Transcript: Nightly Business Report – July 29, 2019

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

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  Wall Street`s big week from  earnings to the Fed and trade and jobs.  Why the next few days could  redefine the market as investors know it.  

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Big pharma deal.  Pfizer  (NYSE:PFE) is merging the off patent business with Mylan (NASDAQ:MYL),  creating a new company that controls a number of blockbuster medicines.  

GRIFFETH:  Battle royale.  In the entertainment industry, competitive video  game playing is taking off and it could be at the expense of Hollywood.  
Those stories and much more tonight on NIGHTLY BUSINESS REPORT for Monday,  July 29th.  

HERERA:  Good evening, everyone, and welcome.  
Four pillars of this stock market converge over the next few days.  First,  there is earnings.  This is the busiest week for quarterly results of the  season.  Then, there is the Federal Reserve which begins the two-day policy  meeting tomorrow with the decision on interest rates due on Wednesday.  
Trade talks between the U.S. and China are set to resume.  And the nation`s  labor market which has been fuelling the consumer comes into focus with the  release of the monthly jobs report.  But today, investors were willing to  wait and see what happens, with the major indexes hovering around all-time  high.  

The Dow Jones Industrial Average was 28 point to 27,221 and the Nasdaq fell  36 and the S&P 500 was down 4.  
Bob Pisani has more on what lies ahead for investors.  

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  They call it calm  before the storm.  The market is bracing for the busiest week for both  earnings and the global economy and Fed meeting on top of that.  So, right  now, investors are reassured by trade talks haven`t blown up yet.  Second,  Central Banks are keeping interest rates low and will continue to do so.   And third, earnings are not collapsing.  They are flattish but not  collapsing.  

First on trade, U.S. Treasury Secretary Steve Mnuchin is in Shanghai to  restart trade talks.  The markets aren`t expecting any kind of  breakthrough.  They just need to see that talks are continuing and not  faltering, and the market seems content with that, at least for now.  
Second, the earnings roster was light today but later in the week, we`ll  get results for consumer names like Clorox (NYSE:CLX) and Procter and  Gamble, tech titans like Apple (NASDAQ:AAPL) and Samsung, and Chevron  (NYSE:CVX) and Exxon-Mobil.  The market needs to see the guidance still  coming in better than expected and the tech earnings in particular don`t  weigh estimates down.  

And finally on the economy, the markets are expecting the Federal Reserve  to cut rates by a quarter point on Wednesday, but still a minority believe  the Fed will cut by a larger 50 basis points as the global economy is a bit  weaker.  It`s difficult to say whether 25 basis points will be enough to  stave the market`s appetite for more stimulus or whether it could spark a  modest selloff.  

There are plenty of data to watch ahead of its decision, including U.S.  data on personal income and spending, home sales and consumer confidence.   Also, we have manufacturing data from China and European retail sales.   We`ll also get the widely watched July jobs report on Friday, expected to  show a gain of 166,000 jobs in the U.S. last month.  
For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.  

GRIFFETH:  A former chair of the Federal Reserve is throwing her support  behind an interest rate cut.  Janet Yellen says the move is justified  because of low inflation and a weaker global economy.  She says what  happens in the rest of the world affects us.  

JANET YELLEN, FORMER FEDERAL RESERVE CHAIR:  Although the U.S. is doing  well, I would be focused on wanting to keep it doing well, to keep the  expansion on track.  And I think in light of the risks, I would be inclined  to cut a bit.  I won`t see this as the beginning unless things change of a  major easing cycle.  

GRIFFETH:  She made those comments yesterday at the Aspen Institute`s  Economic Strategy Group meeting.  

HERERA:  So let`s turn now to Mark Luschini to discuss what this big week  for the market will mean for you.  He`s the chief investment strategist at  Janney Montgomery Scott.  
Good to see you again, Mark.  Welcome back.


HERERA:  So there is a awful lot on the market`s place this week.  Is there  one event that we highlighted that you think will take precedence over the  other?  

LUSCHINI:  Hardly.  The one that`s tangible, of course, is the Fed meeting.   There is no doubt it is occurring, and number two, there is no doubt there  is some decision coming from it.  The one Friday, of course, the jobs  report is going to give us a finite reading in the labor market, is the  trade negotiation that remains somewhat ambiguous relative to whether  anything will be resolved here over the coming days and we`ve seen this  movie before where the trade talks end and subsequently they pick up again  at some later date.  

