Transcript: Nightly Business Report – April 30, 2019

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

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  Apple`s core.  The company  beats on earnings and revenue.  Its guidance was strong.  Its dividend got  a boost and investors liked what CEO Tim Cook had to say.  

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  A new risk.  General Electric  (NYSE:GE) says the grounding of Boeing (NYSE:BA) 737 MAX is creating some  uncertainty, and the ripple effects don`t stop there.

GRIFFETH:  Going viral.  It can help grow a new business, but for one  entrepreneur, it also came at a very big cost.  
Those stories and more tonight on NIGHTLY BUSINESS REPORT for Tuesday,  April the 30th.  

HERERA:  Good evening, everyone, and welcome.  

The S&P 500 closes at a record, more on that in just a moment.  But we  begin tonight with Apple (NASDAQ:AAPL) and results from one of the world`s  most valuable companies.  Apple (NASDAQ:AAPL), which is widely held among  investors and mutual funds, retirement accounts and ETFs, reported better  than expected earnings and revenue.  The guidance was upbeat and investors  breathed a sigh of relief, sending the stock higher in initial afterhours  trading, pushing back towards that trillion dollar valuation.

Josh Lipton has more from Apple`s headquarters in Cupertino, California.

JOSH LIPTON, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Apple (NASDAQ:AAPL) no  longer breaks out iPhone units every quarter, but it does disclose iPhone  revenue.  And in this quarter, iPhone revenue came in at $31.05 billion and  that was down 17 percent, but basically in line with what Wall Street had  forecasted.  An important market, obviously, for Apple (NASDAQ:AAPL) is  China and going into this quarter, some analysts said, in fact, China was a  bit of a wild card.

I had a chance to catch up with CEO Tim Cook, talked about the quarter, he  said trends are improving in China.  Specifically, he talked about the  trade relationship between the U.S. and China.  He said, I mean, the tone  is much better today, Cook saying, than it was in the November-December  timeframe.  That affects consumer confidence in a positive way.  
For NIGHTLY BUSINESS REPORT, I`m Josh Lipton, Cupertino, California.  

GRIFFETH:  Elsewhere, fellow Dow component McDonald`s (NYSE:MCD) reported  better than expected earnings and revenue this morning, thanks to breakfast  doughnut sticks and a one-time bacon event.  The fast food giant said  global sales were up nearly 5.5 percent, marking its 15th consecutive  quarter of growth.  The company also raised menu prices by 2 percent in an  effort to offset rising costs.  The stock traded at an all-time high for  part of the session today, before settling back and closing up a fraction.  

HERERA:  Three pharmaceutical companies reported earnings including Dow  components Merck (NYSE:MRK) and Pfizer (NYSE:PFE).  Merck (NYSE:MRK)  reported better than expected earnings on increased demand for vaccines and  cancer immunotherapy drug Keytruda.  The company raised its 2019 profit and  revenue forecast.  

Pfizer (NYSE:PFE) also topped forecasts and raised its full-year profit  forecast thanks to lower costs and hire sales of its blood thinner.  
It was a different story, though, for Eli Lilly (NYSE:LLY) which saw  revenue missed estimates in the face of growing generic competition. 
Shares of Merck (NYSE:MRK) and Pfizer (NYSE:PFE) rose while Lilly fell.  
GRIFFETH:  So, today marks the half way point on earnings season and as Bob  Pisani reports, investors are noticing some key trends.  

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The good news, it looks  we`re going to avoid an earnings recession.  That would be two consecutive  quarters of negative earnings growth.  With a little more than half of the  company`s reporting in the S&P 500, earnings are up 0.7 percent.  OK,  that`s not a lot, but a big change from a few months ago.  
Analysts began cutting estimates in late December on fears of a global  slowdown led by China.  By the early part of April, earnings were expected  to be down 3 percent for the first quarter.  But a funny thing happened.   Earlier reporters like Adobe and Nike (NYSE:NKE) reported much better than  expected earnings.  

