Transcript: Nightly Business Report – June 27, 2019

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

CONTESSA BREWER, NIGHTLY BUSINESS REPORT ANCHOR:  Running in circles.  Nike  (NYSE:NKE) misses Wall Street earnings expectations for the first time in  years as an increase in spending comes at a cost.  

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  New uncertainty.  The FAA  orders more changes to Boeing (NYSE:BA) 737 MAX after uncovering yet  another issue.  

BREWER:  Rare occurrence.  A long-time market watcher says something is  happening that he hasn`t seen before and it could result in a big rally in  the second half.  

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Thursday,  June 27th.  

And good evening, everyone.  I`m Contessa Brewer, in tonight for Sue  Herera.  

GRIFFETH:  And I`m Bill Griffeth.  Once again, welcome back.  
You know, Nike`s slogan, of course, is “just do it” and usually it does.   But today, it didn`t.  The world`s largest sportswear maker missed  analysts` profit estimates for the first time in years.  The company ramped  up product launches and sped up product development in an effort to  generate more demand.  And all of that costs a lot of money.  

But its operations in China — well, many thought that would be the big  issue.  Actually they saw sales rise there.  And that caused some confusion  in after hours trading tonight.  
Sara Eisen starts us off with a closer look at Nike`s results.  

SARA EISEN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Nike (NYSE:NKE) painted  another healthy picture of its consumer in the report.  From North America  to China, where there were questions about whether a newfound nationalistic  attitude would hurt growth.  It did not do that, more than 20 percent  growth.  Nike`s home market continues to outperform peers up 9 percent on  sales.  

The only weak spot in the Nike (NYSE:NKE) report, profits came in a bit  light.  That was because Nike (NYSE:NKE) is a big spender.  Costs rose 10  percent.  Nike (NYSE:NKE) spends on everything from athlete and celebrity  endorsements to big events like the world cup.  It`s also had to spend as  it transitions its business more toward direct to consumer.  Focusing on  its own website, its sneakers app which exploded in growth in just two  years and its own stores versus a Foot Locker or other third parties.  

But overall, another snapshot of a retailer that is performing very well in  what`s been a tough macro environment and a tough retail environment thanks  to innovations.  Everything from Air Max to Jordans to Converse.  

BREWER:  And let`s turn now to Mariann Montagne, for more on Nike`s  earnings.  She`s a portfolio manager with Gradient Investments.  
Marianne, thanks for being here.  

When we talk about Nike (NYSE:NKE) spending, it`s not that that`s new.  So,  why did they miss analyst expectations in this particular quarter?  

MARIANNE MONTAGNE, GRADIENT INVESTMENTS:  Well, Contessa, as far as I can  tell, they were putting more into the product pipeline, new products.  We  think they`re doing very well at that.  So, we are going to ride this along  with management.  

We think it`s a very well-controlled company.  We saw that in inventory so  as sales rose 11 percent, inventories were only up 7 percent.  And we think  this is probably a very strategic move coming in to really a peak back to  school selling season.  
You know, it`s bigger than Christmastime, I believe, for the apparel  companies. 


MONTAGNE:  So, this is a strategic decision-making on their part.  And we  go along with that.  

GRIFFETH:  Why did the stock go down then, do you think?  I mean, we talked  about the confusion.  The big expectations were how they were going to do  in China.  They have long said that China is not a problem for them.  But  the stock still went down after the report came out tonight.  

MONTAGNE:  Yes, immediately after the report, Bill, it did go down a bit.   But then it`s come back to the positives.  And I believe the strength in  China was really a surprise to the upside.  So, we have been seeing  continued deceleration.  You don`t expect 35 percent-type growth  consistently quarter after quarter on a year over year basis.  

But what, in fact, happened is that we got a very slight deceleration from  24 percent growth in the prior quarter to 22 percent growth.  And that`s  really a surprise to the upside.  

BREWER:  And how much of an issue do you see the foreign exchange  headwinds?  Again, the tariffs don`t seem to be affecting Nike (NYSE:NKE)  very much.  They manufacture 25 percent of their products in China, but  only 10 percent of that is imported here to the United States.  The foreign  exchange issues, is that a headwind for Nike (NYSE:NKE)?  

