Post on 08-Nov-2014
description
<Show: NIGHTLY BUSINESS REPORT>
<Date: April 12, 2013>
<Time: 18:30:00>
<Tran: 041201cb.118>
<Type: SHOW>
<Head: NIGHTLY BUSINESS REPORT for April 12, 2013, PBS>
<Sect: News; International>
<Byline: Susie Gharib, Courtney Reagan, Eunice Yoon, Sharon Epperson, Bertha Coombs>
<Guest: Fred Cannon, Ann Miletti>
<Spec: Business; Banking; Economy; JPMorgan (NYSE:JPM); Wells Fargo (NYSE:WFC);
China; Trade; Policies; World Affairs>
<Time: 18:30:00>
ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and
Susie Gharib, brought to you by --
(COMMERCIAL AD)
SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: Banking on the banks.
JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC), two of the nation`s biggest
lenders, out with earnings. What their numbers say about next week`s bank
results.
The China challenge. The obstacles American companies face as they do
business in one of the most important markets.
And bright ideas. How one start-up is helping others by bringing
investors together.
We have all that and more coming up on NIGHTLY BUSINESS REPORT, for
Friday, April 12th.
Good evening, everyone. Thanks for joining us. Tyler is off tonight.
Our top story: record earnings from two of the nation`s biggest banks
but stocks ended their winning streak. JPMorgan (NYSE:JPM) and Wells Fargo
(NYSE:WFC) reported big profits, but investors were not impressed focusing
on a decline in the mortgage business. The worry is that weak loan demand
could jeopardize the U.S. recovery.
Looking at those quarterly results now, JPMorgan`s earnings jumped
more than 30 percent to $1.59 a share, 20 cents more than analysts`
estimates. That`s thanks to gains in investment banking, not loan growth.
Revenues fell 3 percent to $25.8 billion. That was slightly below
expectations.
And a similar story at Wells Fargo (NYSE:WFC), where profits soared,
92 cents a share, beating estimates by 4 cents a share.
Revenues, however, fell 1.6 percent below expectations. Joining us
with more analysis, Fred Cannon. He is the director of the bank research
firm Keefe Bruvette & Woods.
Fred, what is the most important take away from these reports today
from JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC)?
FRED CANNON, KEEFEE BRUVETTE & WOODS BANK RESEARCH DIRECTOR:
What`s
the important takeaway is these big banks, revenue growth is very hard to
find. It seems like every time something kind of goes wrong, something
else is going wrong. As you said, the trading income was strong, mortgage
income under pressure. So, to get this record earnings, what they have to
do is they have to have great credit, that is everybody is paying back
their loans. And also keep expenses under control.
So, they continue to post good numbers.
GHARIB: Everyone was focused on what was going on in the mortgage
side of the Business. Mortgage loans and applications were down. And yet,
with we know that home prices and home sales are up. So it seems like
there`s a bit of a disconnect. You would have expected more loan growth.
CANNON: One would expect, but remember, it`s all about refinances
today. And what would happen last year was not only that we had record
refinances because of very low rates, interest rates, and the federal
government`s programs to help people refi, but we also had few mortgage
banks lending last year. So the spreads in the business was huge.
What`s happening is there`s a bit fewer loans but what is happening is
the competition form is so tough by the banks now because of the profits.
Those spreads are coming and that`s really what`s pressuring earnings right
now.
GHARIB: All right. So, today was all about JPMorgan (NYSE:JPM) and
Wells Fargo (NYSE:WFC). On Monday, it is Citigroup (NYSE:C), and then on
Wednesday, Bank of America (NYSE:BAC). Are we going to hear the same
story, the same themes from those banks?
CANNON: You bet, these two set the scene, because they are the two
bellwether stocks. And so, next week, good trading, pretty good investment
banking. But, boy, that domestic revenue is under pressures, spreads are
down, mortgage banking is down.
GHARIB: Looking at the recommendations, the bank stocks that you are
recommending right now, you`ve got Citi and Wells Fargo (NYSE:WFC).
Let`s start with Citi. You know, investors had to be patient for a
long time. How much longer do they have to wait if you buy the stock at
$44 a share?
