Transcript: Nightly Business Report – June 19, 2017

ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and Sue
Herera.

CONTESSA BREWER, NIGHTLY BUSINESS REPORT ANCHOR: What a way to start the
week. The market climbs to levels never seen before as enthusiasm returns
to the technology sector and investors regain confidence in the economy.

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: Flying high. Will 2017 be
one of the strongest years yet for the aerospace and defense sectors?

BREWER: Watershed moment. Why it`s a key time for investors looking to
put their money in the world`s second largest economy.

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Monday, June
19th.

And good evening, everyone. I`m Contessa Brewer, in tonight for Sue
Herera.

GRIFFETH: And I`m Bill Griffeth, in tonight for Tyler Mathisen, coming to
you from the New York Stock Exchange, where the blue chip Dow and S&P both
closed at records today.

With no major economic reports, the optimism seems to have come from the
technology sector which is the best performing group this year, even after
that wobbly performance that we saw last week.

Here are the closing numbers for this Monday. The Dow Industrial Average
advanced by 144 point to close at 21,528, a new record. The NASDAQ was up
87. That`s a 1.5 percent gain. The S&P 500 added 20 points today.

Contessa?

BREWER: So, if you`re a long-term investor, you`re probably not
complaining about the market`s performance so far this year. With history
as a guide, Mike Santoli takes a look at what might happen in the months
ahead.

(BEGIN VIDEOTAPE)

MIKE SANTOLI, NIGHTLY BUSINESS REPORT CORRESPONDENT: Not quite halfway
through 2017, the stock market has already returned nearly 10 percent.
Equal to the long-term average gains for a full year. But it would be a
mistake to assume this means stocks are way ahead of themselves or due to
stall for the next several months. It turns out the stock market only
rarely produces an average return in a given calendar year.

Since 1928, only 6 years saw the S&P 500 index gain between 5 percent and
10 percent, what we`ve come to think of as the long-term average yearly
performance. The indexes declined more than 20 percent in a year, four
times as often, in fact, and experienced outright declines 30 times in
those 89 years. This is a good reminder that equity markets deliver their
rewards in waves, not in metered doses.

So, if the market is unlikely to simply idle near this level for the next
six months, where might it go based on current conditions and historical
patterns? Well, no one can ever say with much certainty, the weight of the
evidence tilts toward the upside.

Beyond the ongoing recovery in corporate profits and solid global economic
growth, the behavior of the market, itself, this year, a calm persistent
uptrend, most closely resembles past years that finished strong. Whenever
the S&P has been up at least 7.5 percent in the year`s first 100 days as it
was this year, stocks added to those gains through year end 20 out of 23
times. And since 1950, if there have been at least 15 all-time highs
through May just like this year, the index added on average another gain of
nearly 8 percent through December, which is significantly better than in
the average year.

One looming negative exception to these encouraging patterns is 1987. A
scary year to come up in historical comparisons given the crash that
October. Yet it`s important to note that stocks had soared a whopping 40
percent from January into August that year, a far more overheated market
than the current one so far.

None of these historical patterns make the market to immune to shots from a
sharp growth slowdown, aggressive series of Federal Reserve rate hikes or a
political crisis, but they do serve as comforting context for a stock
market that has surprised many this year with its quiet relentless
strength.

For NIGHTLY BUSINESS REPORT, I`m Mike Santoli.

(END VIDEOTAPE)

GRIFFETH: Jack Ablin joins us now to talk more about the market and if the
gains we`ve seen so far this year can continue in the months ahead. Jack
is the chief investment officer at BMO Private Bank.

Good to see you again, Jack. Welcome back.

JACK ABLIN, BMO PRIVATE BANK CIO: Thanks, Bill. Thank you.

GRIFFETH: By many measures, this market is overvalued. You agree with
that. So, what`s powering it and can this continue, do you think?

ABLIN: Yes, I think it`s a combination of certainly improving earnings.
There`s no question about it. But you`re right, relative to those
earnings, and revenue to revenues, the market is still at pretty stretched
levels.

