Transcript: Nightly Business Report – September 30, 2019

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

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  Volatile stretch.  The  third quarter saw trade clashes and recession signals, but that didn`t stop  the market from staying within reach of all time highs.  

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Speaking out.  How smaller  companies are helping regulators understand just how dominant big tech can  be.  

GRIFFETH:  Finding financial aid.  Have college-bound kids, do you?  Well,  it`s time to fill out a key form if you want to receive any assistance.  
Those stories and much more tonight on NIGHTLY BUSINESS REPORT for Monday,  September 30th.  

HERERA:  Good evening, everyone, and welcome.  
Well, it may be the start of the week, but it`s the end of the month, and  the end of the third quarter.  A period that was defined by trade tensions,  recession concerns, interest rate worries and now political drama.  But  despite it all, stocks stayed steady.  

Let`s run through the numbers.  Today on the last day of the quarter, the  Dow Jones Industrial Average rose 96 points to 26,916.  The Nasdaq added 59  and the S&P 500 was up 14.  

For the month, all of the major averages were higher.  And for the quarter,  the Dow and the S&P were up, but the Nasdaq dipped slightly.  
And now comes October, a month that historically is volatile, and the next  big hurdle, earnings.  
Bob Pisani is at the New York Stock Exchange.

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  For the third quarter  officially out of the way, the markets are still on track to end the year  strong.  But investors are going to be fixated on the next big catalyst,  and that is earnings.  This next great earnings recession fear that  dominated the first quarter and the fear that companies would dramatically  lower earnings expectations in the second half of the year because of the  tariffs and trade wars, and the global slowdown, none of this has ever come  to pass.  

Earnings have held steady and remain roughly flattish for the first  quarter, the second quarter, and now, for third quarter.  Going in to the  year end, the fourth quarters estimates show a gain of roughly 4 percent.   But still, that`s a big improvement over the last three quarters.  And  that`s good news.

So, there`s the problem: the two biggest issues that would earn the needle  in earnings in one direction or the other are unresolved.  The first one is  trajectory of trade talks.  Are we going to get more or less tariffs in the  fourth quarter?  And then there`s the Federal Reserve.  Are they on hold  when it comes to rates or are they not on hold?  

And while there`s been no wholesale attempts to lower earnings in a big  way, we do see a couple of troubling trends emerging.  13 of those 14  companies who`ve reported for the fourth quarter have had their estimates  for the fourth quarter come down.  That`s a very high percentage, north of  90 percent, and it`s been very notable downward revisions from some  important bellwethers like FedEx (NYSE:FDX) and Micron and Carnival  (NYSE:CCL).  

The other trend is energy seeing very big downward positions, even in the  third quarter.  Exploration and production companies like EOG, for example,  estimates have come down 20 percent for this as a group since July because  excessive production of oil is keeping oil prices low.  That`s something to  keep an eye on as well.  
For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.  

GRIFFETH:  Mark Luschini joins us now to talk more about these third  quarter earnings expectations.  He`s chief investment officer at Janney  Montgomery Scott.  
Mark, good to see you again.  Welcome back.


GRIFFETH:  Certainly no shortage of things to talk about, as we look at  what is traditionally the most volatile month of the year for Wall Street.   But what`s your outlook?  I mean, you know, Bob says flattish earnings are  coming our way.  What do you think?  

LUSCHINI:  Well, we know typically that companies tend to guide a little  bit lower and the beat ratio typically comes in around 75 percent plus or  minus a few percentage points around which generally means that over the  course of the earnings season, earnings tend to trend higher than what are  our original estimates are guesstimating.  And right now, the negative 3  percent level looks daunting, but it shouldn`t be overcome and flatten out.   I think investors are going to start to look toward fourth quarter in 2020  earnings estimates, and so much of that is going to be predicated upon  conditions globally, both as it relates to trade as well as growth.  

HERERA:  And given that, this earnings season, what sector of the market do  you think is going to be key?  Not just for you, but the market overall?

LUSCHINI:  Well, certainly, Sue, the biggest sector in the market is the  technology sector.  It represents 22 percent of the S&P 500.  So, it`s  going to matter a lot in interprets of the influence on the direction of  the market.  Another big sector however is financials.  

