Transcript: Nightly Business Report – June 10, 2019

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

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  Solid gains.  A tariff  threat is dropped, companies are doing deals and that helps the Dow reclaim  26,000.  

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Mega-deal.  United  Technologies (NYSE:UTX) and Raytheon (NYSE:RTN) are merging to create an  aerospace powerhouse that the companies say will redefine the defense  industry.  

GRIFFETH:  Great tax debate.  Billionaire investors say it`s OK to raise  the capital gains tax rate, but that may not be what`s best for individual  investors.  
Those stories and much more tonight on NIGHTLY BUSINESS REPORT for Monday,  June 10th.  

HERERA:  Good evening, everyone, and welcome.  
Investors started the week with some welcome news.  Two major mergers were  announced and a deal was reached over the weekend that averted tariffs on  all imports from Mexico.  That lifted sentiment on Wall Street, which in  turn lifted stocks.  

The major indexes built on last week`s big gains turning in their longest  win streak in more than a year.  The Dow Jones Industrial Average rose 78  points to 26,062, the Nasdaq added 81 and the S&P 500 was up 13.  
Bob Pisani starts us off tonight from the New York Stock Exchange.  

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Stocks were in rally  mode on this Monday with the Dow rising for its sixth straight day seeing  its longest winning streak since May of last year, although the market  ended well off the highs.  Trade talk optimism once again sparks the move  higher after President Donald Trump said the U.S. and Mexico reached an  agreement to suspend tariffs indefinitely.  

Well, it`s no surprise the trade sectors led the market higher.  Trade  sensitive groups, semiconductors, retailers, industrials, they all  outperformed but what a roller coast coaster this has been.  We had  historic highs in early May.  

The S&P dropped 7 percent in the next 5 weeks or so on China trade wars and  then Mexican tariff worries.  But it`s rallied back in the next week.   We`re up 6 percent in a week, knocking right on the door of the old  historic high for the S&P 500.  That`s 2, 945.  We did get through 2,900  today, though closed below that.  That`s the good news.  

The bad news is stocks aren`t cheap anymore.  They`re pricing in a lot of  good news.  Remember we did not have a China deal even though the market is  acting like we do have one and we have not had great economic numbers out  of the U.S. or, in fact, out of Europe recently, so weaker global growth is  an issue with or without trade.  

Another Dow component hit new highs today, Visa (NYSE:V), Walmart, American  Express (NYSE:EXPR) (NYSE:AXP) and Microsoft (NASDAQ:MSFT).  In fact,  Microsoft (NASDAQ:MSFT) broke the $1 trillion mark today and aerospace and  defense names also rode the rally, Lockheed Martin (NYSE:LMT), got a boost  from this announced mega merger between Raytheon (NYSE:RTN) and United  Technologies (NYSE:UTX).  
For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.  

GRIFFETH:  And yes, as Bob just mentioned, United Tech and Raytheon  (NYSE:RTN) are joining forces.  It`s one of the biggest corporate deals of  the year so far and during today`s trading session, both stocks moved in  opposite directions.  
As Morgan Brennan reports right now, this merger puts a lot of products and  systems under one roof.  

MORGAN BRENNAN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  It`s a move that`s  stunned experts — a merger of equals between Raytheon (NYSE:RTN) and  United Technologies (NYSE:UTX).  

THOMAS KENNEDY, RAYTHEON CEO:  We wind up with a great company that is  about 50 percent domestic, 50 percent international, 50 percent defense, 50  percent commercial.  It`s a very stable, resilient company moving forward  and it`s all built on this great technology base.  

BRENNAN:  The all stock deal is expected to close next year as United  Technologies (NYSE:UTX) spins off its Otis elevator and carrier building  system segments.  It would combine one of the world`s largest defense  contractors with one of the top aerospace suppliers, to create Raytheon  (NYSE:RTN) Technologies, valued at more than $100 billion and second only  to Boeing (NYSE:BA) in sales.  

This would bring missiles like the Tomahawk and missile defense programs  like the Patriot system together with airplane avionics and jet engines  made not only for Boeing (NYSE:BA) and Airbus but for the F-35 Joint Strike  Fighter jets as well.  

Raytheon (NYSE:RTN) Technologies could be positioned to benefit from more  defense spending and more commercial orders.  While greater scale could  also mean the ability to weather any future slowdowns more smoothly.  

