Nightly Business Report (PBS) - 2006-11-29
Channel: malgent
Transcript
Language: English (original, YouTube automatic captions)
[0:03] A better thanex expected snapshot of the
[0:05] economy and an encouraging view from the
[0:07] Fed spur investors to bid up stocks. The
[0:10] Dow gains 90 points and the NASDAQ
[0:11] closes up 19.
[0:13] >> A brand new Vista for Microsoft.
[0:16] Tomorrow, the software giant rolls out
[0:17] its biggest software release in years. A
[0:20] new operating system and a new suite of
[0:22] office programs. Tonight, a preview of
[0:25] what to expect. There's a growing tide
[0:27] of new approaches to alternative energy.
[0:30] We look at how titled power itself could
[0:32] power up part of New York City as our
[0:34] special series struggle continues.
[0:37] >> And speaking of alternative energy, our
[0:39] street critique guest looks at
[0:41] investment opportunities in just that
[0:43] area. She's Hillary Kramer, personal
[0:45] finance editor at AOL.com.
[0:48] >> I'm Paul Kang.
[0:49] >> And I'm Susie Garup. This is Nightly
[0:50] Business Report for Wednesday, November
[0:52] 29th.
[0:54] Nightly Business Report is made possible
[0:57] by
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[2:00] Good evening everyone. Stocks on Wall
[2:01] Street rallied today on encouraging
[2:04] reports on the economy. The Dow jumped
[2:06] 90 points and the Nasdaq rose 19. Most
[2:09] of the buying followed the afternoon
[2:10] release of the Federal Reserve's Beige
[2:12] Book, which showed moderate economic
[2:14] growth in most regions of the country.
[2:16] Investors also applauded news this
[2:18] morning that the nation's gross domestic
[2:20] product grew 2.2% in the third quarter,
[2:23] well ahead of the earlier estimate of
[2:25] 1.6%.
[2:27] But new home sales fell 3.2% in October,
[2:30] the biggest drop in 3 months. However,
[2:33] the median price of those homes
[2:34] rebounded, up almost 2% to more than
[2:37] $248,000.
[2:40] Joining us now with more analysis on
[2:41] those economic numbers, Stuart Hoffman,
[2:43] chief economist at PNC Financial
[2:46] Services Group. Hi, Stuart.
[2:47] >> Hi, Susie.
[2:49] >> So, as you look at all of these economic
[2:51] numbers, what do they tell you about the
[2:52] economy? What kind of shape is it in?
[2:55] >> Oh, I think these numbers smack of the
[2:57] so-called soft landing. Uh, clearly
[2:59] growth is slowed down. Uh, it's not
[3:02] growing at three or three and a half% as
[3:04] it was the last couple of years. Housing
[3:06] is certainly a drag and it probably
[3:08] hasn't hit the ground floor yet, but the
[3:10] overall economy is doing well. Uh the
[3:13] Fed's beige book from around the
[3:15] country, anecdotal grassroots
[3:16] information says consumers were
[3:18] spending. Uh houses were were weak,
[3:22] autos were weak, but the rest of the
[3:23] economy, particularly the service
[3:25] sector, seems to be doing quite well.
[3:27] >> All right. Well, as you said, housing
[3:29] was weak, and so far this year, new home
[3:31] sales are down 25%. We saw today oil
[3:34] prices notching up. They're now at $62 a
[3:36] barrel. So, what do those factors mean
[3:38] for growth in the fourth quarter?
[3:41] >> I think economic growth this quarter for
[3:43] real GDP will be about the average of
[3:45] the last two, somewhere around 2 and a/4
[3:47] to 2.5%. That seems to be the kind of
[3:50] slowdown that would define a soft
[3:52] landing. Inflation in those numbers last
[3:55] quarter were a little better than they
[3:57] were in the summer. And of course with
[3:58] the huge drop in energy prices, even
[4:00] with oil back up to $62, gasoline
[4:04] prices, other commodity prices are down,
[4:06] means inflation's going to be uh very
[4:08] good this quarter. So uh it's a pretty
[4:10] good picture and certainly music to
[4:12] stock investors ears
[4:13] >> as we saw today. Do you think then these
[4:16] numbers fit into the view that Ben
[4:18] Berneni delivered in his talk yesterday?
