SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Turbulent week. Stocks zig up
and zag down. Next week could bring more of the same.
TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Pipeline problems. Why
drivers in some parts of the country could be in for a surprise when they
go to fill up.
HERERA: Protecting your money. Does your financial planner know how to
keep your information safe from hackers?
Those stories and more tonight on NIGHTLY BUSINESS REPORT for Friday,
MATHISEN: Good evening, everyone, and welcome.
A dizzying week on Wall Street ends with a drop. Over the past few
sessions investors saw volatility awaken from its summer slumber. Some
days the bulls were firmly in control. Other days, the bears, and the big
move seemed to hinge on the economy, the data, the Federal Reserve, and
what if anything policymakers will do when they meet next week. Probably
nothing, by the way, but hey, you never know.
But it wasn`t just the Feds. One stock in particular played a key role in
the swings all week long — Apple (NASDAQ:AAPL). It was up about $10 for
the week but lost some ground today. Today, the Dow Jones Industrial
Average off 88 to 18,123. NASDAQ fell five. The S&P 500 declined by
For the week, though, NASDAQ was the big winner, as you right there, up
more than 2 percent.
Bob Pisani takes a look at the week that was and the week that may lie
BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: It was a wild week. It
started with fears that the Fed may raise rates next week. Stocks moved
down, and bond yields moved up.
But stocks settled down late in the week. The big story shifted to Apple
(NASDAQ:AAPL), the problems with competitor Samsung, and strong orders for
the iPhone 7 pushed the stock up 11 percent. Now, Apple (NASDAQ:AAPL) is
by far the biggest stock in the U.S. and when the biggest stock in the U.S.
moves 11 percent in a week, that`s news, because it not only moves the
stock, it moves the market.
The S&P 500, the main market index use by professionals is market cap
weighted. So, the bigger the stock, the more it moves the index. So, how
much did Apple (NASDAQ:AAPL) matter to the markets?
The S&P is up about 10 points this week. Apple (NASDAQ:AAPL) is
responsible for 7 of those 10 points. Remember, Apple (NASDAQ:AAPL) is in
the Dow. The Dow is up about 35 points this week. But Apple (NASDAQ:AAPL)
was responsible for pushing the Dow up about 75 points.
In other words, without Apple (NASDAQ:AAPL), the Dow would be down about 40
points instead of up 35 points. See? Next week, it`s all about the Fed.
Now, most expect the Fed will not raise rates. There`s a good chance
they`ll sound hawkish, that they will make noises that they still might
want to raise rates later this year.
For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.
HERERA: So, will next week be another wild week for stocks?
Katie Nixon joins us, chief investment officer at Northern Trust
(NASDAQ:NTRS) Wealth Management, with our outlook for the markets.
Great to see you, Katie. Welcome.
KATIE NIXON, NORTHERN TRUST WEALTH MANAGEMENT: Thanks, Sue. Nice to be
HERERA: It was a wild week. Do you anticipate, because there`s so many
different events still ahead of us, that that volatility will continue?
NIXON: We do, sue. I mean, as you were saying before, we`ve come off this
lull, so we have a little bit pent-up volatility demand facing us right
now. We`re historically in a period of time in the calendar where we do
face higher volatility and then we have all the news that`s going to come
out next week regarding Bank of Japan and clearly, the Fed is going to be a
MATHISEN: Do you think the Fed is going to remove the punch bowl, or are
they going to water down the punch? What are they going to do?
NIXON: You know what, Tyler, I think they`ll keep their options off. We
think September is off the table, Fed fund futures suggests that`s the
MATHISEN: Yes, less than 20 probability.
NIXON: Less than 20. December is about 50, a little higher than 50 today.
So, that`s a bit of a coin flip. We don`t think the Fed is going to move
in December. We think the December FOMC statement will be very
interesting. We`re watching for a change in their language to suggest
they`re leaning toward the hawkish side.
MATHISEN: What`s holding them back? Is it the election, they don`t want
to be perceived as influencing it or what?
NIXON: I don`t think so, Tyler, they like to look apolitical. So, in
fact, they might like to go before the election. But I just don`t think
the data is there to support it. We`ve had this tug-of-war between some
very weak macro data, whether it`s the PMI manufacturing and services, we
had retail sales, industrial production, it goes on and on.
