this is "nhtly business report" with bill griffith and sue herera. >> fixer upper. home depot crushes earnings estimates and raises its full-year guidance as do-it-yourselferspend a lot of money to spruce up their homes. modern bank heist. the fbi warns that millions of dollars could be swiped from atms around the globe in matter of hours, and it could happen soon. restaurant revival, the return of the ultimate power lunch. those stories and more tonight on "nightly business report" for tuesday, august 14th. >> and we do bid you good evening, everybody. expectations were very high for home depot and the dow component did not disappoint. first thing this morning the world's large home improvement retailer released earnings that easily surpassedim ees and it lifted its outlook for the

rest of the year. homeowners, it touns are spending a lot of money to modernize their homes thanks to a strongng market and an improving economy, but despite the strong report, shares fell today which is typical of home depot's stock when the company does meet expectations. courtney reagan takes a look at what is going right for the tailer. >> t housing market is igarting to raise some concerns, but there's no sof those worries at home depot's latt earnings report and the home improvement retailer posting its highest earnis inales in company history and increasing its full-year forecast. u.s. comparable sales mrewe than 8%. the best in ninequarters, thanks in part for record sales of garden equipment and pent-up demand from an unusually cold spring. >> when we see in thiseport today is when the weather cooperates as it did in fiscal q2, people shop at home depot. >> the chief financial offer says the housing market is tight

with only 4% of homes turning over in the u.s. the 96% of homeowns that are rpt selling their homes make a good market for renovating which is great for home depot. interior paint had its best first half in f.e yea painting is an easy fix for homeowners looking for ah. refr >> the underlying trends are very good. people are spending on their homes and people, we' continued to see that now for several years and we don't think that is going to end. >> everything except lighting saw sases inc lighting was the only department a

s, the number of wall street banks are sounding cautious. goldman sachs recently said that an escalation of trade friction could result in a drop in earnings which could, in turn, push the benchmark. and just today a bank of america merrill lynch survey said despite bullishness reaching levels not seen since 2015, the peak may indeed be near.

ea even the congressional budget office lowered its forecast for this year citing uncertain for widening tariffs a how utious should investors be right now. let's turn to barry bannister, head of equity strategist. an awful lot of cross winds going here, barry with everybody convinced that we may see aom correction time next year. what do you make of that? >> yeah. there's a gd chance of that. if you look at the broader s&p 500 andn important market index it's actually still below where it was on january 26th of this year. it hasn't made a lot of progr s progress, we've had strong earnings to be sure and the ratio of price to earnings has fallen while the earnings improved. soe' had a market that's really flat year to date. >> you also men otioned that th maet's view on interest rates is basically well below the fed's rate view. how mu more aggressive do you

think the fed is going to have to be? >> yeah. the trouble for the fed is they don't really have any good choices. they have to cross an interest rate that's goi to undermine some of the wall street's aeculation before they get to rate that is consistent with what's called the dual mandate, which is low inflation and full employment. so weto specu need a certain rate, a very cheap rate and what the economy needs is a bit higher. it's also pressuring emerging markets as you clearly see because as the dollar gets more scarce it's harder for those people who borrowed in dollars overseas that have no control over the currency to pay back theirhiebts. >> one working against this bull market we're in is the length of time. we haven't had bear market in over a decade at this point and what would be the catalyst, though, do you think to end this bull market? e've had a couple of close calls, bill, in terms of a bear market. >> right. >> we came close as recently as late 2015 and early 2016.

so we've seen weakness and we've seen weakness in the economy. what's called nominal gdp which is real growthnf and thetion rate and bottomed out in early 2016 at a level consistent with past recessions. so usually, to cause an actual bear market you either have to be looking at the conditions that can cause resessions oces you have to cause a recession and the fed will have to raise rates more beforehat risk, but what i do see this secmer is the coon or fupullback as the estimates come down becausehe dollar is strong and emerging markets are weak and they're more hawkish than what the street would like to see in terms of raising interest rates and a number of negative factors and summer is a tough time for october for the markets. >> we will see what hpens. >> barry bannister, thanks for joining us tonight? thanksl. b >> with all of the focus trade, today we learned that the cost of imported f goods wast in

july, but at the annual rate increase to its highest level in six and a half years. according to the latest government report, higher oil prices are behind the push higher, but economists say tariffs imposed by the white house cddld to costs unless the trade disputes are resolved soon.me >> while, total household debt is now hire than before the financial crisi according to new figures from the new york borrowing reached more than $13 trillion in the second quarter. it was driven by auto and mortgage loans. the good news, though, is the borrowing h not been accompanied by a rise of delinquencies which still remains low. >>he u.s. economy is expanding the chinese economy is cooling and the directi of the world's second largestld economy impact investor across thegl e. eunice jung is in beijing ♪ ♪ >> chinese authorities said that the economy remains steady in july, but the numbers did missc