MONTAGNE:  Well, the way we see it is foreign exchange will be less of a  headwind going forward.  That`s the Gradient outlook on the U.S. dollar.   So where it has been — the dollar has been surprisingly strong year to  date, we think it will either flatten out or reverse itself, so it may  become a tailwind for the next six months.  

GRIFFETH:  All right.

MONTAGNE:  But you`re right about, you know, what they are doing in China  in terms of the tariffs.  They have many levers to pull.  They could raise  prices somewhere between 2.5 and 5 percent which we don`t think would  destroy sales.  They could move more of their production out of China which  they have done some.  The net effect is probably under current estimates  maybe 4, 5, 6 percent hit to earnings which we think is not terribly  relevant.  


MONTAGNE:  But in terms of those tariffs, that`s when they come and if they  come and we don`t see those happening near term to the full extent.  
BREWER:  Mariann Montagne with Gradient Investment, Mariann, thank you so  much for your insight.  

MONTAGNE:  Thank you.  

GRIFFETH:  Elsewhere, Nike`s fellow Dow component Walgreens said it saw  sales improve in the most recent quarter but profits fell more than 20  percent from a year ago.  The decline reflects the challenges that  Walgreens faces right now, especially slowing revenue from prescription  drugs.  To counter that, the CEO has stressed a new strategy, one that  involves turning its stores into medical service centers aimed at customers  with chronic conditions.  And that seemed to pick up the sales on the stock  today, up by about 4 percent in today`s session.  

BREWER:  Boeing (NYSE:BA) suffered another setback for the 737 MAX plane.   The latest problem, a software issue the FAA says must be corrected before  the plane flies again.  And that wasn`t all.  A company official says  Boeing (NYSE:BA) now expects to finish all fixes in the September time  frame.  

Together, that sent the stock down nearly 3 percent in trading today.  Phil  LeBeau has more.  

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT:  More problems for the  MAX and more doubts about the parked planes flying any time soon.  In fact,  the company now says it doesn`t expect to have all fixes done until  sometime in the September time frame.  That means the three U.S. airlines  which fly the MAX will likely have to push back the September and October  dates when they expect to put their MAX models back in the air.  

MIKE BOYD, BOYD GROUP INTERNATIONAL:  There`s not a lot of cancellations.   There aren`t enough airplanes around to have made a big impact.  

LEBEAU:  The future of the MAX is murkier than ever after the FAA found a  new problem with the plane`s software.  This one could impact the ability  to have pilots to control the max in certain situations.  But this issue is  different than the MCAS flight control problems suspected of leading to two  737 MAX crashes.  

The FAA says it recently found a potential risk that Boeing (NYSE:BA) must  mitigate.  The question is whether Boeing (NYSE:BA) can do that by tweaking  software or if fixing the issue will be more complicated.  And how will  that impact Boeing`s recertification?  A critical step in getting  regulators to declare the MAX safe to fly again.  

SHEILA KAHYAOGLU, JEFFERIES AEROSPACE & DEFENSE ANALYST:  For now, what we  are dealing with is the process of the FAA recertifying it.  International  regulators recertifying it.  Potentially, a convergence of all of them  coming together.  

LEBEAU:  The latest issue with the MAX goes well beyond pushing out the  date when the MAX could return to service.  It also damages the reputation  of Boeing (NYSE:BA) and its most popular model.  That could make people  think twice before they get back onboard the MAX when it`s certified to  fly.  

GRIFFETH:  On Wall Street today, the S&P 500 snapped a four-day slide,  thanks to a rise in bank stocks.  Investors are also hoping that progress  can be made on trade between the U.S. and China at the G-20 summit.  We`ll  have more on that later in the program.  

But, first, the closing numbers for the day.  The Dow fell just ten points  to 26,526.  The Nasdaq was up 57 and the S&P rose by 11.  With one trading  day left now in the second quarter, investors will soon be focused on  earnings.  
Bob Pisani takes a look at what to expect.  

