Transcript: Nightly Business Report – September 24, 2018

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

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: Tariff escalation. China
says trade talks are off and calls the U.S. a bully just as new duties go
into effect impacting everything from the cars you drive to the homes you
live in.

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Merger Monday. Companies are
doing deals, all kinds of them, even with the market at these lofty levels.

GRIFFETH: What`s in a name? One iconic company`s rebrand, does it work?

Those stories and much more tonight on NIGHTLY BUSINESS REPORT for this
Monday, September the 24th.

HERERA: And good evening, everybody. And welcome.

Trade concerns once again crept into this market, pulling stocks back from
record levels. China pulled out of trade talks with the U.S. suggesting
that a resolution will not come any time soon. This as new U.S. tariffs on
an additional $200 billion in Chinese imports took effect. Adding to the
downbeat day was uncertainty about whether Deputy Attorney General Rod
Rosenstein would stay in his job. He meets Thursday with the president.
That`s the same day the president`s nominee for the Supreme Court
testifies.

So when all is said in done today, the Dow Jones Industrial Average fell
181 points to 26,562, breaking its four-day winning streak. The Nasdaq
rose six and the S&P 500 was down 10.

GRIFFETH: And when those tariffs went into effect this morning, China had
some choice words for the White House.

Eunice Yoon is in Beijing for us tonight.

(BEGIN VIDEOTAPE)

EUNICE YOON, NIGHTLY BUSINESS REPORT CORRESPONDENT: The U.S. has started
taxing $200 billion worth of Chinese goods, another 10 percent, while China
is now collecting tariffs between 5 and 10 percent on another $60 billion
worth of American goods. Soon after, China made its position on the trade
conflict known with a comprehensive 36,000 character white paper. The
government will detail it further Tuesday morning China time, but about
half is dedicated to criticizing what it described as the U.S.`s trade
bullyism, brazen unilateralism, economic hegemony and attempts to
intimidate other countries including China.

At the same time, the paper suggests ways to improve negotiations through
negotiations based on mutual trust. The Chinese have made it clear that
they believe that that mutual trust has been broken. According to sources
over the weekend, the Chinese decided to pull out of planned negotiations
in Washington this week between Vice Premiere Liu He and U.S. Treasury
Secretary Steve Mnuchin.

The trade talks had already looked shaky after President Trump had
announced his intentions to impose today`s tariffs. Then the U.S. imposed
sanctions on China`s defense ministry for buying military equipment from
Russia. Beijing has called in the U.S. ambassador to protest and cancel
the meeting between the two militaries.

Chinese policy experts say that they don`t expect to see any serious talks
until after the midterm elections in the United States when they believe
that President Trump could be more amenable to a deal.

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

(END VIDEOTAPE)

HERERA: Many of the items affected by tariffs will be auto parts and
components we buy to fix and maintain our cars and trucks.

Phil LeBeau takes us to Emporia, Kansas, where one company is bracing for
higher costs and the impact of higher tariffs.

(BEGIN VIDEOTAPE)

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT: Brad Kraft (NYSE:KFT),
the CEO of Hopkins Manufacturing, is about to raise prices on hundreds of
products his company imports or assembles with parts from China.
Everything from snow brushes to brake control units now costing more due to
the latest round of tariffs.

BRAD KRAFT, HOPKINS MANUFACTURING CEO: We are very hopeful that this is a
short-term issue that the administration will get what they need to reduce
the tariffs or remove them and we can get back to business as normal and
not impact jobs.

LEBEAU: With 350 workers at its plant in Kansas and 1,000 in the company
worldwide, Hopkins supplies parts and accessories that are sold to
retailers like AutoZone (NYSE:AZO) who, in turn, sell them to the public.
So those who repair and maintain their own cars could face higher prices on
a variety of products.

PETER NAGLE, IHS (NYSE:IHS) MARKIT: That`s the bigger concern is all these
smaller parts that China might supply will eventually start to add up and
really start to pinch the consumer`s wallet.

LEBEAU: That`s what worried Brad Kraft (NYSE:KFT). While most Hopkins
products sell for less than $25 and the tariffs may push up prices by just
a few bucks, it could ultimately cost the company millions.