What changed everybody, wondered?  The global growth narrative changed due  mostly to Central Bank.  First, the bank backed off from any rate hikes in  2019, and then everybody realized that China was stabilizing and not going  down.  Europe was not as bad as feared and not great, but not as bad as  feared and the U.S. economy was still strong.  And then everybody  concluded, analyst had cut their numbers too much for the first quarter,  that`s why companies are beating estimates by far greater amounts than  normal.  

So, the average earnings surprises for the first quarter is about 7 percent  above the consensus and that`s twice of the percentage fees and the  companies beat by 3 percent or 4 percent.  They had to go back to 2009 to  find those kinds of beat rates.  So, as of now, 2019 will likely see modest  mid-single digit gains than earnings that`s well below 2018 earnings growth  that was up by 20 percent but still quite respectable.  
The big problem for the markets now is valuation.  The stocks are pricey.  
The bottom line is a lot of things are going to have to go right in the  global economy to justify these kinds of high prices.  There`s not a lot of  room for error and the risk is more to the downside than the upside.  
For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.  

HERERA:  On Wall Street, the S&P 500 eked out a record close while the  Nasdaq retreated from its all-time high.  Alphabet dragged down the tech  sector after reporting a revenue miss.  Something we told you about last  night.  

When all was said and done, the Dow Jones Industrial Average was up 38  points to 26,592.  The Nasdaq fell 66.  The S&P 500 added two.  
For the month of April, all of the major averages saw solid gains,  extending the 2019 market rally, but what happens next?  
Mike Santoli takes a look.  

MIKE SANTOLI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  One third of the way  through 2019, the stock market has already had a pretty good year.  The S&P  500 has gained 17 percent to reach a fresh record high.  Perhaps the  easiest call from here is the rally should slow down given that the current  pace will take you toward a nearly unprecedented 60 percent annual gain.  

But the more pressing issue is whether the potent blend of factors that has  allowed the market to recover fully from the ugly fourth quarter 20 percent  plunge can continue to support stocks.  

The 2019 rally has gained its power from the Federal Reserve, backing away  from further interest rate hikes and stubbornly low bond yields and  depressed equity valuation after December`s drop and excess of investor  pessimism to start the year, resilient to U.S. (ph) economic growth and  corporate earnings holding up better than feared.  Of those forces, it`s  fair to say that market valuation is no longer cheap, given an S&P 500  trading above its five-year average price to earnings multiple, investor  sentiment is much more upbeat and not yet getting over excited to where it  presents a warning sign of a possible market peak.  

Seasonal factors begin to turn less favorable for stocks as April gives way  to May, though years when stocks rose in each of the first four months such  as this one have tended to fare better after May.  The central question  swirled around the Fed and how long it will stay with its patient stance  given the U.S. economy growing faster than expected and financial markets  strikingly calm again.  

Is Fed Chair Jerome Powell truly prepared to sit idle under such conditions  until inflation picks up more convincingly?  Perhaps he will offer some  clues after this week`s policy meeting which could help decide the fate of  the powerful rally that has started 2019.  

GRIFFETH:  Elsewhere, Treasury Secretary Stephen Mnuchin and Trade  Representative Robert Lighthizer are back in Beijing tonight for the next  round of trade talks and they arrived just as new information was being  released on the Chinese economy and its key manufacturing sector.  
Eunice Yoon has more for us from Beijing.  

EUNICE YOON, NIGHTLY BUSINESS REPORT CORRESPONDENT:  China`s factory data  for April disappoints.  The official manufacturing PMI showed that factory  activity expanded at a slower price.  The private Caixin PMI which gauges  small and medium side manufacturers, indicated a similar trend, and the  services PMI also missed though the industry still grew.  Any number bigger  than 50 is an expansion.  

The main concern is that new orders are weak.  Export orders improved,  thanks to rising expectations of a trade deal, but they still contracted,  meaning that global demand is fragile.  

