Transcript: Nightly Business Report – September 11, 2019

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

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  The great rotation.  The Dow closes back above 27,000, as investors take note of some major changes happening inside the market.  

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Medical milestone.  The FDA gets ready to review the first treatment for peanut allergies.  

GRIFFETH:  Giving back.  Wall Street remembers and honors the lives of
those we lost 18 years ago today.  

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Wednesday, September 11th.  

HERERA:  Good evening, everyone.  And welcome.  

Well, don`t look now.  But the Dow is on a win streak.  The blue chip index
posted gains for six straight sessions.  And it`s now less than 1 percent
from its all-time high.  

The grind higher today was quiet but it was strong.  Here are the closing
numbers.  The Dow Jones Industrial Average rose 227 points to 27,137.  The
Nasdaq was up 85 and the S&P 500 added 21.  

But there is a lot more to the market than the numbers suggest.  A close
look under the hood shows big changes taking place and money is starting to flow into sectors that investors have been avoiding for a while.  

Bob Pisani at the New York Stock Exchange.  


BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  There`s been a lot of talk about a great rotation taking place.  But what exactly are we rotating out of and into?  

There is a lot of confusion about different ways to slice and dice the
market, so let`s try to sort out some of the differences.  

First, cyclical verses defensive stock.  Since bond yield bottomed last
weeks.  Economically sensitive groups like banks, transportation stocks,
energy, retail, they`ve all outperformed.  These are called cyclicals
because they tend to do better when the economy, particularly global
economy, is improving.  They`ve lagged for most of the year on concerns
that global growth is slowing.  

At the same time, defensive stocks, which have been strong most of the
year, have begun underperforming.  That means consumer staples, real
estate, utilities, they`re all down 1 percent to 2 percent over the past

And then there`s growth versus value.  Growth is associated with companies that are growing earnings understandably, that`s typically technology stocks, value stocks, typically considered cheap and they`ve underperformed the market.  Value right now includes banks, retailers, energy stocks, and those sectors have done better on in recent rally in the last week.  

There`s another phrase, momentum stocks.  They`re stocks that have been
seeing strong price increases.  These stocks are usually strong when the
market is going up, but they`ll typically drop more when there is a sudden
selloff.  This is what`s happened in the last few days.  

Consumer names like Merck (NYSE:MRK) and Kimberly-Clark (NYSE:KMB), they`ve been momentum names.  They`ve been strong all year, they`ve been selling off.  

So, why is there a reversal, why is this rotation going on?  Well, there`s
been optimism over trade talks fueling most of the rotation.  Trade has
been the primary driver of the stock market all year.  

For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.  


GRIFFETH: And joining us to talk more about the market rotation, Ken Kamen is back with us.  He`s president of the Mercadien Asset Management.

Welcome back.


GRIFFETH:  You see this as a safety play by investors, right?  

KAMEN:  Well, I think that the value sector of the market is so
underperformed over the last five years, the growth sector is almost twice
the return cumulatively than the value sector has been, and it`s been led
by mostly the momentum stocks and the FANG and tech stocks.  

GRIFFETH:  Right.  

KAMEN:  And a lot of people that are now worried that the market might be getting toppy are saying, OK, do I have to really ride the roller coast
down in those hot spots when there`s a lot of great bargains to be had in
what we call value?  

HERERA:  Yes, which goes to the volatility.  I mean, we certainly have seen
extreme volatility at certain points in this market, much of it linked to
headlines on trade.  

But you were saying the value stocks, they`re more predictable.  

KAMEN:  Well the saw tooth of the pattern is a lot tighter in the non-go-go
stocks if you will.  And I think that`s the really important thing that the
viewers have to really focus in on, which is that if you`re saving for
retirement and it`s your nest egg, you don`t really want to be riding the
yay boo of every tweet.  

And getting back to the fundamentals of owning companies with strong
balance sheets and strong fundamentals rather than a great growth story and maybe trading at a ridiculous P/E feels a lot safer when the market seems to be bouncing along at the top.  

