Transcript: Nightly Business Report – September 28, 2018


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

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Big gains. The bulls were in
control of an often choppy quarter as stocks enter one of the best times of
the year for the market.

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: New hope. The FDA approves
a new drug for migraines, creating a potentially lucrative market to treat
a major source of pain.

HERERA: Wireless revolution. Why Verizon (NYSE:VZ) hopes it`s on the
verge of ushering in a new era.

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Friday,
September 28th.

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

So, here we are at the end of the week, month within quarter. And what a
three months it has been. It turned out to be the S&P 500`s best quarter
in five years and it registered new highs along the way with investors
cheering a rise in profits and a strengthening economy.

But on this final trading day of the quarter, stocks were little changed.
The Dow added just 18 points, closing the quarter at 26,458. The Nasdaq up
4. The S&P was up just — or excuse me, down a tiny fraction.

But check out the gains for the quarter overall. The Dow was up 9 percent.
The S&P and the Nasdaq each up around seven. Of course the question now
is, will this momentum continue through the fourth quarter?

Mike Santoli takes a look now at what may come next.

(BEGIN VIDEOTAPE)

MIKE SANTOLI, NIGHTLY BUSINESS REPORT CORRESPONDENT: Wall Street`s bulls
are making the turn into the fourth quarter in good stride but they`re
being chased by a set of nagging concerns that have pursued them for most
of the year. The S&P 500 finished the third quarter with a gain of more
than 7 percent, which leaves the benchmark up more than 9 percent so far
this year.

This puts the market on pace for a better than 14 percent return including
dividends for all of 2018. The market strength is supported by a U.S.
economy growing better than 3 percent. Corporate profits rising near a 20
percent clip and interest rates that remain at historically low levels.

Technology, retail, health care and transportation stocks were standouts
over the past few months, offering a fairly encouraging picture of the
underlying economy. So, what is there to worry about heading into what is
typically the strongest quarter of the year?

Well, the concerns are in a few familiar areas. Has growth peaked for the
U.S. economy or certain sectors as the market seems to suggest? Will more
intense trade disputes with China upend global growth and further stress
international markets? Do the midterm elections present any risk to the
business environment? And how might the Federal Reserve rate hiking
campaign heading into 2019 restrain the economy just as the boost from last
year`s tax cuts wanes?

The bull market is showing wear and tear that reflects some of these
worries. Home building, auto, bank, airline and semiconductor stocks all
viewed as economic bellwethers to do some degree struggling despite the S&P
sitting within 1 percent of its record level. Warnings about earnings
short falls from big companies are highest level in more than a year. And
profit forecasts in 2019 will be tougher to beat than they were this year.

These are all the kinds of concerns that crop up in the later phase of an
economic cycle. But, of course, no one ever knows for sure how close to
the end of a cycle we are. What`s more, investors have lived with these
perceived threats all year and that has not kept the stock market from
climbing to so-called wall of worry.

For NIGHTLY BUSINESS REPORT, Mike Santoli.

(END VIDEOTAPE)

HERERA: So, let`s turn now to Lisa Erickson for her four quarter market
outlook. She is the head of the traditional investment group at U.S. Bank
Wealth Management.

Nice to have you with us tonight, Lisa.

LISA ERICKSON, U.S. BANK WEALTH MANAGEMENT: Thank you.

HERERA: I think Mike pointed out the dangers, if you will, to the market.
You agree from my notes, to some of them. But you think of the
fundamentals of the market remain intact.

ERICKSON: We do. We actually have a continued cautiously optimistic look
for the U.S. equity market for the fourth quarter and it really is based on
good, solid fundamentals. If you look at the economic picture, and we
track an ongoing dash board of economic indicators, two thirds still remain
in positive territory. So, you are seeing good support generally from
what`s going on in the broad U.S. marketplace.

And then in addition, if you look at the correspondent earnings picture,
the earnings estimates continue to remain good for corporate America,
staying around the 20 percent level going into the end of the year.

GRIFFETH: Right.

ERICKSON: So, we really believe both factors will continue to support the
market.

GRIFFETH: But if you had to rank the headwinds that Mike was itemizing
there, what do you think are the biggest threats to markets whether it`s
Fed raising interest rates even more, or trade tariffs continuing? I mean,
what are you worried about?