GREG HAYES, UNITED TECHNOLOGIES CEO:  The commercial aero side, we expect  growth around 6 percent, 7 percent annually for the next 5 years.  Tom,  with everything that he`s won and the modernization focus of the DOD, he`s  probably looking at about 5 percent or 6 percent growth.  So this is not  about one company growing and the other not.  

BRENNAN:  They expect a billion dollars in cost synergies by year four but  really, it`s all about the technology — 38,000 patents, $8 billion in  research and development, and more than 60,000 engineers.  Even though  their products don`t overlap, the underlying technologies, be it A.I. and  analytics or engineering techniques could be applied to different  production lines across commercial and defense.  
Still, the news was greeted by President Trump with at least initially some  skepticism.  

DONALD TRUMP, PRESIDENT OF THE UNITED STATES:  When I hear United and I  hear Raytheon (NYSE:RTN), which is another incredible company, the missile  systems they make are incredible, when I hear they`re merging, does that  take away more competition?  It becomes one big fat beautiful company.  

BRENNAN:  Raytheon (NYSE:RTN) and United Tech say they`re complementary,  not competitive.  They say they`ll create more U.S. jobs and they promise  to reduce costs to the government since they`ll be able to bid aggressively  on future defense contracts.  
For NIGHTLY BUSINESS REPORT, I`m Morgan Brennan at the New York Stock  Exchange.  

HERERA:  But that wasn`t the only deal today.  Salesforce is buying Tableau  Software for about $16 billion, making this one of the largest software  acquisitions ever.  As typically happens, the company being acquired rose  sharply while the acquirer fell.  
Josh Lipton dives into the details.  

JOSH LIPTON, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Groundbreaking.   That`s how analysts are describing Salesforce`s decision to buy Tableau  Software.  It`s one of the largest software acquisitions ever.  

Analysts say the deal is transformative, because it means Salesforce CEO  Marc Benioff can offer his business customers something they desperately  want, more ways to gather, order, and analyze the data they collect.   That`s what Tableau does.  It has more than 86,000 customers, including  Verizon (NYSE:VZ) and Netflix (NASDAQ:NFLX).  

ROGER MCNAMEE, ELEVATION PARTNERS CO-FOUNDER:  What an amazing transaction  for the tableau shareholder.  I mean, they are about to be in a business  where their biggest competitors were going to be Amazon (NASDAQ:AMZN) and  Google (NASDAQ:GOOG), and all of a sudden, they get bought out at a 50  percent premium.  I mean, that is — I mean, we`re breaking out the  champagne on behalf of the Tableau shareholder because that was a great  outcome.  

LIPTON:  Cloud companies from Amazon (NASDAQ:AMZN) to Google (NASDAQ:GOOG)  all understand that this is a hot market to capitalize on and they`re  working to innovate or acquire their way into advanced analytics.  It`s why  Google (NASDAQ:GOOG) just last week bought a data analytics company called  Looker for nearly $3 billion.  

Analysts say this deal is a shot across the bow at Microsoft (NASDAQ:MSFT),  extending the rivalry between Salesforce and Microsoft (NASDAQ:MSFT) from  sales tracking software to the analytics market.  But for some, this deal  also sparked concern that Benioff knows he can no longer grow his company  as fast independently and that he will now have to go out and pay for that  growth.  
For NIGHTLY BUSINESS REPORT, I`m Josh Lipton, San Francisco.  

GRIFFETH:  Now that tariffs on Mexican imports have been averted at least  for now, attention turns back to China and a new report out today from that  country showed a decline in Chinese imports, perhaps an indication that the  trade war is reducing demand there.  And the icy relationship between the  U.S. and China was punctuated over the weekend when Treasury Secretary  Mnuchin defended the use of tariffs and said that there could be more  coming.  
Eunice Yoon is in Beijing for us tonight.  

EUNICE YOON, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Chinese expert data  for May beat expectations.  It appears that manufacturers front-loaded  shipments or rushed orders after President Trump threatened to slap more  tariffs on $300 billion worth of goods.  

Experts jumped 1 percent, blowing past consensus of a fall of 3.8 percent.   Imports suggested lackluster domestic demand.  The trade surplus with the  demand widened to a four-month high to $27 billion.  Most analysts believe  weak global growth and the trade war will hurt the chances of a recovery in  the second half and lead to more stimulus.  