And we see a nice rally in the stock prices here in the month of September.   We`ll see if it`s because investors are sniffing out better earnings to  come from the financial sector growth, which again given its double-digit  weight could help support the market if technology doesn`t, or if in  combination drive the overall market higher.  
So, those are the two I`ll be most focused on.  

GRIFFETH:  And energy, what you saw in that graphic, you feel it looks  attractive right now, even as energy prices start to come down again here.  

LUSCHINI:  Well, Bill, one would have to be a pretty hard contrarian to  wade into energy stocks at this juncture because they`ve done nothing but  disappoint here so far this year.  But that said, from a valuation  perspective, there`s two standard deviations below their relative return  against the S&P 500 so far this year.  And so, that would suggest to us  perhaps they`re bombed out sufficiently, as to warrant some attention,  particularly if investors become more confident that perhaps elevated  energy prices or a geopolitical risk premium as a consequence of the attack  on the Saudi Arabian facility could lead to even higher prices in the near  future.  

HERERA:  So, Mark, how much of what you`ve just laid out for us do you  think is already in the market, because there is still a lot of headline  risk as Bill mentioned earlier in the market.  Do earnings trump that or  not?  

LUSCHINI:  Frankly, Sue, I think it`s the macroeconomic issues that trump  earnings at this juncture.  I think that you`re right, it`s baked in at  this point.  We`ve known for some time that earnings were going to face  some difficult comparisons, because 2018 earnings were so strong.  And  we`re finally seeing the base effects of that perhaps fade in the fourth  quarter of this year and for all of 2020.  But that said, if we would get a  resolution or at least some permanence to the truce between China and the  U.S. and we start to detect real convincing signs of global growth  beginning to at least stabilize if not outright improve, that could be  enough even in the absence of third quarter earnings improving to be the  driver for stock prices going into the end of the year.  

GRIFFETH:  Mark Luschini with Janney Montgomery Scott — again, always good  to see you, Mark.  Thanks for joining us tonight.

LUSCHINI:  Thank you, Bill.

GRIFFETH:  You bet.

HERERA:  Well, part of the reason the market traded higher today was  because of slightly positive economic news out of China and optimism around  the trade talks.  In a statement over the weekend, the Treasury Department  said that the White House is not considering blocking Chinese companies  from listing shares on U.S. stock exchanges.  

As you may recall, that report was one of the reasons why stocks fell on  Friday.  And the Chinese government had something to say about it.  
Here`s Eunice Yoon in Beijing.  

EUNICE YOON, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The foreign ministry  criticized reports that the Trump administration could be limiting U.S.  investments into Chinese firms by saying that any decoupling of China and  the U.S. would harm both sides and cause instability in global markets.   Analysts here, though, say it`s not clear how damaging those restrictions  would be in any case since foreign investors generally play a small role in  domestic stock markets, and China has been trying to make its markets more  attractive to Chinese firms with the launch of its own Nasdaq-style market.  

Separately, China posted more data that surprised to the upside.  But the  improvement is likely only temporary.  Analysts say the stronger orders  were likely due to seasonal factors, possible frontloading and government  stimulus.  The better numbers came one day before China celebrates its 70th  anniversary of the founding of the People`s Republic on Tuesday, expect the  military hardware filled parade and an address by President Xi Jinping.  

Investors will be looking for any clues on his speech on China`s policy  towards the West.  
For NIGHTLY BUSINESS REPORT, I`m Eunice Yoon in Beijing.

GRIFFETH:  Elsewhere, Senate Majority Leader Mitch McConnell said today  that he hopes the U.S. and China do reach an agreement on trade sometime  soon because he said the trade war has hit America`s heartland especially  hard.  

SEN. MITCH MCCONNELL (R-KY), MAJORITY LEADER:  It`s been very tough on  American agriculture.  And as you know, my party is very deeply based in  rural America and small town America.  

So, I hope the president can get a good outcome here.  The Chinese have  been stealing our intellectual property and not playing by the rules for a  long time.  So, I admire what he`s trying to do, but I hope we can get a  conclusion of this sometime soon, because rural America really needs it.  

