Transcript: Nightly Business Report – October 2, 2019

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

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  Market selloff.  Stocks  fall sharply the second straight day, marking a rocky two-day start for the  quarter, which is testing investor confidence.  

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Tonight, we`ll try and answer  some key questions.  Why the sudden reversal, what might happen next, and  where long-term investors can find opportunity.  

GRIFFETH:  All that and more tonight on NIGHTLY BUSINESS REPORT for this  Wednesday, October 2nd.  

HERERA:  Good evening, everyone, and welcome.  
The ugly start to October got even uglier.  The stock market selloff  intensified for a second straight day, making an historically volatile  period for the market even more so, as concerns over economic growth  rattled investors.  

The Dow Jones Industrial Average dropped about 500 points.  Some of the  reasons are familiar.  But some are new.  And we`ll explore all of them  tonight.  

But first, the closing numbers.  The Dow was down 494 points to close just  above 26,000.  The Nasdaq off 123 and the S&P 500 slid 52.  

GRIFFETH:  Now, today`s losses add to yesterday`s decline, obviously.  In  the past two days, the Dow has lost more than 800 points.  One analyst  described the selloff as a gut check for investors.  That may be the case,  but according to Bespoke Investment Group, a bad start to October does not  necessarily mean the month will end that way.  

A couple of examples.  Look at the second line here, 1935 during the depths  of the Great Depression, the market started the month lower but as you can  see, it finished higher.  Same thing the line below that, in 2009 during  the Great Recession, and by the way, the market finished higher for the  quarter in both of those years as well.  We`ll see what happens.  
As for today`s action, Bob Pisani starts us off tonight from the New York  Stock Exchange.  

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The Dow plunged nearly  600 points at the lowest point before ending well off the level.  Today  address drop all three average more than erased the September gains in the  first two days of October.  October, of course, is infamous for being a  scary and volatile month for the stock market.  And keep in mind, during  pre-election years, the S&P has been flat back in October going all the way  back to 1950.  

Right now, the markets are still grappling with concerns of a prospect of a  recession.  Following yesterday`s weak manufacturing data, the Dow broke  below technical support levels today, but managed to hold above 26,000.   And just the concerns were centered around growth once again, we saw  cyclical names fall there.  So, industrial names, Boeing (NYSE:BA),  Caterpillar (NYSE:CAT), materials like Dow, oil names like Chevron 

(NYSE:CVX), retailers, transport stocks all weaker.  Banks were also under  pressure because bond yields continued to sink today.  

So, it boils down to what side of the recession debate you`re on for 2020.   Weak manufacturing isn`t sending the economy down by itself but a weaker  consumer might.  Remember the U.S. consumer is the engine of global growth  but there`s really not much sign of a consumer slowdown yet.  

One early sign, watch the big consumer stocks that have done well this  year.  The Costcos, the Home Depots, Starbucks (NASDAQ:SBUX), Nike  (NYSE:NKE), McDonald`s (NYSE:MCD), they`re all still strong.  There are a  little bit of cracks to show.  Starbucks (NASDAQ:SBUX), for example, has  been weaker in the last month but given how big it is in China, maybe  that`s understandable overall.  

Now, even defensive stocks like consumer staples were down today.  Names  like Coke, and Procter & Gamble (NYSE:PG), and Pepsi and General Mills  (NYSE:GIS) and Kimberly Clark, for example.  
For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.  

HERERA:  As Bob just mentioned, and as we reported yesterday, part of the  concern in the market is the decline in manufacturing activity.  And a  large part of that may be coming from the energy industry.  
Here is Brian Sullivan.  

BRIAN SULLIVAN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Here is a look at  shipments by manufacturers to the oil and gas industry year over year.  

You can see not only have shipments, which is the yellow line, come down  from a year ago, new orders, future shipments, the white line, they have  fallen as well.  In fact, total shipments are down 2.5 percent from last  year.  I get it, 2.5 percent may not sound like a lot, but when you`re  talking about hundreds of millions or billions of dollars in big, heavy  equipment orders and manufacturing, it does matter.  

Now the slide has been going on for a while.  As of August, manufacturing  data to the energy industry down nine of the past 12 months.  A big part of  that slowdown is the big drop in new drilling activity.  

Last year at this time, there were 863 oil rigs drilling for oil in the  United States, according to Baker Hughes (NYSE:BHI).  Last week, just 713.   And much that drop is coming from Texas.  In fact, according to Baker  Hughes (NYSE:BHI), drilling rigs in Texas have fallen by 111 from a year  ago.  

