♪ this is "nightly business port" with sue herera and bill griffeth. >> reaching records. the dow and s&p closed at all-time highss the fed chair signalse that the pau in interest rate cuts is not set it e. watching washington. the impeachment hearings are under way on capitol hill. how concerned should walds be? >>isky business. hongong protesters targeting companies including some of america's biggest that are widely held by investors. those stories and more tonight on "nightly business report" for wednesday, november 13th. good evening, everyone, and welcome. the dow and s&p 500 closed at a record. investors focused on testimonyf the federal reserve chair jerome powell who signaled the

centl bank is still willing to step in and support economic growth. that offset fresh doubts about a potential trade deal between the s. and china and reports that those talks had a snig over agricultural purcha ds. the jones industrial average up 92 points to 27783. the nasdaq was down about 4 and the s&p 500 added 2 we begin with steve liesman a the fed chair's outlook for interest rat and the economy. >> reporter: fed chairman jerome powe telling the joint economic committee essentially that interest rates are on hold unless a big change to the outlook. among key points he made at the testimony today, monetary policy likely to remain appropriate as in we're on ho for a whiled. the economic outlook looks favorable. risks c go include the global economic slowdown and trade war policy the fiscal way it is now with big defends but powell emphasized that

monetary policy is not on a preset course. >> we think monetary policy is in a good placeut we'll be watching carefully incoming data cause a material reassessment on the outlook we'll actop apately. >> the fed funds futures market embraced the outlook for a on hold placing less than a 1% chance on a december rat cut. only in july does the chance rice above %. among the areas in pursuit from congress was the issue of how low the unemployment rategoan >> i'm very open to the idea that we doept know where maximum employment preciselyis. we have to have significain humility m estimates of that and let the data speak to us. and what the data -- the data are not sending any signal that the labor market iso hot or that inflation u is moving or anything like that. powell also said that low rates, low growth and inflation are likely the new normal, perhaps now low and maybeower unemployment. for "nightly business report,"

steve liesman. yes and whi chairman powell did tell lawmakers today that inflation overall is still low and ab, a new report showed a pickup in consumer prices. acg to this morning's commerce department report, the consumer pricee index r 0.4%, the fastest pace of feigns in seven months. moetly because of higher gasoline prices and medical care costs. to earnings now dow component cisco reported better nan expected profitut revenue guidedenseak. three 3% to 5% in year over year revenue sending the stock initially lower in after hours tradeding. josh lipton as more. >> reporter: investors pay close attention to cisco because the seen as an important barometer of th spending, i checked in with needham's alex anderson for hissisic at a he says it's about guidance below expectations. perhaps a shock to a lot ofin stor that is might hav

thought this was a more stable growth business. hernandez says itooks to be weakness from cloud commerce and service providers, meaning carriers like verizon and at&t. for "nightly business report" joshipton, san francisco now jerome powell's testimony on capitol hill was not the only event wall street was watching in washington. there wasf course the first public hearing of the impeachment inquiry into president trump. ylan mui spent the day onov capitol hilling that story for us. >> the impeachment investigati t into presidemp entered a new phase today as democrats brought their case directly to the public. >> house intelligenc committee chairman adam schiff focused on three core concerns, whether trump is exploiting the power of his office, coercing foreign ucting and obs congress's investigations. >> if the president canimply fuse y'all oversight particularly in the context of impeachment proceeding, theow balance of between our two branchs of government will b i

revocable altered. >> lawmakers spent five and a er half hoursst qning two key witnesses george kent a stop state department oicial and bill taylor, the accurate acting u.s. ambassador to ukraine. during the hearing taylor offered new information one of the staffers overherd a phone cull between president trump and the ambassador to the european you know gordon sondland p and hearsident trump ask about the investigations and heard sondland apply that ukraine was ready to move forward. >> and i think you said thathe after call when your staff asked ambassador sdland what president trump thought of ukraine, his response was that president trump caresore about the investigations of den. is that right. >> and barisma, yes, sir. of that is he cares more about t that than he does about ukraine. >>es, sir.