KRAFT: Like much of our industry in the aftermarket, it`s made up of a lot
of small companies and Hopkins itself is not a large company, so $5 million
impact is very significant to us and our bottom line.

LEBEAU: With more than 1,000 companies in China supplying auto parts and
accessories, this latest round of tariffs will cover a wide array of
products. The hope in the auto parts industry, these higher costs will not
scare away people who may be paying more to take care of their car.

Phil LeBeau, NIGHTLY BUSINESS REPORT, Chicago.

(END VIDEOTAPE)

GRIFFETH: And it`s not just about auto parts. New tariffs on Chinese
goods will also hit homeowners where they live in repairs and in
renovations.

Diana Olick has that story from Jessup, Maryland, tonight.

(BEGIN VIDEOTAPE)

DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT: Demand for home
renovations like this one is soaring, and so are the costs to do it, thanks
to a new round of tariffs on Chinese goods.

JUSTIN SULLIVAN, IMPACT CONSTRUCTION PRESIDENT: It might end up being that
this is sort of in the short term the new normal for pricing.

OLICK: Contractor Justin Sullivan says the costs are going up so much, he
has to do something he`s never done in over a decade in business.

SULLIVAN: Clients and contracts are having to set contracts with
escalation clauses for projects that are being scheduled for six months
now, largely because we`re not sure how far prices are going to go north.

OLICK: The latest round of tariffs hits about $10 billion worth of Chinese
products exclusive to home building and remodeling according to the
National Association of Home Builders.

A 25 percent tariff would be equivalent to a $2.5 billion tax increase on
the industry. Tariffs have already hit lumber, steel and aluminum. The
new round adds everything from wall and floor board to light fixtures,
cabinets, heating and cooling equipment, even the tile for bathrooms and
back splashes.

David Benson said his clients at Architectural Ceramics will see the
increases especially on mosaics, most of which aren`t just made in the U.S.

DAVID BENSON, ARCHITECTURAL CERAMICS: It would impact the cost on ceramic
and natural stone and the glass materials and it would increase the costs
at least 15 percent to 20 percent of our, you know, import duties on those
items, so costs will go up for sure.

OLICK: The tariffs will hit materials used for countertops like granite,
marble and especially quartz because quartz is being hit by antidumping
duties in addition to the tariffs. And while that will make these more
expensive for consumers, it will also benefit U.S. makers of home
improvement products.

BENSON: They will help the American market significantly. There have been
three or four manufacturers of porcelain tile right in Tennessee over the
past two years that have popped up. So, that business will increase and I
think it will help the American market for sure.

OLICK: U.S. tile, however, was more expensive to begin with, so
regardless, consumers will have to dig deeper as foreign trade policy
really hits home.

For NIGHTLY BUSINESS REPORT, I`m Diana Olick in Jessup, Maryland.

(END VIDEOTAPE)

HERERA: And trade concerns are prompting CEOs to scale back investment
plans. This according to the latest survey of the Business Roundtable
which is an association of CEOs. Nearly 2/3 said future tariffs and trade
tensions would have a negative impact on their capital investment decisions
over the next six months. The survey showed the plans for hiring have
slowed.

GRIFFETH: J.P. Morgan Chase CEO Jamie Dimon said today the trade issues
could get worse from here, but it`s still unclear if they will have a drag
on economic growth.

(BEGIN VIDEO CLIP)

JAMIE DIMON, J.P. MORGAN CEO: I worry about it and I just don`t know. You
know, I think China has been very predictable in retaliation and I think
the market kind of expected a tit-for-tat retaliation. I think we`re
expecting NAFTA to get done.

It could get worse from here. And I just — I really don`t know. And I
hope it doesn`t. I hope they sit down and have rational conversations.

(END VIDEO CLIP)

GRIFFETH: Dimon added that the economy will continue to grow at the
current rate of 3 percent. He made the comments in Philadelphia where J.P.
Morgan Chase is opening new bank branches even as other banks are closing
them.

HERERA: The U.S. and South Korea signed a new trade deal. The president
said it was, quote, long and coming and called it an historic milestone.
He added that U.S. farmers will get better access to the South Korean
market and that this agreement sets an example for other trade markets.

