Transcript: Nightly Business Report – November 13, 2019

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

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  Reaching records.  The Dow  and S&P closed at all-time highs as the Fed chair signals that the pause in  interest rate cuts is not set in stone.  

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Watching Washington.  The  impeachment hearings are under way on Capitol Hill.  How concerned should  Wall Street be?  

GRIFFETH:  Risky business.  Hong Kong protesters are targeting companies,  including some of America`s biggest that are widely held by investors.  
Those stories and much more tonight on NIGHTLY BUSINESS REPORT for  Wednesday, November 13th.  

HERERA:  Good evening, everyone, and welcome.  
The Dow and S&P 500 closed at a record.  Investors focused on testimony  from the Federal Reserve Chair Jerome Powell who signaled that the central  bank is still willing to step in and support economic growth.  That offset  some fresh doubts about a potential trade deal between the U.S. and China  and reports that those talks hit a snag over agricultural purchases.  
The Dow Jones Industrial Average was up 92 points to 27,783.  The Nasdaq  was down about four and the S&P 500 added two.  
We begin tonight with Steve Liesman and the Fed chair`s outlook for  interest rates and the economy.  

STEVE LIESMAN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Fed Chairman Jerome  Powell telling Congress`s joint economic committee essentially that  interest rates are on hold unless there`s a big change to the outlook.  

Among the key points he made at his testimony today, monetary policy likely  to remain appropriate as in we`re on hold for a while here.  The economic  outlook looks favorable.  Risks include the global economic slowdown and  the trade war and he said fiscal policy the way it is now with big deficits  is unsustainable.  
But Powell also emphasized that monetary policy is not on a preset course.  

JEROME POWELL, FEDERAL RESERVE CHAIRMAN:  We do think monetary policy is in  a good place, but we`re going to be watching very carefully incoming data  and if developments emerge that cause a material reassessment on the  outlook, then we`ll act appropriately.  

LIESMAN:  The Fed funds futures market embraced the outlook for a Fed being  on hold, placing less than a 1 percent chance on a December rate cut.  Only  in July does the chance rise above 50 percent.  Among the areas most in  pursuit in questions from Congress was the issue of just how low the  unemployment rate can go.  

POWELL:  I`m very open to the idea that we don`t know where maximum  employment precisely is.  We have to have significant humility when we make  estimates of that and we`re going to let the data speak to us.  And what  the data — the data are not sending any signal that the labor market is so  hot or that inflation is moving up or anything like that. 

LIESMAN:  Powell also said that low rates, low growth and inflation are  likely the new normal, perhaps now low and maybe lower unemployment. 

GRIFFETH:  Yes and while Chairman Powell did tell lawmakers today that  inflation overall is still low and stable, a new report showed a pickup in  consumer prices.  According to this morning`s Commerce Department report,  the consumer price index rose 0.4 percent.  That`s its fastest pace of  gains in seven months, mostly because of higher gasoline prices and medical  care costs.  

HERERA:  To earnings now.  Dow component Cisco (NASDAQ:CSCO) reported  better than expected profit but its revenue guidance was weak.  The  networking company now sees a 3 percent to 5 percent decline in year over  year revenue.  And that sent the stock initially lower in after hours  trading.  
Josh Lipton as more.  

JOSH LIPTON, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Investors pay close  attention to Cisco (NASDAQ:CSCO) because the networking equipment giant is  seen as an important barometer of tech spending.
I checked in with Needham`s Alex Henderson for his take.  It`s not about  the quarter he says.  It`s about revenue guidance which was well below  expectations.  Perhaps a shock to a lot of investor that might have thought  this was a more stable growth business.  

Henderson says the problem looks to be weakness from cloud customers as  well as service providers, meaning carriers like Verizon (NYSE:VZ) and AT&T  (NYSE:T).
For NIGHTLY BUSINESS REPORT, I`m Josh Lipton, San Francisco.

GRIFFETH:  Now, Jerome Powell`s testimony on Capitol Hill was not the only  event Wall Street was watching in Washington today.  There was also, of  course, the first public hearing of the impeachment inquiry into President  Trump.  
Ylan Mui spent the day on Capitol Hill covering that story for us.  

