Transcript: Nightly Business Report – May 4, 2018

ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Sue Herera and Bill
Griffeth.

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Buffett`s blockbuster. Stocks
surge as Apple (NASDAQ:AAPL) soars to an all-time high after Warren Buffett
says his company bought more shares of the tech giant and it was a whole
lot more.

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: Job shocker. The nation`s
unemployment rate breaks below 4 percent for the first time since Bill
Clinton was in office. What does it mean for the Fed and interest rates?
$

HERERA: And passing grade. How a school project for two fourth graders
went from a bright idea to Target (NYSE:TGT) store shelves around the
country.

All that and more on NIGHTLY BUSINESS REPORT for Friday, May 4th.

GRIFFETH: And we do bid you good Friday evening, everybody, and welcome.

Stocks rallied to finish the week, today closing sharply higher after
shrugging off a so-so jobs report, which we`ll have more on in a moment.
Technology led the way today, lifted by Apple (NASDAQ:AAPL). Ahead of
tomorrow`s Berkshire Hathaway (NYSE:BRK.A) annual shareholder meeting,
billionaire investor Warren Buffett told our Becky Quick that he bought an
awful lot of shares of the iPhone maker in the first quarter.

(BEGIN VIDEO CLIP)

BECKY QUICK, NIGHTLY BUSINESS REPORT CORRESPONDENT: So you bought a lot
more in the first quarter?

WARREN BUFFETT, BERKSHIRE HATHAWAY CEO: Quite a bit more, yes. You`ll see
it, I bought 75 million shares.

(END VIDEO CLIP)

GRIFFETH: That was enough to send Apple (NASDAQ:AAPL) 4 percent higher.
It closed at an all time high at $183.83. That in turn helped to power the
rest of the market. The Dow rose by 332 points today, closed at 24,262,
the Nasdaq climbed by 121, and the S&P added 33. But the Nasdaq was the
only one to trade higher for the week.

HERERA: And now to that jobs report. It wasn`t a blowout number, but it
wasn`t a stinker either. Today`s April job`s growth was not spectacular,
but was in a word solid. The unemployment report overall had a little bit
of everything. Some good, some bad, and some ugly.

The economy added 164,000 jobs last month and that was slightly below
expectations but not enough to create much concern. The average hourly
wages inched higher but that number, too, was below expectations.

And here`s a big number: the unemployment rate breaking below 4 percent for
if first time since 2000. But much of that was due to more people leaving
the workforce.

Hampton Pearson has more.

(BEGIN VIDEOTAPE)

HAMPTON PEARSON, NIGHTLY BUSINESS REPORT CORRESPONDENT: President Donald
Trump touted an economic milestone in today`s jobs report, unemployment
below 4 percent for the first time since December 2000.

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: The big thing to me was
cracking 4. That hasn`t been done in a long time.

PEARSON: The jobless rate fell because fewer people were looking for work
and the overall size of the labor force shrank by 236,000. Average hourly
earnings were stagnant. Up just 0.1 in April and 2.6 over the last two
months — re-igniting a debate over the tax cuts.

AUSTAN GOOLSBEE, FORMER CHAIRMAN, COUNCIL OF ECONOMIC ADVISERS: He sold
the tax cut as we`re going to increase profits to companies and they`re
going to hire people and they`re going to raise wages. And you see wages
growing very modestly. You see people dropping out of the labor force. We
missed on the numbers.

ROMINA BOCCIA, HERITAGE FOUNDATION: I think there`s still a lot of
opportunity for more growth. Businesses will continue to make investments,
building on tax reform and with the deregulation that continues to happen
under the Trump administration.

PEARSON: So far, concerns about rising tariffs or a possible trade war
with China are not impacting the employ picture. Over the past three
months, job growth has averaged 208,000 per month. Leading the way in
April, professional and business services with 54,000 new hires and
manufacturing, adding 24,000 new workers, even in industries impacted by
steel tariffs.

As for the Fed, the combination of a still healthy job market with few
signs of inflation should keep monetary policymakers on a gradual rate hike
track.

For NIGHTLY BUSINESS REPORT, I`m Hampton Pearson in Washington.