Separately, though, trade talks between the European Union and the U.S. are
still in an exploratory phase. The European trade commissioner said that
though deal negotiations have not started yet, both sides are looking at
facilitating sales of U.S. liquefied natural gas to Europe and reducing the
regulatory barriers to trade.

GRIFFETH: Well, today saw the return of merger Monday in the biggest deal
announced, Comcast (NASDAQ:CMCSA) (NYSE:CCS) outbid 21st Century Fox and
its backer Disney (NYSE:DIS) in an auction for control of U.K.-based
broadcaster Sky. The value of that deal, $40 billion, but some investors
worry that maybe Comcast (NASDAQ:CMCSA) (NYSE:CCS) may have overpaid.
Comcast (NASDAQ:CMCSA) (NYSE:CCS) is the parent company, as you may know,
of CNBC which produces this program. Comcast (NASDAQ:CMCSA) (NYSE:CCS)
shares were down about 6 percent today while Twenty First Century Fox and
Disney (NYSE:DIS) both rose.

In another deal, Barrick Gold (NYSE:ABX) is going to buy rival Randgold for
$6 billion. The combined company will be the world`s biggest gold miner.
And shares of both, Barrick and Rand were higher in today`s trading
session.

HERERA: And there were more deals. SiriusXM Radio is buying online
streaming service Pandora for $3.5 billion. That deal comes amid
heightened competition from streaming music sib apps and podcasts. Shares
of Pandora and Sirius both fell in the session today.

Michael Kors is reportedly interested in buying Versace in a takeover that
values the Italian fashion house at about $2 billion. Michael Kors has
been looking for both stores its luxury line to better compete against
rivals Louis Vuitton and Tapestry, which is the parent company of Coach
(NYSE:COH). Shares of Kors finished the day 8 percent lower.

GRIFFETH: Well, despite today`s pull back in stocks, the market does
remain near all-time highs but will investors continue to take on more risk
and lift equities even further?

Mike Santoli takes a look.

(BEGIN VIDEOTAPE)

MIKE SANTOLI, NIGHTLY BUSINESS REPORT CORRESPONDENT: Stocks are about to
enter the fourth quarter in good position for a winning year. The S&P 500
is up 9 percent so far in 2018, on track for a better than average 12
percent annual gain. Along the way, the market has racked up points
against some stiff resistance. Concerns that a trade war would under cut
the global economy, that the Fed would lift interest rates too much, that
the late summer months would pose trouble for the stocks and that the
market itself was growing uneven and tired nine years into an economic
expansion.

Yet, brisk corporate growth, tamed bond yields and steady credit conditions
have been more than enough to offset those concerns so far. The question
now is whether the market bulls can stay on offense as Wall Street enters
the final quarter without giving up the lead. The S&P 500`s impressive
climb this year has been fully supported by rapid earnings growth but even
so, its valuation against forecast profits for the coming year is back
above the five-year average.

Now, with the Fed still looking to raise rates a few more times in the 10-
year treasury back about 3 percent, this could restrain stocks upside and
leave them susceptible to sharp pull backs on any signs in a significant
pull back next year.

During this economic expansion, the market has not tolerated today`s
valuation of 17 times forecast earnings with bond yields this high for very
long. Of course, in the 1990s, in early 2000s, stocks frequently were more
richly valued with yields even higher. What`s unclear just yet is whether
investors will be willing to pay up for stocks the way they did in prior
decades.

As with many aspects of the market outlook, this will depend heavily on
investor perceptions about the sustainability of current U.S. economic
growth rate and whether signs of this cycle`s end start to flicker on the
horizon.

For NIGHTLY BUSINESS REPORT, I`m Mike Santoli.

(END VIDEOTAPE)

HERERA: It is time to take a look at some of today`s upgrades and
downgrades.

AT&T (NYSE:T) was added to the short-term buy list at Deutsche Bank. The
analyst cites improving trends in its wireless and entertainment
businesses. The price target is $37. The stock was up just a fraction to
$33.91.

Advanced Micro Devices (NYSE:AMD) was initiated with an outperform rating
in RCB Capital in new coverage. The analyst cites steady demand for gaming
chips and AMD`s solid gains in the server market. The price target is $40.
The stock was up 5 percent to $32.61.