So, what it is, I believe, is liquidity, it`s that age-old drip that`s been
going on now since the financial crisis. In fact, over the last 12 months,
central banks collectively have added more than $2 trillion to the
financial system. I think that`s emboldened investors and allowed them to
take on maybe more risk than they would normally like to see when values
are like, you know, where they are today.

BREWER: And, Jack, what we saw today in the markets is much of the rally
being driven by tech here. Is the worst over? And if so, does that worry
you that you`re seeing a correction of maybe 3 percent and upward movement?
Let`s get on with it and keep growing and adding money into the tech
sector?

ABLIN: Well, I think, Contessa, I think the tech move that we had this
year caught a lot of people flatfooted and so, when they saw the downdraft
toward the end of last week, I think most people looked at it more as an
opportunity than a threat. You know, it remains to be seen how that plays
out, certainly. Tech is relatively expensive, although if you look at it,
you know, in relative to its own history and relative to the market, it`s
not a stretch as it was, say, the tech bubble in 1999-2000.

GRIFFETH: Our viewers may be wondering, gee, is this the time to be
getting in if I`m not already there or should I be committing new money?

Jack Bogle often says it`s always a good time to invest. Especially if
you`re dollar cost averaging. What does Jack Ablin say about this market
right now?

ABLIN: You know, I`m not going to repute the notable Jack on this one,
but, you know, a lot of it also depends on your timeframe. Remember, don`t
touch stocks unless you have at least seven to ten years to let it
percolate in a portfolio and let it grow over time. I think if you build a
portfolio right, you should never have to sell anything at a loss. And
what that really means is, you`ve got to time your needs, your, you know,
drawing against your portfolio, against the assets that you`re holding.

So, if you need something tomorrow, don`t put it in the stock market, put
it in a money market fund. If you can hold for seven to ten years,
certainly a long-term investing makes a lot of sense.

GRIFFETH: Jack Ablin with BMO Private Bank — always good to see you,
Jack. Thank you.

ABLIN: Thanks, Bill.

BREWER: The Supreme Court has tightened rules on where injury lawsuits can
be filed. The decision is considered a win for businesses that want to
prevent plaintiffs from shopping around for friendly courts. The justices
overturned a lower court ruling that allowed hundreds of out of state
patients to sue Bristol-Myers Squibb (NYSE:BMY) in California over
prescription drugs.

GRIFFETH: And in a separate case, the Supreme Court ruled the trademarks
that are seen as disparaging are protected under the First Amendment. That
case which involved an Asian-American musician could have implications for
similar disputes including for the Washington Redskins which had its
trademark revoked under the same statute that the justices invalidated
today.

BREWER: Also in Washington, executives from some high-profile technology
companies, including Microsoft (NASDAQ:MSFT), Intel (NASDAQ:INTC) and
MasterCard (NYSE:MA), arrived at the White House for the first meeting of
the American Technology Council. They met with presidential adviser Jared
Kushner and focused in part on modernizing the government.

(BEGIN VIDEO CLIP)

JARED KUSHNER, SENIOR WHITE HOUSE ADVISOR: Together, we will unleash the
creativity of the private sector to provide citizen services in a way that
has never happened before. We will foster a new set of startups focused on
gov tech and be a global leader in the field, making government more
transparent and responsive to citizens` needs.

(END VIDEO CLIP)

BREWER: Eamon Javers is following the story for us.

Eamon, they were talking about 6,000 data centers for the government here,
$86 billion that the government spends on technology. So, what else is
there to talk about in a big technology summit like this?

EAMON JAVERS, NIGHTLY BUSINESS REPORT CORRESPONDENT: Well, Contessa, the
one stat that got my attention today was they said the Department of
Defense is still using those old eight inch floppy disks we all remember
from the distant past. That`s still in the government IT procurement
system.

So, they`re saying they want to take ideas from private sector executives
and use them to modernize the way the government does business. They`re
trying to get best practices from the glittering lights of Silicon Valley.
We`ve got Tim Cook of Apple (NASDAQ:AAPL) here, Eric Schmidt of Google
(NASDAQ:GOOG)/Alphabet here as well. The idea is they`re just going to
simply pick their brains here for some good ideas.