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Market bulls are  gearing up for the second half of the year and they have a playbook to push  stocks higher from here.  You know that though.  First on trade, the hope  is President Trump and China`s President Xi Jinping will reset relations  and at worst existing tariffs will remain in place, but there will be no  new tariffs and the trade talks will continue.  

Now, if this happens, investors are going to shift gears to focus on  earnings and fundamentals next week.  The good news on earnings is far  there is no sign of any earnings recession.  Two straight quarters of  negative earnings, declines here.  

And that`s not likely to happen in 2020 either.  More companies are buying  back stock and boosting their earnings.  That`s the good news.  
Now, here`s the bad news.  Earnings estimates are essentially flat for 2019  compared with 2018.  This puts investors in a tough position because it`s  hard to justify the stock market hitting record highs when we have almost  no earnings growth at all.  

Right now, earnings are slated to go about 2 percent for the full year.   But a lot of our hopes are pinned on a fourth quarter rebound.  So, I think  it`s fair to say 2019 earnings are flattish.  

So, why is this happening, this flattish thing?  You could blame it on  global growth concerns.  The tech earnings in particular have been trending  down, thanks to these tariff concerns and slowing global growth.  And  they`re only expected to see a modest bounce back in the fourth quarter.  
The bulls are also counting on another key force, the Federal Reserve.   Immigration earnings scout says if we get a rate cut next month estimates  for third and fourth quarter will pick up steam.  And that`s what the  market is betting on.  In other words, the market is betting essentially  that the Fed is going to backstop them.  The bottom line is a lot has to go  right to prop up earnings and the markets in the second half.  
For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.  

BREWER:  And let`s talk about the economy now.  Economic growth accelerated  in the first quarter.  Gross domestic product increased at 3.1 percent  annualized rate, that was unchanged from its estimate last month.  This was  the third and final reading on first quarter growth.  Consumer spending was  revised lower and business investment was stronger than previously  estimated.  

GRIFFETH:  Meanwhile, the number of Americans filing applications for new  unemployment benefits, they rose more than expected last week.  According  to the Labor Department, initial jobless claims increased by 10,000 to a  seasonally adjusted 227,000.  Claims are considered a proxy for layoffs  across the country.  

Despite that increase, the number does remain near historic lows amid  continuing hiring by businesses and that low unemployment rate.  
BREWER:  And meantime, pending home sales rebounded in May.  The number of  contracts signed to purchase previously owned homes increased by 1.1  percent, which was more than expected.  Pending home contracts are seen as  a forward-looking indicator of the health of the housing market because  they become sales one to two months later.  

GRIFFETH:  So, let`s take a step back and look at what`s happening in the  economy and the markets now.  Growth, as we just mentioned, is decent.   Unemployment historically low and stocks are near record levels.  And yet  investors have been pouring money into so-called defensive sectors like  utilities, and consumer staples and real estate investment trust.  
That typically happens when the market is going down.  And it`s something  our next guest said hasn`t happened in decades.  
Jim Paulson is back with us.  He`s chief investment strategist with the  Leuthold Group.
Jim, always good to see you.  Thanks for joining us tonight.


GRIFFETH:  What do you think the market is trying to tell us?  Why are  investors plowing in to defensive issues when the market continues higher?  

PAULSEN:  Well, I think investors in general are getting a steady diet of  things to be worried about.  There`s certainly a lot, Bill.  We got a  reminder late last year how quick the market can fall, in about almost a 20  percent decline.  

We are dealing with trade wars without end.  We`ve got an inverted yield  curve which is a bad omen typically for future recessions.  You know, we`ve  got a slow down in the economy and earnings flat-lining.  We`ve got  geopolitical risk with Iran and maybe Russia.  

So, there`s just seem like there are a lot to worry about, and they are  taking it to heart.  I just don`t remember, to your point, being at a  record high in the stock market with such concern about this market  imminently going to fall.  And as you said, the behaviors, it isn`t what  they`re saying, it`s just the behaviors are all conservative and cautious.  

GRIFFETH:  Right.  

PAULSEN:  And I think — to me, that`s a good thing for the market to move  higher, because if things turn out not good, they just out turn better than  feared, then I think the market could go up.  And you`ve got a lot of  portfolios underweighted, which means a lot people have to come in and  start buying even more stocks which could push it even higher. 

