SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Employment puzzle. The
jobless rate is falling and the labor market is tightening. So, why are
raises still hard to come by?
BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: Record week. The market
heads into the weekend at all-time highs. And our market monitor has a
list of stocks he says could go even higher.
HERERA: When seconds count. One startup`s bright idea to solve one of
911`s biggest problems and help bring the emergency system into the 21st
Those stories and more tonight on NIGHTLY BUSINESS REPORT for Friday, June
Good evening, everybody, and welcome. I`m Sue Herera.
GRIFFETH: I`m Bill Griffeth, in tonight for Tyler Mathisen, coming to you
once again from the New York Stock Exchange, were stocks closed at records.
That`s where we begin this evening. The Dow, the NASDAQ, S&P 500 all at
their highest levels ever tonight, and it came despite a mixed jobs report.
We`ll have more on that in a moment.
Investors apparently remain encouraged by global economies and corporate
profits that are showing signs of strength. As a result, they`re plowing
more money into stocks.
Here are the closing numbers from this Friday: the Dow Jones Industrial
Average added 62 points, finished at 21,206. The NASDAQ was up by 58. The
S&P gained nine.
And it was the second straight week of gains for all three major indexes,
HERERA: And, Bill, now to that jobs report, which was a bit of a head
scratcher. The jobless rate hit a 16-year low. That`s the good news. But
hiring slowed in May with the number of jobs created coming in below
expectations. According to the Labor Department, non-farm payrolls
increased by 138,000. The unemployment rate fell to 4.3 percent, the
lowest since 2001.
So, after a strong start to the year, job creation has cooled a bit over
the past few months.
Hampton Pearson explains why.
HAMPTON PEARSON, NIGHTLY BUSINESS REPORT CORRESPONDENT: The May slowdown
in hiring was not the only surprise in the latest government jobs report.
Downward revisions for March and April pushed the three-month average to
just 121 new hires per month, a sharp decline from the 181,000 average over
the last year.
AUSTAN GOOLSBEE, UNIVERSITY OF CHICAGO PROFESSOR: The economy has to shift
what it`s doing from after the financial crisis and bubble. And that`s a
slow process. And that`s just where we are.
PEARSON: There were enough new hires to push the unemployment rate down to
4.3 percent, the lowest since the spring of 2001. It happened because of a
big jump in the number of persons who stopped looking for work. But the
Trump White House points out the broadest unemployment gauge, the U-6, fell
to 8.4 percent in May, the lowest since the fall of 2007.
GARY COHN, NATIONAL ECONOMIC COUNCIL DIRECTOR: We`re not worried about
slowing job growth. When you look at how many people we brought back into
the workforce and you look at the U-6 number, the fact that the U-6 number
is down by 1 percent since Inauguration Day, we`re clearly bringing people
back in the job force.
PEARSON: Health care and restaurants produced nearly half of all the new
hires. Construction added 11,000 new workers. And stabilizing energy
prices helped create nearly 7,000 new jobs in the energy sector. In
contrast, government produced the biggest job losses.
Wages remained stall, up 2.5 percent over the last 12 months. That,
leading economists say, gets back to the issue of slow growth.
ED LAZEAR, G.W. BUSH COUNCIL OF ECONOMIC ADVISORS CHMN: We`re still down a
couple of million jobs from where we should be. The economy still has a
long way to go in terms of a complete recovery. And I think we`ve got room
PEARSON: But most Wall Street economists still expect a Fed rate hike and
monetary policymakers meet in two weeks.
Economists say even at May`s reduced pace, hiring is running ahead of
population growth. And the unemployment rate could fall even further.
For NIGHTLY BUSINESS REPORT, I`m Hampton Pearson in Washington.
PEARSON: Let`s turn to Anthony Chan for more analysis on today`s jobs
report and what it might mean for the Fed and any rate hikes the rest of
this year. Anthony is chief economist at Chase.
Good evening, sir. How are you?
ANTHONY CHAN, CHASE CHIEF ECONOMIST: Great.
GRIFFETH: There are those who feel that maybe we`re seeing a lagging jobs
increase number each month because we have a tight labor market, in other
words employers can`t find enough people qualified to hire. Do you think
that`s where it`s going on as well here?