Separately, China responded to Mnuchin`s assertion that Presidents Trump  and Xi would meet at the G20 in June.  The foreign ministry refused to  confirm the meeting, saying: We have noticed the United States has  repeatedly expressed this expectation.  If there is concrete news on this,  China will release it in a timely manner.  

China is likely assessing the risks of having President Xi Jinping meet  with President Trump.  The Chinese won`t want President Xi to be publicly  humiliated at the same time they`ll want to appear like the consistent  partner and the U.S.-China relationship, which suggests that they would  want to have the meeting.  

The bottom line, though, is that from the Chinese perspective, a Trump-Xi  meeting at the G20 is not a done deal.  
For NIGHTLY BUSINESS REPORT, I`m Eunice Yoon in Beijing.  

HERERA:  So, what does all of this mean for the Fed and the odds of a rate  cut?  
Steve Liesman has that part of the story.  

STEVE LIESMAN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Despite a weekend  deal with Mexico to avoid tariffs, markets are still betting on a series of  interest rate cuts from the Federal Reserve this year.  The chance of a  rate cut is priced in futures markets running around 80 percent, so what  would it take for the Fed to lower rates?  The Fed meets next week and  they`re expected to stay on hold but perhaps signal possible cuts coming in  July.  

A cut might come if Presidents Trump and Xi either don`t meet in Japan  later this month at the G20 gathering or if they meet and can`t strike a  deal.  In that case, the president said in a CNBC interview today that  additional tariffs could be levied on Chinese goods.  

A weak second quarter growth could all seal the deal for a fed rate cut.   Some Fed watchers expect a mini-easing cycle by the Fed, consisting of two  or three rate cuts.  

KRISHNA GUHA, EVERCORE ISI:  What does it do?  Well, obviously, it supports  asset prices and credit conditions.  It softens the dollar a little bit.   It would help sectors like housing that are beginning to benefit from lower  ten-year yields.  

Is it totally transformative?  No.  Does it help lean against this extreme  uncertainty from trade?  Yes, it does.  

LIESMAN:  And there are those who say the Fed may decide to hold the line.   New York Fed President John Williams last week said he knows what markets  are pricing in for the Fed but he declined to endorse it.  

TORSTEN SLOK, DEUTSCHE BANK SECURITIES:  The bottom line is that the  constantly we`re hit by shocks and the question is, assessing the magnitude  of these shocks is critical and we just don`t really know at this point if  it`s required to have deep cuts and rates that the market is pricing at the  moment.  

LIESMAN:  So, there`s some risk the Fed doesn`t deliver but most economies  say another round of tariffs or even tariff threats from the Trump  administration would likely force the Fed to cut rates in response.  

GRIFFETH:  And from interest rate cuts to raising the capital gains tax.   Just last week, billionaire hedge fund manager Stanley Druckenmiller said  that he would not have a problem with a hirer capital gains rate, but what  about individual investors?  How would this affect them if it were to  happen?

Joining us right now with his assessment, Ben Phillips.  He`s founder and  chief investment officer of EventShares.  
Ben, good to see you.  Thanks for joining us tonight.  

GRIFFETH:  You know, among proponents, one of the arguments in favor of  raising the cap gains tax is that many wage earners already pay a higher  tax than capital gains tax rates.  So, raising the cap gains rate would  just level the playing field.  
What do you say?  

PHILLIPS:  Well, you know, we looked at past examples in `81, `97 and 2003  when you saw the tax gains rate actually cut and you saw an increase in tax  revenue.  So, for the individual, we actually think that higher cap gains  taxes means that they`re going to be less willing to invest in stocks and  it reduces potential future growth as entrepreneurs are less willing to  invest.  And so, we think that just means lower stock market returns and  lower income for retirees who are trying to monetize their stock portfolio.

HERERA:  Yes, I was going to say, you make the point that basically for  retirees who may still have significant exposure to the stock market, this  actually cuts back on their ability to spend quite considerably.  

PHILLIPS:  That`s right.  It`s kind of a double whammy, right?  So, you  have first the lower equity returns, lower stock market returns so you have  that, plus you have the hit from the taxes so if we`re talking from going  20 percent to, let`s say, 35 percent, that`s almost doubling the tax burden  on a sale.  

So, you sell $100,000 stock position instead of, you know, just paying  $20,000 to Uncle Sam, you`re paying $35,000 to Uncle Sam.  