YLAN MUI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The impeachment  investigation into President Trump entered a new phase today as Democrats  brought their case directly to the public.  
House Intelligence Committee Chairman Adam Schiff focused the hearing on  three core concerns, whether Trump is exploiting the power of his office,  coercing foreign leaders and obstructing Congress`s investigations. 

REP. ADAM SCHIFF (D-CA (NASDAQ:CA)):  If the president can simply refuse  all oversight, particularly in the context of impeachment proceeding, the  balance of power between our two branches of government will be irrevocably  altered.  That is not what the founders intended.  

MUI:  Lawmakers spent five and a half hours questioning two key witnesses,  George Kent, a top State Department official, and Bill Taylor, the acting  U.S. ambassador to Ukraine.  

During the hearing, Taylor offered some new information, one of his  staffers overheard a phone call between President Trump and the ambassador  to the European Union, Gordon Sondland.  Taylor said his staffer heard  President Trump ask about the investigations and heard Sondland reply that  Ukraine was ready to move forward.  

SCHIFF:  And I think you said that after the call when your staff asked  Ambassador Sondland what President Trump thought of Ukraine, his response  was that president Trump cares more about the investigations of Biden?  Is  that right?  

BILL TAYLOR, U.S. AMBASSADOR TO UKRAINE:  And Burisma, yes, sir.  
SCHIFF:  And I — I take it the import of that is he cares more about that  than he does about Ukraine.  
TAYLOR:  Yes, sir.  

MUI:  But a White House spokesperson responded that all the evidence in  this case is hearsay.  And President Trump told reporters that he wasn`t  paying any attention to it.  

DONALD TRUMP, PRESIDENT OF THE UNITED STATES:  I`m too busy to watch it.   It`s a witch hunt.  It`s a hoax.  I`m too busy to watch it.  So, I`m sure  I`ll get a report.  There`s nothing — I have not been briefed, no.  
There is nothing there.  I see they are using lawyers that are television  lawyers.  They took guys off television, you know.  I`m not surprised  because Schiff can`t do his own questions.  

MUI:  Republicans tried to redirect the hearing to Joe Biden`s son and his  connection to a Ukrainian gas company.  They also argued that there was  never any quid pro quo.  

The White House released security aid to Ukraine without any commitment  from the country to conduct any investigations.  
REP. JIM JORDAN (R), OHIO:  My clear understanding was security assistance  money would not come until President Zelensky committed to pursue the  investigation.  My clear understanding was they weren`t getting the money  until President Zelensky committed to pursue the investigations.  Now, with  all due respect, Ambassador, your clear understanding was obviously wrong  because it didn`t happen.  

MUI:  There is plenty more to come.  Another hearing is scheduled on  Friday.  Eight more witnesses are expected to testify next week and after  that, lawmakers will head home for Thanksgiving recess to see how all the  D.C. drama is playing back at home.  
For NIGHTLY BUSINESS REPORT, I`m Ylan Mui in Washington.  

HERERA:  And as Ylan just mentioned, there`s a lot more to come in the  impeachment hearing.  But is there a smoking gun that could potentially  send the market either higher or lower?  
We`re joined now by Rebecca Felton.  She`s the senior portfolio manager at  Riverfront Investment Group.

Welcome.  It`s nice to have you here, Rebecca.  

HERERA:  How closely do you think the market is watching this?  And how  much of what is going on may already be in the market?  

FELTON:  Well, from our perspective, we don`t really think that investors  are keying in too much on this impeachment drama, rather they are focused  on other drivers such as trade, such as the economy, even more maybe what  Jerome Powell said today as it relates to the Fed and rates. 

GRIFFETH:  But is there anything you can think of that could come out of  these hearings that could move the market meaningfully one direction or the  other?  

FELTON:  Not necessarily because it`s very difficult to draw a parallel  between an outcome in the impeachment hearings and sales or profits in  corporate America.  And those tend to be the fundamental reasons why stocks  move up or down.  

HERERA:  What about the fact, though that it could be a distraction for not  only individual investors but market participants as well?  