CHAN: Well, I think that`s certainly part of the picture. When you get
that unemployment rate down to 4.3 percent, you really are stretching to
find more workers. But I think the fascinating thing about today`s
employment report that the unemployment rate actually went down, not
because we`re gaining more jobs. The survey that`s used to compute the
unemployment rate reported a decline in the number of jobs by more than
But it was rather the plunge in the number of people that are in the labor
force by over 400,000. I think that that`s the reason why the unemployment
rate went down. That`s usually not good news for the lower unemployment
rate. And for wages, I think the reason why wages are not rising faster is
because we`re starting to pull from that underutilized labor.
You saw the number of people that are working part-time but would rather be
working more hours. That number went down 53,000. But more importantly,
it is down 1.2 million in the last 12 months. That`s actually good news,
because we can actually continue to expand this labor market without
necessarily seeing so much inflation that the Federal Reserve is going to
HERERA: Anthony, what do you think about the sectors of the economy, what
does it tell about you about the economy as a whole for those sectors that
actually did see job growth?
CHAN: Well, I`m encouraged by the fact that all of those people being
hired for temporary basis are now starting to find themselves permeating
into the regular economy. That`s very healthy, because it gives employers
to so-called test drive these employees, and then they sort of become full-
time employees, that`s more ingrained out there.
I`m also encouraged with the health care sector, because that`s a sort of a
growing sector out there. With regard to the retail, there`s that
transition as you`re moving away from brick and mortar, more towards the
Internet, so you`re going to see that transition. So, I`m not overly
concerned about that.
But by and large, I think this was a temporary pause. I think we will see
future months when you once again start to gain jobs closer to 200,000.
This was a little bit of a pause.
GRIFFETH: Of course, we look at these numbers closely because we know the
Fed watches them carefully. What do you think they think about these
numbers, and how will it impact any Fed movement that we might see the rest
of the year in terms of rate increases?
CHAN: I think that right now, the economy is humming and doing pretty
well. The Atlanta Federal Reserve has done research on how accurate they
are in terms of forecasting economic growth. They`ve just updated their
They`re looking for 3.4 percent growth in the second quarter. So, that, of
course, is almost three times faster than what we saw in the first quarter,
even after the upward revision.
So, if you`re going to get anything close to 3 percent in the second
quarter, guess what, on June 14th — the Federal Reserve has only one
option, that is to raise short term interest rates irrespective of what we
saw today in the employment report.
GRIFFETH: Maybe a rate increase on Flag Day. We will see.
Anthony Chan of Chase, always good to see you. Thanks for joining us
CHAN: A pleasure.
HERERA: Well, Bill, that labor shortage is hitting America`s classrooms.
The need for teachers is growing nationwide. And that`s especially true in
Kate Rogers (NYSE:ROG) reports.
DONAVON GARDNER, MASON ACADEMY TEACHER: All right. How`s everybody doing
KATE ROGERS, NIGHTLY BUSINESS REPORT CORRESPONDENT: Detroit native Donavon
Gardner is following in his mother`s footsteps as a special education
teacher in Motor City.
GARDNER: It was something that I knew I could wake up every day and do,
and do well.
ROGERS: But working in the city`s public school district, which is 250
teachers short at this time, according to the Detroit Federation of
Teachers, is challenging. Gardner is working with 25 special needs
students each day.
GARDNER: I service students from second grade all the way up to eighth
grade. So, I have a pretty huge caseload.
ROGERS: Detroit is also competing with other nearby districts for talent
and is at a disadvantage due to its conditions and compensation.
TERRENCE MARTIN, DETROIT FED. OF TEACHERS EXEC VP: If we can provide a
competitive wage for our teachers, I think that will help to attract
quality teachers, high quality teachers to our school district.
ROGERS: But the issue extends far beyond Motown. Each year, some 300,000
public school teachers are needed around the country, according to the
American Federation of Teachers. But a shortage is intensifying
RANDI WEINGARTEN, AMERICAN FEDERATION OF TEACHERS PRES.: If these trends
continue, we`ll basically be 100,000 teachers short for every year after
ROGERS: The AFT says the shortage is amplified in rural areas and in inner
cities like Detroit. The types of teachers needed run the gamut from
special education to history, science, math and more.
Part of the problem is funding for public schools, as well as perception of
the profession. But one major reason behind the shortage is compensation.