But I would like to throw in that we`re in the environment right now is
that every time that the market gets a new news like Apple (NASDAQ:AAPL)
yesterday came out with the new iPhone and everyone was yawn, there`s no big news there.  And now, a lot of these IPOs that are so highly
anticipated, they`ve been kind of flat to down.  

GRIFFETH:  Right.  

KAMEN:  So, it`s that feel the maybe the growthy thing is changing.  

GRIFFETH:  So, here we are, 27,000 on the Dow again, back to 3,000 for the
S&P.  We are very close to all-time highs.  Are you getting nervous about
this market?  

KAMEN:  Not really.  I think that, you know, the old phrase, don`t fight
the Fed.  I mean, it really does look like they`re going to cut at least a
quarter point.  I don`t think there`s going to be more than that, and I
don`t think more than that is warranted.  

I think that it`s OK for investors here and I wouldn`t be surprised if we
get new highs.  As a matter of fact, I believe between here in the end of
the year, we will.  That doesn`t mean we won`t get another surprise and a
dip, but I think things are pretty favorable for equities.

HERERA:  Are there certain areas that you find more value stocks, certain

KAMEN:  Well, I always like the idea of buying what`s not been in favor.  
So, to some extent, it`s easy to almost say, around the whole value chain
right now, whether it`s, you know, some of the health care, whether it`s
some of the financials.  I mean, I think it`s important to kind of make
sure you`re broadening out your portfolio.

I`d leave you with the idea that if you`ve been chasing momentum and being riding on the fact that every morning you woke up and you felt good but you didn`t know why — now, it`s the time to deep delve deeper into your portfolio to understand that to own things that haven`t been the go-go

GRIFFETH:  There you are.  Words of wisdom from Ken Kamen of Mercadien Asset Management.  

Always good to see you.  Thanks again, Ken, for joining us.

KAMEN:  Thank you.

GRIFFETH:  And later in the program tonight, we`ll be turning the market
rotation into opportunity focusing on some value stocks.  We`ll get some
names that you may want to consider investing in.

HERERA:  To the economy now, and the latest read on inflation.  A measure
of prices that businesses pay for goods and services unexpectedly rose in
August.  The Producer Price Index gained 0.1 percent last month.  The
expectation was for no change.  And a separate report showed that wholesale inventories increased slightly in July, suggesting that inventory
investment could remain a drag on short-term economic growth.

GRIFFETH:  In Washington, the Trump administration is readying a ban on
flavored e-cigarettes.  The secretary of health and human services said
today that the FDA is going to outline a plan within the coming weeks, and
the president agrees that something has to be done.


DONALD TRUMP, PRESIDENT OF THE UNITED STATES:  Vaping has become a very big business as I understand it, like a giant business at a very short period of time.  But we can`t allow people to get sick and we can`t have our youth be so affected.


GRIFFETH:  Shares of Altria, which owns 35 percent of vaping company Juul initially lost ground after that announcement, did finish the session
higher though today.

HERERA:  Oil prices fell today on a report that President Trump discussed
easing sanctions on Iran.  The idea was talked about as a way to secure a
meeting with Iran`s president later this month.  The report comes one day
after the exit of national security advisor John Bolton who argued to push
Iranian oil exports to zero.  The price of domestic crude fell on the
possibility that easing sanctions might lead to more oil on the market.

GRIFFETH:  Speaking of oil, some sad news tonight out of the oil industry.  
T. Boone Pickens has died at the age of 91.  He was a legend in the fields.  

But as Brian Sullivan reports, he also accomplished so much more.


T. BOONE PICKENS, ENERGY INVESTOR:  I think the reason why I don`t view myself as workaholic is because I love to work.


UNIDENTIFIED MALE:  T. Boone Pickens, the corporate takeover raider from Amarillo, Texas.

SULLIVAN:  — to friends, he was just Boone.

But to everyone, he was a master of reinvention, both personally and
professionally.  Born in Oklahoma in 1928, Thomas Boone Pickens was a
businessman from the start.

PICKENS:  When I was 12, I got my first job, a newspaper job.  I was a

I always had money after that in my pocket and it was a good feeling.

SULLIVAN:  He graduated from Oklahoma State University with a degree in
geology and went to work for Phillips Petroleum.  But the corporate life
was not for him.