It seems like the things that are moving in the right direction are
employment, and perhaps we had a small uptick in inflation. But we`re
still far below the Fed`s target on the PCE.
HERERA: So, where do you think a good place to put money for the longer
term investor is right now? Do you still favor risk assets or not?
NIXON: Well, I`m glad you used that phrase “long term,” because we think
investors will really have to think about the long term. These are going
to be volatile markets, a lot of news flow, a lot of noise, right, in the
market. So, taking the long term perspective is going to be the only way
to be successful in this market.
We do prefer U.S. assets. We like risk assets. We like things like U.S.
equities, we like high yield bonds, even.
But it`s all based on the premise that the Fed will remain very
accommodative, the economy will grow slowly but positively. Those are two
supportive pillars to risk assets.
MATHISEN: How many interest rate hikes do you anticipate over the next 12
to 18 months?
NIXON: We have one rate hike over the next 12 months.
MATHISEN: Only one, quarter point.
NIXON: Quarter point, two and through, and that might be the last one.
The economy simply is not robust enough to require a more aggressive fed.
HERERA: All right. On that note, Katie, thank you so much, have a great
NIXON: Thanks, Sue.
HERERA: Katie Nixon with Northern Trust (NASDAQ:NTRS) Wealth Management.
MATHISEN: Oil prices fell today and about 6 percent for the week. But the
attention today was on gasoline. The price of that commodity rose sharply
on concerns that a pipeline like an in Alabama could lead to potential
supply shortages in parts of the country. The leak closed part of an
And as Jackie DeAngelis reports, that could prove costly at least
temporarily in some parts of the country.
JACKIE DEANGELIS, NIGHTLY BUSINESS REPORT CORRESPONDENT: Part of country`s
largest fuel pipeline has been shut down. The Colonial Pipeline runs from
Houston up through the East Coast, and delivers gasoline to more than 50
million Americans from the refineries. A leak that started September 9th
is what prompted the shutdown, which is expected to be resolved next week.
The disruption has been seen in the gasoline futures market. Prices rose
roughly 7 percent in last week even as the price of domestic crude oil fell
about 6 percent in the same time period. That move could translate into
higher prices at the gas pump, at least temporarily.
Seasonally, this is time of year that experts expect gas prices to decline,
as summer driving season pulls back. In fact, earlier this week, estimates
were for a 5 to 10 cent short term drop. But a prolonged transportation
disruption could have the opposite effect, causing as much as a 15 percent
spike in some parts of the East Coast, including Atlanta, the Carolinas,
JEFF GROSSMAN, BRG BROKERAGE: Now, gasoline is getting to a level I
thought it belonged. Gas prices, probably if nothing else will come back a
little. But they`ve been so depressed for so long, I don`t think anyone in
the consumer end is going to a problem.
DEANGELIS: AAA currently says that the national average for a gallon of
regular is $2.18. That`s down from a year ago but up 5 cents in the last
Well, stocks of refine product built this summer. A glut continues to
linger. The key however to retail gas prices, transportation of supply and
an extended outage of a key artery is a catalyst that could change the
For NIGHTLY BUSINESS REPORT, I`m Jackie DeAngelis.
HERERA: Consumer prices rose more than forecast last month, much of that
increase had to do with medical costs, which saw the biggest jump since
1984. Higher rents also contributed. The latest government report shows
that the consumer price index was up 0.2 percent in August. And while
Americans are paying more for housing and health care, we`re paying less
for food and energy.
MATHISEN: The net worth of households in the U.S. hit a record in the
second quarter. The stock market and a steady rise in home prices drove
those gains. According to the Federal Reserve`s quarterly report,
households now have a total net worth of $89 trillion. The report also
showed that more Americans are taking on mortgage debt which saw the
biggest quarterly gain in more than eight years.
HERERA: Another bank in the crosshairs. The Justice Department is
reportedly going after Deutsche Bank for its mortgage lending practices
that led to the housing and financial crisis. The size of the fine is
described as mammoth, that sent shares of the German bank sharply lower.
Wilfred Frost has the details.