BREWER:  All right.  Well, let me push then for specifics.  How far could  it go back, because right now, you have strategists on Wall Street  predicting the S&P will hit 2912 which is essentially where it is?  

PAULSEN:  Yes, that reflects the cautiousness you talk about, Contessa.   Even Wall Street strategists feel that way. 

You know, I think there is room for valuation improvement.  We are trading  at a trailing P, price earnings right now which is slightly above average  for where it`s been since 1990, the last 30 years.  It`s certainly much  lower than it traded above 20 times earnings over much of 19 — 2017 and  2018.  And you`ve got to consider that interest rates, by and large, are a  lot lower than they were.  We are down to 2 percent treasury — 

BREWER:  Would you sell the defensive stocks then right now?  

PAULSEN:  I would.  I would give those defensive stocks away to people that  are nervous at elevated prices and I lean a little towards more aggressive  investments.  I would look at the emerging markets.  I would look at some  of the things tied right to the trade war.  The manufacturing sector,  industrials, and materials and energy stocks in particular. 

GRIFFETH:  All right.  

PAULSEN:  And I`d also stick with technology here.  

GRIFFETH:  Back to tech there.  
Jim Paulsen with Leuthold Group, again, good to see you, Jim.  Thanks for  joining us tonight.  

PAULSEN:  Thanks a lot.  

BREWER:  Time to take a look at some of today`s “Upgrades and Downgrades”.  
Dow component Travelers was upgraded to sell from hold at Deutsche Bank.   The analyst cites the potential for higher catastrophe losses.  The price  target is $140.  Well, despite the downgrade, the stock rose a fraction to  $149.20.  

Nordstrom (NYSE:JWN) was downgraded to sell from neutral at Goldman Sachs  (NYSE:GS).  The analyst there cites the uncertain trade backdrop, which  could disrupt supply chains, inventory management and pricing.  The price  target $30.  The stock fell 2 percent to $31.45.  

GRIFFETH:  KB Home (NYSE:KBH) was upgraded to buy from neutral at  Buckingham with the analyst saying there is better visibility in the home  builders near-term earnings growth right now.  Price target, $30.  That  stock was up nearly 8 percent today to $25.39.  

And TripAdvisor was upgraded to buy from neutral at D.A. Davidson.  The  firm cites proprietary data which points to improving fundamental trends.   Price target now $55.  And that stock rose more than 5.5 percent to $46.58.  
BREWER:  Still ahead, a test for the Trump administration`s trade policy.  

KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT:  I`m Kayla Tausche in  Osaka, Japan, where world leaders are gathering for the G20 Summit, and  Presidents Trump and Xi are meeting to resume trade talks.  Can they reach  a deal?  That`s coming up on NIGHTLY BUSINESS REPORT.

GRIFFETH:  The Federal Reserve released the second part of its stress test  result this afternoon.  All 19 banks passed.  Only the second time that`s  happened since 2009.  But Credit Suisse did not exactly sail through.  The  Fed wants that bank to fix problems in its capital planning processes by  the end of October.  In this test, all banks had to show they could survive  an economic downturn while also being able to make loans and pay out  dividends.  

And speaking of which, as soon as the results were released this afternoon,  almost immediately banks announced dividend increases and stock buybacks.  

BREWER:  Morgan Stanley`s CEO James Gorman says the United States and China  have to come to some sort of a trade truce because there`s just too much at  stake if they don`t.  

JAMES GORMAN, MORGAN STANLEY CEO:  We need a solution to this.  There have  been trade disparities between the countries.  But the U.S. and China  account for over 40 percent of global GDP.  Nominal GDP is about $70  trillion.  U.S. and China combined are $30 trillion.  

We can`t have a trade war.  It will have a devastating effect on the global  economy.  That doesn`t mean there can`t be changes to the way the trade  agreements are being written.  And I think that`s what the negotiators are  figuring out.  

BREWER:  Gorman doesn`t think a solution will be reached at the G-20  meeting but the relationship between the world`s two largest economies will  be reset.  

