Transcript: Nightly Business Report – April 29, 2019

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

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Alphabet soup.  Google`s  parent beats earnings estimates but sales come in lighter than analysts  expected and shares initially sink.  

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  Tough questions.  Boeing  (NYSE:BA) CEO faces shareholders and answered questions, trying to regain  the trust that that has been shaking in some following a pair of deadly  crashes.  

HERERA:  And knockoff nightmare.  How one “Shark Tank” entrepreneur,  American dream, turned into a bad dream after her product got copycatted in  China.  

All that and more tonight on NIGHTLY BUSINESS REPORT for this Monday, April  29th.

GRIFFETH:  And we do bid you a good evening, everybody.  Welcome.  
The S&P 500 hit yet another all time high today and we will have more on  that in a moment.  But first we are heading into the busiest week of this  earnings season.  And after the bell tonight, we got results from one of  the biggest companies of all, Google (NASDAQ:GOOG) parent Alphabet.  The  company after hitting a 52 week high initially took a hit tonight after its  quarterly report showed revenue missed expectations.  

Here are the numbers.  Alphabet earned $11.90, more than a dollar better  than expectations.  But here was the problem, revenue was more than $36  billion for the quarter.  That was just about $1 billion below estimates.   And with that, the shares initially sold off after hours tonight.  
Josh Lipton digs a little deeper for us.  


JOSH LIPTON, NIGHTLY BUSINESS REPORT CORRESPONDENT: Twenty-five-point-seven  billion dollars, that was one big number in Alphabet`s report.  It refers  to Google`s property revenue.  It was up 17 percent.  
But Aaron Kessler of Raymond James noticed that did miss what the street  wanted to see in the quarter, and he says that explains some of the  disappointment here, because as Tesla reminds us, that segment does reflect  core search and YouTube ad revenue growth as the highest margin part of  their business.  Still, Kessler remains an alphabet bull for now because he  says of strong growth given the company`s size and opportunities in areas  like cloud computing and self driving cars.  
For NIGHTLY BUSINESS REPORT, I`m Josh Lipton, San Francisco.  

HERERA:  Let`s turn now to Brent Thill for more on Alphabet`s mixed results  and what it might mean for the stock going forward.  He is a senior  technology analyst over at Jeffries.  
Brent, nice to have you here.  Welcome.


HERERA:  So, revenue was amiss.  As a matter of fact, it was the slowest  rise in three years.  But you have rated in the past a stock a buy.  After  this report, do you still feel that way?

THILL:  We do.  It`s one quarter.  I think what was difficult this quarter  was both EMEA in Europe, Middle East, and Africa, and the U.S. came in  below.  Asia did fine.

You saw growth rates in those two regions growing over 20 percent in the  past.  They dipped into the mid to high teens.  And that was a bigger  deceleration than we all thought.  

Google (NASDAQ:GOOG) is the only company in tech that doesn`t really  provide a lot of guidance, so these are numbers that we all set as the  analyst community, we don`t get a lot of color.  Part of this is we`re  effectively as analysts trying to put the best foot forward in terms of our  estimates, but we don`t have any color from the company.  So, I think  that`s also a by-product of Google (NASDAQ:GOOG) not giving great color.   And they`ve always had that policy of not giving a lot of color going  forward.  

GRIFFETH:  But you had to admit that was quite a decline in growth rates  for ad sales, for — in the YouTube division especially.  Ruth Porat, the  CFO, specifically cited YouTube`s problems there.  You had Amazon  (NASDAQ:AMZN) eating into some of this advertising growth online.  
So is this an anomaly for one quarter or is something else going on here? 

THILL:  Well, it`s one quarter but we`ll say it`s an anomaly.  We think  there`s definitely a general term.  You`ve seen good Facebook (NASDAQ:FB)  numbers.  You saw great Amazon (NASDAQ:AMZN) numbers.  You`ve seen the rest  of tech did very well.  

So, what I would say is that if there`s one take away, Google`s been the  worst of all the companies we cover.  Everyone else has been phenomenal in  terms of the numbers and you look at the overall economy, it`s exceptional  right now.  So, you look at, you know, low unemployment, the consumer  demand.  Prices are going up across multiple sectors that we cover.  