CANNON: Well, I think you still have to be patient. This is a long
term turnaround. It`s probably the biggest restructuring story in U.S.
financial history perhaps and maybe in the whole U.S. economy.
But we do think they`re going to continue to post good progress on
that restructuring, number one. Number two, the mortgage banking really is
not a big revenue item for Citi. They`re not doing that much. But the
backdrop you mentioned is increasing home prices really helps clean up some
of the legacy problems there.
GHARIB: Tell us your thinking with Wells Fargo (NYSE:WFC). That`s
the other one you`re recommending at $37. It was down today. But long-
term, you think it`s a good buy?
CANNON: Right. Long-term, I mean, everybody is worried about the
short-term mortgage banking numbers as you talk about. That was like 19 of
the 20 questions on the Wells Fargo (NYSE:WFC) call was about it.
But if you think in the bigger picture: rising home prices -- and we
are seeing a strong market this spring -- are very a good thing for banks.
It means assets are better. It means credit quality is better. And at the
end of the day, higher home prices means people are going to be borrowing
more money.
GHARIB: We have a few seconds left. Bank stocks have been rallying
actually since December. Is this the end of the rally or is there some
upside overall?
CANNON: I think that home prices is a very good backdrop for it. But
remember, the other problem is the 10-year yield curve -- the 10-year bond
yield has come down. It`s a little bit tough for the banks in the short-
term. But over the next year, we think there still will be some background
because of those home prices.
GHARIB: Fred, any disclosure? You own any of these stocks?
CANNON: I don`t.
GHARIB: OK. All right. We`ll leave it there. Have a great weekend.
Thanks so much, Fred.
Fred Cannon --
CANNON: Thanks, Susie. Great to be on.
GHARIB: -- director of research at Keefe Bruvette & Woods.
Well, besides those disappointing bank reports, discouraging news
about the consumer also weighed on the markets today. Retail sales fell in
March. That was a sign of sluggish consumer spending, and an index of
consumer confidence from the University of Michigan showed a sharp drop in
April.
By the closing bell, here`s how the week ended on Wall Street:
The Dow down at much as 74 percent -- 74 points, rather at the lows of
the day, and ended just a fraction of a point lower. The NASDAQ off five,
and the S&P down 4 points. Still those averages were up for the week by as
much as 2 percent.
Meanwhile, in the community markets, gold prices plunged 4 percent to
$1,500 an ounce, down $63 to the lowest level since July 2011.
Well, despite the discouraging reports on retail spending, Terry
Lundgren, the CEO of Macy`s (NYSE:M), says that his stores customers are
still opening their wallets, even though the payroll tax increase has
forced other consumers to pull back.
(BEGIN VIDEO CLIP)
TERRY LUNDGREN, MACY`S CEO: Our customer seems to be resilient and
seems to be continuing to buy when the product is right, when the value is
there, and when it makes sense on a price/value relationship. So, we
continue to be confident at least in our case that the consumer is still in
a buying mode.
(END VIDEO CLIP)
GHARIB: Our Courtney Reagan also keeps tabs on the buying habits of
consumers. She is at the state Supreme Court house in Washington. She`s
been following the trial pitting Macy`s against JCPenney over the rights to
sell Martha Stewart branded goods.
Courtney, we`re going to get to that trial in a moment. But, first,
it`s to get your take on what Terry Lundgren said, do you think that
consumers are in that buying mode? I know you`re always checking in at the
stores. What do you think?
COURTNEY REAGAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: That
is true,
Susie.
I think it depends on the consumer and the store. It`s not a very
easy answer. We heard earnings from Family Dollar earlier this week.
There`s some concern about that consumer, the lower income consumer. Of
course, if you are one of the folks that is looking for a job and has been
unable to find one, you are likely to be in the camp that is spending a
little less.
We`ve got those retail sales numbers today from the government,
disappointing. And if you look into the details, it`s the discretionary
spending that seems to be taking bigger hits. Department stores down 1.1
percent for the month, general merchandise sales down 1.2 percent for the
month, much bigger than the couple fraction of a percentage, that the
entire number was down.