GRIFFETH:  According to “Reuters”, about $19.5 billion in U.S. farm goods  were exported to China in 2017, that figure fell to about $9 billion last  year, after agriculture products were made more expensive by tariffs.  
Senator McConnell also said that farmers would benefit if Congress passed  the new NAFTA, which is now called USMCA.  

HERERA:  The president of the Chicago Fed said the Central Bank`s current  accommodative stance is a good one, but suggested more cuts could be needed  if economic headwinds increased.  Charles Evans considers himself open- minded when it comes to monetary policy and said getting inflation to the  Fed`s target rate of 2 percent has been a challenge over the last six  months.  

GRIFFETH:  Oil prices fell sharply today on reports that Saudi Aramco has  fully restored its production capacity following those drone attacks on  those facilities earlier in the month.  The attacks had briefly knocked out  more than 5 million barrels a day of Saudi crude, knocked it offline.   Price of domestic crude here in the U.S. today settled at a one month low.  

HERERA:  Boeing (NYSE:BA) plans to sharpen its focus on safety following  the grounding of its 737 MAX plane.  The announcement comes as the company  enters a critical time of year.  
Phil LeBeau has been following the story for us all along.  
And, Phil, welcome.  
Boeing (NYSE:BA) CEO Dennis Muilenburg is increasing safety protocols. 

HERERA:  How significant are the moves?  
LEBEAU:  Well, the moves are significant considering the fact that what  Boeing (NYSE:BA) has gone through has exposed a lot of flaws in the process  of developing and building aircraft.  So, certainly, the fact that they`re  going to be taking a greater focus, and people can now step up if they see  a safety issue, that`s certainly going to help in the future.
Look, it can`t get worse than it already has been for Boeing (NYSE:BA).   But keep in mind, this also comes as people continue to question what was  being done as they developed the 737 MAX.  The most recent report over the  weekend is that this was a plane that as they built the military version of  it, it had safeguards that were not applied also to the commercial version.  

It`s just one more case where people, and you can bet they`ll bring this up  when they question Dennis Muilenburg in Washington, D.C.  People are  saying, what was going on?  

GRIFFETH:  Yes.  Well, of course, tomorrow starts fourth quarter.  And this  is the time when Boeing (NYSE:BA) said it hoped that the 737 MAX could  return to service.  
What do you think, yes, no?  

LEBEAU:  They`ve got a lot of hurdles they`ve got to clear.  If they`re  going to make it within the next 90 days, think about this.  They`ve still  got to do a recertification flight, and I get no indication that that`s  going to be happening any time soon.  

Then they`ve got to formally ask for the regular lighters to approve the  MAX going back into service.  Then they`ve got have to prepare all these  grounded MAX planes.  Just can`t flip a switch.  That`s going to take  anywhere from 20 to 40 days is the estimate I hear from the airlines.  So,  a lot of things have to happen if the MAX is going to fly by the end of the  year.  

HERERA:  You`re a busy guy these days.  You have another huge story on your  radar, that`s the UAW/GM strike.
HERERA:  Any movement so far today?

LEBEAU:  They`re still talking.  And everyone says that they are making  progress.  But I get no sense that we see a deal coming any time soon.  So,  keep in mind that the UAW workers, they have been without work.  So,  they`ve been two weeks without work, they missed a paycheck on Friday.  
They are now eligible for strike payments from the UAW.  That comes out to  $250 a week, as they start to get those this week.  That will help a little  bit.  

But, guys, $250 a week, that`s nothing compared to what you`re making if  you`re on the assembly line.  

GRIFFETH:  Indeed.  It`s interesting that GM shares have not suffered over  this time frame.  Why is that do you think?  

LEBEAU:  The inventory is still there.  Sales have been hit.  If we see  inventory drop off, especially for pickup trucks, then you would see the  stock really suffer.  

HERERA:  Phil LeBeau, thanks as always, Phil.  
LEBEAU:  You bet.  

GRIFFETH:  Time to take a look at some of today`s “Upgrades and  Downgrades”.  
We begin with shares of Bed, Bath and Beyond.  They were upgraded to  outperform from market perform at BMO Capital.  The analyst there cited the  potential for earnings to stabilize over the next couple years.  Stock  price target now, $16.  Shares rose 7 1/2 percent today to $10.64. 