ERICKSON: Well, one of the key concerns that we have is really on the
inflation front. A base case is that inflation stays modest. Again, we
have had a nice growing economy but not at excessive levels. So, there is
no reason to believe that inflation will suddenly spike up.

But if it is higher than expected, that certainly could be a deterrent to
the economy. And I think another key is really just policy mistakes.
While, again, the Fed and central banks around the world have done a great
job keeping their hands on the tiller, they are moving from a position of
unprecedented monetary easing.

And so, it`s going to be a little bit more difficult for them to navigate
that going forward.

HERERA: How would you rank geopolitical risk?

ERICKSON: Well, geopolitical risk is certainly up there as well. I`m glad
you brought it up. And, in fact, that`s one of the reasons we would say
we`re cautiously optimistic as opposed to flat-out optimistic. There are a
number of hot spots around the globe that could impact the growth picture
or the inflation picture. And so, that is certainly a consideration.

GRIFFETH: Well, let`s make this meaningful to investors. I mean, when we
ask money managers and others their favorite sectors, usually we get
technology, usually, we get — you know, the industrials right now, the
internationals.

Who do you like right now going into the fourth quarter?

ERICKSON: Well, in the U.S. equity market, we do have technology on our
list, in addition to consumer discretionary. And the reason why is in a
moderate growth environment we think investors are really looking for that
extra ounce of growth that they can get. And certainly both of knows
sectors within certain sub industries and specific companies really have
the opportunity to take advantage of change that`s going on.

Certainly, technology is a bigger part of our lives in many ways, both in
the business world and for individual consumers. And certainly in consumer
discretionary, there is a lot of change going on. So, we believe there is
some nice trends that individual companies can take advantage of.

HERERA: On that note, Lisa, thank you very much. Lisa Erickson with U.S.
Bank Wealth Management.

And later in the program, our market monitor will join us and tell us which
stocks he thinks are the best bets for the fourth quarter.

GRIFFETH: In the meantime, Dow component Walgreens is paying nearly $35
million to settle charges of misleading investors on financial targets.
The SEC alleges in the complaint that the company`s former CEO acted
negligently in giving financial estimates six years ago when it announced
that merger with Boots Alliance. As is customary, as part of the
settlement, Walgreens neither admitted nor denied the allegations. Stock
was down more than 1 percent in today`s trading.

HERERA: Fellow Dow component Pfizer (NYSE:PFE) received FDA approval late
yesterday for a lung cancer drug. The medicine is a once daily oral drug
to treat a rare form of the cancer, lung cancer is a leading cause of
cancer deaths. Shares of Pfizer (NYSE:PFE) rose a fraction in today`s
trading.

GRIFFETH: And Eli Lilly (NYSE:LLY) also got the stamp of approval from the
FDA, this one for a new class of migraine medicines that offer new hope for
the millions who suffer from those debilitating headaches. Shares of Eli
Lilly (NYSE:LLY) rose on that news.

Meg Tirrell takes a look now at the big money in this growing market.

(BEGIN VIDEOTAPE)

MEG TIRRELL, NIGHTLY BUSINESS REPORT CORRESPONDENT: Migraine sufferers
know that the painful episodes are more than just headaches. They bring
severe throbbing pain, often accompanied by nausea and extreme sensitivity
to light and sound. There are now three options for migraine prevention.
The FDA approved the Eli Lilly`s drug Emgality late Thursday. It joins
similar recently approved treatments from drug makers Teva and Amgen
(NASDAQ:AMGN).

CHRISTI SHAW, LILLY BIO-MEDICINES PRESIDENT: We know that there`s over 30
million migraine patients in the United States. And if you look at that,
only 10 percent of them are on preventative migraine agents, because there
hasn`t been a new medicine in over two decades.

TIRRELL: Migraine patients have been treated with older generic drugs,
often repurposed from other sources. The wrinkle shot Botox is also
approved to treat chronic migraine and brings in about $600 million in
annual sales. The new medicines are all in the same class, blocking a
molecule known as CGRP that`s elevated during migraines. Each is given as
an injection once a month. Teva`s can be given once every three months.