Last year, the national average public schoolteacher`s satisfactorily was
$60,000 a year, according to the AFT. Benefits do vary depending on
location, level of education, and role. Salaries for teachers in Detroit
range from $37,000 to $65,000 annually, according to the city`s union,
which is hopeful its new board of education will usher in change.
MARTIN: I think we`re finally at the point when we can start talking about
the turnaround. I surely hope that the issue of class size and the issue
with lack of teacher service is an issue of the past. I look forward to
working very hard with the current school district to alleviate this issue.
ROGERS: But despite the hurdles that come along with the job, back in the
classroom, the Gardner says the impact he`s making is well worth it.
GARDNER: That`s what the most beneficial to me — the love I get from the
kids, and seeing them develop and actually teaching them.
ROGERS: For NIGHTLY BUSINESS REPORT, I`m Kate Rogers (NYSE:ROG), Detroit.
HERERA: And you can read more about the teacher shortage on our website,
Still ahead, taking stock. With the market at all-time highs, it may be
tough to find companies to buy. So, our market monitor has some
suggestions for you.
HERERA: Illinois could become the first state to be given a junk rating.
S&P warned that the move could come next month if it doesn`t resolve its
partisan gridlock. That state has not had a budget for two years now
because of a standoff between the governor and the legislature. Pensions
and other entitlements are making it hard for Illinois to close its budget
GRIFFETH: Well, there`s been a lot of talk about coal lately. And today,
the Energy Information Administration reported that the amount of coal used
to make electricity was at the lowest level in more than 30 years. Cheap
natural gas has been eating into coal`s share of power generation.
Consumption is now down 35 percent from its peak back in 2008, and that
decline is being felt especially hard in Kentucky were most of the coal
mine goes to produce electricity.
HERERA: The New York attorney general is accusing ExxonMobil (NYSE:XOM) of
misleading shareholders on the issue of climate change. The accusation was
made in a legal filing. And it`s the latest development into the
investigation into the company`s role in accounting for its potential cost.
New York`s attorney general claims that Exxon used secret internal figures
that were lower than public numbers between the years 2011 and 2014, when
the current Secretary of State Rex Tillerson was Exxon`s chief executive.
Exxon called the allegations inaccurate and irresponsible.
GRIFFETH: Well, no secret that Twitter is trying to get more people to
tweet these days. But it`s also trying to attract more advertisers to
increase revenue. And to do that, it has to give brands what they want.
And they want information about you.
So, Twitter is trying to figure out who you are and what you like based on
things like your browsing history. And it uses that information to create
your profile which you can now look at and update. And with so much
personal data out there already, you would think that they would know all
there is to know about you.
But as Eric Chemi shows us tonight, that`s not always the case.
UNIDENTIFIED FEMALE: They think I`m single and a single parent.
UNIDENTIFIED MALE: They think I`m retired.
UNIDENTIFIED FEMALE: Number of children, one. Got that wrong.
UNIDENTIFIED MALE: Big city mom, corporate mom, female head of household.
UNIDENTIFIED FEMALE: This is hilarious.
ERIC CHEMI, NIGHTLY BUSINESS REPORT CORRESPONDENT: Are you a big city mom?
UNIDENTIFIED FEMALE: No.
CHEMI: Are you a trendy mom?
UNIDENTIFIED MALE: I am not a trendy mom.
CHEMI: What`s interesting is they don`t know that you`re a mom.
UNIDENTIFIED FEMALE: They don`t.
UNIDENTIFIED FEMALE: I`m a corporate man?
HERERA: It`s really ridiculous.
UNIDENTIFIED MALE: Baby products, definitely not.
UNIDENTIFIED FEMALE: Definitely not Birkenstock.
CHEMI: Not Birkenstock.
UNIDENTIFIED FEMALE: OK, you buy Ben & Jerry. I love Cherry Garcia.
UNIDENTIFIED FEMALE: Granola bars, that`s me.
UNIDENTIFIED MALE: I`m a bit of a gadget geek.
CHEMI: They think you`re a fluid baby boomer who`s a senior who speaks
They think he is a male head of household. They think you are a wife.
I don`t think you`re a senior.
UNIDENTIFIED FEMALE: Possibly.
UNIDENTIFIED FEMALE: NASCAR super fans, that`s us.