Also at BMO Capital, United Healthcare and Humana (NYSE:HUM) were  downgraded to outperform.  That analyst cited election uncertainty and its  impact on future health care policy.  Price target for UnitedHealthcare is  $249.  For Humana (NYSE:HUM), it`s $290.  The stocks however moved in  opposite directions today, UnitedHealth rose, Humana (NYSE:HUM) was down.  

HERERA:  Apple`s price target was hiked to $265 at JPMorgan (NYSE:JPM).   The analyst sees sentiment on the stock improving materially.  The firm has  an overweight rating on the stock.  The stock was up 2 percent to $223.97.
Newell Brands was upgraded to buy from hold at SunTrust.  The analyst there  says the company is on a verge of a turnaround.  The price target is $25,  and the shares gain more than 2-1/2 percent to $18.72.

GRIFFETH:  Still ahead, Bernie Sanders has a plan to tax corporations and  address the pay gap between CEOs and workers.  

GRIFFETH:  WeWork has now officially pulled its initial public offering.   The embattled office sharing startup formally announced its intent to go  public last month.  

And in the process, it revealed big losses and a confusing corporate  structure.  Then came weak demand for its stock, which led to a reduced  valuation for the company.  Last week, WeWork`s co-founder and CEO Adam  Newman stepped down and gave up his voting power in the process.  And so,  today, the IPO has been shelved.

HERERA:  Forever 21 has filed for bankruptcy.  The fashion retailer that  helped popularize fast fashion has filed for chapter 11 protection.  The  company which targets teen shoppers said it would cease operation in 40  countries and close up to 178 stores here in the U.S.  Forever 21 plans to  continue to operate its website and simplify its operations while going  through the bankruptcy process.  Analysts say the store was not able to  keep up with the shifting tastes of younger consumers.

GRIFFETH:  A judge today dismissed a lawsuit brought by four states that  challenged a provision of the 2017 tax law that kept state and local tax  deductions.  The judge reaffirmed that cap as part of Congress`s broad  powers to write and pass tax legislation under the Constitution.  He also  said that the states did not show that the cap constrains their decision- making process.

HERERA:  Senator Bernie Sanders has outlined a new tax plan that targets  corporations.  The aim is to narrow the gap between what they pay their top  executives and what they pay their workers.
Robert Frank has the details.

ROBERT FRANK, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Bernie Sanders  announcing this morning that it is, quote, time to send a message to  corporate America.  If you do not end your greed and corruption, he said,  we will end it for you.

And he hopes to end it with a new inequality tax — tax would apply to  companies with revenues of more than $100 million both private and public,  where CEO pay is at least times the median salary of their workers.  Now,  it`s a sliding scale starting with half a percent tax and rising to 5  percent for companies whose CEO makes more than 500 times their median  worker.  Now, Sanders said it would raise $150 billion a year.  
Now the companies that would be hardest hit are mostly in retail, banking  and restaurant chains since they have large workforces of lower paid  workers or they have operations in developing countries.

Now, McDonald`s (NYSE:MCD) would pay an additional $110 million in taxes  last year under the plan while Walmart would have had to pay an additional  $800 million and JPMorgan (NYSE:JPM) Chase would have paid $1 billion more  in taxes.  Now, some of the other companies with large pay gaps include  Chipotle, Coca-Cola (NYSE:KO), Dollar Tree (NASDAQ:DLTR), Kohl`s (NYSE:KSS)  and The Gap (NYSE:GPS).

Now, some market strategists say the plan is more political than practical.
DAN CLIFTON, STRATEGAS:  There`s a difference between campaigning and  governing.  And from a campaign theme, it fits very well in this theme that  we were talking about income inequality, CEO pay.  I think as a practical  aspect, it would be very difficult to implement.
FRANK:  The tax is made possible by recent SEC rule that requires companies  to disclose the pay gap.  But there are no set rules for how companies have  to calculate the median pay.  So, like any tax, companies would probably  find ways around it.