(END VIDEOTAPE)

GRIFFETH: Let`s turn to Ed Keon now for some more analysis on all of his.
Ed is chief investment strategist at QMA.

Good to see you, Ed. Welcome back.

ED KEON, QMA CHIEF INVESTMENT STRATEGIST: Thank you, Bill.

GRIFFETH: So, you know, we have been hearing from some Fed officials who
sound anxious to aggressively raise the rates this year. Is this the kind
of report to give them pause? What do you think?

KEON: Well, I think it will not really change much as far as their course
of action. You did continue to see good job growth and when you add back
the revisions to prior months, overall number was pretty much in line with
estimates. And the wage number being a little slow in this report,
somewhat contradicts some of the other data that we have.

We got a report last week called the ECI that showed wages growing a little
bit more robustly, but overall, I think what it suggest is that we are
getting a job increases or getting wage increases but they`re not so strong
that it would cause the Fed to overreact by raising rates too aggressively.

HERERA: Was — as we said, there was a little bit of good and bad in the
report. Was there anything that stuck out to you that was worrisome or
concerning at all or not?

KEON: I think it was actually a pretty solid report. I`ll use the word
you did, in most respects, in the sense that there was nothing terribly
disappointing.

Again, the surprise was on the wage side which if you`re trying to make a
living of course, wage grow but from the point of view of the stock market,
a little bit slower pace of wage increases reduces the risk that inflation
will pick up dramatically, causing an overreaction from the Fed and with
almost every recession we have had in a post-World War II period, it`s an
overreaction by the Fed that causes the recession to start.

GRIFFETH: I was going to ask you about the market`s response to it. We
have struggled lately, the market has, even though earnings have been
strong. But today a very different story and how much do you think
lukewarm to solid jobs report had maybe greenlighting the fact that
inflation is not going to be a big problem?

KEON: Well, I think it had a big impact. Actually, it was bigger than I
would have thought based on how we started this morning, because I think
that is the big worry from the stock market`s concern. We know profits are
going to be good. We`re worried about the possibility of course of
geopolitics, talked about tariffs. These sorts of things are worrying the
market, and that`s why it`s been more volatile.

But at the end of the day, it`s Fed that ends up causing recessions and
it`s recessions that cause bear markets. So, I think as long as the Fed
continues on a gradual pace, that we get the strong profit growth that I
think will be the big story for 2018 with — at the end of the day when it
comes to the markets, the market was calmer about that. But basically,
we`re flat for the year now.

So, we need to see both continued progress on the earnings front as well as
a continued slow but mode wage gains and inflation in order to keep this
bull market running for a while longer.

HERERA: One thing that stuck out to me was the participation rates, and
specifically in some minority populations. That seems to me to be a little
bit worrisome because — and obviously they`re not counted if they`re not
looking for jobs. Does that concern you at all?

KEON: Well, in a way having a lower participation rate means that the
future might be better, both for the individuals who are not in the labor
force that might be coaxed into going back in and also because if there are
more people that are available to work than maybe economists think, that
would be another thing that would keep a lid on inflation.

So, it would be great if every able body person would find a job and get in
the labor force. We`re actually heading in that direction. We made a lot
of progress. Not quite there yet.

GRIFFETH: Yes, let me ask you, the ten year has been flirting with 3
percent. It gets there and then it pulls back again. Where do you see
rates going in the near term? Are we destined to go much higher for a
while?

KEON: I think we will go higher, so we have been thinking that we`ll go
over 3 and maintain 3 in 2018 and well into the three territory. I don`t
think we`re going to see a big increase. Now I don`t think we`ll go back
to 4 or 5 percent on the ten year any time soon. There are tremendous
demand for long duration fixed income products, for long term Treasury
bonds and long term bonds issued by other countries around the world.

GRIFFETH: All right.

KEON: From insurance companies, from people that are trying to get money
for pension plans. So, because of that very strong demand, I don`t think
you`re going to see a big spike in interest rates, but because the economy
remains healthy, I think you will see rates go back to something closer to
normal over the course of this year.

GRIFFETH: Wouldn`t that be nice for savers?

Ed Keon with QMA, good to see you again. Have a good weekend.

KEON: Good to see you. Thanks.