I think consumers have gotten smarter. They spend when they feel
confident. And those consumer confidence numbers also hitting nine month
lows.
GHARIB: Right, absolutely. Well, you know, a lot of what have is
going on at JCPenney is going to depend on consumers spending money in that
store. And there`s so many issues there.
Let`s first start with this court battle. A lot of news coming out of
the courthouse today. What`s the latest?
REAGAN: That`s true, Susie. So what happened today is that the judge
ruled that JCPenney will be allowed at least temporarily to sell the goods
that Martha Stewart designed but do not have her name. They`re currently
labeled JCP Everyday. Many of these products are in the categories that
Macy`s (NYSE:M) is arguing it has the exclusive right to sell.
A Citi analyst values this inventory at about $100 million. So the
judge is going to allow JCPenney to sell the JCP Everyday merchandise at
this point.
The trial itself, potentially weeks from being over and when the final
decision comes down, all of that could change very quickly.
GHARIB: And you are going to be back in the courthouse next week and
we`ll be counting on your reports from there. Thank you so much, Courtney.
Courtney Reagan reporting on JCPenney.
Well, our market monitor guest says today`s pull back in the stock
market is a good thing. She`s Ann Miletti, senior portfolio manager at
Wells Fargo (NYSE:WFC) Advantage Funds.
So, Ann, you are be looking for a 10 percent pullback. You said you
would welcome it. Why should investors welcome that?
ANN MILETTI, WELLS FARGO ADVANTAGE FUNDS SR. PORTFOLIO
MANAGER: Well,
it`s hard to know exactly how much of a pullback we will get if any at all.
But I`m hopeful that we will get some. I think the market has gotten ahead
of fundamentals right now. So, it seems to be the multiple that`s
increasing but not necessarily the earnings.
I think we are headed into the -- into the announcement season and
preannouncement season actually for Q1 and if we see too many disappoints,
I think there is a chance that the market is going to be disappointed and
sell off.
GHARIB: You know, the Dow is up something like 13 percent so far this
year. The S&P is about the same, 11 percent. Is this as good as it gets?
Investors have been hoping for a summer rally?
MILETTI: Yes. You know, I think after a 13 percent run in one
quarter of the first quarter of the year, that`s a pretty remarkable
return. And I don`t think that one most investors expected to get right
out of the gate.
And so, I`d like to see a pullback, or, you know, even just some
stability here, because we are bullish longer term, and we want more
opportunities to invest.
GHARIB: And yet, you still see that there are some good values, some
good stocks to buy and let`s look at your list. Actually, you have a very
controversial one. At the very top of your list,. Carnival (NYSE:CCL)
Cruise Lines.
Very interested to know why you are interested in CCL. What is the
attraction given all of their problems that they`ve had?
MILETTI: Good question, Susie. Well, outside of the events that have
made the news. The underlying fundamentals for the cruise industry are
actually pretty good. There`s less capacity in the industry today than
there was years ago.
And Carnival (NYSE:CCL), they are net yields are actually up year over
year and pricing is up. And so, although these events could have near term
impacts to the stock, we are looking out over the next two to three years
and think the stock is trading at a big discount because of these events.
So, we`re looking at the event as being an opportunity to get involved.
GHARIB: Fascinating. Let`s look at Nuance Communication. This is
NUAN on the NASDAQ. Actually, Carl Icahn made news this week. He bought a
9 percent stake in this company earlier this week.
Is that a good sign?
MILETTI: Well, you know, he`s certainly findings some valuation
attraction, much like we did. We`ve been involved since the beginning of
the year in this name. It`s a voice recognition software system that`s
applied. Most consumers know about it from their cell phones, their Dragon
technology or Siri if you have an iPhone.
But it actually has business applications that can provide a lot of
cost savings. So, for example, in the health care system, where you are
taking paper records and trying to digitalize them, you can take their
technology and use voice transcription to turn into digital records for
patients.
GHARIB: All right, let`s see if we can get in the third one of your
recommendations. This is Dick`s Sporting Goods (NYSE:DKS). DKS on the New
York Stock Exchange.
Why are you recommending this one at $49 a share?