Remember, each drilling rig is a big, heavy pipe-filled piece of machinery.   They use many vendors on the drilling sites, from actual rig companies, to  generator companies, to truckers, sand haulers, you name it.  

And here`s the most important I think on a macro level to remember.  In  2008, oil and gas nearly single-handedly kept the American economy from  falling into an even worst recession or depression.  For about two years,  energy was the only industry adding jobs.  

And each drilling rig represents maybe 75 to 100 workers both directly and  indirectly.  So, if we keep seeing a slowdown in drilling, we may start to  see a big slowdown on the big daddy of all economic numbers.  And that is  the monthly jobs report.  

Just something to think about with manufacturing data, oil and gas, stocks  down, but that drilling activity could be tweaking the national numbers  lower as well.  
For NIGHTLY BUSINESS REPORT, I`m Brian Sullivan.  

GRIFFETH:  Meanwhile, the U.S. finds itself in another tariff tiff, but  this one`s not with China.  It`s with Europe.  Late today, the U.S. trade  representative said it`s going to impose tariffs on billions of dollars of  imports from the European Union.  The World Trade Organization authorized  those tariffs earlier in the day after it ruled that the E.U. unfairly  subsidizes aircraft giant Airbus.
Kayla Tausche has details.

KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The U.S. will place  new tariffs on $7.5 billion in European goods beginning October 18th after  winning a long-running legal dispute at the World Trade Organization.   Aircraft will be charged a new 10 percent tariff while agricultural and  industrial products will see a 25 percent tariff, those include items from  scotch whiskies to sweaters and sweet biscuits in addition to wine, cheese  and olives.

A statement from Delta Airlines (NYSE:DAL) said planes are purchased well  in advance and that imposing tariffs on aircraft that U.S. companies have  already committed to will inflict serious harm on U.S. airlines, the  millions of Americans they employ, and the traveling public.
Washington and Brussels have been fighting for more than a decade over  whether Boeing (NYSE:BA) or Airbus receives more government subsidies.  The  WTO sided with the U.S. and said the E.U. government has given Boeing`s  French competitor an unfair leg up.

Because of that ruling, U.S. officials believe the E.U. has no right to  retaliate even though it`s prepared a list of new tariffs on its own just  in case.  
The two sides are planning a meeting October 14th — just days before the  new tariffs would take effect, but it`s unclear what if anything those  negotiations will yield.
For NIGHTLY BUSINESS REPORT, I`m Kayla Tausche in Washington.

HERERA:  The new tariffs come at a fragile time for the European economy  and potentially deepens the rift in the Trump administration`s trade fight. 
Willem Marx is in Brussels for us tonight.
So, Willem, could this escalate further with a European response. 

WILLEM MARX, NIGHTLY BUSINESS REPORT CORRESPONDENT:  So, that`s a definite  possibility, European Commission officials telling me tonight this was no  great surprise, more or less what they expected and they do anticipate that  the U.S. will move ahead with imposing tariffs as soon as possible.  Mid- October is the earliest they can become enforceable under WTO rules and the  possibility at that point is that the Europeans will not seek to retaliate  by using the allowances they might get from a future Boeing (NYSE:BA)  ruling for the WTO.  That could be a similar level of tariffs left open to  them, but that may not happen till early next year. 
Before then though, an indication last night from the European Commission  for Trade, Cecilia Malmstrom, was that they try and use previous old  settled rulings from the WTO that gave them an ability to enforce tariffs  they didn`t take in the past.  They`d use those allowances again to try and  show that they were being firm.

Bruno Le Maire, the French finance minister, this afternoon talking about  this being an error that is both economic and political if the U.S. are to  seek sanctions and the Commissioner Cecilia Malmstrom saying today as well,  she thought they were both counterproductive and unhelpful.

HERERA:  Willem Marx, thank you so much for joining us tonight, Willem.
GRIFFETH:  So, what could all of this mean for the market this month and  the rest of the year?
Joining us now, Alicia Levine is the chief strategist to BNY Mellon.
Alicia, good to see you.  Thanks for joining us tonight.

ALICIA LEVINE, BNY MELLON CHIEF STRATEGIST:  Thanks for having me again,  Bill.

GRIFFETH:  I mean, we`ve got so many crosscurrents going on right now.   These trade wars, you know, the negotiations with China coming up.  We got  more reports on the economy — tomorrow, services, the jobs report on  Friday. Do you expect more volatility he asked naively? 

LEVINE:  So, the U.S. has joined the rest of the world in the manufacturing  slowdown, which as you pointed out is the reason for the selloff over the  last two days.  And the big question out there is whether it has affected  the service sector and the consumer because the consumer is 70 percent of  U.S. GDP and services are likewise about 70 percent of the economy.  