GRIFFETH:  We`ve heard from a number of companies and industries about the  effect tariffs are having on their businesses.  And today, we heard from  the makers of video game consoles.  They say tariffs on imports from China  could price a quarter of U.S. families out of the market to buy a gaming  system this holiday season.  Their estimate is the cost would be about $840  million.  

BREWER:  On the eve of President Trump`s third G-20 summit, the stakes are  higher than ever.  China has outlined its terms for a trade deal before his  talks with President Xi.  And world leaders want answers on Trump`s foreign  policy.  
Kayla Tausche reports tonight from Osaka.  

TAUSCHE:  President Trump arrived in Japan tonight with a packed agenda,  including a dozen meeting with world leaders on trade, Middle East  tensions, and North Korea.  Kicking off with a working dinner with  Australia`s prime minister.  

DONALD TRUMP, PRESIDENT OF THE UNITED STATES:  We even help our allies  militarily.  

TUASCHE:  Building up to a high stakes one on one with China`s President Xi  Jinping who plans to outline the terms for a potential trade deal,  reversing a ban on using Huawei parts, removing all tariffs and lowering  the amount of U.S. goods Beijing would purchase.  In return, China would  offer help with Iran and North Korea.  

Two sources say President Trump could reach a truce this week and agree to  keep talking down the road.  The question is how long that truce would last  with the top U.S. trade official, Ambassador Robert Lighthizer said to want  it to be open-ended.  

White House economic adviser Larry Kudlow says, even if no deal is reached,  the president has an alternative.  

LARRY KUDLOW, WHITE HOUSE ECONOMIC ADVISER:  He`s perfectly happy where we  are in the discussions, the negotiations, the tariffs.  Our economy is  strong.  Their economy is very weak.  He`s perfectly happy with that.  If  the talks fail, he`s said, we will go to plan B, which is another round of  tariffs.  

TAUSCHE:  It`s not just China in Trump`s sights, tweeting that he`ll  discuss India`s unacceptable tariffs in a meeting with its prime minister  Friday.  The White House expects the president to sign on to the group`s  joint statement as he did in December, after longstanding language  criticizing protectionism was removed.  

This year`s G20 host, Prime Minister Shinzo Abe, has asked leaders to  welcome, not clash with Trump like they did at previous summits to help  restore credibility to multilateral forums and try to get back to business  as usual.  
For NIGHTLY BUSINESS REPORT, I`m Kayla Tausche in Osaka, Japan.  

GRIFFETH:  Ford cuts thousands of jobs in Europe.  And that`s where we  begin tonight`s “Market Focus” with the automaker saying it`s going to cut  12,000 jobs and shut down six plants in Europe by the end of next year to  try to return to profitability as it struggles with weak demand on the  continent.  The company also announced plans to build more electric  vehicles in Europe.  Shares rose nearly 3 percent today to $10.20.  

Elsewhere, Conagra posted results that missed estimates.  The food producer  saw declining sales of its Hunt`s Tomato Sauce, Chef Boyardee and Marie  Callender`s brands due to aggressive promotions by rivals.  The company has  struggled with rising commodity and freight costs and doesn`t see that  changing this year.  Conagra fell more than 12 percent today to $25.43.  

And real estate developer Howard Hughes (NYSE:HHC) Corp. has hired  Centerview Partners to explore strategic alternatives where it said it  includes a possible sale of the company due to its lackluster stock  performance over the last three years.  Centerview hopes to complete the  review process by the end of the summer as the bankers explore joint  ventures or spin-offs as well.  Clearly, shareholders are hopeful.  Shares  of Howard Hughes (NYSE:HHC) rose more than 41 percent to $131.25.  

BREWER:  Health Equity Inc., which is a custodian of health saving  accounts, is buying benefits administrator Wage Works, in a deal valued at  $2 billion.  Both companies said the acquisition should help Health Equity  further its access to the health savings account market.  Wage Works fell  to $50.92, while Health Equity rose 5 percent to $65.27.  