Despite a weaker April, some analysts aren`t so concerned because seasonal  factors were at play and they expect Beijing policymakers to wait until the  middle of the year before considering more stimulus.  
The numbers come as the latest round of trade talks begins in Beijing.   Trade Representative Robert Lighthizer and Treasury Secretary Steven  Mnuchin are here to meet with China`s Vice Premier Liu He.  Secretary  Mnuchin said that he hopes that the next two weeks results in substantial  progress.  

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

HERERA:  General Electric (NYSE:GE) reported stronger than expected  earnings and confirmed its full-year guidance.  The company burned through  more than $1 billion in the first quarter which was less than what Wall  Street were estimating.  

CEO Larry Culp (NYSE:CFI) says this is one quarter in what will be a multi- year transformation and investors liked the report sending the stock up 4.5  percent.  Culp (NYSE:CFI) also warned about the grounding of Boeing  (NYSE:BA) 737 MAX, calling it a new risk to G.E.`s earnings forecast.  G.E.  delivered more than 400 engines to Boeing (NYSE:BA) in the first quarter  for installation on that aircraft.  The company also owns several of the  planes for its leasing business.  

GRIFFETH:  And G.E. is only one company affected by the grounding in the  737 MAX fleet.  The longer these jets remain on the ground, the bigger the  impact will be on other companies, on other industries, and in fact, on the  whole economy.

And joining us to talk about that impact, Sheila Kahyaoglu is the aerospace  and defense analyst at Jefferies.  
Sheila, thanks for joining us tonight.  


GRIFFETH:  I mean, you covered Boeing (NYSE:BA), but you have to be mindful  of the suppliers, of the consumers and the companies that buy the jets that  also were affected by the grounding of the 737.  How much of an impact is  that going to have, do you think?  

KAHYAOGLU:  Sure.  There is the whole ecosystem.  There`s the manufacturers  which were the suppliers which we cover, but also the airlines are being  impacted, and we`re seeing that from United and American Airlines as  they`re cutting capacity back.  

But we have to keep in mind that the MAX at the time of the grounding was  about 350 aircraft or so, so it`s only 1.8 percent of the total global  fleet of aircraft out there, granted it was expected to increase at a  arrest 52 a month and in terms of production.  So, it`s still fairly small.


KAHYAOGLU:  But for some of the American Airlines, it is impacting their  profitability.  

On the supply chain as G.E. mentioned, it`s somewhat of a timing issue in  terms of free cash flow and when they might get their receivables.  

HERERA:  So, will we see this in the bottom line economic reports that we  get like GDP and the like?  

KAHYAOGLU:  So, our Jefferies economist predicts that it could be a 0.2 to  0.3 percent impact to April production, but it will simply be a shift on  production timing than a long-term impact.  So, let`s bear in mind that  Boeing (NYSE:BA) is keeping its workforce employed as well as the supply  chain at 42 a month.  So, they`re not stopping production although  deliveries have halted.  

GRIFFETH:  But how long are you anticipating or assuming that the jets will  be grounded?  And does the impact grow as that grounding last longer?  

KAHYAOGLU:  So, I think we`re carefully manufacturing what their customer  based is saying.  And we`ve seen some cutbacks in capacity up until August.   And so, our model assumes delivery halt until August and then we have  deliveries resuming at a rate of 52 a month, after that.  So, we have it  steadily climbing up.  So, we have about a six-month halt in total.
But we`re starting to see some signs of the FAA reviews and the  modification in late May, and potentially, we`re leaving some buffer for  the international regulators to approve the fix.  

GRIFFETH:  Got it.  Interesting.  

Sheila Kahyaoglu from Jefferies — thanks again for joining us tonight.  
KAHYAOGLU:  Thank you.  

HERERA:  It is time to take a look at some of today`s “Upgrades and  Downgrades”.  

Google`s parent Alphabet was downgraded to hold from buy at Stifel  Nicolaus.  The analyst cites Alphabet`s revenue growth following its  earnings growth which we mentioned earlier in our program.  The price  target is $1,287.  The stock closed down 7.5 percent.  That is its worst  day in six years.  