GRIFFETH:  Thor Industries (NYSE:THO) drops the hammer and that`s where we  begin tonight`s “Market Focus”, with the RV maker topping analyst profit  expectations, thanks to lower costs in North America.  But the company  missed on revenue due to sluggish sales, but investors seem to be focusing  mainly on that bottom line number.  The shares jumped nearly 16 percent to  $56.64.

Cal-Maine Food says an extreme drop in egg prices hurt the egg producer`s  sales which led to a bigger loss than Wall Street expected.  Egg prices  have dropped by as much as 40 percent of the past year due mainly to an  oversupply that started in early 2018.  Cal-Maine stock dropped about 17 —  about 12 percent today at $39.96.

And Seattle Genetic says that data from an early stage bladder cancer drug  test showed about a 70 percent overall survival rate when it was combined  with Merck`s Keytruda.  And Wall Street noticed, as multiple brokerage  firms today raised their price target on that biotech company.  And shares  rose more than 12 percent to $85.40.

HERERA:  Walgreens is joining CBS (NYSE:CBS) in suspending the sales of  Sanofi`s Zantac and other generic heartburn products, as the FDA continues  its review after an online pharmacy cited low levels of a chemical that  could cause cancer.  Both CVS (NYSE:CVS) and Walgreens shares rose more  than one-and-a-half percent.  Sanofi was up a fraction.
Congressional antitrust investigators are looking at Google`s new Internet  protocol worried it might give the company an unfair advantage by denying  others access to consumer data.  The House sent a letter earlier in the  month asking Google (NASDAQ:GOOG) if it would collect the data for any  commercial purposes.  Google (NASDAQ:GOOG) claims its goal on this project  is to improve Internet security.  The shares fell a fraction to $1,221.14.

GRIFFETH:  Now, Google (NASDAQ:GOOG) isn`t the only big tech company under  scrutiny these days.  Other Silicon Valley giants are as well.  And as  regulators investigate their dominance, they are calling on smaller  companies to better understand just how much power the big ones hold.
Ylan Mui talks to one business who says it`s getting squeezed.

MIKE MOLSON HART, VIAHART FOUNDER:  Technically by appearing in this  interview, we could get in a lot of trouble.

YLAN MUI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Molson Hart has been  selling toys for almost 10 years.

HART:  This is another one of my favorite guys.  This is Slowmo, Slowmo the  sloth.

MUI:  Stuffed animals, a construction toy called Brain Flakes, even  kickboards.  
Where does he sell all of this?

HART:  Definitely Amazon (NASDAQ:AMZN) by far.  In 2018, 98 percent of our  revenue actually came from Amazon (NASDAQ:AMZN).
MUI:  In a post on “Medium”, Hart argued that gives Amazon (NASDAQ:AMZN)  enormous power over his business and ultimately harms consumers.

HART:  If we`re caught selling our products for less on, let`s  say, then we sell them on Amazon (NASDAQ:AMZN), then Amazon (NASDAQ:AMZN)  will actually suppress our listings in Amazon (NASDAQ:AMZN) search which  tremendously hurts sales.  
So, what do we do?  We actually end up raising prices on our other  marketplaces to match Amazon (NASDAQ:AMZN).

MUI:  That caught the attention of the FTC.  An investigator reached out  and Hart spent an hour on the phone with him.

HART:  It`s really hard to find someone who`s willing to speak up about an  issue when it comes to Amazon (NASDAQ:AMZN) because people are afraid to  speak publicly.

MUI:  Regulators appear to be casting a wide net.  The FTC has reportedly  reached out to Snap in its case against Facebook (NASDAQ:FB), and a source  tells us the Justice Department has sent a subpoena to DuckDuckGo, a search  engine that`s trying to compete with Google (NASDAQ:GOOG).
Other Google (NASDAQ:GOOG) rivals like TripAdvisor and Yelp say they`re  finally being heard after trying for years to get the attention of U.S.  regulators.

LUTHER LOWE, YELP SR. VP OF POLICY:  It can`t just be sort of one squeaky  wheel raising this issue.  It has to be lots of players who are talking  about these issues, in order to spur the government to take action.
MUI:  Google (NASDAQ:GOOG) says its services helped create more choice, not  limit it.  Amazon (NASDAQ:AMZN) did not respond to our request for comment.