WILFRED FROST, NIGHTLY BUSINESS REPORT CORRESPONDENT: One Europe`s biggest
banks, Deutsche Bank, is facing a fine of $40 billion from the Department
of Justice. It has emerged in leaked documents showing the scale of the
fine the German lender faces in response to mortgage-backed securities
fraud during the financial crisis. It`s an issue that has already seen
America`s biggest banks fine with the decision on Deutsche and others in
Europe still pending.
However, the final sums paid were significantly below initial leaked
numbers. Deutsche Bank likewise expects the final fine for them to be a
lot less than $14 billion.
JOERG EIGENDORF, DEUTSCHE BANK HEAD OF COMMUNICATIONS: It`s a very high
number. This was the case with other banks, with all our peers in the
United States. We all saw that these numbers go down significantly then.
And so, we are very confident that we are able — that we will be able to
negotiate these numbers significantly down, when we are sure that we will
be treated fair in this process. So, we are quite optimistic that this
number definitely won`t be the final one.
FROST: Either way, alongside the recent Wells Fargo (NYSE:WFC) saga, which
is pending a Senate hearing next Tuesday, the regulatory environment for
banks in the U.S. remains incredibly demanding.
For NIGHTLY BUSINESS REPORT, I`m Wilfred Frost at the New York Stock
MATHISEN: And speaking of Wells Fargo (NYSE:WFC), the pressure is on
there, and intensifying. The House Financial Services Committee says it
has launched an investigation into, quote, “alleged fraud” at the bank and
will hold a hearing later this month.
Separately, in a letter released today, five Democratic senators asked
Wells Fargo (NYSE:WFC) to take back bonuses to executives linked to the
phony bank accounts that were created to meet sales quotas.
And still ahead, your financial adviser has incredible access to very
personal information. But a new survey questions whether they know how to
keep it safe.
HERERA: Apple (NASDAQ:AAPL) enthusiasts lined up across the globe for the
new iPhone 7 and 7 plus. From Sydney Tokyo to New York, people stood in
line for hours to buy the newest generation of the device. Although some
estimates say the crowds were not as big as in years past, that could be
because preorders appear to be very strong.
And in keeping with tradition, Apple`s CEO Tim Cook made an appearance at
the Apple (NASDAQ:AAPL) Store in Palo Alto, California.
If you work and you`re on the road a lot, you know this scenario. Your
smartphone is out of power and you need a quick charge. But plugging into
that public station could expose your confidential e-mails, passwords, and
Andrea Day explains.
BRIAN MARKUS, ARIES SECURITY CEO & CO-FOUNDER: What they don`t realize is
absolutely everything is recorded.
ANDREA DAY, NIGHTLY BUSINESS REPORT CORRESPONDENT: It may look like a free
charging station. But plug in, and hackers could see every move you make.
MARKUS: You can see it`s clearly recording. It`s just captured everything
on my phone.
DAY: He calls it videojacking, a new form of digital eavesdropping
discovered by CEO Brian Markus and his group at Aries Security firm.
Marcus (NYSE:MCS) showed us how an attack could work, by rigging a charging
station with a hidden HDMI cable. The HDMI cable taps into a feature
that`s automatically enabled on most devices. It allows you to project
images from the phone onto a TV.
MARKUS: And there`s no security prompting asking the user if they`re sure
that they want to allow this to go out.
DAY: So, he says if you connect a vulnerable device to this, hackers could
secretly record a video of everything you do.
MARKUS: You go into your on line banking application to take a photo of a
check. That`s recorded. When you connect to your contacts, all of that is
recorded. If you do an e-mail or a text, everything on the screen is 100
DAY: He says the spy charging station is simple and inexpensive to build,
and could be at an airport, convention center, or any other public space.
MARKUS: From the moment you plug that cable in to the moment you unplug
it, it`s exposed and recorded.
DAY: And he says most HDMI-ready smartphones are at risk.
MARKUS: Apple (NASDAQ:AAPL) phones, Samsung, Google (NASDAQ:GOOG) phones,
DAY: Google (NASDAQ:GOOG) declined to comment and Apple (NASDAQ:AAPL) and
Samsung did not comply with your request.
MARKUS: If I plug this phone in thinking that it`s a standard charging
cable, and then put it onto the HDMI splitter for that specific cable, you
see that the display is now mirrored.