FELTON:  Well, it absolutely could be.  And it`s most likely to drag on  into 2020.  But throughout this year as the markets have risen over 20  percent, which was a surprise to us and most folks watching the markets, we  know the focus has been away from the political rhetoric in Washington and  it`s been on trade and on growth and on the consumer and the corporate  America.  

So, again, not to — not to seem like we`re not paying attention.   Certainly we are, but we don`t see those as the drivers right now.  

HERERA:  OK, on that note, Rebecca Felton with Riverfront Investment Group  — thank you so much.  
FELTON:  Thank you.  

GRIFFETH:  And sticking with politics, a new Iowa poll shows Pete Buttigieg  claiming a narrow lead now over his rivals for the Democratic nomination.   Iowa as you know is that state that kicks off the presidential caucus and  primary nominating season.  
So, we asked Kayla Tausche to look at where the mayor stands on some  economic issues.  

KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Well, election  headlines in the last week centered on the potential entrance by Mike  Bloomberg.  Another mayor, Pete Buttigieg, has been quietly on the rise,  chipping away at moderate support for Vice President Biden, and in a poll  this week taking the lead from Senator Elizabeth Warren in Iowa.  

According to Monmouth, 22 percent of likely Democratic voters in Iowa back  Buttigieg, 19 percent Biden, followed by Senators Warren and Sanders at 18  and 13 percent respectively.  It`s the second poll in two weeks showing  Buttigieg above Biden in Iowa after last week`s Quinnipiac poll showed  Biden in fourth and Mayor Pete in second, one point behind Warren.

The shifts in the Iowa leader board are important for two reasons.  First,  its caucus on February 3rd is the country`s first primary snap shot, but  also because in eight of the last ten presidential races, the candidate who  won Iowa went on to become the Democratic Party`s nominee.  Buttigieg is  betting the party wants a candidate slightly left of Biden but not nearly  as progressive as Warren.  He proposed free state school tuition for  families earning less than $100,000, and forgiveness of debt from for- profit colleges.  He`d fund a $1.5 trillion Medicare expansion by rolling  back the corporate tax cut, and the remaining $600 billion on its total  $2.1 trillion economic plan would be funded by a tax on unrealized capital  gains for the top 1 percent of earners.  

As for the mayor`s campaign finances, he ended the third quarter with $23.4  million cash on hand.  That`s less than the progressives but more than  double Vice President Biden.  
For NIGHTLY BUSINESS REPORT, I`m Kayla Tausche in Washington.  

HERERA:  It is time to look at some of today`s “Upgrades and Downgrades”,  including new coverage of some well-known stocks.  

Coverage of Apple (NASDAQ:AAPL) was initiated with an outperform rating at  RBC Capital Markets.  The analyst cites the iPhone and growing role it  plays in our everyday life.  The price target is $295.  The stock rose  about 1 percent to $264.47.  

Coverage of Nike (NYSE:NKE) was initiated with an overweight rating at  Barclays, the analyst cites its potential for margin expansion, earnings  and revenue growth, as well as cost cutting.  The price target is $111.   The shares were up 2 percent to $91.29.  

And coverage of United Airlines was initiated with a buy rating at UBS.   The analyst cites the airline`s improving operating performance among other  things.  The price target is $110.  The stock fell a fraction to $92.42.  
GRIFFETH:  Still ahead, if you own a lot of large cap stocks, there is a  new risk at play for them far from Wall Street.  

HERERA:  Google (NASDAQ:GOOG) continues to expand way beyond search and  into banking.  According to the “Wall Street Journal,” the company is  planning to offer checking accounts with its Google (NASDAQ:GOOG) Pay app.   But it`s not going it alone.  Google (NASDAQ:GOOG) is partnering with  Citigroup (NYSE:C) and a small Stanford University credit union.  The  report notes that checking accounts contain huge amounts of data about  consumer spending and income.  

