yesterday that missed analyst
estimates. Joining us now to talk about the outlook for Google, Paul
Keung, Internet analyst with CIBC World markets. Hi, Paul.
PAUL KEUNG, INTERNET ANALYST, CIBC WORLD MARKETS: Hi. Good
evening.
GHARIB: Good evening. So you`re still recommending the stock. Tell
us why.
KEUNG: Yes, I think at the end of the day, the reasons why
investors want to own the stock is that long term I think the valuations
are more than what the stock is trading at. The reasons to own are still
the same ones that we - had investors bought the stock at $200, $300, over
$400. To make it simple, it`s three reasons. One is the fundamentals
(INAUDIBLE) very strong. It`s an under penetrated channel, the fast
growing channel. There`s tremendous growth opportunity there. Second
reason, Google is gaining market share, whether it`s U.S., international
markets. And third and probably the most important, Google has a lot of
revenue opportunities they haven`t started monetizing. Look at Google base
, Google video, Google images, they`ve spent a lot of money, great
innovation. There`s really no record today to really speak of in this.
GHARIB: Now Paul, do you own the stock or does CIBC have any
investment banking relationship with the company?
KEUNG: I don`t own the stock. I think we`ve done -- we may be
involved in the past in offering it but I`m not entirely sure.
GHARIB: OK, just wanted to get that disclosure out of the way. So
what are you saying to investors who don`t own Google? Is it a buy at $400?
KEUNG: I say yes. I mean, our target is over $500. I think we
shouldn`t take one day in the market, really, and say that it means
anything other than you had a lot of short-term pressure in terms of people
trying to figure out what the quarter was like. And I think obviously
expectations were much more than what they actually reported. At the end
of the day, though, they didn`t say anything to suggest that the
fundamentals, the reason to own the stock, own it long term, have changed
at all.
GHARIB: Well, I wanted to ask about -- have any -- was there
anything in that report that gives you pause to say maybe some of the
fundamentals have changed?
KEUNG: For me, no. I think it`s convenient for people who see the
red tape and say, you know, there are probably one thing I think a lot of
investors point to and they`re all probably pointing to the margin
pressure. They`ll say here`s a company that`s spending $70 or $80 million
in capital a year. The margins really haven`t grown in a business that`s
really has tremendous offering. Where`s the money going? Is it a wise
investment? And so the debate becomes is it spending whether it`s Google
images, Google video, all this new software. Will spending actually
generate incremental return in investment capital and our bet is yes. And
more importantly, it`s actually not in the numbers and not really in a lot
of valuations today.
GHARIB: Well, let me go over some of the things that came up from
the critics and the people who were selling the stock. There were concerns
about a lot of the big spending and whether there will be returns. There
were also concerns about the big marketing costs, the AOL partnership.
What do you say to any of these criticisms?
KEUNG: It`s really interesting. I mean a lot of these concerns,
they`re not new. I mean the AOL partnership we knew it was coming to an
end. For Google, part of it`s defensive and part of it is offensive. And
the good thing is for them, they maintain a very important partner and
probably closes another window of opportunity for maybe a new competitor,
whether it`s Microsoft trying to move into a close relationship with AOL.
You look at some of the increased spending. It shouldn`t be a surprise.
They`ve been telling us for a long time. And for a company that`s going to
sustain this kind of growth, you have to spend money. The only question
is, our job is to figure out will this spending actually lead to
incremental returns and we say yes.
GHARIB: All right. Well, we`re going to have to leave it there.
Paul, thank you very much for coming on the program. We`ve been speaking
with Paul Keung, Internet analyst with CIBC World Markets.
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) 2005 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
2/01/06: Might As Well Face It We're "Addicted To Oil"
SUSE GHARIB: Oil trading pits around the world were buzzing today
with talk about last night`s state of the union address by President Bush.
In it, he said the U.S. is addicted to oil and has to find other types of
energy. As Stephanie Dhue reports, the president is already on the move to
find those alternative energy sources.
STEPHANIE DHUE, NIGHTLY BUSINESS REPORT CORRESPONDENT: President Bush
took his state of the union message on the road to Nashville, where he
emphasized his goal of breaking America from its addiction to foreign oil
by using technology.
GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: Most important of
all, it seems like to me, if you recognize the fact that being dependent
upon oil is a problem for the long term, then why don`t we figure out how
to drive our cars using a different type of fuel.
DHUE: To wean the nation off its oil addiction, the president is
requesting $469 million for research on ethanol, hybrid vehicles, and
hydrogen fuel. He`s also seeking $473 million to speed up research on
clean coal technology, solar and wind power. Some observers are skeptical
the funding plan will work.
BILL PRINDLE, AMERICAN COUNCIL FOR AN ENERGY EFFICIENT ECONOMY: In
the past, the administration has just borrowed from other programs to fund
a new initiative and all that does is shift the money around. It doesn`t
create a lot of new funds.
DHUE: Critics say the president missed an opportunity in his state
of the union speech to embrace conservation and new fuel efficiency
standards.
SEN. ROBERT MENENDEZ, (D) NEW JERSEY: If America is addicted,
President Bush fell far short of outlining the 12 steps to recovery.
DHUE: The oil industry says it supports alternative fuel research,
but there still needs to be a push to increase domestic production.
BOB SLAUGHTER, PRESIDENT, NATIONAL PETROCHEMICAL & REFINERS
ASSOCIATION: For the foreseeable future, in the lifetimes of most of us who
are around now, we are still going to be largely dependent on oil and gas
for - as our major energy supplies, particularly for the transportation
sector.
DHUE: The president could use new regulations due out this spring
to boost fuel economy standards for cars and SUVs, but that looks unlikely.
The secretary of energy says fuel standards are best left to the market.
Stephanie Dhue, 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) 2005 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
2/01/06:"Money File"-Deciphering Financial Planning Alphabet Soup
SUSIE GHARIB: If you`re like many other Americans, you might be in the market for
some help in planning your finances. And if you`re like many other
Americans, you might be totally confused by the titles that financial
planners use and exactly what they can do for you. There`s some help in
tonight`s "money file." Here`s Terri Cullen, personal finance columnist for
"The Wall Street Journal" online.
TERRI CULLEN, REPORTER, THE WALL STREET JOURNAL ONLINE: CFP, CPM,
CRA, CSC -- the list goes on and on. Right now, there are more than 100
separate titles that certified financial pros use to imply a level of
expertise in everything from retirement and estate planning to college
savings and divorce counseling. This alphabet soup of designations can be
confusing for consumers, and misleading. Just about anybody can call
themselves a "wealth manager" or "financial consultant" without registering
with security regulators or meeting any kind of educational requirements.
Finally now, state and government regulators are cracking down in
an effort to make it easier for consumers to know with whom they are
dealing. Regulators now require stockbrokers who claim to be financial
planners to make it clear to their clients whether they`re giving advice,
which makes them duty-bound to act in their customer`s best interests. And
last year, the state of Massachusetts also cracked down on firms that were
touting themselves as "certified senior advisers," who claimed to
specialize in retirement planning.
All these so-called experts had to do to become a senior adviser
was take three-day home study course and one multiple-choice exam.
Regulators need to take these steps further and consolidate these titles
into one universally recognizable designation and force advisers to meet
stringent education and testing requirements and oversight by the
government. Until then, it`s up to consumers to wade through the soup.
I`m Terri Cullen.
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) 2005 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
2/01/06:"Last Word"-Western Union Terminates The Telegram... Stop...
SUSIE GHARIB: And finally it`s the end of an era for an American
business. After almost 150 years, Western Union has stopped sending
telegrams. The service met its demise with the rise of cheap long distance
phone service, faxes and email. The world`s first telegram was sent on May
24, 1844 by its inventor, Samuel Morse. Western Union began life soon
after the Mississippi Valley Printing Telegraph Company and was one of the
original 11 stocks that was tracked by the Dow Jones average. But bowing
out of telegraphs is by no means the end of the line. Paul, apparently
Western Union currently has revenues of $3 billion a year and it`s from
making money transfers for consumers and businesses.
KANGAS: Brings to my mind the old saying "in union there is
strength, except this time it`s Western Union.
GHARIB: Yes. Well, you can`t get in the way of progress, right?
KANGAS: That`s correct.