While the drugs don`t prevent all migraines they did prove in clinical
trials to reduce the number of attacks per month. They don`t cost the same
too at least on their face, $575 a month or $6,900 a year. But Wall Street
analysts expect major discounting to win market share and already the
companies are offering incentives.

Amgen (NASDAQ:AMGN) which reached the market first offers the drawing for a
$5 monthly co-pay for some patients and gives some drugs away for free.
Teva also offers co-pay assistance to patients may pay nothing out of
pocket. And Lilly says some patients may receive its drug for free for up
to a year.

All in, Leerink analyst estimates the medicines could draw as much as $6
billion a year by the mid-2020s. A large market for a major source of
pain.

For NIGHTLY BUSINESS REPORT, I`m Meg Tirrell.

(END VIDEOTAPE)

HERERA: And now to a follow-up of a story that we told you about
yesterday, Tesla. Shares of the company dropped sharply today following
SEC charges against CEO Elon Musk that he made misleading statements about
taking the company private. Tesla shares were down nearly 14 percent.

Phil LeBeau has more on the legal side facing Musk and his auto company.

(BEGIN VIDEOTAPE)

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT: Elon Musk finds
himself in a fight with the SEC that could cost him had his job running
Tesla.

The Securities Exchange Commission accuses Musk of making false and
misleading statements when he tweeted about taking Tesla private with
funding secured. He never had a deal locked up.

STEPHANIE AVAKIAN, SEC DIVISION OF ENFORCEMENT: We allege that Musk`s
statements were false and misleading because any lacked any basis in fact.

LEBEAU: Musk calls the charge unjustified and says he is always acted in
the best interests of investors. Now, those investors are wondering about
Musk`s future, since he reportedly balked at a settlement with the SEC that
would have allowed him to stay on as CEO.

With that deal dead, the SEC wants to ban Musk from running any publicly
traded company.

KERI CURTIS AXEL, FORMER SEC ENFORCEMENT ATTORNEY: If the SEC is willing
to agree to something less, the case is probably resolvable. But, you
know, if he walked away from that, you are probably right. He might not be
willing to agree to anything reasonable.

LEBEAU: For its part, Tesla`s board of directors, which includes Musk`s
brother says it supports the embattled CEO.

JOSEPH SPAK, RBC CAPITAL MARKETS: This puts a lot of pressure on the
board. You know, the board`s responsibility is to delegate the management,
not to enable management.

LEBEAU: This SEC case comes just days before Tesla is due to report third
quarter sales. And many believe those numbers will show the automaker
making steady progress, progress that is now overshadowed by a huge and
potentially costly fight between Musk and the federal government.

Phil LeBeau, NIGHTLY BUSINESS REPORT, Chicago.

(END VIDEOTAPE)

GRIFFETH: Time to look now at some of today`s upgrades and downgrades.

And we begin tonight with Lowes. It was upgraded to buy from hold at
SunTrust. The analyst cited the company`s current turnaround plan. Price
target now $138. The stock rose a fraction today to $114.82.

Devon Energy (NYSE:DVN) was upgraded to overweight from neutral at Piper
Jaffray. The analyst there cited the company`s free cash flow into next
year. Price target now: $53. That stock gained 1 percent to $39.94 today.

HERERA: Nvidia`s price target was raised to $400 at Evercore ISIS. That`s
the highest on Wall Street. The analyst cites the chip maker`s leadership
in artificial intelligence. The firm maintains an outperform rating on the
stock. The shares gained 5 percent to $281.02.

Phillips 66 Partners was downgraded to underweight from equal weight at
Morgan Stanley (NYSE:MS). The analyst cites the stock`s valuation. The
price target is $50. The stock was up just a fraction to $51.14.

GRIFFETH: Still ahead, a security breach at Facebook (NASDAQ:FB) that`s
affecting about 50 million accounts.

(MUSIC)

HERERA: A government shutdown as expected has been avoided. President
Trump signed the $850 billion spending bill that will keeping the
government open through December 7th. The legislation funds the military
and several civilian agencies.

GRIFFETH: Facebook (NASDAQ:FB) said today it has discovered a security
breach that has affected almost 50 million of its accounts. The company is
still investigating this issue and has yet to determine whether the
accounts were misused or whether information was actually accessed. But
Facebook (NASDAQ:FB) says the hackers exploited the so-called view-as
feature which has been now fixed.