So the back drop is very healthy.  So, yes, I would say that there are a  couple product changes they made.  Perhaps there were some sales execution  issues in Q1.  But, you know, again, it`s hard to take one quarter and call  it a trend.  Google`s trend line has been pretty good with the numbers.  

Again, so we would highlight that Google (NASDAQ:GOOG) still remains in a  pretty goods position and trades at a relatively low valuation relative to  its peer group.  

HERERA:  Very quickly, the European regulatory issues that they`ve faced,  how do you anticipate that going forward?  

THILL:  We don`t think it`s a huge issue because everyone is underneath the  same microscope.  Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN).  You look at  the rest of the Internet industry.  So, we don`t think that was the issue.   We think the broader issue was more to Google (NASDAQ:GOOG) and not related  to any regulatory overhang.  

HERERA:  OK.  Brent, thanks so much.  Appreciate it.
THILL:  Thank you.
HERERA:  Brent Hill with Jefferies.  

GRIFFETH:  And as we mentioned earlier, the S&P hit an all-time high today.   The stocks inched ever hire, but they were kept in check as investors  awaited the slew of big names scheduled to report this week, as well as  some key economic reports.  As for today, the Dow rose just 11 points.   Nasdaq climbed by 15 and the S&P added 3.  
Dom Chu takes a look at the big week ahead for Wall Street.  

DOMINIC CHU, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Stocks are hovering  around all time highs as the busiest week of earning season kicks off and  with just one more trading day left in April, all three major averages are  on pace to close out their four straight months of gains.  Trade talks,  earnings and the economy will all be key to watch.  Treasury Secretary  Steven Mnuchin flies to Beijing to resume talks with Chinese officials as  U.S./China trade negotiations enters the final laps.  
Then the earnings parade rolls on.  Roughly 150 S&P 500 companies report,  including tech giants Apple (NASDAQ:AAPL) and Google (NASDAQ:GOOG) parent  company Alphabet, health care companies like Merck (NYSE:MRK) and Pfizer  (NYSE:PFE), and consumer names like McDonald`s, General Motors (NYSE:GM)  and Yum Brands (NYSE:YUM), which owns KFC, Taco Bell and Pizza Hut.  

Right at the halfway point of earnings season and so far if all else goes  as planned are down slightly while revenues are up 5 percent, earnings  beats are better than expected.  About double what the normal historical  long term average is.  There`s also no shortage of economic data on deck  this week, including home sales figures, consumer confidence, manufacturing  reports and the April jobs numbers.  

No doubt the Federal Reserve will be keeping a close eye on all of this as  they reconvene for their second interest rate policy meeting of the year  tomorrow.  Right now, the markets aren`t expecting any rate hikes at all  for the rest of the year.  
For NIGHTLY BUSINESS REPORT, I`m Dominic Chu at the New York Stock  Exchange.  


HERERA:  And as Dom mentioned, one of the big earnings reports will be  tomorrow from Dow component McDonald`s (NYSE:MCD).  
And as Kate Rogers (NYSE:ROG) tells us, the focus will, of course, be on  earnings but particularly here in the U.S. 

KATE ROGERS, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The fast food giant  has been leaning heavily into technology as part of the strategy called the  Velocity Growth Plan which includes digital and delivery as well as its  experience of the future, modernizing and updating its restaurants with  kiosks and even table services on location.  
Analysts are eager to hear if the updates are paying off in the face of  fierce competition, as players try to outdo one another in both value and  menu innovation and strategy.  

RJ HOTTOVY, MORNINGSTAR SENIOR RESTAURANT ANALYST:  It`s still a  competitive market.  It`s still a lot of discounting.  And companies have a  lot of initiatives in place.  And, really, that`s the take away for me, how  effective the strategies, the delivery, digital ordering, kiosk, how  effective have those things been.  

ROGERS:  McDonald`s (NYSE:MCD) also made two other tech investments last  month, the first in dynamic yield which is the largest acquisition in two  decades.  It will help to customize the drive through experience and the  second, in Plexure, which powers the McDonald`s app in 48 companies outside  of the U.S.  The street is keen to hear how these investments will be put  to work.  

HOTTOVY:  Once McDonald`s (NYSE:MCD) blueprints are put together, what kind  of technology and what kind of expectations can we expect from the  initiatives.  