UNIDENTIFIED FEMALE: No.
CHEMI: Are you healthy and fit?
UNIDENTIFIED MALE: I don`t think so.
CHEMI: Do you own a GMC?
CHEMI: Do you own a Volkswagen?
CHEMI: Do you own a Toyota (NYSE:TM)?
CHEMI: Are you an auto parts buyer?
UNIDENTIFIED FEMALE: I don`t even own a car.
UNIDENTIFIED MALE: Retail cash (INAUDIBLE) retail, that`s true, very
UNIDENTIFIED MALE: Look at how many auto things.
CHEMI: Are you in the market for a car?
UNIDENTIFIED MALE: He`s always looking for cars.
CHEMI: They think you`re a fall fashionista.
UNIDENTIFIED MALE: Do they really? They`re out of their minds.
UNIDENTIFIED FEMALE: They`re wrong.
UNIDENTIFIED FEMALE: But I need oral care, that one is really disturbing.
I would consider myself a very good brusher and flosser.
GRIFFETH: I would agree with that, Landon.
Eric Chemi joins us right now here at the New York Stock Exchange.
And they thought I was a millennial that buys a lot of milk and eggs. But,
you know, they got part of that right.
CHEMI: Part of it.
GRIFFETH: How do they get it so wrong?
CHEMI: Because this is what happens with big data. It`s what you`re doing
with credit cards, what browser sites you`re looking at, what`s on your
mobile apps. So, they can figure out really obvious things, and some of it
was right. Look, if you got a particular branded jeans last week, they can
CHEMI: But then they try to infer the rest of it, they put equations
together and it doesn`t necessarily work out the best, right, as we`re
HERERA: Yes. But what`s the upside for Twitter here? I mean, why give
access to — although it was highly entertaining, but why give us access to
all of those — that data?
CHEMI: So, it`s a good point, Sue. When we talked to the company, their
statement said, look, we`re leading the industry in privacy, we want users
to be able to see how we`re using their data. They can get out of certain
categories if they don`t like. They can just simply opt out of the whole
thing altogether. So, in that sense, they`re being an industry leader.
The other real upside for them, though, is they`re hoping users will do the
work for them by saying, look, like in Bill`s case, I`m not a millennial
but maybe I do want to get ads about eggs and milk, so if I can check off
one thing to keep check on another box. So, they`re hoping especially the
younger people out there that don`t mind the privacy issues, that they`ll
help Twitter sell them better.
GRIFFETH: How long have they been doing this and how much do they get
CHEMI: So, they get it right. In our informal estimates, it`s about a
quarter to a third is right. So, you know, two-thirds, three-quarters as
They`ve been tracking you all this time. The only thing that`s new is now
you can see how they`ve tracked you. They`ve just opened up these settings
a couple of weeks ago. But the tracking has been happening for years.
GRIFFETH: Nothing about bourbon? That doesn`t make any sense.
CHEMI: They missed a lot of the important stuff about you.
GRIFFETH: Yes, they did.
Eric Chemi, great story, thanks.
HERERA: Plus, he helped me update my settings.
Shares of Canada Goose fly high. That`s where we begin tonight`s “Market
In its first earnings report since going public in March, the company known
for luxury jackets reported a smaller than expected loss and revenue that
was helped by strong e-commerce demand. Canada Goose said it expects sales
for the year to rise in the mid to high teens on a percentage basis. The
shares soared more than 15 percent to $21.64.
Merger talks between Conagra and Pinnacle Foods have reportedly fallen
apart. After the bell last night, “Reuters” reported Conagra, which makes
the likes of Peter Pan peanut butter, approached the owner of Duncan Hines
baking products about a possible combination. But according to new
reports, the deal is already off the table due to disagreements over price.
Conagra shares fell almost 1 percent to $39.59. Meanwhile, shares of
Pinnacle Foods got hit harder, falling 6 percent to $61.92.
Buffalo Wild Wings` CEO stepping down by the end of this year. The
announcement follows the chicken wing chain`s annual meeting where
shareholders voted to add three members to its board of directors, all
proposed by activist investor Marcato Capital Management. Marcato holds a
nearly 10 percent stake in the company and has been urging the CEO to
resign, while also pushing for structural change. Shares rose more than 1
percent to $152.35.