>> but a white house spokespe on responded that all the evidence in this case is hearsay. and president trump told reporters that he wasn't paying any attention to it. >> i'm too busy to watch it it's a witch hunt a hoax i'm too busy to watch it i'll get a report. i have not been briefed, no. there is nothing s there. they are using lawyers that are television lawyers. they took guysff television, you know. i'm not surprised because can't do his own questions. >> republicans triedo degree redirect the yeerg to joe bidens's son and ukraining gas company and argtd no quid pro quo. the white house released security aid to ukraine without any commitment from the country to conduct any investigatis. >> my clear understanding was security assistance money wouldn't come until zelensky committed to pursue the divestigation. my clear underst was they weren't getting the money until presidentsk zel committed to pursue the eggs haves.

with all due respect ambassador your clear understanding was wrong because it didn't happen. >> there is plenty more to come. another hearing is scheduled on friday. eight more witnesses are expected to testify next week an after that, lawmakers will head home for thanksgiving recess to see how all the d.c. drama is playing back at home. for nightlyusiness report, ylan newy in washington. >> as ylanre mentioned ts more to come in the impeachment hearing. but is there a moeking gun thati could potlyd the market higher or lower? we're joined by rebecca felton, the senior portfolio manager at ver nd investment group nic to haveou here rebecca it nice to be back. thank you all. >> how closelyo you think the market is watching this? and how much of what is going on may already be in the market? >> from that perspective we don't think that investors are keying in too much on the impeachmen drama, rather are focused on other drivers such as trade, the economy, even more

maybehat jerome powell said taos a relates to the fed and rates. but is there anything you can think of that could come out of the hearings that could move the market meaningfully one direction or the other? >> not necessarilyecause it's very difficult to draw a parallelut between anme in the impeachment hearings and sales or profits in corporate america. and those tend to be the fundamental reasons why stocks move up or down. >> what about the fact, though that it could be a distraction for not only individual investors but market participants as well? >> well, it absolutely could be. and it's most likely to drag on into 2020. but throughout this year as the markets have risen over 20%, which was a surprise to us and most folks watching the markets we know the focus has been away from the political rhetoric in growth and the consumer and the corporate america. , again, not to -- not to seem

like we're not paying tention. certainly we are but we don't see those as the now. ers right >> okay on that note, rebecca felton with river front investment group.yo than so much. >> thank you. >> and sticking with politics, a new iowa poll shows pete buttigieg claiming a narrow lead now over rivalshe for mocratic nomination. iowa as you know is that state that kicks off the presidential caucus and primary nominating season. we ask kla tausche it to look at where the mayor sta s on economiissues. >> reporter: well election headlines in the last week entrance by mike bloberg and another mayor pete buttigieg mab quietly on the rise.wa chipping at support for vice president biden and in a poll this week taking the lead from senator elizabeth warren in iowa. according to monmout 2% of likely voters back buttigieg.ol % bidenwed by senators warren and sanders at 18 and 13

percents expectatively. i want the second poll in two weeks showing buttigieg abovede in iowa after the quinnipiac showed him one point iowa leader board are important for two reasons. first the caucus on february 3rd the first primary snap shot. but also because in eight of the last tenresidential races the candidate winning iow went on to become the democrac party nominee. buttigieg bets they want a not the the left of warren. but he proposed forgiveebss o from for profit colleges. he would fund the $5 trillion medicare expansion by rolling back the corporate tax cut and the remaini 600 billion-dollars on the total $2.1 trillion economic plade would f by a tax on unrealized capital gains for the top% of earners. as for the campaign finances, he dwood $23.4 million carbon

hand. less than the progressives but more than double vice president biden. for "nightly business report" i'm kayla tausche in washington. it' time look at some of today's upgrades and downgrades, including new coverage of some well-known stocks. coverage of apple was initiated with an form rating at rbc capital markets. the analyst citesonhe i and growing role it plays in our everyday life. the price target is $295. the stock rose about 1% to 264.47. coverage of nike was initiated with an overweight rating at barclays, the analyst cites growth potential for earnings and revenue growth and cost cutting. the prisarget $111. the shares up 2% to 91.29. d coverageuch united airlines initiated with a boy rating at ubs. improving operating performance among other things. the price target $110. the stock fell a fraction to