[4:21] >> Yes, and I expect the chairman might
[4:22] have had a little heads up on the GDP
[4:24] number being revised up. He's described
[4:26] an economy where the risk on inflation
[4:28] is still to the upside. And that's what
[4:30] a Fed chairman and other Fed members are
[4:32] supposed to say and do. But it looks to
[4:34] me as though if they're forecast of
[4:36] slower core inflation in 2007, with
[4:39] which I agree looks like a pretty good
[4:41] one, as well as growth, uh, economic
[4:44] growth and job growth a bit below trend,
[4:46] but not snowballing. We don't have an
[4:48] economy that's snowballing down some
[4:51] slippery slope, uh, to a hard landing or
[4:53] a recession. All right, last question.
[4:55] We pretty much have a consensus uh from
[4:58] street economists that the Federal
[4:59] Reserve will stay stand pat on uh
[5:02] interest rates when they meet in two
[5:03] weeks, but what about in 2007? Where do
[5:06] you stand? Rate cut or rate hike?
[5:09] >> I stand in the rate cut camp. I don't
[5:12] think it'll occur until near midyear.
[5:13] So, we have the Fed funds rate at five
[5:15] and a quarter growing roots. uh they are
[5:18] going to be there for a while but I
[5:19] think the Fed will kind of do some root
[5:21] canal and cut the Fed funds rate
[5:23] starting around June May or June of 2007
[5:26] and bring it down uh 25 maybe 50 or 75
[5:29] basis points closer to that over the
[5:31] second half of next year.
[5:33] >> All right, we'll hold you to that and
[5:34] we'll check in again.
[5:36] >> Thank you so much.
[5:38] >> We appreciate you coming on the program,
[5:39] Stuart.
[5:40] >> Thank you.
[5:41] >> We've been speaking with Stuart Hoffman,
[5:42] chief economist at PNC Financial
[5:44] Services Group.
[5:45] Stock prices moved steadily higher this
[5:47] morning. That GDP upward revision sat
[5:50] well with investors as did a rebound in
[5:51] the dollar. At noon, the Dow posted an
[5:54] 85point gain and the NASDAQ composite
[5:56] was up 20 points. The rally eased as oil
[5:59] prices surged, but that beigebook report
[6:01] dispelled fears of a hard landing,
[6:03] helping stocks end on a strong note. The
[6:06] Dow Industrial Average closed up 90.28
[6:08] points at 12,226.73.
[6:11] The Nasdaq Composite was up 19.62 62 at
[6:14] 2432.223.
[6:16] Standard and pores 500 index gained
[6:18] 12.76 ending at 1399.48.
[6:22] In the bond market, the 10-year note
[6:23] fell 532 to par in 2632 putting the
[6:27] yield at 4.52%.
[6:46] Ford Motor is losing almost half of its
[6:47] unionized employee base. The automaker
[6:50] said today about 38,000 or 46% of its
[6:54] hourly workers have accepted buyouts or
[6:56] early retirement. Ford is trying to cut
[6:58] costs due to lower demand for its
[7:00] vehicles. The payroll will begin
[7:02] shrinking in January when the first of
[7:04] the buyout packages take effect.
[7:07] Meanwhile, rival General Motors is
[7:08] rolling out a hybrid electric and
[7:10] gasoline power system for its Saturn
[7:13] View sport utility vehicle. The
[7:15] prototype was unveiled today at the Los
[7:17] Angeles Auto Show and is being called
[7:19] the Green Line. The new vehicle is
[7:21] expected to deliver up to 45% better
[7:24] mileage in highway and city driving than
[7:27] the current non-hybrid view. Hybrid
[7:29] vehicles have both electric and gasoline
[7:31] power systems with batteries that can be
[7:33] recharged by plugging them into an
[7:35] electrical outlet.