(BEGIN AUDIO CLIP)

MARK ZUCKERBERG, FACEBOOK CEO: I`m glad that we found this and that we
were able to fix the vulnerability and secure the accounts. But it
definitely is an issue that this happened in the first place. And I think
that this underscores the attacks that our community and our service face,
and the need to keep on investing heavily in security.

(END VIDEO CLIP)

GRIFFETH: Facebook (NASDAQ:FB) says it does not yet know who is behind
that attack. Stock fell 2.5 percent in today`s session.

HERERA: It is being called a wireless revolution. Verizon (NYSE:VZ) is
ready to launch new wireless technology that could change the way we use
the Internet and watch TV.

Julia Boorstin explains.

(BEGIN VIDEOTAPE)

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT: Verizon (NYSE:VZ)
is launching the nation`s first 5G wireless service, the fifth generation
of cellular technology, starting October in Houston, Indianapolis, Los
Angeles and Sacramento. The new technology promises are promises to match
the speed of cable services and create real competition for cable
companies.

Verizon (NYSE:VZ) will charge $50 a month for the service and throw in a
free Apple (NASDAQ:AAPL) TV for new subscribers. Here is what Verizon
(NYSE:VZ) CEO Hans Vestberg said about why it`s so important for the future
of content consumption.

HANS VESTBERG, VERIZON CEO: When we talk about content it`s such a brutal
narrative. Remember when we used to talk about content, we talked about
linear TV. But there are so many other content that`s in the interest of
us.

We need to be a little bit better by explaining when we talk about content,
that there — there are many other content that will be super important for
5G and for our customers in the future. Some, we might create ourselves
like we have in the asset. Some, of course, we`re partnering with the best
brands in the world.

BOORSTIN: AT&T (NYSE:T) is following with a 5G launch in a dozen cities
this year. And T-Mobile is planning to create a national 5G network by
2020. As these telco giants prepare to face off with new faster offerings
for consumers, the question is whether Verizon (NYSE:VZ), AT&T (NYSE:T) and
others become a bigger threat to the cable and satellite companies and the
90 million household that pay for broadband phone and TV.

One thing that can help the cable companies, rainy weather can sometimes
disrupt the 5G signal. And 5G will come with a huge price tag for telcos.
The conversion will cost billions of dollars and require the companies to
install tens of thousands of new antennas.

New FCC chair Ajit Pai says he wants to make sure the telcos can continue
to invest in 5G technology.

AJIT PAI, FCC CHAIRMAN: The biggest barrier is the domestic regulatory
barriers that we face. For example, it takes one to two hours to install a
small cell on the utility pole that necessary for 5G. In some cases it can
take a year or two years to get the regulatory approval for deploying that
small cell.

BOORSTIN: Pai saying it`s important that U.S. remain the leader in 5G
technology and not fall behind China.

For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in Los Angeles.

(END VIDEOTAPE)

GRIFFETH: A Lionsgate and Amazon (NASDAQ:AMZN) get together, that`s where
he begin tonight`s “Market Focus”.

Bloomberg has been reporting that one of the film studio`s largest
investors said that a new partnership between Lionsgate and Amazon
(NASDAQ:AMZN) could eventually lead to a potential merger. The shareholder
also said that Verizon (NYSE:VZ) could be a suitor as well, although the
telecom giant has previously said it was not interested in buying a
traditional entertainment company.

Nevertheless, Lionsgate shares popped more than 7 percent today to $24.39.
Meanwhile, shares of Amazon (NASDAQ:AMZN) and Verizon (NYSE:VZ) were both
lower in today`s trade.

And the C-Suite at JCPenney is looking sparse with the retailers saying its
chief financial officer will step down October 1st to pursue another
opportunity. The news comes just a few months after the retailers CEO left
abruptly to be the same job at Lowes. Shares of JCPenney fell another 4
percent today to $1.66.

And BlackBerry says lower costs helped to offset weaker sales in its
enterprise software and services business. As a result, both earnings and
total revenue came in ahead of expectations. The tech company saw
increased demand for its self-driving technology software and it added as a
result it plans to increase investments in that business. Shares rose more
than 11 percent today to $11.38.