$92.42. still ahead, if you own a lot of large captocks there is a new risk at plafor them far from wall street. ♪ google continues to expand way beyond search and into banking. according to the "wall street urnal," the company is planning to offer checking counts with its google pay app. but it's not going it alone. with citi partnerin group and a small stanford university credit you know the r notes that checking orunion. unts contain huge amounts of data about consumer spendin and income. elsewhere, alibaba is

reportedly planning a secondary listing in hong kong before the end of november. according to cnbc, the chinese e-commerce giant could raise about $13 billion. as you noticeablea is coming off dayccessful single's shopping event setting new records. experts say the listing could boost the m hong kongket itself which has seen business slow down amid protests there. and those protests in hong kong are creating a new type of isk for some big american compan many of which are widely held by investors. eunice yuan explains from beigg. >> businesses in hong kong foreign and local are in a tough spot, not only bus thedown turn caused by the turmoil but now protesters are starting to label businesses as pro government or ro protesters based on their perception of how friendly that business is to the s. demonstrator several groups are creatingnd lists aaps that can be

happen o fischer ob instagram 's and telegram. businesses are given color ting yellow is protester friendly. blue o black is pro police and grown is neutral. this is supposed to be a way of safe guarding businesses asmp hetic to the protesters from the economic fallout. but in the process some companies are tainted as pro government process one is mcdonald's. the protest esper suspected a store cooperated with police so the store got a pro government rating. another is aapanese noodle chain which protesters believe pierd a pr agency for creating an ad tt appeared to poke fun at police. the company zmies it fired anyone. starbucks doesn't have a rating but several shops havbeen ayndalized. the protestershey don't have a problem with starbuc itself but they have a serious issue wit one of its local suppliers. the daughter of the family that owns it has been c openlytical of the protesters. not surprisingly, which i businesses are attempting to steer clear of voicing any political leanings.

for nightly business report. eunice yuan in beiging. >> companies long tried tea ster of the plik base. but the risk of political labeling is out there. what could it mean for you and investment decision joinins is david nelson chief assetgist at bell point management welcome back. >> thanks for having me. >> what do you make of this? as you look at the fundamentals of a company, does this become one of those fundamentals that you lookt if they're being labeled politically overseas. >> we're going to have to. this is the world weiv in. companies forced to make a decision and choose sides here. thni's something that com and management tried to avoid if you take case in point in hong kong just recently apple was kind of brought into the fray here. they were forced to remove in re using to track police. have been they thought they -- byg remove

gohey avoided the political fray then damned ifdo they t, damned if they don't. here in washington senators and congressman weighed in on this it's a tough situation for all. >> how would you rate it in terms of the fundantals you look at when you decore whether ot to buy the stock? >> that's a good one, sue. c i have tosider it for sure. you just mentioned in the report you justed menti starbucks. obviously when a company is athe attacked like that. it hits a sales cycle, eaings, verymall for a company like starbucks in incident but what if itad legs and i think it's great that investors a consumers want to be invested in companies that share their ideals. but we forget sometimes that in the end stock certificate just entitles you to the earnings company that funds your f the retirement. it's not investing in it because it has some social value. >> but i know you happen t believe that the -- the job one

for an investor is to keep an eye on the bottom line, right. >> you have to. in the end that's wha this is about. and i'm not discounting things like esg, environmental, social and governance. these are importants iss today. and it's shone it helps the bottom line. but i that's all it is and -- and you're only investing in ay compecause it shares your ideals, somewhere down the road you'll be sadly oidisaed the company will disappoint. >> you david nelson with bell point asset management. alwaysood to see you thanks for joining us. >> thank you for having me. >> canada goose, the outer wear maker says unrest in hong kong hurt sales there and the olesale revenue will fall this quarter. this comes as the company's results beat estimates but canada goose shares fell about 11%34 t1. energizer topped expectations helped by recent acquisitions in its battery and

auto units. the battery make says it expects net sales to rise up to 10% for the full year and shares kept going and going. en y get the picture. up more than 15% to 48.38. lucken coffeen today china reported a six fold jump in quarterly revenue thanks to new stores and expanded menueyond coffee. the company raised revenue forecast. hares climbed about 13% as a result to 21.46. pell off a on is reportedly exploring streaming tportunities through amazon fire and the apple watch. bloomberg says that the to it fitness makalso looking to sell a cheaper treadmill andhi rowing m sometime nextier. shares rose more than 5% to 29.98. and disney was the best performing component in the dow today after it said the new streaming p service disnes had a very big debut yesterday with more than 10 million subscribers signs up in just the

first 24 hours. disney shares rose more than 7% to 14 >> moving goods from here to there is the back bone of the erican economy. at the center is the 800 billion-dollar trucking which as we mentioned is ripe for change. as frank holland reports, the future of hauling this is digital. >> reporter: the race is on to be t uber freight creating a digital market phrase for if freight for hire truckers can bid on jobs and get mated up convoy and uber sberpg this world. convoy is the hot start-up in the field skurpg another 400 million in funding this morning. the zart upsaying the money will be used scale up networks that aims to zrumt the highly fragmented astro. the company is already attrting high profile investors such as amazon found salesforce founder mark ben i edge. have and bono and the profile private equity companies bill gates cascade