DAY: So, should you be concerned? He says so far, he doesn`t know of a
victim who has reported an attack. But they may not even know it happened.
MARKUS: One thing I`m very sure of is if I don`t think of something and I
don`t talk about it publicly, somebody else well. It`s much safer for us
to expose these risks.
DAY: And he says the best way to make sure it doesn`t happen to you, use
your own charging cable and plug it directly into an outlet or carry along
a battery pack.
I`m Andrea Day for NIGHTLY BUSINESS REPORT.
MATHISEN: Now to another type of online threat, sorry to say, new research
shows that most advisers think cyber security is a problem, but not all of
those financial pros now know how to protect their clients` information.
Sharon Epperson has more on the study from the New York Stock Exchange.
Sharon, welcome. What did the study say?
SHARON EPPERSON, NIGHTLY BUSINESS REPORT CORRESPONDENT: Well, a recent
study that just came out today from the financial planning association and
TD Ameritrade (NASDAQ:AMTD), took a look at what financial advisers know
about cybersecurity. Overwhelmingly, they believe that it`s a problem.
Eighty-one percent of financial advisers in the survey said that they
identified it as an issue. But only 30 percent say that they completely
agreed that they are prepared to deal with what could happen and to
mitigate the risk if hackers become involved.
HERERA: So, Sharon, if you`re a client of a financial adviser, what should
you do? Should you talk to them or ask them about how prepared they feel
to safeguard information?
EPPERSON: Certainly. We`re talking about your Social Security numbers,
bank and brokerage account numbers, really sensitive information. You home
address. All of these things you need to protect.
And the way you do that is to ask some important questions to your
financial advisers right away. You want to make sure that they have a plan
in place. So, first question is, who has access to my information? The
more people who have access, the more potential for your information to be
at risk. You want to know where that information is stored. Is it stored
electronically, is it stored in a physical location? Either way, it needs
to be a secure location.
And what happens to the information if you part ways with the adviser, or
if the adviser leaves? How is that information deleted? Is it deleted?
These are important questions to ask your financial adviser.
MATHISEN: So, what can you do on your own to protect your information?
EPPERSON: Well, Andrea brought up some really great points. You really
need to be careful with your own information. When you`re e-mailing your
financial adviser, don`t put in your Social Security number or your bank
account number. If they`re asking you for that information, make sure that
you understand the reason why they need it, and call. Say it over the
phone. But don`t put that in an e-mail.
If you are electronically communicating with your financial adviser, make
sure it`s on a secure website, and that is we`ve talked about is “https”,
to make sure it`s secure, and then also, you want to make sure it`s an
encrypted e-mail. So, if you`re sharing files, make sure you have a
password protected exchange with an encrypted password.
MATHISEN: Yes, a lot of the brokerages have that, where it`s sent on kind
of a private network with encryption.
Sharon, thank you very much.
MATHISEN: Sharon Epperson.
And to read more about how secure your information is or isn`t with your
financial adviser, head to our website, nbr.com.
HERERA: Intel (NASDAQ:INTC) raises its revenue forecasts and that`s where
we begin tonight`s “Market Focus”.
The Dow component lifted its sales guidance for the first time in more than
two years. The company says PC makers are renewing inventory which is
increasing demand for Intel`s chips. Intel (NASDAQ:INTC) easily the best
performing stock on the Dow today, rose more than 3 percent to $37.67.
New York Attorney General Eric Schneiderman is reportedly investigating
ExxonMobil`s accounting practices. According to “The Wall Street Journal”,
Schneiderman wants to know why the energy company has not written down the
value of its assets amid a two-year slump in commodity prices. The stock
fell more than 1 percent to $84.03.
Pharmaceutical giant Johnson & Johnson (NYSE:JNJ) will buy Abbott
Laboratory`s iHealth division for more than $4 billion. The acquisition is
expected to close early next year and it expands J&J`s diagnostic business.
Shares of Johnson & Johnson (NYSE:JNJ) were off slightly. While shares of
Abbott gained more than 1 1/2 percent.
And hospital provider Community Health is said to be exploring a potential
sale. That`s according to a Bloomberg report. The company is discussing
options with its advisers. The report also noted that a deal may not
happen. Community Health shares rose 15 percent on that report to $12.27.