ROGERS:  Finally, any changes in the menu will be in focus.  The company  recently announced it`s trimming its menu and doing away with its signature  crafted burgers to focus instead on its quarter pounder line.  

GRIFFETH:  Now to Boeing (NYSE:BA).  The company held its annual  shareholders meeting in Chicago today where it told investors and reporters  that it is working hard to regain the public`s trust.  
Ylan Mui has details for us.  

YLAN MUI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Boeing (NYSE:BA) CEO  Dennis Muilenburg delivered a mea culpa today for the hundreds of lives  lost in Boeing (NYSE:BA) planes in the Ethiopian Air and Lion Air crashes.

DENNIS MUILENBURG, BOEING CHAIRMAN & CEO:  I can tell you both of these  accidents weigh heavily on us as a company.  I`ve had a privilege for  working for the Boeing (NYSE:BA) company f for 34 years and we know that  lives depend on what we do.  

MUI:  He said his company owns this mistake and it`s making steady progress  to getting the planes back in the air.  
But Boeing (NYSE:BA) didn`t provide any updates on when that might happen.   Southwest and American Airlines are expecting the planes to be back in  service by the end of August.  Some analysts say that`s too optimistic.  

JAMIE BAKER, J.P. MORGAN AIRLINE ANALYST:  We look at the month of  September as the earliest possible practical date for return to service,  and there are a lot of unknowns there. 

MUI:  One unknown, how much training pilots will need of the new plane`s  updated safety systems.  Some pilots are reportedly requesting mandatory  simulator training.  Boeing (NYSE:BA) says it believes that should be  optional, but the required training being done online instead.  The company  must also submit a fix to federal regulators for the faulty MCAS system  that was a common link in the two crashes.  It`s talking to airlines about  the possibility of revenue lost because of the grounding.  

MUILENBURG:  We`re going to be working very closely with our airline  customers and with the FAA and with regulatory authorities around the world  as we finish up the certification process on the software update and have  safe re-entry into service.  We`re going to be diligently doing that  airplane by airplane with our customers.  I think getting that up and  flying is obviously a key step in rebuilding confidence.  

MUI:  Meanwhile, Boeing (NYSE:BA) is facing a new lawsuit from the families  of victims of the crashes, alleging negligence, failure to warn and civil  conspiracy.  

PAUL NJOROGE, 737 MAX VICTIM`S HUSBAND:  Those six minutes will forever be  embedded in my mind.  I was not there to help them.  I couldn`t save them.   It was up to Boeing (NYSE:BA) and the others in charge to save them.  

MUI:  Boeing (NYSE:BA) pledged today that when the 737 MAX does return, it  will be one of the safest planes to fly.  

For NIGHTLY BUSINESS REPORT, I`m Ylan Mui in Chicago.  

HERERA:  Coming up, Marriott and Airbnb looks ready to go to the mattresses  as each infringes on the other`s turf.  What it all means when we come  back.  

GRIFFETH:  Back on Friday, we told you about Amazon (NASDAQ:AMZN) touting  one day shipping for all of its prime members, and now, Walmart may have  just upped the ante.  And retailers are taking note.
Courtney Reagan takes a look.  

COURTNEY REAGAN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Two days after  Amazon (NASDAQ:AMZN) announced it`s working towards offering prime members  one shipping, Walmart delivers a response in tweet form.  Quote: One day  free shipping without a membership fee, now that would be ground breaking.   Stay tuned.  

Walmart taking a jab at Amazon`s $119 annual fee for prime shipping, but  not offering any further details.  Though on its February earnings call,  Walmart CEO Doug McMillon did say, quote: There`s an opportunity to be more  aggressive given the total balance of the business we would be thinking  about that.  

The delivery war is ramping up between the two retailers but some question  if it`s a battle worth fighting.  

JAN KNIFFEN, J. ROGERS KNIFFEN:  Walmart has to do this if Amazon  (NASDAQ:AMZN) does.  They can`t give Amazon (NASDAQ:AMZN) market share just  because their delivery is not as fast.  But can anyone keep up and pay the  price it takes to be able to do it?  It`s really hard to imagine other  people can.  