Before long, he started his own company, Mesa Petroleum, with just $2,500.  

Pickens spent years out in the desert personally drilling for oil and
buying up land, collecting valuable assets.  He took Mesa public in 1964,
and quickly realized what the power of stock can do.

Turning from geology to corporate finance, Pickens became one of the first
so-called corporate raiders.  He unsuccessfully launched takeover bids for
Gulf Oil, Phillips Petroleum and Unocal, creating a playbook though that
would be followed by many others over the next few decades.  Take a small
stake in a company, pressure it to sell itself and become very rich in the

PICKENS:  I would be foolish to sit here and tell you, you know, that we
lost in a deal where we made $500 million.

SULLIVAN:  Despite his reputation as a stockholding swashbuckler, Mr.
Pickens was also an early advocate for shareholder rights, insisting that
executives be compensated with stock.

PICKENS:  Now, remember the stockholder owns a company and a management`s the employee.

SULLIVAN:  That line of thinking informed a new generation of shareholder activists.

In 1997, at the age of 68, Pickens started his investment firm, BP Capital,
one of the first energy-focused hedge funds.  It was a nearly total flop at
first, but a huge bet on natural gas in the year 2000 proved prescient, and
set off a run to a billion dollar fortune.

In July 2008, he self-funded a $100 million campaign aimed at making
America energy independent.

PICKENS:  We haven`t done a thing to lower our dependency on foreign oil.

SULLIVAN:  Though the Pickens plan never reached the scale he wanted,
Pickens has been instrumental in creating a line of natural gas-powered
vehicles and a company called Clean Energy Fuels (NASDAQ:CLNE).

For Pickens, philanthropy became as important as profit.  He donated $500
million dollars to his alma mater, with a football team now plays in Boone
Pickens Stadium.  But his greatest love was his 65,000-acre ranch he owned
in the Texas Panhandle.  He even bought and moved his childhood home from Oklahoma onto the ranch and started to drill a new oil well there in 2018.

PICKENS:  I always say I`ll retire in a box is the way I`ll go out, feet

SULLIVAN:  A lasting memorial perhaps to a full life lived.



HERERA:  Oracle`s co-CEO Mark Hurd is taking a leave of absence due to
health-related reasons.  Oracle`s chairman, Larry Ellison, and co-CEO Safra
Catz will cover Hurd`s responsibilities during his leave.  The company made the announcement when it released its earnings late today, a day earlier than expected.  Oracle (NASDAQ:ORCL) earned 63 cents a share, which was just about in line with estimates, revenue of $9.2 billion was slightly below expectations.  The stock fell in initial after-hours trading.

GRIFFETH:  There are new developments tonight in the settlement
negotiations with OxyContin maker Purdue Pharma.  The Arizona attorney
general says that nearly half of all states and 2,000 local governments
have reached a tentative settlement with the company over its role in the
opioid epidemic.  According to reports, Purdue is going to pay up to $12
billion and the Sackler family that owns Purdue will give up control of the

Now, this is essentially the same offer the Sackler family made recently to
all parties involved in the litigation but many state attorneys general
remain opposed to this deal.  A court trial is still set for next month in

HERERA:  A New Jersey jury found Johnson & Johnson (NYSE:JNJ) liable for
$37 million in a trial related to its talc powder.  In the trial, four
people alleged that J&J`s product caused cancer.  Johnson & Johnson
(NYSE:JNJ) said it plans to appeal and that it`s talc products are safe.

GRIFFETH:  An experimental therapy for peanut allergies took a small step
forward today, ahead of an FDA panel meeting later this week.  The company behind the treatment is called immune, and it shares soared on the news today.

Meg Tirrell has the story.


MEG TIRRELL, NIGHTLY BUSINESS REPORT CORRESPONDENT:  It`s increasingly common and can be life-threatening.  Peanut allergy affects an estimated two and a half percent of U.S. children.  Right now, there`s no FDA-approved treatment to help, just extreme vigilance.

But this week, a panel of advisers to the Food and Drug Administration will
meet to discuss what could be the first FDA approved therapy for peanut
allergy.  Made by drug company Aimmune Therapeutics, the treatment comes in the form of peanut protein administered in an increasing dose over time, that aims to help patients build up a tolerance.  