MATHISEN: Unilever (NYSE:UN) may soon acquire Jessica Alba`s organic
products retailer, the Honest Company, for less than what it was valued
for. “The Wall Street Journal” reported that the two consumer products
makers are in talks regarding a takeover worth more than $1 billion. Last
year, the Honest Company was given $1.7 billion valuation. Shares of
Unilever (NYSE:UN) dropped slightly to $44.94. Honest Company is privately
General Electric (NYSE:GE) said its nearly $2 billion deal with a U.K. –
based energy company has been approved. The conglomerate will provide
equipment for construction of a nuclear power plant. GE`s shares fell just
a little bit to $29.68.
And 21st Century Fox will sue Netflix (NASDAQ:NFLX), alleging the video
streaming company knowingly recruited and hired two of its executives while
they were bound to an employment contract with FOX. Shares of 21st Century
up a little bit. Netflix (NASDAQ:NFLX) shares up by 2 percent to $99.46.
Our market monitor likes stocks that are dominant in their sectors and will
do well in any economic environment, calling them all weather companies.
This is his first time on the program. He`s Jimmy Lee, managing partner at
the Wealth Consulting Group.
Jimmy, welcome, good to have you with us. What makes an all weather stock
in your view?
JIMMY LEE, THE WEALTH CONSULTING GROUP MANAGING DIR: Well, we`re talking
about companies that dominate their space. They create a moat so that in
an economy that`s weakening, they can still maintain a dominant position
and do well. So, I think that`s important, as we enter the later stages of
the business cycle, Tyler. And if we do end up getting a little bit of a
pullback in the markets, I think these dominant names will be names that
will hold up much better.
MATHISEN: All right. Let`s move to your first pick, JP Morgan Alerian
MLP, basically a play on the energy sector. What do you see happening
there, and why do you like this one?
LEE: OK. Well, here it is, it`s contrarian, Tyler, in the fact that the
biggest hits to Q3 earnings have come from the energy sector as far as
projections going down as far as estimates. But I think for the longer
term investor, three years on out, they`ll buy, as oil is coming down,
closer to 40, if it gets below 40, I think those are great entry points
into the energy sector. This also, this ETN provides a nice dividend deal.
So, even if we have a sideways market, the dividends are nice, I think to
be able to put in your bank account.
HERERA: All right. And speaking of dividends, Coca-Cola (NYSE:KO) is on
the list as well with a dividend of better than 3 percent.
LEE: Yes. So, that`s a theme, Sue, that you`re going to hear from me,
even though we have a little bit of a higher target on S&P for right now, I
think if earnings follow through in Q3 and 4, that a shock, a negative
shock could hurt the markets. So, companies like Coca-Cola (NYSE:KO) with
the dividend dominate the space, Coca-Cola (NYSE:KO) does really well in
terms of packaging and marketing their products worldwide.
And as the trend goes to more healthier products, they`re going to be on
the front end of that. So, we like Coca-Cola (NYSE:KO) as well.
MATHISEN: And speaking of dominating the space, your next pick is
Alphabet, the parent of Google (NASDAQ:GOOG).
LEE: Yes. So, Google (NASDAQ:GOOG), if you`ve seen recently, has gotten
out of some of their non-core businesses, you know? Well, the core
business search in China, that he got out of that. They get out of
insurance comparing company earlier this year. They`re focusing on cutting
expenses and driving more efficiency to the bottom line. We think there`s
potential margin expansion and higher stock prices for Google
HERERA: And what about the market overall, Jimmy? There are those out
there who say that the volatility we`ve seen portends a pullback in the
market. Do you agree with that or not?
LEE: I do. I think you can expect more volatility going forward.
Obviously with the interest rate decision coming up next week, I agree with
your previous guest that we`re not going to have a rate increase in
September. So, if we do get one, it will probably be after the election,
maybe in December. So, I think a lot of this uncertainty has created a lot
of, you know, volatility that we haven`t had for a long time.
I think going forward you can expect more volatility. We think there`s
more of an upside. We think taking these dips as we get selloffs as buying
opportunities, if you have cash, I think is a good idea.