HERERA: U.S. trade officials and their Chinese counterparts wrapped up two
days of bilateral talks in Beijing. The White House put out a statement
categorizing the talks as, quote, frank discussions about trade and that,
quote, immediate attention is needed to change the country`s relationships
over trade and investment.

Eunice Yoon has more for us from Beijing.

(BEGIN VIDEOTAPE)

EUNICE YOON, NIGHTLY BUSINESS REPORT CORRESPONDENT: Treasury Secretary
Mnuchin and the delegation have left Beijing for Washington with little to
show for their two days of talks here.

The U.S. had come to the table with an eight point list of demands that are
presented to the Chinese shortly before the discussions. Some of the
highlights, a demand that China agree to measure so that the U.S. trade
deficit would be reduced by $200 billion by 2020. That by next January,
China eliminate policies and practices forcing American companies to
transfer technology, and that given Beijing`s own industrial policies, it
commit not to retaliate against restrictions on Chinese investments and
sensitive U.S. industries.

The Chinese had tough demands, too, that the U.S. end its investigations
into alleged forced technology transfers, that it stop threats to impose
tariffs on $150 billion worth of Chinese goods, and that the U.S. treat
Chinese companies such as telecom gear makers ZTE more fairly. The state
media said that the differences between the two were still relatively big,
but that they were able to reach consensus on some issues like the need to
maintain close communications and to set up a mechanism to keep talking in
the hopes of averting a trade war.

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

(END VIDEOTAPE)

GRIFFETH: Now, along those lines, as you know, the White House announced
earlier this week that it was deferring steel and aluminum tariffs for U.S.
allies, at least for now, and while that bought time for Europe and Brazil
and Australia and others to reach new trade agreements, the uncertainty of
what will happen is causing headaches for some companies here at home.

Kayla Tausche is in Bedford Heights, Ohio, for us tonight.

(BEGIN VIDEOTAPE)

KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT: Majestic Steel is a
middle man, buying steel from U.S. mills and selling it to customers using
it to build microwaves, air conditioners or a siding for a house.

UNIDENTIFIED MALE: We`re selling construction.

TAUSCHE: Some customers need the steel the next day. Others for projects
months down the road. Not knowing which countries or companies will be
paying tariffs then presents a challenge for CEO Todd Leebow.

TODD LEEBOW, MAJESTIC STEEL CEO: Any time you`re in a volatile market and
there`s uncertainty then that has a psychological effect on companies in
terms of how they`re going to manage the buying and selling of their
product.

TAUSCHE: It`s not just Majestic, and it`s not just steel and aluminum. In
late May, the U.S. trade representative could choose to slap tariffs on a
broad range of goods from China totaling $50 billion, and could target
another $100 billion after that.

ROBERT LIGHTHIZER, U.S. TRADE REPRESENTATIVE: The 22nd of May is the last
day in which comments can be made on the initial $50 million with some
period of press. After that, we legally can put them into place.

TAUSCHE: Trade negotiations wrapped Friday in Beijing with a decision by
both sides to keep talking. The high tensions have a range of industries
on alert like brewer with equipment for beer makers on the potential tariff
list. Footwear companies worried they`ll be swept up too. Ninety percent
of Steve Madden`s shoes are made in China.

CEO Ed Rosenfeld says even in the case of tariff, long term manufacturing
decisions can`t be reversed.

ED ROSENFELD, STEVE MADDEN CEO: Really what would happen is that would end
up in the price of the goods to the consumer. And so, that`s the
unfortunate reality of what these tariffs would mean.

TAUSCHE: The timing of tariffs or lack thereof keeping businesses on edge.

LEEBOW: I think every day we get closer, but every day we get closer, the
deadlines are extended, then that makes it more challenging.

TAUSCHE: For NIGHTLY BUSINESS REPORT, I`m Kayla Tausche, Bedford Heights,
Ohio.

(END VIDEOTAPE)

HERERA: Coming up, this week`s market monitor prefers value over growth
and he has three names he thinks are worth owning.

(MUSIC)

GRIFFETH: In this age of on demand services, consumers have become
accustomed to speed and convenience. I mean, we want and even expect that
new shirt to be delivered by tomorrow, if not by the end of today.

The growing appetite for those services is creating new opportunities for
many delivery companies and as Kate Rogers (NYSE:ROG) tells us now, it is a
market that is ripe for job growth.