So I think the market is really baking in expectations around a Fed policy  shift that`s going to be supportive of equity prices.  So, it won`t be so  much the policy move I think as the accompanying policies by way the press  discussions, Jay Powell will have, offering up some color around the  decision that was ultimately made.  

GRIFFETH:  Let me ask it another way, Mark.  Is the greatest risk for the  upside or the downside for the market?  Here we said, as Sue pointed out,  an all-time high, is that would suggest that all of the good news has been  factored into this market.  So is the greatest risk to downside, do you  think?  

LUSCHINI:  Tyler, I do.  I don`t think it is substantial.  I don`t think  necessarily anything that we`re going to hear is gong to substantively  change the direction of the market over the balance of the next, say, three  to six months.  

But certainly we could see pressure applied to equity prices.  Should the  Fed come out by way of either no rate cut which would be a huge shock to  the market or even a 25-basis point without accompanying language that is  equally dovish relative to the prospect of further rate cuts since the  market is expecting two if not three before year end.  

HERERA:  Mark, let me turn you to earnings.  Because to Bill`s point, given  the fact that we have the market sitting at all time highs, do you  anticipate increased volatility as these earnings come in in individual  stocks, depending on how those reports come in?  

LUSCHINI:  Well, I think most definitely.  What is notorious is early on in  earnings season, we tend to see results that beat more often than  disappoint, and as the earning season wears on, the disappointment come  through a little bit more feverishly and, of course, what we know is that  earnings over all are not expected to be up much for this quarter, and, of  course, that puts a lot of pressure on what we`re going to see over the  back end of this year and into 2020, to bail out of market that is trading  at a fairly demanding 17 or 18 times forward depending upon how near or far  out you stretch your consensus estimate for S&P 500 earning.

And again, that plays back into why it is important that we see the other  news flow be generally supportive because its valuations on a stand-alone  basis don`t warrant equity prices moving substantively higher from here.  

HERERA:  Mark, thank you.  Mark Luschini with Janney Montgomery Scott.  

LUSCHINI:  You`re welcome.

GRIFFETH:  I really need to wear a name tag or something.  
Pfizer (NYSE:PFE) and Mylan (NASDAQ:MYL) are merging part of the business  to create a new company that will be one of the biggest sellers of off- patent medicine.  The industry has been in — facing pressure, of course,  from Washington over high drug prices which is led to a spate of recent  deals including Bristol-Myers buying Celgene (NASDAQ:CELG), and AbbVie`s  purchase of Allergan (NYSE:AGN).  Reaction to today`s deal was mixed.   Mylan (NASDAQ:MYL) was one of the best performing stocks in the market  today, up more than 12 percent, while Dow component Pfizer (NYSE:PFE) fell.  
Meg Tirrell has details.  

MEG TIRRELL, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The United States is  about to get a brand-new drug company, selling medicines from Mylan`s  EpiPen to Pfizer`s Lipitor and Viagra.  Those are some of the world`s best  known medicines, but they`ve lost patent protection and Pfizer (NYSE:PFE),  the world`s largest drug maker, is ready to go in a different direction.  

In a deal announced today, Pfizer (NYSE:PFE) will spin off a unit it calls  Upjohn and combine that business with generic drugmaker Mylan (NASDAQ:MYL).   It will create a sizable new company, yet to be famed, with sales of up to  $20 billion next year.  

The merger also marks the closing of a of a chapter for Mylan`s CEO Heather  Bresch.  She`s going to retire from Mylan (NASDAQ:MYL) with the closing of  the deal.

Bresch is perhaps best known by the public for defending Mylan`s price  increases on the EpiPen, an episode that contributed to the stock`s major  decline over the past few years.  Mylan`s chairman Robert Coury will be the  executive chairman of the new company, while Pfizer`s head of Upjohn,  Michael Goettler, will be CEO.  

The deal is a culmination of a year long strategic review at Mylan  (NASDAQ:MYL) which the company undertook amid pressure on U.S. generic drug  prices and a government investigation into price collusion in the industry.  