GRIFFETH: Wait, not everybody uses floppy disks anymore?

(LAUGHTER)

JAVERS: Is that old?

GRIFFETH: We know — put the phone down for a second there because I want
to ask you about the CEOs who were there. We know that Jeff Bezos of
Amazon (NASDAQ:AMZN), Tim Cook of Apple (NASDAQ:AAPL) were there. Any
notable absences?

JAVERS: Yes, you know, Mark Zuckerberg from Facebook (NASDAQ:FB) was
invited to come today, I`m told declined saying he had a scheduling
conflict. I`m also told the White House was sort of only interested here
in CEO-level executives, that`s why there`s nobody else here from Facebook
(NASDAQ:FB).

But that is a big person who`s missing from the picture here today. And,
obviously, Zuckerberg has been on his own sort of political-like tour of
the country out there meeting with Americans of every demographic in every
state. You wonder whether he has political ambitions or whether it really
was a scheduling conflict here at the White House.

BREWER: And I know a lot of the CEOs are sort of walking a fine line
between trying to satisfy customers who may not like what the White House
has to say and also trying to have the ear of the president to effect
change.

Eamon, thank you for covering all of that in such great detail.

JAVERS: You bet.

GRIFFETH: Meanwhile, the president of the Federal Reserve Bank of New York
has confidence in the economy. Bill Dudley said today that inflation
should rise alongside wages, allowing the Central Bank to continue to
gradually tighten interest rates.

The influential policymaker added that the economy is in a good place right
now.

BREWER: Americans are feeling good about the economy. That`s the
conclusion of CNBC`s latest All America Survey, with several key components
hitting all-time highs.

Steve Liesman takes a closer look at those results.

(BEGIN VIDEOTAPE)

STEVE LIESMAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Economic optimism in
the United States remains strong, as the post-election bump continues and
even looks to be strengthening. The percentage of Americans who are
optimistic about the current situation and optimistic about the future
remains at a record 30 percent, spurred on by surging Republican optimism
and Democratic pessimism that remains below Republican levels during the
Obama years.

MICAH ROBERTS, PUBLIC OPINION STRATEGICS PARTNER: On the stock market, we
have three straight tracks in a row, dating back to when just right after
Trump was elected, where people are saying it`s a better — it`s a good
time to invest in the stock market even as we`ve seen record high Dow Jones
Industrial Averages and record high stock prices in many sectors. So,
those are really important, positive indicators that people are feeling
good about the economy.

LIESMAN: The CNBC All America Economic Survey shows the percentage of
Americans who think their home prices will rise in the next year is at a
record and the percentage to see higher wages in the coming year is at a
near record.

But it`s not necessarily good news for the president. Fewer Americans who
have positive outlooks say it`s because of President Trump and more
Americans who have negative attitudes, they pin it on the president. That
as the survey shows a disconnect between optimistic views on the economy
and views of President Trump.

JAY CAMPBELL, HART REEARCH PARTNER: President Trump`s base is starting to
erode from him. He`s had a drop of ten points in approval from
Republicans. He`s now under 80 percent approval among Republicans. Even
those who say that they cast a vote for him in November, they`ve dropped
off in their support as well.

When you`re left in that position, when your base starts to move away from
you, it becomes very difficult to pass an agenda and to govern.

LIESMAN: The president`s approval rating has fallen to 37 percent. Down
from 39 percent in April. And while President Trump`s approval on the
economy is a bit better at 41 percent, those numbers are also down from the
prior poll.

For NIGHTLY BUSINESS REPORT, I`m Steve Liesman.

(END VIDEOTAPE)

GRIFFETH: Still ahead, the aerospace industry takes flight.

(BEGIN VIDEO CLIP)

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT: The global demand for
travel continues to rise, which is one reason orders for new airplanes are
pouring in here at the Paris air show.

I`m Phil LeBeau. We`ll go behind the scenes coming up on the NIGHTLY
BUSINESS REPORT.

(END VIDEO CLIP)

BREWER: For defense and commercial aviation companies, 2017 is turning
into one of the strongest years ever. Demand for military jets and
commercial airplanes is climbing and that makes this year`s Paris Air Show
a very busy place for some of the world`s largest companies.