Today, the regulator released briefing documents ahead of that meeting.

Baird analyst Brian Skorney says they showed the FDA validated the efficacy of the treatment.

BRIAN SKORNEY, BAIRD ANALYST:  Primarily, I think this is going to be about a discussion around the safety side of things.

TIRRELL:  Because the treatment is peanut protein, the side effects include
allergic reaction.

SKORNEY:  Anyone who has a history of allergies a child with very severe
allergies, I think these are understand — these are understandable side
effects with the treatment and I think ultimately are well worth the reward
that you get for going through the treatment protocol.

TIRRELL:  Studies showed the treatment enabled 67 percent of patients to
tolerate at least two peanuts after a year.  That compares with just 4
percent who didn`t get the treatment, all started by not being able to
tolerate even one third of a nut.

The FDA panel will vote Friday on whether to recommend approval, and the regulators scheduled to make its decision by the end of January.

The next question will be its price and how many patients will use the
treatment.  Skorney says the cost may be around $10,000 a year.  That would be more than the $3,000 to $5,000 he said can be charged for treatments now done by some doctors that aim to accomplish a similar thing, increasing tolerance to an allergen through exposure over time.  

But it`s less costly than allergy shots.  The main difference from what`s
already offered in the doctor`s office, an FDA approved standardized

SKORNEY:  This is a very standardized production methodology to ensure the consistency from a lot to lot.

If you get the reasonable certainty that what you`re getting is something
that has been regularly tested in clinical trials.

TIRELL:  If successful, he estimates the drug could draw more than a
billion dollars in annual sales.



HERERA:  Charles Schwab cuts 3 percent of its jobs.  That`s where we begin
tonight`s “Market Focus”.

The brokerage firm said it will be shedding about jobs as it looks to cut
expenses in the face of falling interest rates.  The stock was up nearly 2
percent to $42.76.

Boeing (NYSE:BA) CEO says his company is still aiming for the 737 MAX to
return to the air by early fourth quarter, but he acknowledged regulators
in other countries may not all agree on that timeline.  


DENNIS MUILENBURG, BOEING CHAIRMAN:  I think a phased ungrounding of the airplane among regulators around the world is a possibility.  I know the FAA is working very hard to build that collaborative network amongst the regulators and bring everyone along together.


HERERA:  Shares rose more than 3.5 percent to $382.94.

Starbucks (NASDAQ:SBUX) clarified there will not be a SEC inquiry into that company`s accounting practices.  Earlier in the week, it was reported the coffee chain was under investigation by authorities, but Starbucks
(NASDAQ:SBUX) says it has exchanged letters with the SEC on how the company applied, quote, new revenue recognition accounting standards.  The stock rose a fraction to $90.98.

GRIFFETH:  After months of antitrust investigations, the FTC has now
approved U.S. Foods acquisition of five food businesses from the Services
Group of America for nearly $2 billion.  U.S. Foods though will have to
sell three distribution centers for regulatory clearance.  U.S. Foods
shares were up about 1 percent today to $41.09.

General Electric (NYSE:GE) is looking to raise up to $3 billion by selling
part of its holdings in oilfield services company Baker Hughes (NYSE:BHI).  
GE will end up with a minority stake in Baker Hughes (NYSE:BHI).  It plans
to use the proceeds then to pay down debt.  GE shares rose about 2.5
percent today to $9.36.  While Baker Hughes (NYSE:BHI) shares fell more
than 7 percent to $22.29.

HERERA:  A bit earlier in our program, we discussed the rotation that`s
happening in the market and some areas like value stocks are starting to do
a bit better.  So the question is, is now the time to invest in that group
and if so, where should you put your money?

Joining us is Mark Travis.  He is president and portfolio manager at
Intrepid Capital Funds and he has some ideas for us.

Welcome, Mark.  Nice to see you again.


HERERA:  Your first stock pick is Hanes and you make the point that we all
need underwear, so it`s a pretty reliable brand.