exions and also indicated a further slowdown in the economy. now looking at numbers, year to date, china fixed thero investmenth drop by more than expected to 5.5% and industrial output remains steady at 6% and retail sales posted growth o 8.8% and this is down from 9% in june. the weaker data is alreadypt prg authorities to indicate that they favoro- prowth policies and to express infrastructure stment and to pick up in the second half and this is part oft the governm overall policies to support the economy and china faces serious, complex, eternal ask domestic environment and china needs to assess the impact with its trade frikds with the united states. even with the cflict there's en a debate as to whether or not china will wanto continue

with what we've been seeing and the clampdown on interest rates and the reversal in policy to be much more supportive of the economy. for "night business report," i'm eunice jung in beijing. >> time to take a look at tonight's upgrades and. downgrad we begin with urban outfitters. the stock is fairly vued after nearly tripling over the past year or so. the price target now $53. that stock continued to rise up about 3% to $48.74. marriott was upgraded to outperform from market perform at raymond jes. the analyst calls the recent geakness in that stock a buy opportunity. price target $140. the stock rose nearly 1% to 121.61. >>al force's price target was raised to 178 at morgan stanley. the analyst calls the companyen ther of choice for the digital transformation. the rating on the stock remains

overweight. the sto m rosee than 1% to 146.57. square's price tart was raised ly $86 by nomura instinet. the a says downloads of squares cash app exceed those of venmo app for the first time ance july. the rating remai buy and the stock rose more than 3% to $74.97. >> still ahead, a small business opener caught in the middle of turkey's financial crisi ♪ ♪ optimism among small business owners is now at a 35-year high. that's its second best level ever and that's important because main street businesses are certainly consibored the ba of the american economy. kate rogers explains now what's

behind the upbeat mood. >> small business confidence is continuing t rise in the fac of an increasingly strong economy. a new survey fm the national federation of independent business shows optimism is neas record levth most owners looking to hire more workers to keep up with strong demand. >> we right now the economy's doing very well and that translates into a lot of demand for the output that small businesses produce. >> but a stubborn problem remains. finding qualified workers to fill qoles. laborlity is the top issue for small business owners, tpacing both taxes and government regulations. ability seen that the to find good workers especially skilled workers rising as a return of a problor companies over the last few years. -- and of course, to the economy and whatever we've seen the econy humming along like this, getting, keeping the right kind of workers in your businessbe reallymes one of the chief challenges. >> and as the labor market

continues to tighn, wages are increasing. that's part of the business owners are raising prices. >> the problem that we face now is with the tight labor market and no supply o little increase in supply, we -- if i succeed in hiring somebody i create ahe vacancy som else and we will not be able to eliminate the vacancies unls we get an increase in the participation rate in the labor force. >> while main street is feeling good about its economic prospects it's dealing with the pros and cons of the economy. i'm kate rogers. >> it is a difference for business owners in turkey who find themselves dealing with the fallout of the country's financial crisis. dylan marsh is in istanbul tonight. >> cabush opened his restaurant a decade ago. today he oversees ten burger

joints in a city better known for its it will have to wait thanks to growing economic uncertainty. >> and of course, like everyone, we have a problem, believe that everything is in the past. >> many business owners here long ago learned to hedge against currency b risks, the lira's latest has cost of building the perfect burger. and 're using turkish beef many thing, but the beef is coming from other countries and it's a major cost for us, for everything. >> this nation has long stood at a geographic crossroads and afterears of growth the government faces immense pressure to choose a nic econ past. so far, turkish authorities have resisted calls to take a bite out of inflation by raising interest rates and having blamed for uninterference for financial woes.

and its reluctance to act means entrepreneurs like cabush must make their difficultecisions about the future. >> am i worried about it? a before i could see the business plan, but now i have to wait. >> today president erdogan told turkish businesses, they should want postpone business decisions just to transact foreign businesses. and these day, the country's greatest economic enemy see to be the united states. for nightly business report, i'm dylan mark i istanbul. >> tapestry bagged strong rnings and that's where we begin tonight's market focus. the luxur fashion company formerly known as coach, posted quarterly rest ahead of estimates thanks to strong sales of the kate spadee handbags. tapestry ceo said that the death in june of the brand's namesakeounder fueled

nostalgia for kate spade products and that helped sales. shares of tapestry rose 12% today to $53.16. meanwhile, coca-cola is buying a stake in sports drinkmaker body armor and coke has the option o increasing the stake in that future. the body armor is a start-up backed by several athletes including kobe bryant and just the latest company looking to topple longtime industry leader gatorade. shares of coke were up 6 cents to $45.89. >> advanced autoparts topped sales for the full-year quarter d the autoparts retailer cites improvin industry trends and increased spending for transaction. the stock popped 7% to 156.13. signal's deal to buy express scripts will no longer be impod by the shareholder and carl icahn.