[7:37] >> Cars were in the spotlight at the US
[7:39] Supreme Court today, specifically car
[7:41] and truck emissions. In what could be a
[7:44] landmark case on global warming, the
[7:46] justices are being asked to decide
[7:48] whether the Environmental Protection
[7:49] Agency is right to refuse to regulate
[7:52] greenhouse gases as air pollution.
[7:55] Massachusetts and six other states want
[7:56] to force the EPA to put carbon emission
[7:59] restrictions on new cars. The justices
[8:02] appeared split over the whether
[8:04] Massachusetts is facing the type of
[8:05] imminent threat required to sue. The
[8:08] Commonwealth lawyers say the damage is
[8:10] ongoing.
[8:12] Massachusetts owns 200 miles of
[8:14] coastline uh that is being inundated by
[8:16] rising seas. That harm is occurring
[8:19] today and it's going to happen tomorrow
[8:20] and get worse as u greenhouse gases
[8:23] continue to accumulate in the
[8:24] atmosphere.
[8:25] >> But the Bush administration argues the
[8:28] science surrounding global warming is
[8:30] still too uncertain for the EPA to act.
[8:33] The administration claims the EPA EPA
[8:35] can't take action because Congress
[8:38] didn't intend for the Clean Air Act to
[8:39] be used to fight global warming. Well,
[8:42] the importance of clean air is a key
[8:44] driver in the research and development
[8:45] of new and renewable energy sources.
[8:48] This week, our special series Power
[8:50] Struggle is looking at the search for
[8:52] those sources. Tonight, Stephanie Dub
[8:54] looks at a project hoping to generate
[8:56] renewable energy from the oceanceans's
[8:58] tides and the struggle to prove that
[9:00] technology will work.
[9:06] This is where the East River passes New
[9:08] York City's Roosevelt Island. This area
[9:10] is also home to a test project for
[9:13] renewable energy. 10 ft below the
[9:15] surface, turbines will soon be installed
[9:18] that will harness the tides to generate
[9:20] electricity.
[9:21] >> The operational performance as well as
[9:24] the environmental performance.
[9:25] >> Ron Smith is the CEO of Verdant, the
[9:28] company behind the project. His goal is
[9:30] to prove that tidal power can pay off.
[9:32] >> The conventional wisdom today is that
[9:34] this can't be done because it will never
[9:36] be cost effective. Um, you know, our our
[9:39] intent and our challenge is to show that
[9:41] we can make it cost effective. Uh,
[9:43] nobody's tried it.
[9:46] >> Since nobody has tried it before,
[9:48] Verdant has forged a new path for
[9:50] everything from designing the
[9:52] connections to the electricity grid,
[9:54] constructing the site, and securing
[9:56] regulatory permits.
[9:58] >> Every time we turn a corner, there's,
[10:00] you know, just conventional
[10:02] practice does not address what we're
[10:04] trying to do here. So, it's got to be
[10:06] it's got to be tailored and uh
[10:09] customized, and that takes a little bit
[10:11] of time.
[10:12] >> Verden first began the project in 2003
[10:15] and expects to complete the initial test
[10:17] phase in 2008. A key test is what impact
[10:20] the turbines will have on the fish
[10:22] population in the East River. Robert
[10:24] Goldstein is general counsel for the
[10:27] environmental grouper. The group is
[10:29] usually at odds with business,
[10:31] patrolling local rivers to gather
[10:33] evidence against polluters. But for this
[10:35] tidal power project, Riverkeeper is
[10:38] working with the company to measure the
[10:40] impact on the river's ecology.
[10:42] >> It may have detrimental effects. We want
[10:44] to understand them. We want to know
[10:45] them. We want to be able to minimize
[10:47] them. And I think as as we've been
[10:49] working with Verdant, we found that they
[10:51] want to achieve the same goals. They
[10:53] want to minimize the impact that their
[10:56] turbines are going to have on the
[10:57] biodiversity. We applaud that, but we
[11:00] want to see it work.