GRIFFETH: Hain Celestial`s price target was raised to $45 at Jefferies.
The analyst says that market share trends should reverse with better
execution. The firm maintains its buy rating on the economy. And the
stock was up more than 4 percent today to $27.44.

Royal Caribbean`s price target was raised $165 at Stifel. The analyst
cited strong 2019 bookings at the company. The firm maintained its buy
rating on that stock as well, but shares fell 1 percent to $130.02.

HERERA: Still ahead, when an iconic brand rebrands, does it work?

(MUSIC)

GRIFFETH: There are new estimates tonight on the cost of insured losses
from Hurricane Florence which, as you know, hit the Carolinas earlier this
month. According to global risk modeling firm RMS, the total will be
between $2.8 billion and $5 billion. That figure, by the way, includes
wind, storm surge and inland flooding damage.

HERERA: The world`s major oil producers did not commit to an additional
increase in crude output at a closely watched meeting that took place over
the weekend. That increase would have addressed expected supply
disruptions of about 2 million barrels per day resulting from U.S.
sanctions on Iran`s exports. That sent the price of domestic crude to a
two-month high and the global benchmark to its highest settlement in nearly
four years.

GRIFFETH: The CEO of Saudi state owned oil company Aramco said today he
cannot say whether an IPO of the company will happen by the year 2020. An
IPO, as you may know, had been planned for this year but was delayed and he
added that reports that the offering has been shelved entirely incorrect.

(BEGIN VIDEO CLIP)

AMIN NASSER, SAUDI ARAMCO CEO: His Excellency, the minister last month,
indicated that the government is committed to the IPO at time of choosing
when the market conditions are optimum and the reason I say it`s incorrect
because look at what the government did so far to make sure the company is
ready for the IPO.

(END VIDEO CLIP)

GRIFFETH: If it happens, the IPO for Aramco is expected to be the world`s
largest.

HERERA: Biotech Amarin (NASDAQ:AMRN) sees promising results from its fish
oil drug. That`s where we begin tonight`s “Market Focus”.

The drug maker said its fish oil capsule reduces the risk of serious
cardiovascular problems by 25 percent when compared to those on a placebo
in patients during a study. Amarin (NASDAQ:AMRN) said the medication is
not intended to replace current treatments like statin.

(BEGN VIDEO CLIP)

JOHN THERO, AMARIN CEO: We know that lowering cholesterols whether it`d be
to do statins (INAUDIBLE) lowers cardiovascular risks by about 25 percent
to 35 percent. Where our drug is focused is addressing that 65 percent to
75 percent residual risk. So, to be able to show 25 percent risk reduction
on top of that cholesterol management is both new and we believe very
important in terms of an opportunity for improved health care.

(END VIDEO CLIP)

HERERA: Amarin (NASDAQ:AMRN) shares soared 314 percent to $12.40.

Sears (NASDAQ:SHLD) CEO Eddie Lampert is trying to keep the struggling
retailer on life support. A regulatory filing has revealed that Lampert
that owns hedge fund ESL Investments has asked creditors to refinance more
than $1 billion in debt before a $134 million payment is due next month.
The CEO is also calling on Sears (NASDAQ:SHLD) to sell more than $3 billion
worth of properties and assets. Shares of Sears (NASDAQ:SHLD) fell 2
percent to $1.24.

And Apple (NASDAQ:AAPL) and Salesforce are working together to make it
easier for businesses and developers to build their apps on Apple`s i0S
system. Under the new partnership, the companies will work together to
incorporate some iPhone features like Siri service and face ID into
Salesforce`s app. Salesforce said the companies that use its technology
will be encouraged to create products that work seamlessly with Apple`s
devices. Apple (NASDAQ:AAPL) shares rose 1 percent to $220.79. Meanwhile,
shares of Salesforce gained 2 percent.

GRIFFETH: Software giant Microsoft (NASDAQ:MSFT), Adobe and SAP are now
partnering on an initiative that they say will help business clients like
Walmart and Coca-Cola (NYSE:KO) better understand their customers. This
so-called open initiative will allow clients to seamlessly transport data
between the three companies. And Microsoft (NASDAQ:MSFT) said the move
will also help small businesses operate more efficiently.