GRIFFETH: Meanwhile, so, home improvement retailer Lowe`s raised its
quarterly dividend by 17 percent to 41 cents a share. The yield on that
stock now stands at 2 percent. Shares of Lowe`s were lower, though, by 21
cents to $80.22.
And shares of Workday got a lift after the cloud software developer
reported solid quarterly revenue. The company also beat analysts` profit
estimates and raised revenue forecasts for the full year. The new outlook
is based on the company`s expectation for strong subscriber growth. Shares
were up more than 2 percent today to close at $104.41.
HERERA: And it`s time now for our market monitor who likes stocks that he
says are reflective of what`s happening in the economy right now. Joining
us is Barry James, portfolio manager of the James Balanced Golden Rainbow
Welcome back, Barry. Good to see you again, as always.
BARRY JAMES, JAMES BALANCED GOLDEN RAINBOW FUND PORTFOLIO MGR: Glad to be
HERERA: Let`s start out with your first pick, which is Western Digital
JAMES: Well, any time we look at a stock, we want a company that it`s
relatively cheap compared to either its industry or the market as a whole.
We want good earnings and growing earnings, and we want to see the price of
the stock going up. And it means all of those three criteria.
But also, it`s in a niche that we know is going to continue to boom. That
is storage space on your computers. We`ve all seen that we run out of
space all the time and we need more. And Western Digital (NYSE:WDC) can
supply that, and, you know, in a growing economy, that`s likely to be one
of the stocks that can do pretty well.
GRIFFETH: Barry, you`re looking at a growth of construction spending in
this country. And therefore you say, ergo, you like United Rentals
JAMES: That`s right. The economy, as your earlier guest was pointing out,
is probably going to be OK. One of the areas we need to really take
advantage of are companies that are involved with infrastructure or with,
you know, the industrial area.
United Rentals (NYSE:URI) is the largest rental. I was talking to a
landscaper today, he says he never buys, he only rents. So, that`s good
for them. And again, they meet the same criteria, being fairly cheap. The
company is run fairly well, has a good balance sheet. And we think that
it`s got good prospect. It hasn`t gone up a lot this year, so maybe you`re
getting it a little cheaper than you might some other stocks right now.
HERERA: And we`ll finish up with Trinity Industries (NYSE:TRN).
JAMES: Yes. Trinity is a real, you know, great stock in terms of meeting
the criteria that I`ve already talked about. But it`s into railroads.
It`s into wind energy. It`s into road construction.
If there`s anything, you know, being constructed out there, they`re
involved with it in some way, shape, or form, it seems like and we think
that, you know, they got their eye on the prize, as it were. They`re
running things lean and mean. And they`ve got a ways to go, especially if
the guys in Congress do something in the next 40 days, I bet they`re going
to spend more money and probably on infrastructure.
GRIFFETH: Certainly one of the leaders in this market has been technology
overall, especially the FANG stocks, the big guys out there — the Amazons,
the Facebooks and so forth. Do you — is that encouraging to you or does
that worry you?
JAMES: It worries me, to be quite frankly. What we`ve seen is this kind
of upside down market where stocks that are really very expensive, have
very poor earnings, and they haven`t shown a lot of price appreciation,
have been outperforming just the opposite. And we like those just the
opposite ones that have cheap with good earnings. So, that`s a very
And then you find in the 12 months ending March, companies that were losing
money, they were not profitable —
JAMES: — did 16 percent better than companies that were profitable.
That`s just not a sustainable situation at all.
HERERA: Well, that`s why we have your stock pick, so that our viewers can
make a little money.
Barry, thank you as always.
Barry James with the James Balanced Golden Rainbow Fund.
GRIFFETH: Coming up, meet the entrepreneurs who are developing a
technology and building a company that may have the power to save a lot of
lives. Their “Bright Idea”, coming up next.
GRIFFETH: Here`s a quick look at what to watch for next week. On Monday,
investors will have their first chance to react to new data on cancer
research, following the world`s biggest cancer research meeting over the
weekend. Tuesday, CEOs from the Business Roundtable release their outlook
for the economy. Thursday, the European Central Bank meets.
And that`s what we`re watching for next week, Sue.
HERERA: Bill, as you know, your smartphone probably knows where you are.