GRIFFETH:  Elsewhere, Alibaba is reportedly planning a secondary listing in  Hong Kong before the end of November.  According to CNBC, the Chinese e- commerce giant could raise about $13 billion.  And as you know, Alibaba is  coming off that very successful Singles Day shopping event which setting  new sales records.  Experts say that the listing could boost the Hong Kong  market itself which has seen business slow down amid the current protests  there.  

HERERA:  And those protests in Hong Kong are creating a new type of risk  for some big American companies, many of which are widely held by  investors.  
Eunice Yoon explains from Beijing.  

EUNICE YOON, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Businesses in Hong  Kong, both foreign and local, are in a tough spot, not only because of the  downturn caused by the turmoil but now protesters are starting to label  businesses as pro-government or pro-protesters based on their perception of  how friendly that business is to the demonstrators.  
Several groups are creating lists and maps that can be accessed in an app  called WhatsApp or Instagram, Facebook (NASDAQ:FB) and Telegram.   Businesses are given color ratings.  Yellow is protester-friendly.  Blue or  black is pro-police and green is neutral.  

This is supposed to be a way of safe guarding businesses as sympathetic to  the protesters from the economic fallout.  But in the process, some  companies are tainted as pro-government.  One of them is McDonald`s  (NYSE:MCD).  

The protesters suspected a store cooperated with police so the store got a  pro-government rating.  Another is a Japanese noodle chain Yoshinoya, which  protesters believed fired a PR agency for creating an ad that appeared to  poke fun at police.  The company denies it fired anyone.  
Starbucks (NASDAQ:SBUX) doesn`t have a rating, but several shops have been  vandalized.  The protesters say they don`t have a problem with Starbucks  (NASDAQ:SBUX) itself, but they have a serious issue with one of its local  suppliers.  The daughter of the family that owns it has been openly  critical of the protesters.  

Not surprisingly, businesses are attempting to steer clear of voicing any  political leanings.  
For NIGHTLY BUSINESS REPORT, Eunice Yoon in Beijing.  

GRIFFETH:  Companies have long tried to steer clear of politics.  But this  new risk of political labeling is out there.  So, what could it mean for  you and investment decisions?  

Joining us tonight, David Nelson.  He`s chief strategist at Belpointe Asset  Management.
Welcome back.  How are you doing?

GRIFFETH:  What do you make of this?  You know, as you look at the  fundamentals of a company, does this become one of those fundamentals that  you look at if they`re being labeled politically overseas.  

NELSON:  We`re going to have to.  You know, this is the world that we live  in.  And increasingly, companies are being actually forced to make a  decision.  They`re actually going to have to choose sides here.  

And that`s something that companies and management tried to avoid for as  long as I can remember.  If you take case in point in Hong Kong just  recently, Apple (NASDAQ:AAPL) was kind of brought into the fray here.  They  were forced to remove their HK map that protesters have been using to track  police.  They thought they — by removing, they avoided the political fray,  and then they`re damned if they do, damned if they don`t, right?  
Here in Washington, then senators and congressmen weighed in on this and  wanted them to put it back.  So, it`s a tough situation for all.  


HERERA:  So, how would you rate it in terms of the fundamentals you look at  when you decide whether or not to buy the stock?  

NELSON:  That`s a good one, Sue.  I have to consider it for sure.  
You just mentioned — in the report, you just mentioned Starbucks  (NASDAQ:SBUX).  Obviously, when a company is attacked like that., it hits  the sales cycle.  It hits earnings.  Obviously, it`s a very small for a  company like Starbucks (NASDAQ:SBUX) this incident, but what if it had  legs.  
And I think it`s great that investors and consumers want to be invested in  companies that share their ideals.  But we forget sometimes that in the  end, a stock certificate just entitles you to the earnings and/or dividend  stream of the company that funds your retirement.  It`s not investing in it  because it has some social value.  

GRIFFETH:  But I know you happen to believe that the — the job one for an  investor is to keep an eye on the bottom line, right?  

NELSON:  You have to.  I mean, in the end, that`s what this is about.  And  I`m not discounting things like ESG, environmental, social and governance.   These are important issues today.  And it`s shown that it helps the bottom  line.  

But if that`s all it is and — and you`re only investing in a company  because it shares your ideals, somewhere down the road, you`re going to be  sadly disappointed.  This company is going to disappoint you.  