IRINA KOFFLER, MIZUHO:  I`ll be the first to admit I was one of the  skeptics about Mylan (NASDAQ:MYL), that Mylan (NASDAQ:MYL) can get, you  know, a solution for the situation but clearly they found just the right  party to merge with who had a lot of cash flow and also was willing to do  the deal.  

TIRRELL:  Pfizer (NYSE:PFE) also reported the second quarter results today  with revenue missing Wall Street estimates.  For that company, the deal  marks a further streamlining of its business under new CEO Albert Bourla,  to one focused on medicines and vaccines still protected by patents and  which could command higher price tags.  

GRIFFETH:  Meg just mentioned that Pfizer (NYSE:PFE) reported soft revenue  for the most recent quarter but it also saw a 30 percent rise in profit  thanks to demand for its branded medicines.  That report, by the way, was  released a day earlier than planned.  

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

UPS was downgraded to hold from buy at Stifel.  The analyst cites the  challenging macro environment heading into year`s end.  The price target is  $118, the stock closed right at that level, $118.75.  

Starbucks (NASDAQ:SBUX) was downgraded to neutral from overweight at J.P.  Morgan.  The analyst says a rise in the stock price is limited following a  90 percent gain over the past 12 months, and the price target is 91.  The  stock fell 1 percent to $98.02.  

GRIFFETH:  American Airlines was downgraded to neutral from outperform at  Macquarie, with the analysts citing challenges facing the whole industry  and the ongoing mechanics union slowdown specifically.  That price target  is now $34.  Stock fell more than 1.5 percent today to $30.74.  

Anheuser-Busch InBev was upgraded to buy from neutral at Bank of America  (NYSE:BAC) Merrill Lynch.  The analysts say that the cycle of negative  earnings is coming to an end.  Price target $118, the stock gained 1  percent to $101.67.  

HERERA:  Still ahead, the fast lane.  United Airlines wants to make it  easier for you to get through security using your finger tips and your  eyes.  

GRIFFETH:  Credit rating agency Standard and Poor`s warned today that it  may lower Boeing`s credit rating due to the grounding of the company`s 737  MAX airplane.  S&P says that prolonged grounding could damage Boeing`s  financials and result in a loss of market share.  Last week, Moody`s  (NYSE:MCO) and Fitch issued similar warnings.  Boeing (NYSE:BA) stock fell  during today`s session.  

HERERA: The head of the European discount airline Ryanair (NASDAQ:RYAAY)  said the prolonging grounding of the max to lead to job cuts at his  company.  CEO Michael O`Leary said he`s concerned Ryanair (NASDAQ:RYAAY)  will receive zero planes by next summer which could eat into that carrier`s  growth outlook.  On an earnings call, O`Leary had some choice words for  Boeing (NYSE:BA) which required us to bleep one out.  

MICHAEL O`LEARY, RYANAIR CEO:  We are originally expecting 58 aircraft for  the summer of 2020, and that`s now 30 at best.  It may well move to 20, it  could move to 10.  And it could well move to zero if Boeing (NYSE:BA) don`t  get their (EXPLETIVE DELETED) together pretty quickly with the regulators.  

HERERA:  Regulators have not said when they will allow the planes to fly  again and have not given a time line.  

GRIFFETH:  United Airlines and security firm Clear are teaming up to bring  biometric screening to more airports around the country.  
And as Phil LeBeau reports, it`s part of a growing trend where your eyes  and your finger tips will eventually get you through security faster.  

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Clear, which uses  biometrics like your fingerprint or eyes to confirm your identity so you  move through TSA checkpoints faster is teaming up with United Airlines to  expand its presence in airports.  

CARYN SEIDMAN BECKER, CLEAR CEO:  It has been about bringing on the  partners who want to use it.  And Delta was an early adopter and United has  come on and they`re excited about changing the customer experience from  curb to gate.  

LEBEAU:  Getting passengers through the airports with fewer headaches is  one of the reason united is buying a stake in clear.  It`s also adding  Clear kiosks to its hubs like Chicago O`Hare.  