REAGAN:  Not all retail experts agree market share will be one because of  one day shipping instead of two-day.  And the cost of that gamble is  significant.  Some say going from one day to two-day doesn`t make a  difference in consumer buying behavior, but same-day shipping could.  
Amazon (NASDAQ:AMZN) will spend $800 million in current quarter in its  quest to get one-day shipping for prime members.  Analysts estimate the  cost will get higher in the third and fourth quarter.

Cowen and Company estimates prime membership has stagnated for several  quarters.  The online behemoth may be looking for ways to add value to  retain and attract members in the U.S.  With still little detail, analysts  can`t reasonable estimate what Walmart may have to spend to cut its two-day  shipping time in half.  And while the retailer doesn`t disclose the  shipping costs, it has said the losses from the digital business will be  higher this year than last.  

A key question is, how and if Walmart`s 4,500 U.S. stores will play a role  in making one-day shipping a reality?  If the cost equation makes sense,  the store locations could make speed easier.  With 90 percent of the U.S.  population within 10 miles of a Walmart store.  While Target (NYSE:TGT) has  stayed relatively quiet since Amazon`s announcement, it, too, could be  closer to one-day shipping.  With its 35,000 item of restocking program  already doing next day shipping out of stores in 60 metro areas for $2.99,  and its Shipt program offering same day delivery for $99 annual fee.  
One thing analysts agree on, the ultimate winner of the war will be the  consumer.  
For NIGHTLY BUSINESS REPORT, I`m Courtney Reagan.  

HERERA:  Burger King`s impossible whopper isn`t enough to help its parent`s  earnings.  And that`s where we begin tonight`s “Market Focus”.
The fast food chain said a test of a plant-based burger went well and hopes  to sell it nationwide by the end of the year, but the parent company  Restaurant Brands had weaker than expected earnings as sales from its Tim  Horton chain fell.  Today, the stock was down nearly 1.5 percent to $65.50.  

Spotify posted better than expected results with revenue rising 33 percent.   The company hit a milestone with 100 million subscribers paying for its  premium service.  But monthly active users dropped.  Shares were down a  fraction to $148.14.  

Costco (NASDAQ:COST) hiked its dividend by 14 percent.  Costco  (NASDAQ:COST) also plans a share buy back of up to $4 billion.  Today  shares were up a fraction to $244.28.  

GRIFFETH:  Amazon (NASDAQ:AMZN) is starting to post new job openings and  lease new office space at its HQ2 in Virginia.  The world`s largest online  retailers says it`s on track to create 400 jobs at their campus with plans  to start in June.  That is several months ahead of the initial planned  October launch.  And today, the stock was down a fraction to $1,938.43.  
Sprint and T-Mobile announced today that they are pushing back their merger  deadline at the end of July.  Both companies had hoped to complete the $26  billion deal, but neither the FCC nor the Justice Department has approved  it yet.  In fact, the head of Justice`s antitrust division told CNBC today  that he hasn`t made up his mind yet about whether or not to okay that deal.   Now at close of trade, Sprint was unchanged, while T-Mobile as up nearly 1  percent.

And then after the bell tonight, Yum China posted better than expected  same-store sales.  The fast food restaurant company beat Wall Street`s  revenue estimates, helped by KFC whose sales were up 5 percent.  The stock  was volatile in initial afterhours trading tonight.  
HERERA:  Call it a case of role reversal.  Marriott and Airbnb venturing  into the specialty of the other.  
Deirdre Bosa explains.  

DEIRDRE BOSA, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Home sharing startup  Airbnb is opening hotels and the world`s largest hotel chain, Marriott, is  renting homes.  Each giants in their own industries.  Airbnb and Marriott  are making major moves onto each other territories.  Airbnb is  collaborating with major New York developer, RXR Realty, to create hotel  suites in iconic Rockefeller Plaza.  It comes just a few weeks after it  closed its acquisition of hotel booking site Hotel Tonight.
Meanwhile, Marriott is reportedly getting ready to take on the U.S. home  sharing market, using its European pilot market program as a blueprint.   Airbnb CEO and cofounder Brian Chesky says Marriott`s move is validation of  his business.  