Amazon (NASDAQ:AMZN) has teamed up with Rite-Aid, launching a new pick-up  option called Counter that allows customers to pick up their Amazon  (NASDAQ:AMZN) purchases at more than 100 Rite-Aid drugstores, 1,500 stores  by year`s end.  The partnership helps Amazon (NASDAQ:AMZN) gain access to a  nationwide delivery system while Rite-Aid hopes to gain more customer  traffic and increase their store sales.  Amazon (NASDAQ:AMZN) rose just a  fraction to $1,904.28.  Rite-aid was up more than 20 percent to $8.57.  

And Adaptive Biotechnologies and BridgeBio Pharma made strong debuts on  Wall Street today.  Adaptive priced shares at $20 a share.  BridgeBio  Pharma priced at $17.  In the end, Adaptive more than doubled to $40.30,  while BridgeBio Pharma rose more than 62 percent to $27.55.  
GRIFFETH:  Strong IPOs lately.  
Coming up, one of Apple`s most influential executives is walking out the  door.  


GRIFFETH:  A very influential executive is leaving Apple (NASDAQ:AAPL).   You may not know the name Jony Ive but he`s the man responsible for the  design of some of Apple`s most iconic products, including the iPhone.  Late  today, we learned that he`s leaving the company after nearly 30 years.   That news sent Apple (NASDAQ:AAPL) stock lower in initial after-hours  trading tonight.  

Josh Lipton joins us with more on Jony Ive and what it could mean for Apple  (NASDAQ:AAPL).  
First of all, why is he leaving?  

JOSH LIPTON, NIGHTLY BUSINESS REPORT CORRESPONDENT:  So, you know, here`s  what we know, Bill, that Sir Jony Ive, he`s Apple`s chief design officer.   He reports directly to CEO Tim Cook.  

It did surprise us.  He`s leaving now.  He says he`s going to create this  independent business which sounds like sort of his own design firm.  
They made it clear he`s going to keep working with Apple

(NASDAQ:AAPL),  that Apple (NASDAQ:AAPL) is actually going to be a client of this firm.   They are going to work together.  Tim Cook saying in a statement on some  exclusive projects.  No detail, though, of what those projects could be.  

Certainly, you mentioned it, listen, he is revered in the design community.   His designs played a part in some of Apple`s most iconic products.  You  mentioned a couple, but really it`s the iMac, the iPod, the iPad, the  iPhone, the watch.  

Not just the hardware.  Sir Jony Ive also played a role in designing  Apple`s new corporate campus, that multibillion dollar campus in Cupertino.   You talk to analysts.  They`ll say he deserves credit for a lot of Apple`s  success, a lot of its growth, because, of course, a lot of products I just  mentioned, they are the very backbone of Apple`s hardware, what we know the  company as today, guys.

BREWER:  So, Josh, what does it mean for Apple (NASDAQ:AAPL)? 

LIPTON:  You know, it`s interesting.  I actually just spoke with Gene  Munster.  He, of course, is an analyst that has covered Apple (NASDAQ:AAPL)  for a long time.  
There was nobody at Apple (NASDAQ:AAPL) beyond Steve Jobs, Munster`s point  was, nobody besides Jony Ive there who really and by design cultured Apple  (NASDAQ:AAPL) more than Sir Jony Ive.  In terms of simple creative clean  aesthetic, and I think we associate with Apple (NASDAQ:AAPL) products.  

For investors, analysts will say, maybe this wasn`t totally expected.  He`s  taken a step back in recent years.  But certainly, a big change, guys.  

GRIFFETH:  Indeed.  We`ll see what happens from here.  
Josh Lipton in San Francisco, again, thanks, Josh.  

BREWER:  That`s NIGHTLY BUSINESS REPORT for tonight.  I`m Contessa Brewer.   Thank you for watching.  

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

<Copy: Content and programming copyright 2019 CNBC, Inc. Copyright 2019 ASC  Services II Media, LLC. All materials herein are protected by United States  copyright law and may not be reproduced, distributed, transmitted,  displayed, published or broadcast without the prior written permission of  ASC Services II Media, LLC. You may not alter or remove any trademark,  copyright or other notice from copies of the content.>

This entry was posted in Transcripts. Bookmark the permalink.

Leave a Reply