Phil LeBeau, as you saw, has more from us from Paris.

(BEGIN VIDEOTAPE)

LEBEAU: With Lockheed Martin`s F-35 putting on a show in the sky, defense
companies are taking center stage at the Paris air show.

MARILLYN HEWSON, LOCKHEED MARTIN CEO: We are absolutely busier. We have
looked at what our meetings are and they are up by a large significant
magnitude and we expect to have great interactions all day today and
throughout the week.

LEBEAU: Military contractors are gearing up for more orders as countries
expand their defense budgets, including the U.S., where the Trump
administration is pushing for a 10 percent increase.

KELLY ORTBERG, ROCKWELL COLLINS CEO: I suspect they`ll be in negotiation.
We think we can see sustained low to mid single digit growth in the defense
budget.

LEBEAU: For commercial airplane makers, the focus is on clearing out
backlogs that now stretch well past 2020, which is why commercial orders at
this year`s show are not as robust as in recent years.

PHIL TOY, ALIXPARTNERS: We`re at maximum production, all-time maximum
production. So, it`s not doom and gloom. It`s just flat, which is not a
bad thing.

LEBEAU: The fact is, the number of people around the world who are flying
continues to climb and should for the foreseeable future.

DENNIS MUILENBURG, BOEING CEO: We just updated our current market outlook.
We over the next 20 years see a need for about 41,000 new airplanes. We`re
continuing to see lift there.

LEBEAU: Boeing`s optimism about surging global demand for travel is one
reason why the company is exploring building a hypersonic commercial
airplane that would let people fly anywhere in the world within two hours.
That`s right. Two hours of flying at speeds of up to five times the speed
of sound.

Phil LeBeau, NIGHTLY BUSINESS REPORT, Le Bourget, France.

(END VIDEOTAPE)

BREWER: Wow.

EQT (NYSE:EQT) bids to be the nation`s largest natural gas producer, and
that`s where we begin tonight`s “Market Focus.”

The oil and gas company said it would pay nearly $7 billion for rival Rice
Energy. EQT (NYSE:EQT) also said it will have the ability to drill longer
horizontal wells as most of Rice`s Energy assets are located right next to
land owned by EQT (NYSE:EQT). Now, EQT (NYSE:EQT) shares fell about 9
percent to $53.51. Rice Energy shares surged nearly 25 percent to $24.57.

Financial services firm Wedbush speculated that Amazon`s deal with Whole
Foods makes food delivery service, GrubHub, Amazon`s next logical takeover
target. Wedbush said the e-commerce giant could benefit from GrubHub`s
geographic presence and its delivery infrastructure. It also noted a
potential deal could grow Amazon`s user base as GrubHub and Whole Foods are
found in some of the same markets. Shares rose more than 4 percent to
$45.34.

And lab products maker PerkinElmer (NYSE:PKI) said it would buy Germany-
based Euroimmun Medical Laboratory Diagnostics for more than $1 billion.
PerkinElmer (NYSE:PKI) said the merger will expand its reach into the
autoimmune and allergy diagnostic markets and provide new infectious
disease tests to its customers in China. PerkinElmer (NYSE:PKI) shares
rose more than 6.5 percent to $67.73.

GRIFFETH: Valeant Pharmaceuticals has elected billionaire investor John
Paulson to its board of directors. The embattled drug company, which is
working toward reducing its debt, said that Paulson`s experience will help
the company complete its turnaround strategy. To date, Paulson`s hedge
fund lost nearly $2 billion on its investments in Valeant. But they made
money today, Valeant shares were up 6 percent, close at $13.47.

And Clovis Oncology says that its drug for treating ovarian cancer has met
its goals during a late-stage study. The company said that the treatment
had a clinically meaningful impact on delaying disease reoccurrence in
patients who had an advanced form of ovarian cancer. Clovis said it plans
to it apply for regulatory approval within the next four months. Shares
soared as you can imagine. They were up by 46-plus percent to $87.88.

China`s stock markets are some of the world`s biggest, but it hasn`t always
been easy for investors to gain access. That could change tomorrow if a
major index provider decides to include shares of some Chinese companies.

