COMCAST'S OFFER.
COMCAST HAS NO IMMEDIATE
COMMENTS IF IT PLANS TO COUNTER.
MARIA: TRADE CONCERNS ARE
FUELING THE VOLATILITY IN THE
MARKET.
CONTINUED DEBATE OVER THE IMPACT
OF TARIFFS ON TRADE PARTNERS
SUCH AS CHINA, THE E.U. AND
CANADA.
JOINING ME, CHRIS OVERBECK.
LET ME ASK YOU ABOUT THE BROAD
ENVIRONMENT.
WE ARE WORRIED ABOUT TRADE AND
GROWTH.
DO YOU SEE THOSE WORRIES EVERY
DAY?
WHAT'S YOUR TAKE ON HOW THE
MARKET RESPONDED TO ALL THAT?
>> THERE IS A LOT OF UNCERTAINTY
AROUND THE TRADE ISSUE.
THERE IS SHORT TERM ISSUES
AROUND TRADE.
I THINK ULTIMATELY THE RESULT OF
THIS WILL BE CHANGES IN SPRY
CHAINS -- IN SUPPLY CHAINS FOR
MANY COMPANIES.
WE ARE SEEING THAT IN THE STOCK
MARKET BUT ULTIMATELY THE DESIRE
OF THE ADMINISTRATION FROM ALL
THIS IS TO BRING MORE
MANUFACTURING JOBS BACK INTO THE
UNITED STATES WHICH HAD BEEN
BASICALLY ON SHORT.
MARIA: THAT'S GOOD FOR YOUR
COMPANY.
>> WE FOCUS ON SMALL TO MEDIUM
SIZE ENTERPRISES.
ALL OF THIS WILL HELP STRENGTHEN
THE UNITED STATES.
MARIA: HERE WE ARE SIX MONTHS
ALMOST TO THE DAY OF THE PASSAGE
OF THE TAX REFORM PACKAGE.
I ASSUME THAT TAX CUT WAS GOOD
FOR THOSE DOMESTIC RELATED
COMPANIES.
>> IT'S HARD TO SAY EXACTLY WAY
IT'S DOING.
BUT IT'S A HUGE STIMULUS FROM
INDIVIDUALS TO CORPORATIONS,
EVEN CORPORATIONS BUYING BACK
THEIR STOCK.
REPATRIATION OF OFF-SHORE CASH.
INDIVIDUALS GETTING HIGHER
TAKE-HOME PAY.
IT'S HELPING CONFIDENCE AND IT'S
ONE OF THE MOST OF IMPORTANT
FUELS FOR BUSINESS.
MARIA: DO YOU WORRY SOME OF THAT
BENEFIT MAY BE BEATEN BY THE
TRADE WORRIES OUT OF THE E.U.
AND CANADA?
>> THERE WILL BE A LOT OF
SHORT-TERM IMPLICATIONS AND
DISLOCATIONS.
I THINK THE TIMING IS NOT SO BAD
FOR THAT BECAUSE WE HAVE A
GROWING ECONOMY.
I THINK THE ECONOMY CAN AFFORD
SOME OF THAT DISRUPTION.
BUT THE OBJECTIVE OF THAT
DISRUPTION IS LONGER TERM
STRENGTHENING OF THE UNDER
PINNINGS OF THE U.S. ECONOMY
WHICH IS HAVING MORE BASE CORE
MANUFACTURING BROUGHT BACK TO
THE UNITED STATES.
MARIA: TELL US ABOUT AIR
TOWINGA.
THE STOCK PERFORMED D TELL US
ABOUT AIR TOWINGA.
>> WE ARE.
>> WE ARE WELL POSITIONED.
WE HAVE A FLOATING RATE
PORTFOLIO.
AS INTEREST RATES RIGHTS OUR
REVENUES GO UP AND OUR
LIABILITIES ARE DEAD.
IT'S MOSTLY FIXED RATES.
WE ARE FOCUSED ON SMALLER
ENTERPRISES THAT ARE GROWING AND
HAVE GREATER NEED FOR CAPITAL.
THE REVENUES ARE INCREASING AS
INTEREST RATES RISE.
WE ARE WELL POSITIONED RELATIVE
OTHER FIXED INSTRUMENTS.
IF YOU BUY OUR STOCK, YOU ARE
GOING TO GET A STRONG CASH FLOW
YIELD.
BUT UNLIKE BUYING BOND WHERE
INTEREST RATES GO UP WITHIN IT
GOES DOWN.
MARIA: 8% DIVIDEND IS STRONG.
HAVE A LARGE PORTFOLIO.
WE HAVE HIGHLY DIVERSIFIED
COMPANIES.
OUR STOCK ALLOWS YOU TO BUY
CREDIT INVESTMENTS IN THE PART
OF THE ECONOMY THAT'S GROWING
WELL IN A DIVERSIFIED FASHION.