MILETTI: We think that Dick`s is a share gainer overall in the
sporting good space. They have great retail locations, primarily in the
East and Midwest. They`re going to be expanding out west with. In the
markets, they`ve been in, they have been share gainers, as I said earlier,
and we believe that`s going to continue and the new store growth on the
West will provide growth for a couple years to come, yes (ph).
GHARIB: All right. Lots to think about here.
Any disclosures, Ann?
MILETTI: We -- I do own the funds in which we are investors, in the
names that I talked about, but I don`t own them individually.
GHARIB: All right. Thank you.
MILETTI: Thanks, Susie.
GHARIB: Ann Miletti, senior portfolio manager at Wells Fargo
(NYSE:WFC) Advantage Fund.
Coming up, from Yum to Caterpillar (NYSE:CAT), the challenges American
companies face when doing businesses in one of the most lucrative markets
in the world.
But, first, a look at how the international markets closed today.
(MUSIC)
GHARIB: The Federal Reserve $85 million in bond purchases every month
has gotten a lot of credit for boosting the stock market and the overall
U.S. economy. But now, some members of the nation`s central bank are
debating whether it`s time to pull back on all that buying.
One of those policymakers is Eric Rosengren. He`s the president of
the Federal Reserve Bank of Boston. And he says the time is now.
(BEGIN VIDEO CLIP)
ERIC ROSENGREN, FEDERAL RESERVE BANK OF BOSTON PRESIDENT: I
think
there`s strength in the underlying economy. If you had asked me six months
ago, would we have the kind of growth that we have been getting with tax
increase, with the sequester, with the problems in Europe? I probably
would have expected a slower economy than what we`re actually finding.
So, I think we are going to get a pick up. I`m confident of that. I
want to taper, but I want to taper and stop our program, because we are
getting strong growth in the economy and strong improvement in the labor
marks.
(END VIDEO CLIP)
GHARIB: So maybe it was that underlying strength that helped lift
some consumer names in the market today. And that`s where we begin our
market focus.
Among the blue chip gainers, Home Depot (NYSE:HD), Walmart and Procter
& Gamble (NYSE:PG) touched all time highs.
Bed Bath & Beyond (NASDAQ:BBBY) was one of the best performing stocks
in the S&P today.
Home Depot (NYSE:HD) jumped 2 percent to $73 a share. Walmart gained
almost 1 percent to $78 and change, P&G rose a fraction to $80, and Bed
Bath & Beyond (NASDAQ:BBBY) up more than 4 percent.
The home builders saw gains. A noted housing analyst Ivy Zelman
upgraded several stocks, including Beazer, M/I Homes (NYSE:MHO) and KB
Homes to buy ratings. Zelman said that she likes stocks that are long
land, her words, and that California home building is strong now. At the
close today, Beazer gained 5 percent to $15.66, M/I Homes (NYSE:MHO) up
more than 2 percent, and KB Homes at half a percent, to $22 and change.
Now, today`s drop in gold took the shine off of gold mining stocks.
Newmont dropped to four year lows. It was down nearly 6 percent. But
other miners loss even more. Barrick tumbled more than 8 1/2 percent, and
Goldcorp (NYSE:GG) off by almost 5 percent.
And Infosys, this is a the Bangalore-based outsourcing giant, lost
fifth of its marketing cap on a gloomy earnings and revenue outlook.
Infosys says that sales will grow, but warn they will be well below
forecast. The company`s U.S. shares plunged more than 20 percent in heavy
volume.
There`s always challenges for American companies doing business
outside the U.S., and when that business is conducted in China, the rewards
maybe great, but so are the risks for companies and their employees.
Eunice Yoon has our story.
(BEGIN VIDEOTAPE)
EUNICE YOON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over):
This
may look like an Apple (NASDAQ:AAPL) ad, but it`s an expose. An annual TV
show on consumer rights in China recently targeted Apple (NASDAQ:AAPL),
accusing of it as treating customers here as second class, compared to
other consumers around the world, including Americans.
Apple (NASDAQ:AAPL) apologized but the attack by the government-backed
media raised concerns that Beijing`s attitude towards international
companies is about to turn sour.