But there`s a larger trend here.  Biometrics are increasingly replacing the  need to show your ID.  Delta used facial recognition instead of checking  passports to board passengers on some international flights.  Now, Clear is  expanding beyond the airport to Hertz rental car lanes, some stadium  entrances, and soon for buying something in the airport or during a flight.  
Clear`s goal: ending the hassle of taking out a credit card.  

SEIDMAN:  I was at LAX last night in line at the — you know, getting  magazines and you`re finding your wallet, finding your credit card and none  of them are good customer experiences and kind of painful, specially on new  bags like me.  So, I think over the next 12 months, it will be here.

LEBEAU:  Even though joining clear could cost well over $100, it is clear  many do want to be clear.  In fact, the security program now has almost 4  million subscribers.  

HERERA:  Exact Sciences is strengthening strong hold in cancer screenings.   That is where we begin tonight`s “Market Focus”.  
The cancer diagnostic company will buy Genomic Health (NASDAQ:GHDX) for  nearly $3 billion.  The acquisition will help Exact Sciences expand its  testing for breast and prostate cancers.  Separately, Exact Sciences  reported missed quarterly results, missing earnings expectations but  topping revenue estimates.  Shares of Exact Sciences fell a fraction to  $117.57, Genomic Health (NASDAQ:GHDX) share rose 6 percent to $73.07.  

Sanofi posted better than expected results, thanks to an increase in sales  of vaccines and rare disease products.  The drug maker also raised its  full-year guidance.  The stock was up more than 1.5 percent to $43.03.  
Cooper Tire and Rubber missed earnings and revenue expectations due to  costs connected to new tariffs on imports from China.  It was also hit by  restructuring costs related to a facility in London where it halted light  vehicle tire production.  The company lowered its full year outlook.  The  stock dropped more than 9 percent to $27.55.  

GRIFFETH:  Uber is laying off 400 employees in its marketing department.   That`s about a quarter of the marketing team global work force.  The  company says the restructuring will help focus on brand across audiences  and project and regions.  The stock fell more than 1 percent today to  $43.88.
And then after the bell, Transocean (NYSE:RIG) missed analyst expectations.   The offshore drilling company also reported weaker than expected revenue.   The CEO cited uncertainty around oil prices, but added that offshore  products do remain attractive.  Shares were falling in after hours trading  tonight.  They close the regular session down near 4 percent to $5.37.  

Also after the bell, AK Steel posted mix results, beating Wall Street`s  earning forecast but reported a shortfall in revenue.  The steel company  saw a decrease in shipments to the automotive market.  Shares were volatile  in the after-hours session, as you can see.  They closed the regular day up  more than 2 percent to $2.54.  

HERERA:  Sales are growing fast at Beyond Meat.  The plant-based burger  maker reported better than expected revenue and raised its forecast, but  its quarterly loss was wider than forecast.  The company also said it plans  to issue additional shares of stock in what is known as a secondary  offering and that caused the stock to fall in initial after-hours trading.  
Aditi Roy has more on Beyond Meat`s results.  

ADITI ROY, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Beyond Meat says it will  bring in more revenues in 2019 and than it previously thought.  The company  projects $240 million in sales in 2019, up from the $210 million the  company previously predicted last quarter.  Most of the increase is folded  into the company`s second quarter revenue beat.  
Why the change?  One driver of top line growth is new partnerships.  In the  last two weeks alone, we`ve seen Beyond Meat land deals with Dunkin` Donuts  and Blue Apron.  The company also cites an increase in sale volume of its  products and greater demand from existing customers.  It remains to be seen  how Beyond Meat fairs with increasing competition from companies like Tyson  Foods (NYSE:TSN) and Impossible Foods.  
For NIGHTLY BUSINESS REPORT, I`m Aditi Roy, San Francisco.  

GRIFFETH:  And coming up, the entertainment industry is changing and  there`s big money following it.  

GRIFFETH:  Here`s what we`re watching tomorrow. 
As we mentioned earlier, the Fed policymakers begin their two-day meeting  on interest rates tomorrow.  Trade talks between U.S. and China begin in  Shanghai.  Then, Apple (NASDAQ:AAPL) reports earnings.  Investors are going  to be looking for an update on its service, as well as demand for its  flagship iPhone.  