[11:01] >> To prove it works, Verdant sank $2
[11:03] million into this underwater sonar
[11:05] system. The equipment tracks fish
[11:07] patterns to gauge their reaction to the
[11:09] turbines. The results will be provided
[11:11] to observers in real time. We're natural
[11:14] skeptics, but uh we think that that if
[11:18] they they provide us with all the
[11:19] information that they generate, we can
[11:22] come to an intelligent conclusion and uh
[11:26] determine whether this project is really
[11:28] green.
[11:30] >> Experts say tidal and ocean wave power
[11:33] hold promise. One advantage over solar
[11:36] and wind is that tidal power is highly
[11:38] predictable. Studies suggest that tidal
[11:41] and wave could make up 5% of the
[11:43] nation's electric supply in the next 5
[11:45] to 10 years.
[11:47] >> Wave and tidal energy given proper
[11:49] sighting, proper cons care and design,
[11:52] installation, operation maintenance,
[11:53] will become one of the more benign
[11:55] electricity generation technologies
[11:57] known to humankind.
[11:58] >> But first, Burton and others will have
[12:00] to prove it to investors, regulators,
[12:03] and the public. Initially, the turbines
[12:05] will power this nearby complex, which
[12:07] houses a supermarket, parking garage,
[12:09] and hybrid bus depot. If the project's
[12:12] successful, the plan is to build a 10
[12:14] megawatt system, which could be enough
[12:15] to fuel 8,000 New York City homes.
[12:18] Stephanie D, Nightly Business Report,
[12:20] Roosevelt Island, New York. Tomorrow, as
[12:23] we wrap up our series, Power Struggle,
[12:25] we'll tell you how one winery in
[12:27] California is saving $90,000 a year on
[12:30] its electric power while making Pon
[12:32] Noir.
[13:01] Tomorrow is a landmark. Mark Day for
[13:03] Microsoft. The company's making its new
[13:05] Windows Vista operating system available
[13:08] to its biggest corporate customers. To
[13:10] introduce it, Microsoft's planning a
[13:12] billion-dollar marketing campaign,
[13:13] beginning by ringing the opening bell at
[13:15] the NASDAQ. Tonight, New York Bureau
[13:18] Chief Scott Gervy previews Vista and
[13:20] looks at its impact on the industry and
[13:22] Microsoft's bottom line.
[13:24] 5 years in the making, an eternity in
[13:26] the world of personal computers, Windows
[13:28] Vista is the latest incarnation of
[13:30] Microsoft's ubiquitous operating system,
[13:33] now found on 90% of the world's PCs.
[13:36] Bill Gates personally ordered a rewrite
[13:38] of Vista halfway through the development
[13:40] process to improve security and
[13:42] stability. Most reviewers say the work
[13:44] paid off. Microsoft has done a great job
[13:47] of improving security, improving
[13:49] controls, protecting users from
[13:51] themselves. But that doesn't mean that
[13:54] it is impenetrable. And I don't think
[13:55] Microsoft is even saying that. But I
[13:58] think that the ability to recover from
[13:59] attacks and to protect against them is
[14:02] certainly gone many levels up. Vista
[14:04] sports a new graphic interface, at least
[14:06] on computers with advanced graphics
[14:08] capabilities. Older computers will not
[14:10] have the pretty images, but all will
[14:12] have new features. Critics complain many
[14:14] of these are already available on rival
[14:17] Apple's computers, but they will be new
[14:18] to the Windows platform. Also available
[14:21] for the first time tomorrow will be
[14:22] Office 2007, the new version of
[14:25] Microsoft's best-selling application
[14:27] suite. The look and feel of Office has
[14:29] been significantly changed to make it
[14:31] easier for users to find the advanced
[14:33] features of Word, Excel, and PowerPoint.
[14:36] Some experienced users may be confused,
[14:38] but Microsoft is confident the learning
[14:40] curve will be reasonable. more than five
[14:43] million people downloaded these
[14:46] operating systems and software packages
[14:48] during their development and tested them
[14:50] and gave us feedback on these things.