GRIFETH:  And we often think of just the stock market when we`re talking  about the capital gains rate, but this applies also to small business  owners in many cases, doesn`t it?  

PHILLIPS:  Absolutely.  I think it`s about a 50/50 between stock sales and  other capital gains which include business sales.  So, you think of an  entrepreneur who, let`s say that, you know, they put in ten years of sweat  equity, no cash equity.  They sell their business for a million dollars and  you`re talking about another $150,000 that they can`t invest — reinvest in  the business if we go from a 20 percent to a 35 percent tax rate.  
So, that`s substantial.  We think that`s a drag on growth.  Small  businesses are the engine for job creation.  They`re the engine for  innovation and U.S. economy.  So, if we throw a wrench in that, we think  that`s bad overall for U.S. growth.  

HERERA:  You also say it`s an easy tax to avoid, just don`t sell your  shares.  

PHILLIPS:  That`s right.  It is one of the easiest taxes to avoid, so there  is some of that encouragement for might encourage a buy and hold investor.   So, there might be some of that.  

But again, you know, you have to ask the government, what is the intention  of hiking the tax there?  What would that mean?  And they want to raise  revenue but actually it`s counter to that.  You hike cap gains tax, you see  lower tax revenue typically the past three times it`s happened.  

GRIFFETH:  Ben Phillips with EventShares.  Again, thanks for joining us  tonight.  

PHILLIPS:  Thanks for having me.  

HERERA:  Time to take a look at some of today`s “Upgrades and Downgrades”.   Tesla was upgraded to buy from neutral at Roth Capital.  The analyst cites  the potential for stronger demand from China.  The price target is $238,  the stock rose 4 percent to $212.88.  Analog Devices (NYSE:ADI) was  upgraded to buy from sell at Goldman Sachs (NYSE:GS).  The analyst cites an  improved growth outlook and exposure to multiple revenue drivers.  The  price target is $114 and the stock rose more than 5.5 percent to $106.55.  

GRIFFETH:  Still ahead, Amazon (NASDAQ:AMZN) issues a new credit card to  help consumers build their credit, but is there a catch?  

HERERA:  Insys Therapeutics has filed for bankruptcy.  The filing comes  days after the pharmaceutical company agreed to pay $225 million to settle  federal charges over the sales of its opioid drug.  Insys is the first drug  manufacturer to turn to bankruptcy due to opioid-related legal expenses.  
As you know, it is the story that we have been following for years from the  first state investigations to doctors who were targeted by the company.   And back in 2015, we did a series focused on the issue called “pushing  pain”.

GRIFFETH:  Also as you know, big tech is facing antitrust scrutiny in  Washington these days, and that includes Facebook (NASDAQ:FB), which has  ambitions far beyond its core social media platform.  
Julia Boorstin has more for us tonight.  

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The FTC will be  taking a hard look at not just whether the tech giants are too big, but  also whether the tech giants are unfairly using their dominance in their  core areas to disadvantaged competitors. 

DINA SRINIVASAN, ANTITRUST SCHOLAR:  I think the focus is going to be on  Facebook (NASDAQ:FB) and Google (NASDAQ:GOOG).  They both have very  dominant positions in niche markets.  For Facebook (NASDAQ:FB), it`s social  networking.  With Google (NASDAQ:GOOG), importantly, it`s advertising  technology or ad tech, which is the piece of technology that publishers use  to sell ads online.  It`s also online search and those markets, they have a  very dominant position.  

BOORSTIN:  With Facebook (NASDAQ:FB) now competing in a wide range of  businesses from video games and e-sports to job postings and movie ticket  sales, one question is whether Facebook (NASDAQ:FB) is using its dominance  in social media to promote, say, its own dating service.  
The FTC will scrutinize Facebook (NASDAQ:FB) under the Federal Trade  Commission Act.  According to one law professor, who says it`s more  flexible law and could recognize new forms of power and abuse, saying the  FTC could decide that a dominant platform is a gatekeeper and abusing  competitors on the platform would be unfair competition.  

Google (NASDAQ:GOOG) was fined a record $2.7 billion by the E.U. in 2017  for giving an illegal advantage to its own online shopping service in  search results.  The FTC investigated Google (NASDAQ:GOOG) for this but  didn`t fine the company.  

President Trump in an interview with CNBC Monday criticized large E.U.  fines against U.S. big tech but said the antitrust issue is worth  exploring.  
TRUMP:  I think it`s a bad situation but obviously, there is something  going on in terms of monopoly.  