GRIFFETH:  David Nelson with Belpointe Asset Management — always good to  see you, David.  Thanks for joining us.  
NELSON:  Thanks for having me, Bill.  
GRIFFETH:  You bet.

HERERA:  Canada Goose shares head south, and that`s where we begin  tonight`s “Market Focus”.  

The outer wear maker says the unrest in Hong Kong hurt its sales there, and  that the wholesale revenue will fall this quarter.  This comes as the  company`s results beat estimates but Canada Goose shares fell about 11  percent to $34.81.  

Energizer topped expectations helped by recent acquisitions in its battery  and auto care units.  The battery maker also says it expects net sales to  rise up to 10 percent for the full year and shares kept going and going.   And you get the picture.  Up more than 15 percent to $48.38.  

GRIFFETH:  Luckin Coffee, that upstart rival to Starbucks (NASDAQ:SBUX) in  China today reported a six fold jump in its quarterly revenue, thanks to  new stores and expanded menu beyond just coffee.  The company also raised  its revenue forecast.  And shares climbed about 13 percent as a result to  $21.46.  

Peloton is reportedly exploring streaming opportunities through Amazon  (NASDAQ:AMZN), Fire TV and the Apple (NASDAQ:AAPL) Watch.  Bloomberg says  that the fitness maker is also looking to sell a cheaper treadmill and  rowing machine sometime next year.  Shares rose more than 5 percent to  $29.98.  

And Disney (NYSE:DIS) was the best performing component in the Dow today  after it said its new streaming service Disney (NYSE:DIS) Plus had a very  big debut yesterday with more than 10 million subscribers signing up in  just the first 24 hours.  That easily topped expectations.  Disney  (NYSE:DIS) shares rose more than 7 percent to $148.72.  

HERERA:  Moving goods from here to there is the back bone of the American  economy.  At the center is the $800 billion trucking industry, which as we  mentioned is ripe for change.  
As Frank Holland reports, the future of hauling things is digital.  

FRANK HOLLAND, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The race is on to be  the Uber freight, creating a digital market place for if freight for hire  where customers and truckers can bid on jobs and get matched up.  Companies  like Convoy and, yes, Uber itself entering this world.  Convoy is the hot  start-up in the field, securing another $400 million in funding just this  morning.  

The startup says that money will be used to scale up networks that aims to  disrupt the highly fragmented industry.  The company is already attracting  high profile investors such as Amazon (NASDAQ:AMZN) founder Jeff Bezos.   Salesforce CEO Marc Benioff and U2 members Buno and the Edge.  
High profile private equity companies such as Bill Gates Cascade  (NYSE:CASC) Investment have also contributed to the more than $668 million,  the digital disrupters raised.  

DAN LEWIS, CONVOY CEO:  What Convoy does is we take all the jobs put them  in the platform.  We can consider tens of thousands of trucks at the same  time.  And we find the ideal matches, significantly reducing empty miles,  reducing waste in the system so that everyone can benefit.  And that`s  really where we think the future of trucking is going.  

HOLLAND:  CEO Dan Lewis says his company is aiming to entice truckers to  shift to their platform by making trips more efficient and more profitable.  

LEWIS:  Higher productivity is the key to profits for truckers.  And so,  one thing that we did is we introduced automated reloads for small trucking  companies.  When they use automated reloads instead of getting one job at a  time, which is the traditional method for getting work, Convoy offers them  two, three jobs at a time.  We optimize the pickup and drop off locations,  the appointment times, to make them as productive as possible.  

HOLLAND:  Trucking is a nearly a $800 billion industry here in the U.S.   However, Convoy and other digital startups, like Uber Freight, are  targeting a smaller segment, the $62 billion freight brokerage market.   Right now, the nation`s 900,000 for hire truckers work with thousands of  digital and traditional brokers.  Those brokers include publicly traded  operators like C.H. Robinson, XPO and Landstar, legacy logistics and  trucking companies that launched their own digital platforms.  