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) 2005 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
2/01/06: "Paul Kangas' Stocks In The News"
PAUL KANGAS: Wall Street`s blue chips rallied on those earnings from
Boeing and Time Warner, as well as a sizable drop in oil prices. The
NASDAQ had rougher going, on a slide in Google shares after its
disappointing earnings we told you about last night. By the way, we don`t
have charts of those markets today, due to some technical glitches. In any
case, the Dow Industrial Average closed up just over 89 points at
10,953.95. The NASDAQ Composite edged up 4 3/4 points ending at 2310.56;
the Standard & Poor`s 500 up 2.38 at 1282.46.
The long bond is back. The Treasury said today it will hold its
first sale of new 30-year bonds on February 9, selling $14 billion worth of
securities. Long bond sales were discontinued in 2001, the last year the
government had a budget surplus. The current huge budget deficit prompted
their return. In the bond market today, the 10-year note fell 10/32 to 99
17/32, putting the yield up to 4.56 percent.
Once again topping the active list, Time Warner (TWX) today on 51
million shares and moving up $0.69 on those higher earnings which were
$0.08 above the Street estimate. Revenues up a respectable 7 percent.
Then General Electric (GE) $0.39 gainer there.
Ford Motor Co (F), you heard about their improved sales, up $0.08.
Nortel Networks (NT) a $0.19 gain.
Pfizer (PFE), fifth in big board volume, rose $0.37.
Tyco Intl (TYC) up a nickel.
Followed by Texas Instruments (TXN) with a $0.54 rise.
No change in Lucent Technology (LU).
ExxonMobil (XOM) down $0.80 on those lower oil prices.
And Citigroup (C) a $0.25 loss, tenth in volume.
There we see it, big old Boeing (BA) doing well, up $3.31. That gain
accounted for 26 1/2 points in the Dow`s 89-point gain and the company
boosted its 2006 guidance from $3.30 a share at best to as much as $3.45 at
best. On top of all that, Standard & Poor`s upgraded it from "hold" to a
"buy."
The big insurance company Chubb (CB) up $2.16. Sharply higher fourth
quarter earnings, $2.35, up from $2.15 last year and $0.20 better than the
Street estimate.
Then we see Deere & Co (DE) up $3.34. Apparently a positive reaction
to President Bush`s call in his speech last night for more money for
ethanol research and more production of ethanol.
Jones Lang Lasalle (JLL) up $7.63. This is a real estate services firm
and its fourth quarter earnings, $4 - I should say $1.99, up from $1.52 and
that`s fully diluted and revenues up a very respectable 19 percent.
Molina Healthcare (MOH) did well, up $3.45. The company`s forecasting
fourth quarter profits will be well above the Wall Street consensus.
And then the Timken Co (TKR) down $4.97. Fourth quarter earnings were
higher, $0.54 versus $0.44 last year, but that was $0.09 below the Street
estimate. On top of that, Standard & Poor`s repeated a "sell"
recommendation, especially after the company`s 2006 earnings guidance fell
short of expectations.
Sterling Bancorp (STL) continuing down, off $2.34. The company
yesterday a slightly lower fourth quarter earnings $0.31 versus last year`s
$0.32 and today the Harris Nesbitt brokerage downgraded it from "neutral"
to "under perform."
Then a couple of new issues out today, Koppers Holdings (KOP), which
ironically is in the coal business, came out on a 10 million share offering
priced at $14, opened at $14.60. The high of the day $16.29, held on to
most of the gains.
And Ternium S.A. (TX), this is a Latin American steel company, 24.8
million shares offered at 20, opened at $23.05 and the high of the day
$24.25 and it hung on to most of its gain too.
Google (GOOG) topped the active list, you saw earlier down $30.88. The
low of the day was $387.52 incidentally.
Then Amgen (AMGN) $3.30 gain. The stock up on reports Roche Holding
has pushed back the launch of its rival anemia drug Sera by at least
two years.
Microsoft (MSFT) down $0.11.
Intel (INTC) $0.30 gainer.
Yahoo! (YHOO) up $0.63, fifth in volume.
Apple Computer (AAPL) dropped $0.09.
But Research in Motion (RIMM) jumping $6.08 on news that the U.S.
Patent office had issued a non-final rejection of a fifth patent held by
NTP Corp. in which the company`s involved with a lot of litigation.
Cisco Systems (CSCO) a $0.01 gainer there.