[14:51] And so we've had a community of people
[14:54] involved in the development of them and
[14:56] that's how we have a lot of confidence
[14:57] that people are going to love them when
[14:58] they try the final product.
[15:00] >> In fact, some analysts believe companies
[15:02] adopting the new office suite will
[15:04] encourage computer sales for the home.
[15:06] >> Consumers are also employees. if they
[15:08] have a computer that they use at work
[15:10] and maybe they bring that computer home,
[15:12] then office is a big part of the story
[15:13] here for a company or for a consumer who
[15:16] is working for a company. So, if you're
[15:17] a work from homer, Windows uh and Office
[15:20] go together. If you have a new version
[15:22] of Office, you're going to get a new
[15:23] version of Window and and a new PC.
[15:25] >> As of tomorrow, big corporate clients
[15:27] can download Vista and Office from
[15:29] Microsoft, but most will test the
[15:31] products for some time before rolling it
[15:33] out. Computer manufacturers already have
[15:35] the products and are expected to preload
[15:37] them on new systems by the end of
[15:39] January. Retail boxes for people
[15:42] interested in upgrading should appear in
[15:44] the stores at the same time.
[15:46] >> The benefit of that will be more of the
[15:47] consumer cycle. Uh and we'll see that
[15:50] beginning at the end of January and that
[15:52] lasts about a year or so. Then the small
[15:54] business market a year, two years and
[15:57] then starting about two years the
[15:59] corporate market really begins to
[16:00] upgrade in a big way to the new desktop
[16:02] products. Goldman Sachs has an
[16:04] investment banking relationship with
[16:05] Microsoft. Microsoft promises the next
[16:08] version of Windows in less than 5 years,
[16:10] but it has said little about what it
[16:12] will look like. Scott Gerby, Nightly,
[16:14] Business Report, New York. Now, let's
[16:16] take a look at some stocks in the news
[16:17] tonight.
[16:21] Once again, the most active big board
[16:23] issued today on 40.3 million shares.
[16:25] Lucent Technologies edging a penny
[16:27] higher. It's soon to be taken over, of
[16:29] course, by Alcatel. Second in volume was
[16:31] Fizer moving up 2 cents. Fiser is going
[16:34] to cut 2200 jobs or 20% of its domestic
[16:36] workforce. Company sites slowing sales
[16:39] growth and increasing generic
[16:40] competition. AT&T moved up 68 cents. An
[16:44] AG Edwards upgrade on Verizon helped the
[16:46] whole telecom sector move higher today.
[16:48] Exxon Mobile on those higher oil prices
[16:50] up a $187. Ford Motor fifth in volume
[16:52] edged 2 cents higher.
[16:54] Quest Communications a 23cent gain.
[16:56] General Motors fell 47 cents. But CVS,
[16:59] the big pharmacy chain, up 96 cents.
[17:02] Time Warner 15 rise. And Bell South,
[17:04] another firm trans or telecom stock up
[17:07] 79 cents a share. And there you see
[17:09] Verizon moving up 49. AG. Edwards
[17:12] upgraded it from hold to a buy.
[17:15] And then NYSC Group down $545. JP Morgan
[17:19] downgraded it from overweight to neutral
[17:21] partly because of the stock's high price
[17:23] earnings ratio at 30 times earnings.
[17:26] On the upside, New York Times up a $155.
[17:30] The New York Post newspaper reported
[17:31] that former AIG chairman Hank Greenberg
[17:34] has been buying big blocks of New York
[17:36] Times stock to break the Sberger family
[17:38] strangle hold on the media empire. But
[17:40] after the close, Mr. Greenberg said he
[17:42] only owns a 100,000 New York Time shares
[17:44] and has no intention of boosting his
[17:46] stake. The stock dropped about a dollar
[17:48] from this price in after hours trading
[17:50] on that news. Mobile Teles Systems. This
[17:52] is the big Russian cell phone company up
[17:55] $369. It came in with third quarter
[17:58] earnings a little better than expected
[17:59] $121 per ads versus 126 last year, but
[18:03] uh revenues were up a very impressive
[18:05] 30%.