HERERA: Vail Resorts (NYSE:MTN) reported a smaller than expected loss and
weaker revenue in a quarter that`s seasonally slow for the ski resort
operator. The company said results for the past year suffered to due to
poor winter conditions but added that it`s encouraged by the strong season
past sales as it heads into the busy period. Shares were off 4 percent to
$274.42.

Honeywell said it is raising its quarterly dividend by 10 percent to 82
cents a share. The yield on the stock sits just under 2 percent. Shares
of conglomerate rose fractionally to $166.40.

And fast food chain Bojangles is considering selling itself. “Reuters” is
reporting that the small cap company is exploring strategic alternatives
and is working with Bank of America (NYSE:BAC) on the process. Shares of
Bojangles jumped 12 percent on the news to $15.70.

GRIFFETH: Well, if your portfolio was up nicely this third quarter, the
market monitor has ideas how to keep it going into the fourth.

Joining us tonight, Sean O`Hara is president of Pacer ETFs. This is his
first time on NIGHTLY BUSINESS REPORT.

Sean, good to see you. Welcome. Thanks for joining us tonight.

SEAN O`HARA, PACER ETFS PRESIDENT: Thank you for having me.

GRIFFETH: You`re looking for value going into the fourth quarter. And I`m
starting with your first pick tonight. It`s Micron Technology (NASDAQ:MU).
The chip stocks have suffered. And Micron, this week, had a pretty tough
week as well.

Why do you like it here?

O`HARA: Well, we like Micron Technology (NASDAQ:MU) because we like the
harder side of tech as opposed to the softer side or the social side we`re
overweight technology in several of our funds, and Micron as a chip maker,
we have in concept we call the four horseman of the Internet: artificial
intelligence, autonomous vehicles, ecommerce and streaming.

And the demand for thee chips will be increasing as those things — those
types of services increase as well. And they generate a lot of free cash
flow. They hit a very, very low multiple.

GRIFFETH: You`re not worried about pricing pressures. That seems to be
the problem for a lot of the tech companies right now, the chip companies.

O`HARA: Yes, I mean, there is a lot of competition. We all know —
several of the chip makers but the demand I believe over time should
outstrip the pricing pressures because the demand we believe long-term is
fairly significant.

GRIFFETH: All right.

HERERA: OK. Number two is Equinix (NASDAQ:EQIX), which is a kind of a bet
on the cloud.

O`HARA: Yes, Equinix (NASDAQ:EQIX) is a publicly traded real estate
company where most people see companies like Amazon (NASDAQ:AMZN) or Google
(NASDAQ:GOOG) or Microsoft (NASDAQ:MSFT) talk about their cloud business.
It`s not really a cloud. It`s a data center they are generating revenue
out of.

Equinix (NASDAQ:EQIX) is the largest data center operator in the United
States. Seventy percent of all Internet traffic in the U.S. flows through
one of their centers. And as these big behemoths compete and try to grow
the cloud business, and this also feeds into the previous anemia of the
four horsemen, we believe the demand story is here is very big as well.

GRIFFETH: Finally, a high profile retailer Nordstrom (NYSE:JWN), they`ve
had a tough year. They were for sale then they weren`t for sale. They are
competing with companies that are going online. I mean, it`s been a tough
time for this company.

Why do you like them now?

O`HARA: We own a specialty basket of retailers which Nordstrom (NYSE:JWN)
is in it. We screened them because of their free cash flow. They generate
a lot of free cash flow.

I think as far as position versus other retailers, they had fewer stores.
So, they didn`t have to take off line those stores and deal with that
problem. They`ve crafted we think a nice strategy here, multichannel
strategy, which is in store and online. And then Nordstrom`s and
Nordstrom`s rack, a discount operation and they cobbled together a nice
loyalty program for those. And again, they generate a lot of free cash
flow and the management now is committed to buying back stock.

So, we look for Nordstrom (NYSE:JWN) to continue to perform like our other
retail players.

GRIFFETH: All right. Very good. Sean, again, thanks for joining us
tonight. I appreciate it.

O`HARA: Thank you.

GRIFFETH: Sean O`Hara with Pacer ETFs.

And you can read more about his picks on our website at NBR.com.