GRIFFETH:  Alaska Air was upgraded to overweight from neutral at J.P.  Morgan.  The analyst cited the stock`s underperformance so far this year.   So, the price target is now $72.  Shares rose 2 percent to $61.90.  
HERERA:  Still ahead, Facebook (NASDAQ:FB) CEO announces some changes and  the start of a new era.   


HERERA:  The uprising in Venezuela has turned violent.  Supporters of  opposition leader Juan Guaido clashed with Venezuelan security forces in  Caracas today.  Guaido has called for a military uprising to oust President  Nicolas Maduro.  These latest developments sent oil prices higher, but then  when the state-owned oil company said that operations had not been  disrupted by the protesters those gains were pared.  Domestic crude settled  above $63 a barrel.  

GRIFFETH:  Warren Buffett just threw another curveball in the push to  acquire Anadarko Petroleum (NYSE:APC), Berkshire Hathaway (NYSE:BRK.A)  which he runs will make a $10 billion investment in Occidental which then  offered 38 billion for Anadarko.  Chevron (NYSE:CVX) had offered $33  billion for the company.  The backing gives Occidental more leverage to  fight Chevron (NYSE:CVX) which is much larger.  

Anadarko has assets in West Texas and New Mexico which is what both  Occidental and Chevron (NYSE:CVX) want.  Shares of Anadarko and Occidental  fell today while Chevron (NYSE:CVX) and Berkshire were trading higher.  

HERERA:  President Trump and Democratic leaders today agreed to spend  trillions on fixing our nation`s crumbling infrastructure.  House Speaker  Nancy Pelosi said their meeting at the White House was productive and  Senate Minority Leader Chuck Schumer said both parties want to get  something done.  

SEN. CHUCK SCHUMER (D-NY), MINORITY LEADER:  We agreed that for 25 years,  this kind of big, bold bill that we could pass would make America a better  place and not just the one year or two year.  We agreed on a number which  was very, very good, $2 trillion for infrastructure.  Originally, we`d  started a little lower and even the president was eager to push it up to $2  trillion and that is a very good thing.  

HERERA:  Although few details were offered, Schumer did say that another  meeting will take place in just a few weeks to talk about how to pay for  the plant.  

GRIFFETH:  Now to housing.  A new batch of data today giving us insight  into how the spring selling market is starting to shape up.  
Diana Olick has those details.  

DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The new housing  numbers proved just how sensitive consumers are to interest rates today.   Pending home sales which represent signed contracts so people out shopping  during the month and inking deals jumped more than expected, nearly 4  percent in March compared with February.  Buyers had added incentive in  March as mortgage rates plummeted in over a year.  The 30-year fixed topped  5 percent at the start of last November but then began falling and took a  sharp dip in March to just around 4 percent.  
Pending home sales were still lower than a year ago, thanks to higher home  prices.  But those price gains are shrinking.  Home prices are up 4 percent  in February, compared to a year ago, according to S&P Case Shiller, smaller  than the gain in January.  

And in one major other market, San Francisco, prices went slightly negative  in March for the first time since 2012 according to Core Logic.  That`s  because prices overheated and the supply of homes for sale is rising.  And  there is more supply in the market overall, but much of that is just  because houses listed already are sitting longer.  Mortgage rates are  slightly higher and they`re cooling to a point where buyers may finally be  able to make a move.  

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

HERERA:  Amgen`s arthritis drug helps the company top expectations and  that`s where we begin tonight`s “Market Focus”.  
After the bell, the biotech reported better-than-expected results, thanks  to strong sales of its blockbuster treatment Enbrel.  Overall, revenue at  Amgen (NASDAQ:AMGN) was flat, but enough to beat estimates.  The company is  also raising the lower end of its full-year guidance.  The stock was  volatile in initial after-hours trading, but it closed regular session down  1 percent to $179.32.  

General Motors (NYSE:GM) reported better than expected earnings due to  decreased cost and higher sales of more expensive trucks, SUVs and  crossover vehicles.  But the automaker missed revenue estimates due to  falling overall vehicle sales and sliding market share.  CEO Mary Barra  says that her company is staying focused on the future.  