JOHN FRISBIE, PRESIDENT, U.S. CHINA BUSINESS COUNCIL: A foreign
company might be an easier to go after than a local one. I think we have
seen it in the past. You know, maybe we`ve seen it more recently.
YOON: For decades, Beijing courted companies from overseas. China
got jobs, everyone else got affordable goods.
(on camera): But now, more global firms are facing what they fear is
a new reality, a tougher business climate in an important market. Many
worry about cyber espionage, new taxes, and policies that seem to favor
Chinese brands. Despite long time frustrations, the playing field here is
far from fair.
DOUGLAS OBERHELMAN, CEO, CATERPILLAR: It`s hard to compete with a
government backed entity. We have done pretty well doing that I would say.
YOON: Do you think it`s fair?
OBERHELMAN: I don`t know if it`s fair or not, it`s China.
YOON (voice-over): Not all the concerns are related to the giant.
Yum Brands (NYSE:YUM), a fast food giant behind KFC, was blasted by the
state press. But it failed to detect problems in its poultry supply.
SAM SU, VICE PRESIDENT, YUM! BRANDS: It`s not perfect. We have
learned a few things this time. It`s not about legal requirement, or any
of that. We just say, if we put in a system, we should have and could have
make it perfect.
YOON: President Xi Jinping says China plays fair, but would do more
to improve the investor environment. Either way, international companies
are looking to stay in the game.
FRISBIE: The market matters and that`s why companies are here, and
that`s why they make the effort to do the tough work that is necessary to
grow their businesses here.
YOON: Amid a weaker global economy.
For NIGHTLY BUSINESS REPORT, I`m Eunice Yoon, in Beijing.
(END VIDEOTAPE)
GHARIB: American automakers are doing business in China, and next
week, we`ll have a series of reports from that country, including a look at
what Ford is doing to gain a bigger foothold in the world`s largest car
market.
But still on the program tonight, we`ll introduce you to a startup
that is helping other new ventures to get funding and fast.
But, first, here is a look at how commodities, treasuries and
currencies fare today.
(MUSIC)
GHARIB: The clock is ticking to Tax Day. April 15th is on Monday.
President and Mrs. Obama have already sent in their taxes and shared
the specifics today. They reported nearly $609,000 in adjusted gross
income for 2012, most of that came from the president`s salary and about 40
percent from book sales. The first couple paid a bit more than $112,000 in
taxes. That works out to a tax rate of 18.4 percent.
And they donated a quarter of their total income to charity.
Last year`s income actually was the lowest that the Obama`s had made
since taking office.
And for those of you who haven`t yet filed your taxes, you may be
surprised to discover that you might actually owe money or more than you
expected.
So how do you pay back Uncle Sam without breaking the bank?
Sharon Epperson reports.
(BEGIN VIDEOTAPE)
SHARON EPPERSON, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-
over):
If you think you may have trouble paying your tax bill, don`t panic. There
are ways to easy the burden. But whatever you do, don`t ignore Uncle Sam.
WILMA HAYES, H&R BLOCK TAX ASSOCIATE: You must file. The penalty for
not filing is 10 times more than the penalty for not paying.
EPPERSON: Fail to file by the April deadline face a penalty of 5
percent of your unpaid tax bill, plus interest for each month to return as
late, until that penalty hits 25 percent of what you owe.
File on time, but fail to pay what you owe and the penalty is only
half a percent of your unpaid tax bill plus interest each month.
(on camera): Need more time to gather paperwork? File for an
extension with the IRS by the 15th and you`ll have until October 15th to
submit your tax returns. Many people need that extra time.
More than 11 million taxpayers requested an extension from the IRS
last year.
HAYES: It`s an extension to file, not an extension to pay. They have
to understand that, because starting April 16th, if you have a tax
liability, interest and penalties begin to accrue.
EPPERSON (voice-over): To minimize the interest and penalties on
unpaid balances, start exploring payment options with the IRS.
ERIC SMITH, IRS SPOKESPERSON: About one in six taxpayers who filed
for return has a balance due on the return. For many people, this is a big
burden. They can`t pay what they owe or they can`t pay all of what they
owe. And for those folks, the payment agreement is very often the answer.