BOORSTIN:  Experts saying that regulatory scrutiny is likely to be much  more about policing these companies` behaviors rather than trying to break  them up.  

MICHAEL KATZ, HAAS SCHOOL OF BUSINESS PROFESSOR:  I do believe the agencies  are going to look closely at big tech, but I think it`s going to be much  more drawn out and sort of in the trenches and details than people think.   I just don`t think we`re going to see these sort of sweeping wholesale  changes or break-ups that some people are talking about.  
BOORSTIN:  Now that Facebook (NASDAQ:FB) enables its users to make phone  calls and sell products, they`ll have to be careful to show it`s not  disadvantaging new rivals, including the likes of mobile carriers and eBay  (NASDAQ:EBAY).  
For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in Los Angeles.  

HERERA:  American Airlines extends flight cancellations of 737 MAX planes  past Labor Day and that`s where we begin tonight`s “Market Focus”.  

The airline carrier says it`s canceling more than 100 daily flights because  of the grounding of the 737 MAX planes through September 3rd.  Later than  the previously planned August 19th date.  Boeing (NYSE:BA) says it has  finished a software patch for the 737 MAX planes but aviation officials  have not signed off yet on those fixes.  The plane was grounded in March  following an Ethiopian Airlines crash, the second fatal crash in five  months involving a MAX.  Shares of American Airlines dropped a fraction to  $30.76.  

Kraft (NYSE:KFT) Heinz says it`s completed an internal accounting  investigation and changed its financial practices that triggered a  regulator probe and steep decline in the food maker`s stock price.  The  company says it is taking actions to strengthen internal controls over  financial reporting.  Shares rose more than 5 percent to $30.31.  

GRIFFETH:  Private equity firm Apollo Global is buying online digital photo  services company Shutterfly (NASDAQ:SFLY).  Apollo is going to pay $51 in a  share that values Shutterfly (NASDAQ:SFLY) around $2.7 billion.  Shutterfly  (NASDAQ:SFLY) was up more than 2 percent in the regular session today to  $50.25.  

And Merck (NYSE:MRK) is buying pharmaceutical company Tilos Therapeutics.   That`s a deal valued at around $773 million.  The acquisition gives Merck  (NYSE:MRK) control of a pipeline of cancer, fibrosis and autoimmune disease  treatments.  Merck (NYSE:MRK) was up a fraction today to $82.48.

HERERA:  Amazon (NASDAQ:AMZN) is launching a new credit card for prime  members with no credit history or bad credit.  The card will be called  Amazon (NASDAQ:AMZN) Credit Builder and it will allow users to build up  their credit through a secured card, while getting perks like 5 percent  cash back on purchases.  
What are the pros and the cons?  
Well, Greg McBride, chief financial analyst at Bankrate joins us now to  talk about that.  
Greg, nice to have you here.  


HERERA:  You know, it seems as though it`s a good idea for those who are,  quote, unquote, unbanked, don`t have access to credit, but it seems the  devil is in the details.  One instance is an extremely high interest rate.  

MCBRIDGE:  Very high, even by retail card standards.  The interest rate is  over 28 percent.  Retail cards by nature tend to have higher rates to begin  with but even 28 percent is really at the top end.  

GRIFFETH:  And that`s on a secured card, so you deposit money and that  becomes your credit line and yet you`re still paying the 28 percent.  The  other thing that strikes me is you can only use the card to buy items on  Amazon (NASDAQ:AMZN).  That`s a new wrinkle.  

MCBRIDE:  Yes, and this is a — what`s called a closed loop card, so like a  lot of retail cards you can only use it at that particular retailer.  So  this retail-type card but having a secured card , that`s kind of a new  wrinkle.  And you`re right, you make a deposit that`s equal to your credit  line, anywhere between $100 to $1,000 that really takes away a lot of the  risk for the issuer and also for the card holder.  But again, paying 28  percent, you don`t have to keep a balance for too long and you have more  than wiped out any cash back they`re giving you on those purchases.  

HERERA:  So, it comes down to discipline, does it not, in terms of if you  get one of these cards, you need to pay off the balance completely.  
MCBRIDE:  Absolutely.  I mean, it is a lot like a sharp kitchen knife in  the right hands, it`s a very useful tool.  In the wrong hands, it can be  dangerous.  With an interest rate of over 28 percent, if you`re carrying a  balance, that`s dangerous.  