MARY BARR, GENERAL MOTORS CHAIRMAN & CEO:  GM has an industry-leading truck  franchise and industry-leading electrification capability.  I assure you,  we will not cede our leadership on either front.  We intend to create an  all-electric future that includes a complete range of EV, including full- size pickups, and we will share additional information when competitively  appropriate.  

HERERA:  Shares fell more than 2.5 percent to $38.95.  
A rise in online transactions helped lift results at MasterCard (NYSE:MA).   The CEO says the company will continue to focus new products and services  with the likes of Apple (NASDAQ:AAPL) and Goldman Sachs (NYSE:GS).  Shares  of MasterCard (NYSE:MA) rose nearly 3 percent to $254.24.  

GRIFFETH:  IBM has raised its dividend by a nickel to $1.62 a share.  That  new dividend will be payable in June to shareholders of record as of May  10th and the yield will be topping 4.5 percent, making it the second  highest yielding Dow component.  It`s also the 24th straight year that Big  Blue has increased its dividend.  And today, the stock was up a fraction to  $140.27.  
Health care services company HCA topped estimates, thanks to the sale of  one of its facilities and the pair of acquisitions.  The company raised its  full-year guidance.  HCA rose nearly 1.5 percent in today`s trade to  $127.23. 

HERERA:  Facebook (NASDAQ:FB) is holding its big developers` conference  which is called F8.  But this year, CEO Mark Zuckerberg is using the event  to outline the company`s new vision, one that puts privacy front and  center.  
Julia Boorstin is in San Jose tonight.  

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Mark Zuckerberg  says the future is private, explaining what he says is a major shift to  Facebook (NASDAQ:FB) and its family of apps.  Facebook (NASDAQ:FB) will  focus less on the public town square that is newsfeed and more on letting  users communicate directly with each other, with an emphasis on groups and  encrypted messaging.  

MARK ZUCKERBERG, FACEBOOK CEO:  I get a lot of people aren`t sure that  we`re serious about this.  I know that we don`t exactly have the strongest  reputation on privacy right now, to put it lightly, but I`m committed to  doing this well.  

BOORSTIN:  Launching a redesigned Facebook (NASDAQ:FB) app FB5, putting the  focus on sharing to groups and stories rather than the newsfeed, and  updating Messenger to make it the hub of communication across apps and  information from close friends.  

ZUCKERBERG:  We`re launching a friend`s app in messenger, and overtime,  you`re going to be able to see what your friends are sharing with you  across the different apps.  So, if you follow someone on Instagram, you`ll  be able to see their stories.  If you`re friends with someone on Facebook  (NASDAQ:FB), you`ll able to see their posts and their stories.  It`s going  to be all the private updates from friends, no public content.

BOORSTIN:  While ads in Facebook`s newsfeed have been the biggest part of  Facebook`s revenue, Zuckerberg already reassured investors that these moves  wouldn`t dramatically impact the bottom line.  

Across Facebook`s apps, the company is introducing more tools for  businesses and laying the groundwork for e-commerce.  WhatsApp is rolling  out ways for businesses to show their products to consumers.  Instagram is  making it easy for users to shop directly from the app without ever  leaving, and on Messenger, companies can use new ads to start conversations  with consumers.  

Facebook (NASDAQ:FB) also expanding its dating tools, including a new way  to share if you have a crush.  And with every one of these announcements,  the company wants consumers to know that their interactions will be  encrypted and private.  

IME ARCHIBONG, FACEBOOK VP OF PARTNERSHIPS:  Messenger is right there with  WhatsApp which really led the way on this, it`s just going to become more  private and more secure and end-to-end encrypted.  But arguably, you want  these things to be your fastest, most reliable kind of private center of  your social experience.  

BOORSTIN:  Facebook (NASDAQ:FB) also showcasing new augmented and virtual  reality tools which it says will help people connect even around the world.  

For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in San Jose, California.  

GRIFFETH:  And coming up, entrepreneurs want their products to go viral on  social media, but for one, and there was a big downside.  