(BEGIN VIDEO CLIP)

SATYA NADELLA, MICROSOFT CEO: If you look at cloud, AI, and the open data
initiative, the idea that even a small business in Indonesia can now use
SAP, Adobe and Microsoft (NASDAQ:MSFT) to become that much more efficient
is the real opportunity. So you are bringing down that barrier to be able
to use the latest and greatest technology for every business in every part
of the world by really working together.

(END VIDEO CLIP)

GRIFFETH: And as you can see, all three companies, Microsoft
(NASDAQ:MSFT), Adobe and SAP were higher in today`s trade.

United Technologies (NYSE:UTX) is reportedly considering selling its Chubb
(NYSE:CB) fire and Security unit for more than $3 billion. Reuters says
the company is likely to announce that decision within the next two months.
Shares of United Tech fell by 1 percent to $140.34.

And Weightwatchers is changing its name to WW. The weight loss company
said the name change reflects a new focus on overall health and well-being.

(BEGIN VIDEO CLIP)

MINDY GROSSMAN, WEIGHT WATCHERS CEO: This has been part of an evolution of
a journey to go from being undisputed leader in healthy eating for weight
loss to much broader than that, to truly be a partner to people in overall
wellness for what you eat, how you move, how your mind works, to support
you and how you become part of a community.

(END VIDEO CLIP)

GRIFFETH: Shares of what is now called WW rose nearly 4.5 percent today to
$72.89.

HERERA: And many other companies over the years have changed their names
as well, and for different reasons, of course, but some examples include
World Wrestling Federation becoming World Wrestling Entertainment
(NYSE:WWE). GMAC (NYSE:GJM) Bank rebranding itself as Ally Financial and
the one we`ve all heard of, Google (NASDAQ:GOOG) changing its name to
Alphabet.

Joining us to discuss why a business changes its name is Dean Crutchfield,
founder of Dean Crutchfield Associates.

Good to see you again, Dean. Welcome back.

DEAN CRUTCHFIELD, FOUNDER, DEAN CRUTCHFIELD ASSOCIATES: Thank you. Thank
you very much. Good to be here.

HERERA: Let`s start with WW. The market liked it. It was up 4.5 percent
today. Last year, it was a huge gainer on the stock market.

What do you make of their move today?

CRUTCHFIELD: Well, you know, brands are about standing out or die. And
so, to stand out, you need to be relevant and Weight Watchers realizes that
the past was about dieting and looking good. Today and tomorrow is about
feeling good and getting more out of life.

And so, they want to create a platform that`s not just about diet but is
beyond diet and in many ways they`re an ecommerce business that can be
selling dietary products, health food products, they can be selling health
care equipment. There`s lots of opportunity for a stretch for WW far more
than it did when it was Weight Watchers.

GRIFFETH: Then there are those companies that don`t want to remind people
of the past of what`s happened. GMAC (NYSE:GJM) that Sue mentioned before,
GMAC (NYSE:GJM) Bank becoming Ally Bank. GMAC (NYSE:GJM) was notorious for
some of the subprime loans that led to the financial crisis, right?

CRUTCHFIELD: Absolutely. And I think — you know, one wants to break away
from the past. GMAC (NYSE:GJM) is a classic example of that where, yes, it
was literally drowned out by the whole subprime mortgage scandal. So, it
needed to signal change.

One of the best ways for a company to signal change is through a naming and
identity program. It`s the only public way one can do that. But the
question is how well you do it, how well do you manage the process but most
importantly, you know, what do people think? What`s the perception
especially from the investor market?

HERERA: You point out that an unsuccessful name change, and I`m sure there
has been more than this one, but this one everybody will probably remember,
Research in Motion (NASDAQ:RIMM) became BlackBerry. You say by the time
they did that and tried to become more hip and more relevant, it was too
late.

CRUTCHFIELD: Yes, I mean, they lost their relevance. I remember
recommending Research in Motion (NASDAQ:RIMM) back in 2000 change its name
to BlackBerry but they were too arrogant to recognize their most important
brand was BlackBerry. And that disconnect I think really hurt them from a
development point of view. And by the time they started to grab hold of
that name BlackBerry, BlackBerry has lost their relevance and so had
Research in Motion (NASDAQ:RIMM) and the rest is history.