(BEGIN VIDEOTAPE)

KATE ROGERS, NIGHTLY BUSINESS REPORT CORRESPONDENT: Call it the Amazon
(NASDAQ:AMZN) effect. Customers expect the option for two day and now even
same day delivery. It`s what we want, when we want it and all at the touch
of a button, and it`s creating a boom for on-demand delivery drivers.
Companies from post mates with 130,000 couriers to Uber Eat with 300,000
across the globe are fuelling the craze. An estimated 1 million
contractors work in the retail on-demand space, delivering everything from
coffee to prescriptions to groceries.

BILL LEWIS, ALIX PARTNERS: This is a white hot market for jobs,
particularly grocery. The online demand for grocery is now about $20
billion for same day delivery, $20 billion annually and that`s project to
grow to about $80 billion in the next four years.

ROGERS: Companies like Deliv are cashing in. The company has contractors
in 1,400 cities delivering online orders for giants like Fresh Direct,
Bloomingdale and Best Buy (NYSE:BBY), feeding customer`s appetites for
quicker access to purchases and expectation fueled by Amazon (NASDAQ:AMZN)
Prime.

DAPHNE CARMELI, DELIV FOUNDER & CEO: Prime came out with two day shipping
and became the standard. That wasn`t really a business out there that
moved physical goods, that didn`t have a two-day option. And the same
things now happened with same day.

ROGERS: And for CEO Daphne Carmeli, the demand for same day delivery means
staffing up.

CARMELI: We are hiring across the board for everything from the operations
to the sales to the engineering to folks on the ground, across the board,
in all ranks.

ROGERS: Drivers like Wendy Magarin like the flexibility the job provides.
She says she can make up to $25 an hour including tips.

WENDY MAGARIN, DELIV CONTRACTOR: I start working for the Deliv because
it`s flexible hours. I can work the days and the hours that I want.

ROGERS: It`s not just Deliv adding to the roster. Analysts predict
another 2 million contractors will be added in this space in the next four
years.

For NIGHTLY BUSINESS REPORT, I`m Kate Rogers (NYSE:ROG).

(END VIDEOTAPE)

HERERA: Higher drug sales helped results at Celgene (NASDAQ:CELG). That`s
where we begin tonight`s “Market Focus”.

Profits and revenue climbed at a quicker than expected pace, thanks to
strong global demand. The company also raised its full year guidance and
said it plans to reapply for approval of the multiple sclerosis treatment
that was shot down by the FDA earlier this year. The shares of Celgene
(NASDAQ:CELG) closed higher by about 1.75 percent.

Alibaba said strong commerce in its commerce and cloud computing divisions
led to a better than expected quarter. A rise in investments weakened
operating margins but investors focused instead on the Chinese giant`s
belief that the robust spending will accelerate sales. Shares were up more
than 3-1/2 percent to $188.89.

And a rise in online sales helped results beat estimates at VF Corp, but
concerns around the apparel company`s jeans business and that weighed on
shares. The owner of the brands like the North Face, Wrangler and Lee
reported softer demand for jeans in the quarter and said it expects those
sales to remain flat through fiscal 2019. Shares of VF Corp fell 3 percent
to $76.27.

GRIFFETH: CBS (NYSE:CBS) vice chair Shari Redstone is reportedly walking
back her demand that Viacom (NYSE:VIA) CEO Bob Bakish must hold a top
produce position if Viacom (NYSE:VIA) merges with CBS (NYSE:CBS). Redstone
previously said she wanted Bakish to be second in command to CBS (NYSE:CBS)
CEO Les Moonves, but that`s something Moonves has resisted. So, now,
“Reuters” says she has dropped that demand because she is eager to get a
deal done and she wants negotiations to advance.

And both stocks were higher on that news. Viacom (NYSE:VIA) shares rose by
3 percent. Meanwhile, shares of CBS (NYSE:CBS) were up by 9 percent today.

And shares of cyber security company Carbon Black made its debut on the
Nasdaq today. The company priced 8 million shares at $19 apiece. That was
the high end of the expected range, and it valued the company at more than
$1.5 billion. And it was a good debut. Shares finished higher by 26
percent to $23.94.