EPPERSON: Here is how it works, you set the terms and figure out the
largest monthly payment you can make, once approved you`ll be charged a
$105 fee, or $52 if you make direct debit payments from your account. If
you owe $50,000 or less and have already filed your return, set up
installment plan online at IRS.gov.
Just remember, don`t take too long to pay Uncle Sam, you will still be
charged penalties and interest, until the tax bill is paid.
For NIGHTLY BUSINESS REPORT, I`m Sharon Epperson.
(END VIDEOTAPE)
GHARIB: And, finally, this week`s bright idea is about the start up
that`s helping other startups when it comes to raising money. Retailers
have a tougher time getting funds compared to say, tech firms. But a new
company in San Francisco is helping to change that through a process called
crowd funding. It brings together groups of angel investors.
And as Bertha Coombs explains, for the start of the benefit, it`s like
a little bit of heaven.
(BEGIN VIDEOTAPE)
BERTHA COOMBS, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-
over):
Rory Eakin and Ryan Caldbeck may not look like matchmakers but their start-
up firm CircleUp is in the business of bringing together entrepreneurs and
investors through crowd funding.
RYAN CALDBECK, CIRCLEUP FOUNDER & CEO: Crowd funding is the process
of connecting multiple people and allowing them to invest in a project or a
company.
COOMBS: Crowd funding is often associated with organizations like
KickStarter, that solicit donations using the Internet. Eakin and
Caldbeck, with backgrounds in private equity are using the model to group
angel investors hoping to make a profit. The angels buy in through a
broker who pays circle up a commission and they get on the ground floor of
small businesses like Little Duck Organics, a healthy snack food maker in
need of cash to grow.
ZAK NORMANDIN, LITTLE DUCK ORGANICS: I racked up $200,000 in debt.
COOMBS: Two years into his business, Zak Normandin had tapped out his
credit cards and the generosity of friends and family. He raised $400,000
from a group of outside investors and went from selling in 600 stores to
4,000 stores. To get to the next level, Little Duck was going to need a lot
more cash. Investors told him about CircleUp, and it wasn`t long before he
got funding.
NORMANDIN: We got up the phone and Ryan called up after and he`s like
we just had $60,000 I committed just on that phone call.
COOMBS: In just eight weeks, Eakin and Caldbeck helped Little Duck
raise a little more than a million. They have helped more than a dozen
firms raise similar amounts. All consumer package goods or CPC firms
poised for growth.
RORY EAKIN, CIRCLEUP FOUNDER & CEOO: Angels and venture capitalists
tend to focus on technology. And consumer is a little under represented.
CALDBECK: Traditionally, their only option to go raise money has been
to fly around to various angel groups around the country. We, by putting
into an online marketplace, make that more efficient.
COOMBS: It was the goal of the Bipartisan Jumpstart Our Business
Startups, or JOBS Act, signed by President Obama year ago, to help more
small businesses raise capital from investors. While the law eases some
private placement rules, the hope was the SEC would also ease standards
that limit investment to those with at least $200,000 in annual income, or
a net worth of more than a million dollars not including their home.
The SEC has yet to ask, but critics worry looser rules will expose
investors and maybe companies to fraud. Eakin and Caldbeck feel they`re
laying the groundwork on a model that works for both sides.
What makes it work for entrepreneurs like Zak Normandin is that beyond
the cash, he is getting connected to investors he feels believe in his
business.
NORMANDIN: They are vetting through the investors that are coming to
the table, so that we`re not getting like people that wouldn`t be a good
fit for our company.
COOMBS: For NIGHTLY BUSINESS REPORT, I`m Bertha Coombs.
(END VIDEOTAPE)
GHARIB: And that`s it for us, NIGHTLY BUSINESS REPORT, tonight. I`m
Susie Gharib. Thanks for watching and have a great weekend everyone. And
we hope to see all of you back here on Monday.
END
Nightly Business Report transcripts and video are available on-line post
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the views of Nightly Business Report, or CNBC, Inc. Information presented
on Nightly Business Report is not and should not be considered as
investment advice. (c) 2013 CNBC, Inc.
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