BRIAN CHESKY, AIRBNB CEO & CO-FOUNDER:  To tell me the largest hospitality  company in the world is looking into this space I think is a huge testament  to what we`ve done, to the market we`re in.  We`ve had half a billion guest  arrivals.  So, I think it is more a validation than anything.
The convergence between the two comes as Airbnb is expected to pursue an  initial public offering next year.  Airbnb wants to diversify its offerings  for higher ended business travelers while Marriott may be getting into the  home sharing business before an IPO helps Airbnb strengthen its position.  
But it`s a major reversal for both companies.  Marriott`s CEO Arne Sorenson  criticized Airbnb for flouting regulations and a year ago called home- sharing a fundamentally illegal business.  It will now have to navigate  those regulations as it moves into the space.  Airbnb has said that its  community based culture is a major driver of its success, but as its rapid  expansion around the world has come under fire for clogging cities and  contributing to rising home prices.  As it moves into hotels, it will be  further challenged to keep its brand identity.  

GRIFFETH:  By the way, news of this potential role reversal between  Marriott and Airbnb had little impact on hotels stocks today.  Shares of  Marriott, Hilton, Hyatt, they were all down a fraction.
But how could things play out as hotel giants like Marriott move into the  home rental market and Airbnb take on the hotel chains?
This is Dara Kerr.  She covers the on-demand economy for CNET joining us  tonight.
Dara, thanks for joining us.

DARA KERR, CNET SENIOR REPORTER:  Hey, thanks for having me.
GRIFFETH:  I understand Airbnb`s strategy.  I mean you can only grow the  peer-to-peer business so much.  You got to broaden the platform beyond  that.  But what`s in this for Marriott?  Why are they doing this?
KERR:  Yes, for Marriott, it seems like they are trying to make sure  Airbnb; as Airbnb leaks into its business, it`s trying to make sure that  they can also move into Airbnb`s style of business.  You know, Airbnb is  that is the huge behemoth in this arena with more than six million rentals  so it says around the world, and Marriott is it`s a lot smaller.

HERERA:  How successful therefore do you think Marriott will be?  They do  have a membership and loyalty program which is — which is quite large.   Will that help them compete against Airbnb?

KERR:  That definitely could be helpful.  You know, their loyalty program  and the people who use them definitely try and go to pick Marriott hotels  on when they go on vacation.  They like the concierge service, the gyms and  that kind of stuff.

And we don`t know a lot about Marriott`s plan, but we do know that it`s  trying to do this kind of morphing between a home rental along with those  services that hotels offer.

GRIFFETH:  You think other hotel chains will follow Marriott suit and what  does that do to Airbnb?  They`ve already faced many headwinds in the past,  lot of regulations by localities, trying to cap their growth rate as well.   What happens if you get more and more hotel chains getting into this  business?

KERR:  Yes.  Well, I think Airbnb still has its core service where you know  you can get a cabin in the redwoods or you know a castle on an island, and  I think it will tend to go more in that direction with these more luxurious  kind of rentals.  I don`t know how much longer we`re going to see these  rooms and, you know, a co-op with a bunch of people.  But yes.

HERERA:  What about the consumer?  It sounds like this is going to be a win  for the consumer.  Is that the way you read it?

KERR:  Yes, I definitely see this as a win.  You know, it`s less of a  monopoly.  There`s more options for consumers.  You know, those people who  want the hotel kind of the what they get what they are — they — they`re  getting what they know, you know?

KERR:  And they can still go to Airbnb and get those cabins and castles.
GRIFFETH:  Cabin in the woods sounds pretty good right now.
HERERA:  It does, yes.

GRIFFETH:  Dara Kerr with CNET, thanks for joining us tonight.
KERR:  Thank you.
HERERA:  Up next, a warning for entrepreneurs on how your great idea can be  knocked off.  One environmentally-friendly straw is now fighting impostors.

GRIFFETH:  It started out as the proverbial American dream, FinalStraw,  which makes an environmentally-friendly straw raised nearly two million  dollars in crowdfunding and it was even on “Shark Tank”.  But the dream  turned into a nightmare unfolding across the globe in China.
Andrea Day has our story.

UNIDENTIFIED FEMALE:  This is FinalStraw, the world`s first collapsible,  reusable, totally badass straw.  

ANDREA DAY, NIGHTLY BUSINESS REPORT CORRESPONDENT:  A totally badass idea – – a straw designed to save the planet and set to make millions. 
Emma Cohen and co-founder Miles Pepper even pitched the idea on “Shark  Tank”.