And Wells Fargo (NYSE:WFC) said today it will pay nearly $500 million to
resolve a class action suit related to the sales practices but the bank
denies any wrongdoing. Shares closed up more than 1 percent to $52.41.

HERERA: Time now for our market monitor who says he likes value stocks
over growth stocks in the market. The last time he was on was back in
July. He liked Apple (NASDAQ:AAPL) which is up 22 percent. Amazon
(NASDAQ:AMZN) is up 51 percent. And Microsoft (NASDAQ:MSFT) is 30 percent
higher.

Joining us is Ernesto Ramos, a portfolio manager at BMO Global Asset
Management.

Ernesto, welcome back.

ERNESTO RAMOS, PORTFOLIO MANAGER, BMO GLOBAL ASSET MANAGEMENT: Thank you
very much, Sue.

HERERA: Congratulations on those picks. All three were winners, big ones
at that.

Let`s start, first of all, with the fact that you are looking at value
right now and you have United Rentals (NYSE:URI), symbol is URI, on the
list. Why do you like it?

RAMOS: Well, because it`s a true value stock. It trades at only ten times
earnings, but its growth has been fantastic. They just reported a couple
of weeks ago and they totally beat their numbers.

So, this is a company that as you know rents equipment, industrial
equipment, commercial equipment, construction equipment, all across the
United States and Canada with 855 locations. And they`re doing fantastic
in this environment of higher growth than we have been seeing for the last
couple of years. So, they`re really in the driver`s seat when it comes to
the cycle and they`re trading very cheaply. So, they have been doing very
well if you can look at the price chart of that stock. So, that`s the
reason we own it.

GRIFFETH: Now, you`ve got a couple of the biggest banks out there. I`m
curious, you`re looking for value but you don`t think that the market`s
already anticipating rates for these banks. Citigroup (NYSE:C), for
example, why that one?

RAMOS: Well, both of these banks benefit from higher rates because of the
fact that banks make more money when interest rates are higher, on their
deposits, and they tend to lend out on their longer end of the curve but
these banks are much more focused on the fact that their deposits are not
paying as much as the short end of the curve. So, they`re making money.
They haven`t really raised their short term deposit rates at all. While
the Fed has hiked rates six times so they`re making money over that.

The real story for those — both of the banks is returning capital to the
shareholders in terms of dividends and share buybacks. They`re doing that
very well.

HERERA: And we should add that your third pick we`ll lump it together with
Citigroup (NYSE:C) is Bank of America (NYSE:BAC). The symbol is BAC,
obviously also benefits from rising interest rates.

Ernesto, thank you so much. Great to see you again. Ernesto Ramos —

RAMOS: Thank you very much.

HERERA: — with BMO Global Asset Management.

And to read more about Ernesto`s picks, you can head to our Website,
NBR.com.

Bill?

GRIFFETH: Coming up —

(BEGIN VIDEO CLIP)

UNIDENTIFIED FEMALES: Ahoy, mateys.

(END VIDEO CLIP)

GRIFFETH: We`re going to meet a couple of young inventors. Those two
right there with a pirate theme board game that`s sold across the country.
Great story, coming up.

(MUSIC)

GRIFFETH: Life`s journeys lead us in many directions but sometimes it`s
what we learn and share with others that provides the biggest reward, even
on a treasure hunt. That`s what two elementary school students outside
Chicago were finding, ever since they got the bright idea to create a board
game for a school project that`s now selling in Target (NYSE:TGT) stores
across the country.

(BEGIN VIDEOTAPE)

UNIDENTIFIED FEMALE: Wild one.

HERERA: Brynna Siewers and Olivia Wasilewski couldn`t have learned what
they`d learn about themselves when a fourth grade project turned into a
board game that they would call Ship of Treasures. That was back in 2016.

UNIDENTIFIED FEMALE: One, two, three, four, five, six.

UNIDENTIFIED FEMALE: Not opening that.

HERERA: It`s a treasure hunt. Four pirates hoping to avoid sharks,
cannonballs and, of course, the other pirates, while racing to find
treasures hidden by their opponents.

That November, their original school project won the grand prize at the
Chicago Toy and Game Fair`s Young Inventor`s Challenge.