[18:07] Flu Corporation up $2.94. The company
[18:10] has awarded a $2.2 billion engineering
[18:12] and construction management contract for
[18:14] a Saudi Arabian prochemical complex.
[18:18] Then Tiffany and Company up $229. and
[18:21] third quarter earnings nicely higher 21
[18:23] cents versus 16 last year on a 6% rise
[18:25] in same store sales. Arrol Postall. This
[18:28] is the teen
[18:30] uh apparel retailer up $1.98. Third
[18:32] quarter earnings 61 cents versus 47 a
[18:35] year ago. 19% rise in sales. Nice move.
[18:39] Manawak company gained $412 and company
[18:42] forecasting 2007 earnings between 375
[18:45] and $4 a share. That's well above the
[18:47] street estimate of $365.
[18:50] And Talbot's up 126. Wed Bush Morgan
[18:53] started covering the stock with a buy
[18:54] and a 12-month target of $32 a share.
[18:57] NASDAQ's most active Apple Computer down
[18:59] a dollar, but it traded as high as 9315.
[19:02] Bear Sterns boosted its target from $94
[19:04] to $100 a share. Google down $485. Cisco
[19:07] a nickel gain 18 rise in Microsoft.
[19:10] Intel 26 gain that was fifth in volume.
[19:13] Then we see Research in Motion down 14.
[19:16] Dell 67 gain. SanDisk up or down a
[19:19] dollar4 65cent loss in Broadcom and
[19:21] Qualcomm up 80 cents. And finally,
[19:24] Dynavax technology surged 239 on
[19:27] positive results from a latestage trial
[19:29] with the company's hepatitis B vaccine.
[19:40] As we continue our look at alternative
[19:42] energy, tonight's street critique guest
[19:44] has some stocks she thinks could power
[19:46] up your portfolio. Joining me, Hillary
[19:48] Kramer, market strategist and personal
[19:50] finance editor at AOL.com. Hillary,
[19:52] welcome back to NBR.
[19:55] >> Thank you, Paul. It's a pleasure to be
[19:56] here.
[19:56] >> In the past, so-called green investment
[19:58] didn't always leave investors in the
[20:00] black. Why do you think the alternative
[20:02] energy sector is booming now?
[20:05] >> It's totally different. This is
[20:06] sustainable, Paul. This is about tax
[20:09] cuts, subsidies, regulation. This is a
[20:12] bipartisan issue. Corporations are
[20:14] dedicated and consumers are to the
[20:17] environment and to reducing emissions.
[20:19] >> That's certainly in their favor. Let's
[20:21] get right to your stock picks.
[20:24] Starting out with Covent. Yeah, there it
[20:26] is.
[20:26] >> Yes. Coant CVA. One of my absolute
[20:29] favorite companies. Covent is a Samzel
[20:32] company, which means shareholders make a
[20:34] lot of money. It's about waste to
[20:36] energy. It's taking landfills and
[20:38] turning into clean energy. So, this is
[20:41] one of these future companies we're
[20:42] going to see start to pop and we're
[20:44] going to hear a lot about
[20:44] >> and the stock has done well according to
[20:46] the chart. Number two is Evergreen
[20:48] Energy. Why do you like that issue?
[20:51] >> Evergreen is coal to clean gasoline.
[20:54] We're going to hear a lot about that in
[20:55] 2007. Evergreen is at the bottom bottom
[20:58] of its chart right now. It's a great
[20:59] buying opportunity as people, especially
[21:02] experts in the area, start to believe
[21:04] that we can really take coal and go to
[21:06] clean gas.
[21:07] >> I think your third choice is an ethanol
[21:09] company and that's uh VeraSun Energy.
[21:11] There it is.
[21:13] >> Yes, I love Verison VSC. It had a
[21:15] terrific day up 5% today. What makes
[21:18] Verison different from Pacific Ethanol,
[21:21] different from Aventine is that they
[21:22] have a technology where they're not just
[21:24] doing ethanol, but in the same process
[21:26] they can do biodiesel. And so we're
[21:28] going to see VeraSon break out and
[21:31] really have some upside on the stock
[21:32] side.