that follows recommendations by advisory firm iss and glass favor od they vote in the deal. icahn remains the deal is wildly overpriced. shares of silg nah and express scripts rose. cigna closed at 185.30. express scripts at $86 even. tea's boardamed a special committee to evaluate taking that company private. is follows recent tweets from ceo and founder elon musk who said he wantso take tesla private at $420 a share and that funding was, quote, secured, but there are reports that the sec is looking into tccuracy of musk's statements. shares dropped more than 2% to 347.64. w the fbi isning banks about a potential worldwide atm hacking scheme.co ing to a cybersecurity blog, hackers can use malware ta acce bank or payment card processor to steal data and then use thatle s information to withdraw large amounts of cash

from atms worldwi. charles henderson is the global managing partner with ibm xforce red a team of hackers who help companies uncover vulnerabilities in their own security systems. >> thanks for joining us tonight. >> thank you for having me. >> is this a new vulnerability we're heariut? what do you make of this warning from the fbi? >> so at its core, the fbi is addressing a lack of care and feedingn the at world. if you think about all of the things that banks t have had secure and have been focusing on such as networks, applications and any number of, thin they've -- they've been ignoring the atm security posture for some time. they've been treating it like a mac box and those -- that ignoring has come home to roost, and the criminals are now targeting atms because they're eennerable and they haven't

tested. >> so is a hakim nenck imminent what kind of banks are vulnerable, the j.p. morgans or ler banks? >> you have to remember at its core. let's take a step back and put ourselves in the shoes of a criminal. criminals want money, and it just turns out that cash monetizes extremely easily. so they -- they're going to attack atms with accounts that have a lot of money and they're going to raise the limits for the withdrawal those accounts so they can get the highest return on investment in one action. think about it this way. criminal enterprises are a business not unlike aan other they're trying to raise their roi. >> right. >> can hear the people at home thinking okay, hopefully are doing something about this to improve their security, but what should i be doing with my

bankt accountsw here. fe are they? >> they're a two-part scenario. the banks need to shore up the atms and they need todu c, dedicated testing programs against the atm and when i s testing, i mean penetration testing and the kind of sport that export does, so that the first time they'reested it isn't a criminal. the other thing banks have to p tor accounts for out of the ordinary withdrawal patterns as bell as outrd of theary patterns of the daily withdrawal limit. for co tumers, evenugh it's not their responsibility forry is, there's a couple of things -- >> very quickly, if i can, charles. ake sure that they're taken care of. one is look at their account, make sure that they're monitoring the charge history. they should be doing that anyway. the second is call the number on the back of the card and investigate their daily withdrawal limit.

make sure it's acceptabl >> be vigilant. that's for sure. charles henderson. anks, appreciate it tonight. >> thank you. coming up, a restaurantvi val and the first look at the return of a famut dining instn. ♪ ♪ a landmark restaurant is making its return. tomorrow at noon the four seasonsill open for lunch for the first time in two years and while the name is the same, a lol about it wil be different. robert frank is in new york ciht for us tonig. ♪ ♪ >> it is the day the hungry new york elite have been awaiting for two year return of the four seasons restaurant. tomorrow lunchill be served once again at the new location of the four seasons. the iconic lunchroom to

billionaires, finance kings and titans of media and politic for nearly 60 years. regulars include henry kissinger, martha stewart and billionaire financers like steve schwartzman and mark zuckerman. pete peterson founded their firc bltone over lunch at the four seasons in the mid-1980s. the old location in the philip johnson-designed area of the seinram's build closed in 2016 after a fight with the landlord. today it reopens a few blocks away with a new $30 million shrine to eating, drinking and making. getting a reservation will be nearly impossible for mere mortals, b we are the first cameras allowed inside. >> it all starts here with the sunken bar made from 24 karat gold leaf and molded glass. the windows are covered with a shower of crystals, be each of them hand painted and hand blown from an artist in the czech

republic and you then proceed through this mysterious tunnel in the passage made from perforated bronze and playsre t corded sounds of the wild life in centralark for each of the four seasons andth , you arrive here at the main dining room at the four seasons, 33 of the most tovetedles in new york city. l of them surrounded in mid-century modern elegance. >> there i a new executive chef, the new pastry chef comes frus the white but many of thesld dishe make a comeback including the famous dover sole and the carved duck. >> upstairs is a private dining room and an invitation-ly champagne bar. to pay for their new ace, dozens of four seasons customers invested between $250,000 and $1 million each in part to make sure they get a table. the billionaire bron ofman family is also a melong partner. >> the space is brand new, but the feeling is the same and the feelin is even more intimate

than before and it's really comfortable. we had a few dinners for friends and ekinvestors last and they stayed forever because it's so nice to be here. it's warm. >> even with all those investments they're going have to sell a lot of dover sole to make back that $30 million. for "nightly business report,"nk i'm robert fn manhattan. >> well. >> can't wait. >>an't wait. >> that does it for us tonight. i'm sue herera. thanksor joining us. >> i'm bill griffith. see you tomorrow. ♪ ♪

>> this is "bbc world news america." >> funding of this prtion is made possible by the freeman foundation, kovler foundation, pursuing lutions for america' neglected needs, and purepoint financial. >> how do we shape our tomorrow? it starts with a vision. we see its ideal form in our mind, and then we begin t we strip away everything that stands in the way to reveal new possibilities. at purepoint financial, we have designed our moderpp