Then Symantec (SYMC) down $1.25. The securities software firm in with
sharply lower third quarter earnings, only $0.08 versus $0.22 a year ago
and a number of analysts are concerned about increasing competition from
Microsoft.
Applied Materials (AMAT) was tenth in volume and moved up $0.28 a
share.
And those are the 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) 2005 Community Television Foundation
of South Florida, Inc. ALL RIGHTS RESERVED. Terms of use.
01/31/06:
Market Stats
NET PERCENT
CLOSE CHANGE CHANGE
DOW CLOSE 10864.86 -35.06 - .3
HIGH 10923.45
LOW 10862.14
NASDAQ COMP. 2305.82 -.96 -.0
HIGH 2311.83
LOW 2292.95
VOLUME 1,981.5
PREVIOUS 1,680.8
UP VOLUME 854.3
DOWN VOLUME 1,111.2
DOW TRANSPORTS 4367.54 +13.05 + .3
DOW UTILITIES 413.84 +.13 + .0
CLOSING TICK +839
S&P 500 1280.08 -5.12 - .4
S&P 100 578.77 -2.90 - .5
MIDCAP 400 781.02 +4.46 + .6
REUTERS/CRB 348.66 -1.40 - .4
NYSE COMPOSITE 8106.55 +1.30 + .0
VALUE LINE 436.56 +.66 + .2
RUSSELL 2000 733.20 +2.33 + .3
DJW 5000 12953.63 -25.80 - .2
U.S. TREASURIES
5-YEAR NOTE 4.25%
Jan. 15,2011 99 3/32 unch. 4.46
10-YEAR NOTE 4.50%
Nov. 15,2015 99 27/32 +3/32 4.52
30-YEAR NOTE 5.375%
Feb. 15, 2031 110 5/32 +12/32 4.68
LEHMAN BROS.
LONG BOND INDEX 1749.98 +.14
DOW CLOSE 10864.86 -35.06 - .3
ADVANCES 1785
DECLINES 1549
NEW HIGHS 299
NEW LOWS 31
NET PERCENT
NYSE MOST ACTIVES 4PM CLOSE CHANGE CHANGE
TWX Time Warner 17.53 -.02 -.1
GE General Electric 32.75 -.18 -.6
PFE Pfizer 25.68 -.26 -1.0
XOM Exxon Mobil 62.75 -.36 -.6
LU Lucent Tech 2.64 -.03 -1.1
BSX Boston Scientific 21.87 +.97 +4.6
EMC EMC Corp 13.40 -.26 -1.9
GT Goodyear Tire 15.64 -3.12 -16.6
BAC Bank Of America 44.23 -.25 -.6
JNJ Johnson & John. 57.54 -.86 -1.5
NASDAQ CLOSE 2305.82 - 0.96 - .0
VOLUME 2,388.1
PREVIOUS 1,968.0
ADVANCES 1636
DECLINES 1411
NASDAQ ACTIVES
GOOG Google 432.66 +5.84 +1.4
MSFT Microsoft 28.15 +.15 +.5
AAPL Apple Computer 75.51 +.51 +.7
INTC Intel 21.26 -.40 -1.8
CSCO Cisco Systems 18.57 -.32 -1.7
YHOO Yahoo! 34.38 -.68 -1.9
SEPR Sepracor 56.91 +8.53 +17.6
VRSN Verisign 23.75 +.71 +3.1
SNDK SanDisk 67.36 +1.07 +1.6
AMGN Amgen 72.89 +.57 +.8
AMEX CLOSE 1860.83 + 21.94 + 1.2
INDEX SHARES
DIA DIAMONDS TRUST 108.27 -.64 -.6
QQQ NASDAQ 100 42.00 -.19 -.5
SPY S&P DEP.RECEIPTS 127.50 -.94 -.7
STOCKS IN THE NEWS
AA Alcoa 31.50 +.97 +3.2
MO Altria Group 72.34 -1.57 -2.1
MRK Merck & Co 34.50 +.04 +.1
UNM UnumProvident 20.33 -3.70 -15.4
HAE Haemonetics 52.00 +7.64 +17.2
ADM Archer-Daniels 31.50 +2.76 +9.6
HSC Harsco 79.22 +6.04 +8.3
HEES H&E Equipment 23.10 +5.10 +28.3
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