For Hart, speaking out publicly violates his contract with Amazon  (NASDAQ:AMZN) and means he could end up suspended from the platform.
HART:  Going into Christmas, we have — we`re going to hit over a million  dollars or at least get really close to it in inventory.  What happens to  the business if we can`t sell November and December?  We`re a toy seller.   What do we do with that inventory?  

It`s going to be a really long haul from that point on if we were to get in  trouble.
MUI:  For NIGHTLY BUSINESS REPORT, I`m Ylan Mui in Washington.

HERERA:  Coming up, it`s time to start thinking about college financial  aid, a confusing process but it doesn`t have to be.

HERERA:  California`s governor has signed into law legislation that allows  college athletes to be paid.  They can now sign endorsement deals and  profit from their name, image and likeness.  The measure is the first of  its kind and analysts say it could transform the economics of college  sports.  The NCAA, which is the governing body of college sports, strictly  prohibits athletes from profiting in any way from their sport.  Many expect  the new law to be challenged in court.

GRIFFETH:  Well, the fall semester may have just begun.  But for college- bound high school seniors and their parents, now is the time to start  thinking about the next school year.  Starting tomorrow, you can apply for  loans and grants using the Free Application for Federal Student Aid called  FAFSA.  

Our senior personal finance correspondent Sharon Epperson joins us now to  talk about this lovely process.


GRIFFETH:  Why is the FAFSA form so important?  
EPPERSON:  Because it unlocks the gateway to all kinds of aid.  Federal  student aid, yes, but also perhaps state aid, perhaps private institutions  aid.
When you look back at 2018 statistics, $122 billion in aid was awarded  because people filled out this form, to about nearly 13 million students  and about six thousand colleges participated.  So, there are a lot of  schools that are participating in this, a lot of students that are  participating in it, and their families.
The key is not that they`re going whether or not they`re going to fill out  the application. 

EPPERSON:  It`s when they fill it out.  That`s going to be very key.
HERERA:  And when do they start? 

EPPERSON:  Tomorrow, October 1st, the sooner the better, because the  earlier you start, the more likely you are to get aid that may be given on  a first come, first served basis.  So, you want to make sure you apply as  soon as you can, don`t wait until your child has actually gotten into the  school because you need to figure out how you pay for it before that  acceptance even comes or maybe before you even apply.

And you want to fill it out regardless of your income because this is not  only for grants and scholarships for free money but it`s also a work study.   It`s also loan.  So, you want to make sure that you fill that out, and also  because states and private institutions are using the form.

GRIFFETH:  So, what do you need to bring with you as you`re filling out  that form?

EPPERSON:  Make sure that you have your 2018 tax return.  That`s the one  that they`re going to be looking at.

EPPERSON:  You need to have an ID that is an FSA ID that you get so that  you can go on to the Department of Education Website, your Social Security  number, and then a record of your assets, your bank and brokerage  statements.  Know that your retirement accounts will not be counted for  financial aid.

HERERA:  It sounds like so much fun.
How is it — how is the information really used or processed to determine  what kind of aid or how much aid you can get?  

EPPERSON:  They use it to figure out your EFC, your expected family  contribution.  How much you`re expected to pay for your child`s education.   And the key there is to make sure that you include your assets, as well as  your child`s, and to know that your assets are not counted as much as your  child.
So, when you`re saving in that 529 plan, it`s not the same as if you`re  putting all that money in your kid`s name.

HERERA:  Got it.
GRIFFETH:  I`m so glad that`s past me now.
EPPERSON:  Oh, lucky you.
HERERA:  You can hold my hand as I`ve — as I`ve — 
EPPERSON:  Yes, we`re holding each other`s hands.
HERERA:  Exactly, we are.

GRIFFETH:  Thank you, Sharon Epperson.  Always good to see you.
HERERA:  Here`s a look at the final numbers on Wall Street.  The Dow rose  96, the Nasdaq added 59, S&P was up 14.  For the month, all of the major  averages were higher and as for the quarter, the Dow and the sp up, but the  Nasdaq dipped slightly.

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

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