[21:33] >> A fourth choice of yours is SUNTC Power
[21:35] Holdings.
[21:37] >> I love SUNTC STP. This is a Chinese
[21:40] company. It is a solar company and it's
[21:43] certainly the stellar winner out there
[21:45] in the world of solar. And we're going
[21:47] to also be hearing a lot more about
[21:49] SUNTC.
[21:50] >> Okay, we have one minute left and time
[21:52] for another choice of yours and that's
[21:53] Tetrate Tech.
[21:55] >> Yes, Tetrate. TTE K. This is a water
[21:58] purification play as well as
[22:00] environmental remediation. This is a
[22:02] value play in clean technology and
[22:04] alternative energy and I recommend it
[22:06] for those that don't want to take a risk
[22:08] with stocks such as Evergreen EEE.
[22:11] >> Okay, fair enough. Hillary, do you own
[22:13] any of these stocks or have other
[22:14] disclosures to make?
[22:16] >> Yes, I do. Covant CVA as well as Veris
[22:20] VSSE.
[22:20] >> You own those two issues?
[22:22] >> Yes. I want to thank you very much for
[22:24] joining us once again and we're going to
[22:26] see you next month to review how your
[22:28] past street critique picks have done.
[22:31] >> That's right. I can't wait to find out.
[22:34] >> My guest Hillary Kramer, personal
[22:35] finance editor at AOL.com.
[22:39] >> Tomorrow, we sit down with Microsoft CEO
[22:41] Steve Balmer for more on the company's
[22:43] new Vista and Office rollouts.
[22:53] Are you
[23:17] Heat. Heat.
[24:02] Heat. Heat.
[24:04] Here's
[24:23] a look now at what's happening tomorrow
[24:25] on the economic calendar. October's
[24:27] personal income and spending numbers,
[24:29] the Chicago purchasing managers index,
[24:31] and weekly jobless claims. Only a few
[24:33] earnings to report, including H&R Block
[24:35] and HJH.
[24:38] And finally tonight, the Ringling
[24:39] Brothers and Barnaman Bailey Circus
[24:41] isn't clowning around when it comes to
[24:43] its slogan. The entertainment company is
[24:45] suing beauty product seller Sephora and
[24:47] its parent, Louis Vuitton Moya Hennessy,
[24:50] claiming trademark infringement. The
[24:52] circus calls itself the greatest show on
[24:55] earth. Sephora is basing its holiday
[24:57] sales promotion on the phrase the
[24:59] greatest gift show on earth. And it's on
[25:02] the company's website, billboards,
[25:03] cataloges, and print ads. And Paul, this
[25:06] suit is no laughing matter. Ringling
[25:08] Brothers is asking for unspecified
[25:10] damages for lost business and $5 million
[25:14] in punitive damages.
[25:15] >> I'm sure the lawyers will have a three-
[25:16] ring circus on this one.
[25:19] >> You're right. That's Nightly Business
[25:21] Report for Wednesday, November 29th. I'm
[25:23] Susie Garup. Good night everyone. Good
[25:26] night to you Paul.
[25:26] >> Good night Susie. I'm Paul Kangas
[25:28] wishing all of you the best of goodbye.
[25:32] >> Nightly Business Report is made possible
[25:34] by Franklin Templeton Investments. Our
[25:38] unique perspective helps us see domestic
[25:40] and international markets in a different
[25:42] light.
[25:45] Franklin Templeton Investments
[25:48] gain from our perspective
[25:51] >> and by AG Edwards.
[25:55] This program was made possible by
[25:57] contributions to your PBS station from
[26:00] viewers like you. Thank you.
[26:06] Watch a tribute to James Taylor
[26:08] tonight's great performances at 8,
[26:10] followed by Blue Man Group inside the
[26:12] tube at 10 here on OPB.
[26:26] For more information about investing,
[26:28] you may order Nightly Business Reports
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