So, another busy day coming up on Tuesday.  
HERERA:  A three-day Fortnite tournament turned a teenager into a  millionaire.  It also highlighted the big money, power and influence of the  competitive e-sports industry.  
Josh Lipton has more.  

JOSH LIPTON, NIGHTLY BUSINESS REPORT CORRESPONDENT:  It`s official.  Kyle  Giersdorf aka “Bugha” is the best Fortnite player on the planet.  A 16- year-old gamer from Pennsylvania, he just won the first ever Fortnite World  Cup.  His prize: $3 million, the largest single payout in e-sports history.  

The competition took place at Arthur Ashe Stadium in New York City.  Fifty- nine tickets were sold and a whole lot more fans watched online.  Nearly 10  million views on YouTube on the final day of competition.  

UNIDENTIFIED MALE:  It feels amazing.  I mean, I might be 30 years old but  I`m here.  Let`s go.  

UNIDENTIFIED MALE:  Honestly, it is crazy.  I did not expect this many  people to show up and this many fans.  It is an awesome experience all  around.  

LIPTON:  The event speaks to the powerhouse that is “Fortnite”, a game that  boasts more than 250 million players and nearly $4 billion in estimated  revenue.  It also showcases the popularity of e-sports.  It might sound  crazy to some but people really do like watching other people play video  games for big prize pools, 454 million people will watch e-sport this is  year, a jump of 15 percent and a revenue will grow nearly 30 percent to  more than $1 billion mostly from media rights, advertising and  sponsorships.  

Who is watching e-sports?  More than 80 percent of the audience is male,  according to Nielsen, the average age is 25, with an annual household  income of $70,000.  
For NIGHTLY BUSINESS REPORT, I`m Josh Lipton, San Francisco.  

GRIFFETH:  And as people spend more time streaming video game tournaments,  they`re spending less time in movie theaters.  And the business minds in  Hollywood are very well aware of the intensifying competition.  
Julia Boorstin has that part of the story.  

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Despite the mega- hit, the movie industry is facing, some big challenges.  
The domestic box office is down nearly 7 percent from last year which was a  record.  The drop comes as options increase for consumers, including free  or inexpensive content at home.  There is the explosion of interest in e- sports, and the increasing number of new exclusive content both movies and  TV shows made with big budgets for streaming on the small screen.  

Thanks to Netflix (NASDAQ:NFLX), Amazon (NASDAQ:AMZN) and others ramping up  their spending, all of this raising the bar for the studios.  They need  bigger brands and bigger budgets for their movies to stick out from the  clutter.  The studio that is consistently giving consumers reason to leave  the house and buy tickets is Disney (NYSE:DIS).  It`s just broken its own  all time annual box office record and it`s only July.  

Bolstered by “Lion King,” which has now grossed nearly $1 billion, the  studio set a new record for the biggest studio growth in a year, $7.7  billion.  Disney (NYSE:DIS) has the five biggest films of 2019.  

CARTOON CHARACTER:  I won`t let anything happen to her.  

BOORSTIN:  And Disney`s dominance is expected to continue with “Frozen 2”  in November, and in December, “Star Wars: The Rise of Skywalker”, both  expected to hit a billion dollars.  

KARA SWISHER, RECODE EDITOR-AT-LARGE:  They really do dominate.  But in the  entertainment market I don`t think you feel — or people`s time market, I  don`t know if it is the entertainment market any more, I think they have  plenty of competitors and lots of choices.  They`re just making content  people love.  

BOORSTIN:  The question is how much higher the bar will be for the movie  industry, when the media giants give consumers more options for new  exclusive content at home.  With Disney (NYSE:DIS) Plus and Apple  (NASDAQ:AAPL) TV Plus launching in the fall, and then the NBCUniversal  streaming service and HBO Max launching in the spring.  

Once again, Disney (NYSE:DIS) may be best positioned as it will be able to  use the mega franchises such as Marvel and “Star Wars” to drive fans of its  movies to subscribe to its new streaming service and fans of the service  back to theaters.  

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

HERERA:  And there is a new report tonight that Netflix (NASDAQ:NFLX) is  investing $520 million to make three big budget films.  The decision comes  amid slowing subscriber growth and according to the “Wall Street Journal”,  the move is part of a bigger push into the entertainment industry once  controlled by big Hollywood studios.  Analysts expect Netflix (NASDAQ:NFLX)  to spend $15 billion on programming this year.  