Bob Pisani explains why global investors are paying close attention.

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: This is a big deal
because indexes like MSCI (NYSE:MSCI) rule the world since they determine
what goes into all these ETFs that we`re buying. Right now, only Hong
Kong-listed stocks are included in the indexes. There`s no mainland China
stocks that are in it right now.

But Mainland China`s stock market is worth $6 trillion. That`s the same
essentially as the Hong Kong stock market. Six trillion is almost one-
tenth of the total stock market capitalization in the world and it`s not in
those indexes.

So, the key issues with mainland China stocks, there`s been a couple of
them. First, it`s been too easy for companies to hold trading in their
stocks. Chinese regulators had now instituted new rules that limits under
what circumstances and for how long Chinese companies can both trade.
There`s been another issue: limits on how much that could be taken in and
out of the market at any one time.

But the creation of direct stock links between Shanghai and Hong Kong and
Shenzhen and Hong Kong, the two big exchanges in mainland China, now make
it far easier to get money into and out of the mainland stock market.

All right. So, what does all this mean for investors? It means if you own
international indexes through exchange-traded funds, for example, the
chances are you`ll be owning much more China stocks in the next few years
if this goes through. The inclusion will take place over several years, by
the way, indexers don`t have to go out and buy hundreds of stocks
immediately in the Chinese mainland market.

Now, of course, there`s ETFs for all this. The biggest of all iShares
Emerging Markets ETF, the symbol is EEM is out there. But if you want more
direct exposure to mainland China stocks, there are specific ETFs, symbol
KBA is one example, created specifically to attract the index MSCI
(NYSE:MSCI) is using.

Part of the decision may be strategic, by the way. Vanguard already uses
an index from MSCI`s competitor, FTSE. It does include mainland China
stocks. The symbol there is VWO. Finally, this decision comes at 4:30
p.m. tomorrow.

For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.

(END VIDEOTAPE)

GRIFFETH: Elsewhere, the Chinese version of Amazon (NASDAQ:AMZN) is
setting records. NASDAQ listed JD.com`s summer sale was the biggest ever.
And just like Amazon (NASDAQ:AMZN), JD.com sees drones as key to the future
of delivery.

Eunice Yoon reports for us tonight from Beijing.

(BEGIN VIDEOTAPE)

EUNICE YOON, NIGHTLY BUSINESS REPORT CORRESPONDENT: I`m surrounded by
toys, diapers, home appliances — pretty much everything that you would see
in your home is at this JD delivery station. This is just one of JD`s
6,900 delivery stations across the country.

At this one, alone, about 10,000 packages are being shipped out. And
that`s because yesterday, Sunday, was a combination of a big summer sale
for JD, June 18th is a Chinese retailers` own shopping holiday. China
already had Singles Day. But JD marked its anniversary with deep
discounts.

The company announced that during the 18-day period, $17.6 billion worth of
goods crossed its site, up 50 percent from last year.

JD`s founder Richard Liu says Chinese consumers are looking for quality.

RICHARD LIU, JD.COM FOUNDER & CEO: You know, the past three years, we
spend a lot of resources to attract the woman to buy on our platform. So,
now, most of apparel, bags, watches and jewelries and cosmetics, every
category girls (INAUDIBLE). Also, more and more Chinese consumers buy the
luxury brands and high quality brands.

YOON: Today, these goods are being delivered mainly by JD`s 7,000
couriers. But in the future, the company hopes drones will be delivering,
too. Amazon (NASDAQ:AMZN) is hot about drones but its plans are being held
back by red tape in the U.S. JD, though, already has 40 drones flying real
routes mainly in rural parts of China.

LIU: Our tactic (INAUDIBLE) try to use drone to deliver from the station
to the end users. In China, you know, people are living in apartment, so
we cannot use the same way to do, like, Amazon (NASDAQ:AMZN) U.S. but the
village, countryside is a huge market.

YOON: Currently, JD`s drones can carry up to 66 pounds or 30 kilograms of
weight, and they`re looking into a model that can one day carry one ton
worth of products.