GRIFFETH: Then there`s Google (NASDAQ:GOOG). They restructured the
company to create this umbrella name Alphabet, but we still find ourselves
even today, years later, referring to the company as Alphabet, better known
as Google (NASDAQ:GOOG).

CRUTCHFIELD: Right.

GRIFFETH: I mean, whether that name change has worked or not remains to be
seen, huh?

CRUTCHFIELD: Well, I think it`s really about — that`s a business issue.
That`s a business definition issue. Don`t forget they used to be called
BackRub up until 2000. So, Google (NASDAQ:GOOG) was a far better
improvement on that.

But Alphabet is really about that view the company has of A to Z of any
investment. It`s got YouTube. It`s phenomenally successful Android
platform. It also creates products like Pixel. So, it doesn`t want to be
defined by Google (NASDAQ:GOOG) which is a search engine and a very
successful one, but it`s just part of its portfolio.

So, strategically they`re trying to build a reputation around Alphabet.
It`s particularly an investor brand as opposed to a consumer brand like
Google (NASDAQ:GOOG).

HERERA: Very interesting, Dean. As always, thanks for joining us.

CRUTCHFIELD: Thank you.

HERERA: Dean Crutchfield with Dean Crutchfield Associates.

Coming up, is golf on the verge of a major comeback?

(MUSIC)

HERERA: Americans` credit scores are higher than ever before. The credit
rating firm FICO said the national credit rating stands at 704 which FICO
considers, quote, solidly good. Credit scores determine the interest rate
a consumer will pay for a credit card, a car loan or a mortgage.

The rise in the average score was due in part to changes in how rating
firms deal with negative credit information.

GRIFFETH: You may have heard that Tiger Woods earned his 80th career
victory on Sunday at the season ending Tour Championship in Atlanta. It
was his first win in more than five years, and it could have a big impact
on the golf industry.

Dominic Chu has more.

(BEGIN VIDEOTAPE)

DOMINIC CHU, NIGHTLY BUSINESS REPORT CORRESPONDENT: Golf`s biggest
superstar has come roaring back. Tiger Woods has completed his comeback
with a tour championship win on Sunday in a celebration that golf hasn`t
seen in years.

BRANDEL CHAMBLEE, GOLF CHANNEL: Nobody`s ever played golf like Tiger
Woods. Nobody has ever handled pressure like Tiger Woods. Nobody has won
by wider margin than Tiger Woods. So, his appeal is broad and fervent.

CHU: It`s been a long road for the 14-time major winner. Just a year ago
Woods was ranked 1,193rd in the world after battling a series of injuries,
scandals and arrest. And even an arrest.

Yet his celebrity status remained sky high. Thousands gathered around
Woods to watch history made.

CHAMBLEE: I didn`t think Tiger Woods would come back. I didn`t he would
win again. But once the year started progressing and I saw he was over it,
it was inevitable that he was going to win.

CHU: But Woods` overall impact on golf extends far beyond fairways and
greens, from soaring TV ratings to merchandise flying off the shelves. The
Sunday broadcast of the Tour Championship was the most watched in the
history of golf`s FedEx (NYSE:FDX) Cup Playoffs and retailer PGA Tour
Superstores says Tiger-related gear is already starting to sell out.

Next up, Tiger takes the world stage at the Ryder Cup being held this year
just outside Paris, France. The big question is, can Tiger build on that
already massive upside momentum?

For NIGHTLY BUSINESS REPORT, I`m Dominic Chu.

(END VIDEOTAPE)

HERERA: And finally tonight, “Fortune” is out with its list of most
powerful women in business and there`s a new woman in the top spot for the
first time since 2015. Leading the pack is Marilyn Hewson, the CEO of
Lockheed Martin (NYSE:LMT). The magazine says she has positioned the
company to cater to the modern military`s needs.

At number two, GM CEO Mary Barra and rounding out the top three, Abigail
Johnson, the chairman and CEO of Fidelity Investments, the country`s
largest provider of workplace retirement savings plans.

Congratulations to them.

GRIFFETH: Indeed.

That does it for us tonight. I`m Sue Herera. Thanks for watching.

GRIFFETH: I`m Bill Griffeth. Have a great evening. We`ll see you
tomorrow.

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) 2018 CNBC, Inc.

 

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