instme have contributed to the more than 668 million, the digital disrupt esper raised. what. >> wha convoy does is we take all the jobs put them in the platform. we can csider tens o thousands of trucks at the me time. and we find the ideal matches. significantly reducing empty miles and waste in the system so everyone benefits. and that's where we think the future of tcking is going. >> ceo dan lewis says he is trying t endies ties the trucker are tig to make the the ships profitable and efficient. >> higher productivity is the key to profits for truck resist. se introduced automated reloads for truck when they use automated reloads instead of one job th wa a timech is the traditional method for getting work. convoy offers j two, thres at a time. we opt myself the pickup and drop off locations appointment times toake them as roductive aspossible. >> truck something a $800 billion company in the u.s.

thesere start upset targeting are freight brokerrket fraelgt opinion the 9 oh thousand k with re truckers w thousands of digital and traditional brokers. include publicly traded operators like ch robbance insure. legacy logistics in trucking companies that launched digital platforms. >> there are 15,000 truck broke ramblings today and hundreds of sands of small trucking companies. i don't know how many can exist. but i thinkt t we're going to see consolidation. >> the 15,000 plus broke kraj companies control about two thirds of the market. digital broke rgs with with are growing but according to goldman sachs research the industry will remain reliant on human interaction in the near term and legacy companies are catching up in the race to go high tech. frsik holland "nightly ss report." >> coming up from trucks to electric vehicles. and the big bet bein made what many say is the carve the future ♪

♪ ♪ here is a look at what to wind chill f tomorrow. wal-mart reports earnings. investors will be looking to see what the boretailer says the consumer and the upcoming holiday season. the producer price index will tel us if inflation remain steady and fed chairme je powell returns to capitol hill for day two of his and that's what to watch for on thursday. >> the ceo of the real real, the largest online luxurynm const business is admitting that the company literally cannot live up to the claim that its merchandise is 100% real and not counterfeit. julie wayne wright was a guest on "mad money" withra jimr

yesterday and defended her company's authentication process in the wake of a cnbc investigation last week tt sent the stock stumbling. the investigation weaired here on nbr showed staff hired at copy writers and not expert authenticators were evaluating whether the high end clothing and accessories were you a thent zpliek do you make your life hard b giving statements about how everything is real. suggest byes is not perfect. christies is not perfect. do you setp yourself to some degree for a level of criticism that may be justified that may be impossible to be perfect. >> it's impossible to be perfect but we sive to be perfect every day. and the team's intention every day and their actions and by the way -- and our consumers tell us shop on the internet.t place to and that's what we do every day. >> miss wright went on to say that copy writers are

trained to authenticate lower risk items and that in october alone more than 4,000 products out of 490,000 were replicated because they were counterfeit. she did not address the number of fakes that her company already sold. >> today, volkswagen broke ground on a plant expansion in tennessee. where the compa built electric vehicl. it's the latest example of auto makers pumping billions of dollars into electric cars. >> reporter: volkswagen is plugging in. the germa auto maker pushing too sell million electric vehicles is spending nearly a billion dollars to expand its plant in chat noog. >> it's not alone. "g" is vertigo one of its plants in detroit to build an electric truck. while ford is planning to add evs to several assembly lines over the next four years. and remember the gm plant in

lordstown, ohio. it's been sold to a new company. moritztown motors where it will buildric pickups. all together the auto industry is expected to investlmost a quarter trillion dollars over the next four years in electric vehicles. why? because many believe sales of electricic vehles will explode ov the next 20 years. >> i would say electric vehicles within that 20-year horizon could easily be the majority of vehicles on the and we're notust talking about passenger vehicles. we're talking about trucks and buses. >> the majority of vehicles soldn the u.s.re teslas. in part because they're popular but also becau tesla has three ev models to choose from.ha compart to other auto makers whoay have just one all electric vehicle to. offer and some auto makers have none. that will cha te over next four years. as more auto makers roll out electric vehicles how many of

them are able to attract a large nuer of buyers will depend on a variety of factors, including the price of gas. bu make no mistake, the surge in evs is just around the corner. >> phil lebeau, "nightlt, business repchicago. and that is "nightly business report" for tonight. i'm sue hereras thank for joining us. >> i'm bill griffeth. have a greatsevening. we'lyou tomorrow. ♪ ♪ ♪ ♪

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