MATHISEN: All right. Jimmy, thanks. Jimmy Lee, have a great weekend,
with the Wealth Consulting Group.
LEE: Thank you.
HERERA: Coming up, it turns out kids who move more learn better. And one
company is growing fast by helping students not sit still.
MATHISEN: And here, folks, is a look at what to watch next week. On
Tuesday, the Senate Banking Committee will hold a hearing on the fake
account scandal at Wells Fargo (NYSE:WFC). CEO John Stumpf has been
summoned to testify.
On Wednesday, Mylan (NASDAQ:MYL) CEO will testify on the EpiPen price
increase matter. And also on Wednesday, I just got to remind you, the
Federal Reserve release its decision on interest rates followed by a news
conference with Fed Chief Janet Yellen. That is what to watch on a busy
HERERA: Well, we`re seeing it in offices across the nation — workers
using standing desks, ball chairs, underdesks ellipticals, I have one of
those, all in a move to move more. It has created a huge industry for
active office furniture. Now, that same movement is targeting schools.
In our latest installment of “Sweat Equity”, Diana Olick shows us how
schools are getting active in the classroom.
DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT: At Oakridge Elementary
in Arlington, Virginia, school is back in session and an experiment from
last year is now a lesson learned.
ILANA PRICE, SECOND GRADER: I like all the equipment.
OLICK: Kids who move more learn better. Kid-sized pedal desks, standing
stations, and tiny ball chairs.
What`s fun about a bouncy ball chair?
AMIR RUSTAMOV, SECOND GRADER: You can bounce on it.
OLICK: All part of a pilot program at the school designed to get kids
moving while they work, and it worked.
LYNNE WRIGHT, OAKRIDGE ELEMENTARY PRINCIPAL: Some of the behaviors that
teachers notice increased were time on task, cooperation with each other,
having an opportunity to sit and read for longer periods of time.
OLICK: The idea came from Oakridge mom Heather Sauve who wanted to keep
her energetic son on task.
HEATHER SAUVE, OAKRIDGE ELEMENTARY PTA: Even if I do before school fitness
programs and recess and lunch and P.E. class, there`s just an abundance of
OLICK: So, when she saw a pedal desk online, she was sold.
Sauve choice equipment from South Carolina-based KidsFit. The company
founded in 1997 initially made kid-sized fitness equipment for gyms and
therapists. Four years ago they started seeing demand in schools.
ED PINNEY, KIDSFIT OWNER: We wanted to make a difference in kids` lives.
OLICK: So, KidsFit started making active classroom furniture and never
PINNEY: We built all the equipment. And everything that we did was based
on that science that says that there is a direct correlation between a
healthy child and a smart child. We expect to grow by 75 to 100 percent
this year, it`s really been crazy. It`s been awesome.
SAUVE: We started with just a few pieces because fundraising is very
OLICK: The Oakridge PTA raised $9,000 and tried the pieces they bought
thought the year.
The equipment is not all there is to making a fit classroom. The school
has to commit to a philosophy of movement behind it.
WRIGHT: It`s a mindset, that children move. We went from having them walk
in silent straight lines in the hallways to letting them have quieter
conversations and wiggle as they walk down the hallways.
OLICK: They also went through rigorous teacher and kid training.
Shoelaces must be tied.
UNIDENTIFIED GIRL: That way you don`t step on it.
OLICK: That would be bad.
UNIDENTIFIED GIRL: Yeah. You would get yourself hurt.
OLICK: There have be no injuries. Only pleas.
WRIGHT: How do we get more?
SAUVE: It`s going to be quite a feat, but we`re willing and we`re going to
give it our best.
OLICK: In other words, she`ll keep the balls rolling.
For NIGHTLY BUSINESS REPORT, I`m Diana Olick in Arlington, Virginia.
MATHISEN: Gives new meaning to the thought that kids are bouncing off the
walls in my classroom. That`s in my hometown, by the way, Arlington, way
to go Arlington.
HERERA: Yes. All right. That will do it for us for this Friday. I`m Sue
Herera. Thanks for joining us.
MATHISEN: And I`m Tyler Mathisen. Thanks from me as well. Have a great
weekend, everybody. We`ll see you here. We`re going to have a bouncy seat
HERERA: There we go.
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