GRIFFETH:  Getting viral-like attention on social media certainly can be a  dream for most companies, but for one firm, it turned into a nightmare.   FinalStraw, which we introduced you to last night, went viral online, but  the company soon found many posts were actually directing followers to buy  knockoffs.  And it cost them millions.  
Andrea Day has part two of her report.


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

ANDREA DAY, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The straw designed to  save the planet and set to make millions.  While attorneys worked to secure  patents and trademarks for the invention, Emma Cohen and co-founder Miles  Pepper launched their idea on crowdfunding site Kickstarter, and backers  chipped in nearly $2 million in funding. 

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:  But across the planet, factories here in China were ready to rip off  their big idea.  

AMEDEO FERRARO, INTELLECTUAL PROPERTY ATTORNEY:  There are hundreds of  people that are copying the very exact product, the same straw.  

DAY:  Amedeo Ferraro was one of the attorneys now fighting to keep  FinalStraw afloat.  

How brazen are some of these imposters?  
FERRARO:  Absolutely brazen.  They have complete disregard for all rules.   I believe that they`re going to do whatever they want to do and ask for  forgiveness later.

DAY:  The Chinese copycats began selling on phony Websites and e-commerce  sites.

FERRARO:  Today, we`ve successfully taken down over 150 knock off products  off of the Amazon (NASDAQ:AMZN) platform alone.  And the straw spread on  wildfire on social media with hundreds of ads for copycats, but using  Cohen`s images.  

COHEN:  It was a photo of me with the straw and, you know, I was furious.

DAY:  And followers directed to buy knockoffs for less than half the price.  

COHEN:  Social media is a weapon for these imposters.  They can use it at  their discretion, however they want and there`s no body out there that`s  really enforcing it.  

DAY:  We tracked down an influencer who got paid to post ad on her meme  account.  A meme account typically posts funny images or videos and the  person behind is not always revealed.  The woman who runs this one has more  than a million followers.  She agreed to talk only by phone and said she  had no idea she posted for a knockoff until we reached out.  

INSTAGRAM INFLUENCER:  I guess if I would — were to have googled it or  something, I could have seen that, hey, this isn`t the actual company, but,  you know, it is so hard to only do so much digging and figuring out this  answers.

DAY:  Joey Hickson is an Instagram influencer, and this is his manager,  Justin Keller.  He has 17 million followers across three accounts,  including a meme page.  

Is it tough to evaluate every post before it goes out?  

JOEY HICKSON, INSTAGRAM INFLUENCER:  Yes, it is, and there`s a lot of work  into it, and I think if you have the time and you`re willing to do it  between myself, and my team.  Then that`s what separates us from other  people.  

DAY:  But they admit, it`s tough to be totally sure what you`re posting is  the real deal.  

HICKSON:  So many times in so many different products and it`s all about  who can get there quicker and who can make it cheaper, who can have the  higher margins.  It`s just a game.  

JUSTIN KELLER, JOEY HICKSON`S MANAGER:  That`s the industry like playing in  pictures and living that lifestyle.  It`s a lot of it`s fake, it`s the Wild  West.  It`s a gold rush.  

DAY:  And they say meme accounts especially can be loaded with fraud.  

HICKSON:  I`ve been turning down more business now than ever because most  of the business I get has phony products.  

DAY:  We reached out to Instagram for comment.  The social media giant  tells us in part, we review every IP report we receive and take action to  protect rights holders when someone has used their IP without permission.   And regarding influencer posts, when it comes to partnering with brands, we  encourage creators to act responsibly and with integrity.  

HERERA:  Here`s a look at the final day numbers on Wall Street.  The Dow  was up 38 points, the Nasdaq fell 66, S&P 500 added two.  For the month of  April, they saw some solid gains there.  

That is NIGHTLY BUSINESS REPORT for tonight.  I`m Sue Herera.  Thanks for  joining us.  

GRIFFETH:  I`m Bill Griffeth.  Have a great evening.  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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