TRAVIS:  Well, I like to say that I like to invest in things that people
need news, shoes, will talk about underwear, electricity.  You know, I
think that as far as the value choice to me, if you look at the nine
Morningstar (NASDAQ:MORN) style box over the last 50 years, a small cap
value has been the best-performing style on an absolute basis in that time
period.  And I`ve been in that space for last 20.  I`d say the last five
it`s been very difficult.

I think what`s been interesting is Michael Buries comments famous from the movie “The Big Short” comment about small cat value last week and how there seems to be a sea change of footwear momentum shares have lost some sponsorship and money seems to be flowing into things like Hanes Brands, which has a brand that all the kids know, that we know from our youth, Champion Brands, grown very rapidly.  It`s gone from a billion dollars in sales volume in 2017 to probably $1.8 billion this year.  They`re going to lose a target business but that`s kind of built into the price.

GRIFFETH:  All right.  

TRAVIS:  They`re grown at mid-single digits, got close to a 4 percent
dividend which in this world where the central bankers have their thumb on the scales of interest rates, that`s a pretty, pretty high dividend rate
from my perspective.


TRAVIS:  And I think the shares are worth in the — you know, low to mid
20s from where they are today.

GRIFFETH:  Quickly on these next two if we can, Mark.  We got Vistra
Energy.  It hasn`t been public very long, just a few years, but it`s had a
pretty good ride so far.

TRAVIS:  Well, I think, Bill, what`s interesting about this, it`s spun out
of the old TXU bankruptcy and, you know, there are independent power
producer, 67 percent of our cost for natural gas, up until August, it had
been pretty cool in Texas, believe it or not.  But it`s one of the few
business you`ll see that`s buying back debt, increasing their dividend and
delivering.  They`re generating $2 billion in free cash flow on a $10
billion, you know, market caps.

HERERA:  All right.  I want to —  

TRAVIS:  So, a huge free cash flow generator.

HERERA:  Yes, I want to get to Skechers which is your last pick.  They have
been growing quite rapidly.

TRAVIS:  I think the Greenberg family has done a great job.  I`m a little
leery of being in two share classes but they`ve been good stewards at
capital.  They control the business through the B share class of Skechers.  
Worldwide growth has been pretty phenomenal, there`s concerns of, you know, the tariff interactions in production in China they`ve relocated that
Vietnam and they`ve done a good job and you know getting athletes like Tony Romo and David Ortiz to —  


HERERA:  Yes, that`s been interesting.

TRAVIS:  So, again, a good free cash flow generator, shares in the mid 30s,
I think they`re probably worth close to $50 a share.

HERERA:  OK.  Mark, thank you so much.  

TRAVIS:  You`re welcome.

HERERA:  Mark Travis with Intrepid Capital Funds.

TRAVIS:  Thank you for having me.

GRIFFETH:  Elsewhere, California has now passed a landmark bill requiring contract workers to be labeled as employees and while it may sound like nothing more than archaic labor law, it strikes at the heart of the
business model of companies like Uber and Lyft, and the so called gig

Deirdre Bosa is in San Francisco for us tonight.


DEIRDRE BOSA, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Everything could soon change for Uber and Lyft drivers.

UNIDENTIFIED MALE:  I think it will be great for those who are doing it
full-time and supporting families.

UNIDENTIFIED MALE:  The way it`s set up is just fine.

UNIDENTIFIED MALE:  I don`t see that wouldn`t work for me because I`m doing Tesla.  That`s my main job and I`m just doing this on the side.

UNIDENTIFIED FEMALE:  I`m opposed to it in a lot of ways because I don`t
think it was — when they were writing it, they didn`t really consider the
actual independent contractors.

BOSA:  California`s landmark bill could reshape the gig economy and
required ride-sharing companies to treat drivers as employees with benefits and minimum wages, versus freelance contractors.

MEERA JOSHI, FORMER NEW YORK TAXI AND LIMOUSINE COMMISSION CEO:  What it does primarily is it makes it clear that there will be many more protections for drivers going forward in one shape form or another and that will cost the companies.  

BOSA:  For Uber and Lyft, it has the potential to cost hundreds of millions
of dollars.  For investors, a longer path to profitability when ride-
sharing is already bleeding money.  For riders, increased fares.