GRIFFETH:  So, where is this shift in viewing habits taking the  entertainment industry?  

Joining us tonight is Paul Shanley.  He covers the gaming business for “The  Hollywood Reporter”.  
Paul, thanks for joining us tonight.  


GRIFFETH:  Patrick.  I apologize.  
SHANLEY:  It`s all right.
GRIFFETH:  I was called Tyler, so we`re all mixed up.  
GRIFFETH:  Exactly.

I`m gobsmacked by the number of people who filled Arthur Ashe Stadium.   It`s the biggest tennis venue in the world and they`re going to watch other  people play video games.  Where is the e-sports industry going here?

SHANLEY:  Up is the easiest answer to that question.  It is something that  is growing significantly since about 2012 stateside.  But globally it is a  phenomenon, mostly in Asian markets.  

HERERA:  Now, we just had a report about how that might and is impacting  the movie industry.  Do you see a confluence where they both coexist or  maybe the movie industry can benefit from this new e-sports craze?  

SHANLEY:  Well, we`re seeing video game adaptations on the big screen.   There is some plan.  There`s some that came out this year.  Detective  Pikachu became the highest growing video game film of all time.  But that  trend is not going to go away any time soon.  It`s also happening on the  small screen.  

In terms of movies competing with video games and e-sports, it`s hard to  say because really we`re talking just about eyeballs at this point.  There  is only so many hours in a day and people could be on the phones watching  content at any given point at any day.  

So, it is really just who could get the most eyeballs.  Even Reed Hastings  himself from Netflix (NASDAQ:NFLX), he said they compete with and lose to  Fortnite more than they do with HBO.  So video games aren`t going anywhere.   They`re really a booming industry right now.  

GRIFFETH:  You know, when I saw they were at Ashe Stadium, I`m thinking,  are they going to build their own stadiums at some point?  I mean, is there  an infrastructure to be built for the e-sports business, do you think?  

SHANLEY:  Comcast (NASDAQ:CMCSA) (NYSE:CCS) certainly seems to think so.   Comcast (NASDAQ:CMCSA) (NYSE:CCS), obviously the media giant and second  biggest cable provider on the planet I believe.  They are investing $50  million to make an e-sports stadium for the Overwatch league team that they  own, the Philadelphia Fusion.  That`s being built now.  I`m not sure  exactly when it`s going to open but obviously they`re putting a lot of  money in that.  

We already have a stadium here in Los Angeles.  It`s where they used to  film “The Tonight Show” with Johnny Carson.  It`s over in Burbank, and that  is where all the Overwatch games are held right now.  But, yes, this is  definitely something that`s going to start happening across the country.  

HERERA:  So what companies do you think have the advantage?  Obviously, the  company behind Fortnite right now.  But, you know, Apex Legends launch, and  my kids preferred Fortnite to that.  
So, what companies are you watching on the cutting edge?

SHANLEY:  Epic Games is definitely the one that we watch.  Epic Games are  the making of Fortnite.  I mean, they made $2 billion last year with just  Fortnite which is pretty unbelievable number.  

You mentioned Apex Legend.  That`s a company called EA Electronic Arts  (NASDAQ:ERTS).  They`ve been around for a very long time and they`re  definitely one of the biggest players in the space.  
Apex Legends was kind of their answer to Fortnite.  It`s a battle royale  model, which is the name of the genre of games.
So, there`s a lot of bigger movers and shakers, things like Take Two.

SHANLEY:  You have the EA, you have the Activision.  Activision Blizzard  (NASDAQ:ATVI) does Overwatch.  
So, a lot of power players in video games, but also, you`re seeing  Hollywood get into it.  There is Bad Robot from J.J. Abrams.  They launched  the games division last year. 

GRIFFETH:  Got to go.  Very good.  Patrick, thank you.  Nice to see you.   Thanks for joining us.  

SHANLEY:  Appreciate it.  Thank you very much.

GRIFFETH:  You bet.

HERERA:  That is it for us tonight.  I`m Sue Herrera.  Thanks for joining  us.  

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

HERERA:  Yes, you are.  

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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