They won trips to Target`s headquarters in Minneapolis and to the New York
Toy Fair as well as several grueling months of tweaking with the former
president of Pressman Toys, Jeff Pinsker, all in hopes of developing a
product that Target (NYSE:TGT) could sell.

JEFF PINSKER, FORMER PRESSMAN TOY CORP. PRESIDENT: We felt like there
would be kids to buy something and play something that`s invented by other
kids. Who knows better what`s going to appeal to kids than kids
themselves?

HERERA: They learned to mix elements of skill like mapping with luck.
They also tweaked colors, materials and imagery.

UNIDENTIFIED FEMALE: The red girl pirates are modeled after us. I`m the
green one.

UNIDENTIFIED FEMALE: I`m the red.

PINSKER: They researched actual pirate terminology and things that
happened on ships to write these cards so they would be realistic. That
wasn`t something that I asked them to do. They took that extra step
themselves.

HERERA: That`s hardly the biggest step they have taken however. Their
community was rocked in February of 2017. Sophie Shields a fellow student
at Palos East Elementary School lost their battle with cancer. Brynna and
Olivia responded. Their game hit the Target (NYSE:TGT) store shelves in
October and they were honored at a school assembly and again, in November
when the Toy and Game Innovation Awards named them Young Inventors of the
Year. That`s where they announced a portion of their royalties about
$4,000 so far will be donated to Chicago`s Lurie Children`s Hospital where
Sofie Shields was treated.

MICHELLE SHIELDS, SOFIE`S MOTHER: It`s pretty amazing. It goes to show
the character and the ethics that this neighborhood really has and the
connection that we have together how much power can generate just by people
working together.

KOL SHIELDS, SOFIE`S BROTHER: It goes to show much power can generate just
by people working together.

OLIVIA WASILEWSKI, SHIP OF TREASURES INVENTOR: We decided since she went
to Lurie children`s that we should donate to Lurie Children`s in honor of
her.

BRYANNA SIEWERS, SHIP OF TREASURES INVENTOR: We saw the sadness
everywhere. And we just thought it would be the right thing to do.

UNIDENTIFIED FEMALE: Industrial design —

HERERA: Now, fifth graders, these two are looking forward even as their
proud parents wonder how they can possibly grasp the lessons they`re
already teaching.

RICHELLE SIEWERS, BRYANNA`S MOTHER: That`s heavy for a 10, 11-year-old,
she wanted to do something. I think as she grows, they both grow, they`ll
look back on this experience and think, oh, wow.

TOMASZ WASILEWSKI, OLIVIA`S FATHER: I don`t think they both realize what
impact they`re having. I mean, just going to inspire someone else to do
the same thing. And if it does, great.

UNIDENTIFIED FEMALES: Ahoy, mateys.

HERERA: Hearts of gold, their most un-pirate like gesture may be proof the
most important treasures are hidden in sight of us.

(END VIDEOTAPE)

HERERA: Pressman Toys has sold more than 40,000 to Target (NYSE:TGT). For
more on Olivia and Brynna, go to our Website, NBR.com.

GRIFFETH: What a great story.

Finally tonight, tomorrow is the running of the 144th Kentucky Derby and
one horse has one of the biggest companies in the world rooting for it.
We`re going to show here the horse seen winning the Florida Derby back in
March is named Audible. Of course, the same name is the audio book company
that Amazon (NASDAQ:AMZN) bought ten years ago, but it turns out the horse
is not named for the company. But instead for the Audible that
quarterbacks sometimes call in football.

However, audible.com has made a donation to a nonprofit that cares for
retired thoroughbreds in return for promotional rights to the horse and
they`ll have logos on it when it runs and it`s built a social media
marketing campaign around it. They made a full meal out of this one.

HERERA: They sure did. Before we go, here`s a final look at the Friday
numbers on Wall Street. The Dow rose 332 point to 24,262, the Nasdaq
climbed 121, S&P was higher by 33.

And that is it for NBR tonight. I`m Sue Herera. Thanks for joining us.

GRIFFETH: You have a good weekend.

HERERA: Have a great weekend.

GRIFFETH: I`m Bill Griffeth. You have a great weekend as well. We`ll see
you Monday.

END

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