There are however some questions over whether this bill will actually go
into effect for Uber and Lyft.  It`s also uncertain whether drivers would
even want to be classified as employees, which could take away their
flexibility and ability to pursue other endeavors.

UNIDENTIFIED MALE:  For me, it won`t work.  I wouldn`t want to be employee because I`m just doing it for a few hours.

UNIDENTIFIED MALE:  My take (ph) is that whatever we`re doing right now, it`s best for us.

UNIDENTIFIED MALE:  I`m fine the way things are, but I can definitely
empathize with, you know, the people that are juggling real-life stuff
while doing this.

UNIDENTIFIED FEMALE:  It wouldn`t really change anything honestly.  They don`t really care about us at the lowest round of this, you know, platform.

BOSA:  But one thing is certain, lawmakers are looking to reshape the gig
economy in California may just be the beginning.

NIGHTLY BUSINESS REPORT, Deirdre Bosa, San Francisco.


GRIFFETH:  And late today, Uber issued a statement saying it will not
comply with that new California law, arguing that drivers are not core to
its business.

HERERA:  Coming up, Wall Street remembers and gives back.


HERERA:  Anniversary ceremonies were held across the country, commemorating the nearly 3,000 people who lost their lives 18 years ago today.  The New York Stock Exchange and the Nasdaq observed moments of silence to honor the victims, survivors and their families.  President Trump and First Lady Melania led a moment of silence at the White House before participating in an observance at the Pentagon.

GRIFFETH:  And nearly 2/3 of Cantor Fitzgerald`s employees lost their lives
that day, more than any other company with offices in the Twin Towers.  
Since then, Cantor has hosted an annual charity day to raise funds
supporting causes around the globe.  And once again, celebrities were on
hand today to help the firm give back.

Kate Rogers (NYSE:ROG) was there for us.


KATE ROGERS, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Cantor Fitzgerald has turned tragedy and loss into something positive.  The firm which lost more than 700 of its own on September 11th donates every dollar made today, raising money for its own relief fund and 150 other charities.

Celebrities and athletes manned the phones on the Cantor trading floor,
making trades and closing deals, including actors Steve Buscemi and Rosie
Perez.  Others, including former President Bill Clinton and former U.K.
Prime Minister Tony Blair came to simply show their support.

HOWARD LUTNICK, CANTOR FITZGERALD CEO:  And so, we decided on this day, this most difficult day.  We would turn it into something beautiful.  So,
all these people behind you say they`ve all agreed to waive their day`s pay
today, and we asked all our clients to do as much business as possible, and
we don`t give away our profits.  Every dollar of revenue, every dollar of
business we give away.

Since 2002, Cantor`s raised more than $150 million, including $12 million
last year alone.

CINDY CRAWFORD, MODEL:  In your own private way, you might honor this day wherever you are, but to be able to be here up at Cantor Fitzgerald who had such an incredible loss 18 years ago, but then to be giving back and it`s such a great way, it makes it — I don`t know — it just feels like a
positive way to mark this day.

ROGERS:  NFL star Victor Cruz was working the phone.  He has his own
foundation focusing on STEM education.

Fitzgerald, obviously, on behalf of my foundation, Victor Cruz Foundation,
obviously remembering September 11th and being here, remembering all those, you know, people that we lost on this day and doing things back for a good cause.  That`s why we`re here, is to give back, it`s all about charity,
it`s all about giving back to organizations.

ROGERS:  And to have some fun on the trading floor while helping out their
causes of choice.

NICK SWISHER, FORMER NEW YORK YANKEES PLAYER:  And I always try to sign up for these early slots, to pump this place up, get it going.

ROGERS:  Yes, you have great energy.

SWISHER:  I`m saying I feel like I`m part of the team, I got my trading
jacket on, you what I`m saying?

ROGERS:  Helping a firm that lost so many honor their memory by doing good.

For NIGHTLY BUSINESS REPORT, I`m Kate Rogers (NYSE:ROG) in New York City.


HERERA:  Here`s a look at the final numbers today.  The Dow Jones
Industrial Average rose 227.  The Nasdaq was up 85.  S&P 500 added 21.  

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, everybody.  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.

<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