For NIGHTLY BUSINESS REPORT, I`m Eunice Yoon in Beijing.

(END VIDEOTAPE)

BREWER: Coming up, follow the ad money.

(BEGIN VIDEO CLIP)

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT: I`m here at the
Cannes Lions Advertising Festival, where digital and tradition ad platforms
are pitching to the biggest brands from around the world. We`ll tell you
where ad dollars are moving and which trends to watch. That`s coming up on
NIGHTLY BUSINESS REPORT.

(END VIDEO CLIP)

(MUSIC)

BREWER: The merger between DraftKings and FanDuel is being challenged by
the Federal Trade Commission and the attorneys general of California and
Washington, D.C. According to the complaint, the merger would harm
consumers because together, those two companies would hold more than 90
percent of the U.S. market for daily fantasy sports. In a joint statement,
DraftKings and FanDuel said they`re disappointed by the decision.

GRIFFETH: The world`s largest brands have a lot of money to spend on
advertising and those companies are in the south of France right now trying
to figure out if they should direct those dollars to traditional or digital
media.

Julia Boorstin is following the money from Cannes Lions Advertising
Festival.

(BEGIN VIDEOTAPE)

BOORSTIN: Snap looms over the seaside quazette (ph) where tens of
thousands of ad execs will walk. With Snap`s giant Ferris wheel as it
fights to grow ad dollars. And Pinterest is here, showcasing its new
visual search technology with these interactive kiosks. When it`s Facebook
(NASDAQ:FB) and Google (NASDAQ:GOOG) with these giant branded cabanas in
Cannes that dominate the beach as well as the global digital ad market.
Their challenge in focus as Google (NASDAQ:GOOG) just yesterday announced
more steps to combat extremist content.

MICHAEL KASSAN, MEDIALINK CEO: There were the issues around measurement
and then, you know, right behind that, in the beginning of this year, we
had all this noise, and it`s real noise, about brand safety. And I think
those are really the underlying issues that are facing marketers today.

BOORSTIN: So, how do you address those issues? Google (NASDAQ:GOOG) is
here talking about how they`re investing in premium content for YouTube,
paying for professional shows featuring big stars. And we`re hearing from
Snap, Pinterest and the traditional media giants who are here, talking
about top-tier talent, which is safer advertisers on a range of platforms,
whether it`s old-fashioned television or a story for Snap stories.

CNBC parent NBC Universal (NYSE:UVV) saying it`s seeing an uptick in ad
dollars.

LINDA YACCARINO, NBC UNIVERSAL: In a world of premium content, or if we
want to call television companies, we are able to capitalize on that,
because those are nonissues for companies particularly like NBC Universal
(NYSE:UVV) and we`re seeing a tidal wave of money come back to premium
content specifically during the television upfront.

BOORSTIN: It`s not just TV shows, NBC Universal (NYSE:UVV) is showcasing
new content is producing in partnership with Snapchat, as well as BuzzFeed,
for the Olympics. They`re also featuring their mobile ad sold through ad
tech company Kargo, which is focused entirely on premium content.

HARRY KARGMAN, KARGO CEO: The issues around fake news, around hate speech
inside a video, which you see on YouTube, are all things that remind
advertisers that it`s not all about audience and just trying to find the
right audience, but actually being in contextually right places is a major
and important thing that they need to focus on.

BOORSTIN: This is advertisers here push for more data, assurances and
better deals, to make sure they`re maximizing their return on ad
investment.

For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in Cannes, France.

(END VIDEOTAPE)

BREWER: Finally tonight, an 18-carat emerald once owned by the Rockefeller
family could become the most expensive emerald ever auctioned. It`s
scheduled for sale tomorrow. Christie`s estimates the stone will sell
between $4 million and $6 million. Eh. Chump change.

That`s NIGHTLY BUSINESS REPORT —

GRIFFETH: I would point out to your husband that that matches your eyes,
by the way.

BREWER: That`s very —

GRIFFETH: Just saying.

BREWER: That`s very sweet.

Good night, everybody.

END

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.

 

This entry was posted in Transcripts. Bookmark the permalink.

Leave a Reply