EMMA COHEN, FINALSTRAW CEO & CO-FOUNDER:  Not in my wildest dreams could I  have ever thought that we would have done anything like that.

DAY:  While attorneys work to secure patents and trademarks for the  invention the team launched their idea on crowdfunding site Kickstarter. 

COHEN:  We were just hoping and praying to solve enough straws that we  wouldn`t have to make them ourselves.  
DAY:  But the little straw went viral.

COHEN:  Within 48 hours of launching the Kkickstarter, we raised over  $200,000.

DAY:  And it didn`t take long before backers shelled out nearly $2 million  in funding.  But as the cash rolled in, backers weren`t the only ones  taking notice.

UNIDENTIFIED FEMALE:  And just, uh-oh, where`d it go?
DAY:  It went here to factories in China who were ready to rip off her big  idea.

COHEN:  It took us about nine months to create the tooling get the product  ready to manufacture.  They were able to do it in a matter of weeks.

DAY:  She had no clue anything was brewing overseas until she spotted fakes  for sale online at major retail sites and phony websites that even ripped  off images of her dog Burrita.

COHEN:  These straws sold like crazy.  All the time, we get return requests  to our customer service for fake products and people think that they bought  it on our website.

On this site Alibaba, we found plenty of listings for what looked like  final straw knockoffs.  This factory`s saying ready to ship to the United  States for just dollars a straw and the description looks familiar, totally  badass.

UNIDENTIFIED FEMALE:  Totally badass straw.
COHEN:  We reached out to a woman listed as a contact for the factory but  she declined to speak with us.  We sent a team from CNBC`s Beijing bureau  to Shenzhen, China, it`s just outside of Hong Kong and where other  companies are listed on Alibaba.  

The team discovered at least one was not at the address shown online.
We tracked down a manager for another business advertising this straw  online.  He agreed to talk only by phone.

He admits the idea for the straw that`s being made at his factory came from  a crowdfunding site online.

Bruce Chen (ph) is a product designer in China and says even his own work  has been ripped off by local factories.

BRUCE CHEN:  Without the Chinese patent, you probably would be copycatted.
DAY:  We went to Kickstarter`s headquarters in Brooklyn to see what advice  they give new creators.

CLARISSA REDWINE, KICKSTARTER SENIOR DESIGN & TECH OUTREACH LEADER:  It  depends on the product, but if you`re coming to Kickstarter to raise  funding, you probably want to have all of your protection in place before  you launch.  That is very important.  You know, once you launch, your  product is out there in the world.

DAY:  We scheduled an interview with Alibaba, but the Chinese e-commerce  site cancelled just hours before and sent us a statement saying in part:  Protecting the IP of rights holders around the world is critical to our  business.  We remove any IP infringing listings, period.  Rights holders  can enforce their IP rights outside China, U.S. patent rights on our cross- border platforms.

After we contacted the online retailer Alibaba began helping FinalStraw,  including removing fake listings. 
COHEN:  I know that this has taken millions of dollars from our bottom  line.


GRIFFETH:  And tomorrow, Andrea looks at the role social media plays in  these knockoffs.

HERERA:  And finally tonight, what a debut.  We told you last week that  Disney`s “Avengers: Endgame” could break box office records.  Well, the  haul was even better than expected.  The movie brought in more than $350  million domestically this weekend, a record, and nearly $1.25 billion  worldwide, also a record.  “Endgame” was also responsible for 90 percent of  the movie tickets sold in the U.S.
And speaking of records, shares of Disney (NYSE:DIS) hit an all-time high  today,

GRIFFETH:  And before we go, a final look at the day on Wall Street.  One  record, the S&P; hit one the Dow was up 11 points, Nasdaq up 15, the S&P  added three points, as we get ready for a lot more earnings.

HERERA:  Absolutely.  It`s great to be back together again.

GRIFFETH:  God to have you.

HERERA:  That`s it for us tonight.  I`m Sue Herera.  Thanks for joining us.

GRIFFETH:  I’m Bill Griffeth.  See you tomorrow.

Nightly Business Report transcripts and video are available on-line post  broadcast at 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) 2019 CNBC, Inc.

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