But our aging 911 system wasn`t built to read all the information on your
phone, which makes for a dangerous equation. Seventy percent of the
roughly 240 million 911 calls that we make each year come from cellphones.
That`s why two young entrepreneurs in New York City are working to fix that
UNIDENTIFIED MALE: Where you`re saying you`re at and where the phone says
you`re at is about five miles apart.
HERERA: It`s a problem that`s dogged 911 operators. Built in the 1960s,
911 works well with landline phones. But call on a cellphone, and 911 gets
only an approximate location, often using nearby cell towers, even if the
call is made at a 911 call center.
JOE THOMAS, SUSSEX COUNTY EMERGENCY OPS. DIR.: Roughly 4,000 meters away
from where we`re actually at.
HERERA: That`s why Joe Thomas` staff at the Sussex County Emergency
Operations Center in Delaware is testing RapidSOS, a software allowing the
existing 911 system to read more data coming from smartphones.
THOMAS: It pinpoints it at the top of the building where we`re located.
HERERA: Michael Martin got the idea after he felt like he had been
followed home in New York City one night back in 2012.
MICHAEL MARTIN, RAPIDSOS CO-FOUNDER AND CEO: 911 call takers are doing
heroic work in light of that challenge. But we`re giving them basically no
data to manage those calls.
HERERA: In grad school, he teamed with Nicholas Horelik who volunteered on
taking emergency calls on a hotline during college.
NICHOLAS HORELIK, RAPIDSOS CO-FOUNDER AND CTO: It was the same type of
problem. Someone is calling in distress and we have no idea where they
HERERA: So, they co-founded RapidSOS. But perhaps more important than
their techno-how was the four years they spent taking input from government
officials, and many of the 6,500 911 call centers. In 2016, they released
a free app call Haven.
Last December, Harrison Dandrea got lost when a thick damp fog rolled in as
he hiked in North Carolina`s Blue Ridge mountains.
HARRISON DANDREA, HIKER: Your mind just goes into frantic mode.
HERERA: So, he tapped the haven app on his phone.
DANDREA: The operators told me to stay right where I wasn`t and a park
ranger would be there within 15 minutes. And they were.
HERERA: Almost 20 percent of the nation`s 911 call centers are using
RapidSOS. But it may cover most of the country by year`s end. For some,
it can`t happen soon enough. In 2014, an FCC study said fixing 911
location issues could save more than 10,000 lives a year.
TOM WHEELER, RAPIDSOS INVESTOR: Congress talked about it. But there
hasn`t been any legislation, let alone any passage of something that would
make a difference.
HERERA: Tom Wheeler is one of three former FCC chairmen who has invested
WHEELER: They have built a platform that can be applicable in multiple
kinds of situations, not just 911 calls.
HERERA: Those situations, upgrades to home security, car monitors like
OnStar, and wearable health devices, are where RapidSOS hopes to make
UNIDENTIFIED MALE: If this were on a health wearable device, this screen
is going to have health information, heart rate, blood pressure, that`s
coming from a connected car. Now, it`s the picture of the car, where was
the impact, the airbags deployed, who was wearing a seatbelt, how many
people on the vehicle.
HERERA: The cost, about $3 to $10 a month. It could be a small price to
HORELIK: The enormity of what it is we work on here, I think that affects
everybody on our team. I mean, that`s what really drives all of us.
MARTIN: This is technology that`s going to have the power to save a lot of
HERERA: RapidSOS expects to begin rolling out upgrades to those consumer
products later this year. And there`s more it can do for the 911 system as
well. If the phone has a camera, it can put out a video feed which a 911
operator can get to for responders, giving them a chance to see what
they`re getting before they arrive on the scene. It`s a great idea.
GRIFFETH: Great idea.
HERERA: That does it for us tonight on NIGHTLY BUSINESS REPORT. I`m Sue
Have a great weekend, Bill.
GRIFFETH: You too, Sue. Everybody else, you have a great weekend, too.
We`ll see you Monday.
Nightly Business Report transcripts and video are available on-line post
broadcast at http://nbr.com. The program is transcribed by ASC Services II
Media, LLC. Updates may be posted at a later date. The views of our guests
and commentators are their own and do not necessarily represent the views
of Nightly Business Report, or CNBC, Inc. Information presented on Nightly
Business Report is not and should not be considered as investment advice.
(c) 2017 CNBC, Inc.