HERERA: Coming up, will tariffs put the fast growing e-bike business on a
new track?

(MUSIC)

HERERA: Bain and KKR (NYSE:KKR) are reportedly creating a $20 million fund
that will be used to pay severance to thousands of former Toys “R” Us
workers. According to Dow Jones, the fund`s creation by the toy store`s
private equity owners is an unusual move. A third party will help
structure that fund.

GRIFFETH: Meanwhile, there are reports out tonight that Mexico`s incoming
president has spoken with Canada`s prime minister about the ongoing efforts
to redo the North American free trade agreement. The president president-
elect Lopez Obrador said he spoke with Prime Minister Justin Trudeau and
told him he will insist that NAFTA remain a trilateral deal. At this point
as you know only the U.S. and Mexico have reached a new agreement. The
deadline for an agreement with Canada is this Sunday.

HERERA: American households are optimistic about their personal finances.
According to the latest reading from the University of Michigan`s monthly
survey, sentiment is near all-time highs. Expectations for improved
personal finances are at the highest level since 2004. The survey showed
that the only concern was about the impact of trade tariffs.

GRIFFETH: Speaking of which, tariffs are causing financial pain for start-
ups in the fast-growing e-bikes industry.

Aditi Roy is in Fountain View, California for us tonight.

(BEGIN VIDEOTAPE)

ADITI ROY, NIGHTLY BUSINESS REPORT CORRESPONDENT: HERERA: Ten years ago,
best friends Don DiCostanzo and Terry Sherry started an electric bike
company, Pedego Bikes, just as e-bikes were starting to take off.

DON DICOSTANZO, PEDEGO BIKES CEO AND CO-FOUNDER: The last 10 years, we`ve
grown anywhere from 20 percent to 50 percent.

ROY: Last year, Pedego made $18.6 million in revenue, making the company
one of the leaders in the fledgling e-bike industry, expected to grow from
$17 billion now to a $24 billion market by 2025.

But now, the company and the industry are facing a major roadblock,
tariffs.

How many components of this bike are made in China?

DICOSTANZO: This bike is probably 80 percent Chinese component.

ROY: The majority of electric bike parts come from China where most e-
bikes are also assembled.

In fact, perhaps the most important component in an e-bike is the throttle
here. It allows me to go fast without working too hard. Don says
virtually all throttles are made in China.

For Pedego, the 25 percent tariff on electric bikes add up to $1 million
this year.

DICOSTANZO: The tariff was a big game changer for us. We have been going
around business fine for about nine years. And all of a sudden, we get,
you know, side-swiped by this whole tariff issue. And we had to figure out
how to deal with it.

ROY: When but Don looked into the possibility of moving production to the
U.S., he realized it was cost prohibitive. The average price of the Pedego
e-bike is $3,000. Don says the tariff would raise the price to $3,750.
Moving to the U.S. would have doubled the price. So, the company chose to
move production to Vietnam, where extra transit and labor costs still
raised the average price by $300.

DICOSTANZO: There will be a slight increase to the consumer. And that —
that about balances what we believe it`s going to cost us. But we really
don`t know until we get into full production.

ROY: Besides opening the new production center in Vietnam, the company is
also shopping for parts in other countries. Pedego`s newest bike only
contains about 20 percent of parts from China.

DICOSTANZO: Any component we can get outside of China we`re going to
source outside of China.

ROY: While Pedego doesn`t expect its sales will be impacted by the trade
tensions, one analyst tells us he expects U.S. sales of e-bikes to decline
by at least 15 percent because of the tariffs since nearly all electric
bike companies are raising prices because of those duties.

For NIGHTLY BUSINESS REPORT, I`m Aditi Roy, Fountain Valley, California.

(END VIDEOTAPE)

HERERA: And before we go, here a look at the third quarter performance.
It was a good one. There were big gains for all of the averages.

That will do it for us tonight on NIGHTLY BUSINESS REPORT. I`m Sue Herera.
Thanks for joining us.

GRIFFETH: Last trading day of September.

HERERA: I know. I can`t believe it.

GRIFFETH: I`m Bill Griffeth. Have a great weekend, everybody. We`ll see
in October.

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.

This entry was posted in Transcripts. Bookmark the permalink.

Leave a Reply