If you`re trying to establish credit, don`t fall for this notion that you  have to carry a balance in order to build credit.  You don`t.  You can make  small token purchases, pay it off in full every month, build credit very  effectively that way, not incur finance charges.  And if you`re a prime  member, you can get 5 percent back on those purchases.  

GRIFFETH:  But it does highlight the number of people who are either  underbanked or unbanked completely.  They`re taking advantage — they`re  looking into this opportunity to reach those people who wouldn`t otherwise  have an opportunity to have a card, right?  

MCBRIDE:  Yes, Bill, I mean, this has been, really, I think, the area where  a lot of financial institutions and even some nonfinancial institutions  have been trying to tap into this market — the unbanked and the  underbanked consumer, viewing that as a potential growth area.  But on the  other side of that, if you`re the consumer, you`ve got a real incentive to  do what you can to pay that bill on time, not run up balances that you  can`t pay back and then eventually translate to an unsecured card.  

HERERA:  Greg, as always, thank you.  Greg McBride with Bankrate.  
Coming up, help wanted, the power of wind and the job skills that are in  demand.  

HERERA:  The number of job openings remain near a record in April and it  exceeded the number of unemployed Americans by the largest margin on  record.  According to the Labor Department, there were about 7.5 million  unfilled jobs, meaning that employers are still having a hard time finding  the right workers.  

GRIFFETH:  And that is especially true in the wind power industry which is  experiencing record growth right now.  Many businesses there are hanging  out the help wanted sign and Kate Rogers (NYSE:ROG) went to one of those  companies in Shenandoah, Pennsylvania.  

KATE ROGERS, NIGHTLY BUSINESS REPORT CORRESPONDENT:  In 2018, Jason  Urichich was at a crossroads, after losing his home and landscaping  business in Youngstown, Ohio.  He decided to pursue a six month program for  wind turbine technicians.  

JASON URICHICH, AVANGRID RENEWABLES SENIOR LEAD TECHNICIAN:  I was really  interested just in the small turbines at home, trying to build one myself.   I decided that maybe I didn`t know enough about it.  Maybe I should go to  school for it.  

ROGERS:  That maybe turned into a career for him, who`s now a senior lead  technician for Avangrid Renewables in Shenandoah, Pennsylvania.
With 114,000 fulltime jobs supported by wind energy in 2018, from  construction to manufacturing, the American Wind Energy Association says  workers like Urichich will be in demand for years to come with projects  under way nationwide.  Turbine technicians make a median of $50,000  annually.  But in the face of a tight labor market, companies are  aggressively recruiting across state lines, offering signing bonuses and  competitive benefits.

With 60 wind facilities and another five in development, Avangrid  Renewables says talent retention is a top concern.  

LAURA BEANE, AVANGRID RENEWABLES CEO:  We`ve been doing a lot at the local  colleges and schools and even starting in the high school area because it  doesn`t require a four year degree.  It`s really a commitment to safety,  first and foremost, mechanical aptitude and problem solvers.  And so when  you look across our workforce of technicians, they come from all different  backgrounds.  

ROGERS:  Manufacturers do make parts for turbines like these ones  domestically, but the supply chain is also global.  So, tariffs on imported  Chinese goods could hinder job growth moving forward.  

TOM KIERNAN, AWEA CEO:  We would have been hiring more people if it weren`t  for the current tariffs, and if the tariffs increase as the president is  proposing, that will either further reduce our growth or could at some  point lead to a decline in the number of jobs in the wind industry.  

ROGERS:  Political uncertainties aside, technicians like Clayton Karenek  say the job is rewarding.  

CLAYTON KARENEK, AVANGRID RENEWABLES WIND TECHNICIAN:  It`s like working on  a big car.  It`s satisfying.  It pays good.  The benefits are good.  You  know, kind of makes you feel like you`re doing a little bit good for the  environment, even if it`s just small.  

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

HERERA:  Here`s a look at the final numbers on Wall Street today.  The Dow  rose 78 points, the Nasdaq added 81 and the S&P 500 was up 13.  
And that is NIGHTLY BUSINESS REPORT tonight.  I`m Sue Herera.  Thanks for joining us.  

GRIFFETH:  I`m Bill Griffeth.  Have a wonderful evening, everybody.  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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