LEWIS:  There are 15,000 truck brokerage today, and, you know, hundreds of  thousands of small trucking companies.  I don`t know exactly how many can  exist.  But I think that we`re going to see consolidation.  

HOLLAND:  Those 15,000-plus freight brokerage companies control about two  thirds of the overall market.  Digital brokerages are definitely growing.   But according to Goldman Sachs (NYSE:GS) research, the industry will remain  reliant on human interaction in the near term and legacy companies are  catching up in the race to go high tech.  


HERERA:  Coming up, from trucks to electric vehicles.  And the big bet  being made on what many say is the car of the future.  

HERERA:  Here is a look at what to watch for tomorrow.  Dow component  Walmart reports earnings.  Investors will be looking to see what the  world`s largest retailer says about the consumer and the upcoming holiday  season.  

The producer price index will tell us if inflation remains steady and Fed  Chair Jerome Powell returns to Capitol Hill for day two of his testimony.   And that`s what to watch for on Thursday.  

GRIFFETH:  The CEO of TheRealReal, the largest online luxury consignment  business, is admitting that the company literally cannot live up to its  claim that its merchandise is 100 percent real and not counterfeit.  Julie  Wainwright was a guest on “Mad Money” with Jim Cramer yesterday and she  defended her company`s authentication process in the wake of a CNBC  investigation last week that sent the stock stumbling.  The investigation  we aired here on NBR showed staff hired as copywriters and not expert  authenticators were evaluating whether its high end clothing and  accessories were authentic.

JIM CRAMER, CNBC HOST, “MAD MONEY”:  Do you make your life hard by giving  statements periodically about how everything is real?  When we all know  that no one is perfect.  Sotheby`s is not perfect.  Christie`s is not  perfect.  Do you set yourself up to some degree for a level of criticism  that may be justified because it`s impossible to be perfect?  

JULIE WAINWRIGHT, CEO, THEREALREAL:  I agree it`s impossible to be perfect,  but we strive to be perfect every day.  And the team`s intention every  single day and their actions and, by the way — and our consumers tell us  that we are the safest place to shop on the Internet.  And that`s what we  do every day.  

GRIFFETH:  Ms. Wainwright went on to say that copywriters are trained to  authenticate lower risk items and that in October alone, more than 4,000  products out of 490,000 were rejected because they were counterfeit.  She  did not, however, address the number of fakes that her company has already  sold.  

HERERA:  Today, Volkswagen broke ground on a plant expansion in Tennessee,  where the company built electric vehicles.  
It`s the latest example of automakers pumping billions of dollars into  electric cars.  
Here`s Phil LeBeau.  

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Volkswagen is plugging  in.  The German automaker pushing to sell millions of electric vehicles is  spending nearly a billion dollars to expand its plant in Chattanooga.  

VW will hire another 1,000 workers as it ramps up production of EVs.  It`s  not alone.  GM is converting one of its plants in Detroit so it can build  an electric truck.  While Ford is planning to add EVs to several of its  assembly lines over the next four years.  

And remember the GM plant in Lordstown, Ohio?  It`s been sold to a new  company.  Lordstown Motors, where it will build electric pickups.  
Altogether, the auto industry is expected to invest almost a quarter  trillion dollars over the next four years in electric vehicles.  Why?   Because many believe sales of electric vehicles will explode over the next  20 years.  

BLAKE MORET, ROCKWELL AUTOMATION CEO:  I would say electric vehicles within  that 20-year horizon could easily be the majority of vehicles on the road.   And we`re not just talking about passenger vehicles.  We`re talking about  trucks and buses.  

LEBEAU:  The majority of electric vehicles sold in the U.S. are Teslas, in  part because they`re popular but also because Tesla has three EV models to  choose from.  Compare that to other automakers who may have just one all  electric vehicle to offer.  And some automakers have none.  

That will change over the next four years, as more automakers roll out  electric vehicles.  How many of them are able to attract a large number of  buyers will depend on a variety of factors, including the price of gas.   But make no mistake: the surge in EVs is just around the corner.  

HERERA:  And that is NIGHTLY BUSINESS REPORT for tonight.  I`m Sue Herera.   Thanks for joining us.  

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