So, the reads that we get tomorrow, Thursday morning, and Friday morning  are going to have an outsized importance compared to the past and how the  market is going to interpret all the data.  So, a good read to help support  markets but if there`s any weakness at all, it will continue the story of a  U.S. slowdown and fears of a recession.

HERERA:  But to be clear, you do not foresee a recession.  Is that still  correct?

LEVINE:  Our base case is that there is no recession in 2020, that the U.S.  consumer does in fact continue to drive the U.S. economy and in fact drive  the global economy.

Having said that, we do see a slowdown and we do see that the risks are  rising from markets as well as the global economy.

GRIFFETH:  Is this the reason the Fed cut rates the last couple of times?   Is this the insurance policy that they were taking out?  Or do you foresee  even more cuts down the road?

LEVINE:  So, the reason the Fed cut rates twice already this year is for  several reasons.  The first of which was that the U.S. monetary policy had  much higher rates than the rest of the world and that can be damaging to  the U.S. economy if the U.S. Federal Reserve is much tighter than other  central banks.  

We do think the Fed will cut another basis points by the end of the year,  which is actually what the market is pricing in so that would be a benign  event for the market and we do think that it will help the housing market  for example.

HERERA:  So what do you do as an investor as we enter this month of  October?  Do you anticipate it will be as it has been in the past in some  cases an upside month or not?

LEVINE:  So, the data at the beginning of your segment was really  interesting because they show, as you point out, that October is  historically a higher month after a few days of sell-off.  This is a very  interesting market because it`s a market where macroeconomic events can  really shape the direction of corporate earnings and markets.

And the truth of the matter is, is that if there is a trade deal sometime  in the next month or two or signals thereof, then the market should move  higher.  But to the extent that is just more talk and that there is not any  kind of conclusion to the trade fight with China, we actually expect the  markets move lower.

GRIFFETH:  All right.  We will see what happens this interesting month.   Alicia Levine with BNY Mellon — again, thanks for joining us tonight.

LEVINE:  Thanks for having me again.
HERERA:  Still ahead, a stock market roadmap.  Two longtime market watchers  lay out the bull case for stocks and the bear case.

GRIFFETH:  Wall Street is also trying to figure out what if any impact  impeachment developments in Washington are going to have on the market.
Ylan Mui has the latest for us on the drama in D.C.

YLAN MUI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The battle over  impeachment intensified today in Washington, threatening the legislative  agenda that was already a long shot.

Congressional committees received an urgent briefing this afternoon from  the inspector general of the State Department after Secretary Mike Pompeo  acknowledged that he was on the July 25th phone call between President  Trump and the leader of Ukraine.  In a letter, Democrats threatened to  subpoena the White House if it doesn`t turn over documents by Friday  related to that call. 

House Intelligence Chairman Adam Schiff said failure to produce the  information will be considered evidence of obstruction of justice.

REP. ADAM SCHIFF (D-CA (NASDAQ:CA)):  We are proceeding deliberately, but  at the same time, we feel a real sense of urgency here that this work needs  to get done.

MUI:  Trump quickly came out swinging, calling on Schiff to resign and  blaming the impeachment nonsense for driving down the stock market and  401ks.  He also accused Democrats of abandoning issues like drug prices and  trade.

DONALD TRUMP, PRESIDENT OF THE UNITED STATES:  We have to go back to  building our country because 99 percent of Nancy Pelosi`s time is spent on  this.  She should worry about lowering the price of drugs which I`ve done,  but it`s hard to do without the help of Congress.
MUI:  The speaker of the House has insisted that her party can both  legislate and investigate.  She said she welcomes cooperation on  prescription drugs and gun violence, and she`s encouraged by progress on  the USMCA trade deal.

REP. NANCY PELOSI (D-CA (NASDAQ:CA)):  So, is the president saying, if you  — if you question my actions, I can`t agree on any subject, then the ball  is in his court.
For NIGHTLY BUSINESS REPORT, I`m Ylan Mui in Washington.

HERERA:  The labor market may still be historically strong, but it is  showing signs of slowing, something investors are watching.  Private  payroll company ADP said today that companies added 135,000 jobs in  September.  It was slightly better than expected, but last year at this  time, monthly job gains averaged more than 200,000.  Economists have been  concerned that the trade tensions which have pressured manufacturing could  eventually start to take their toll on the labor market.

GRIFFETH:  And the latest car sales reports produced a mixed picture of the  auto industry.  General Motors (NYSE:GM) reported third quarter sales were  up more than 6 percent.  That`s an indication the labor strike is not yet  taking a toll on that company.

But Ford sales were down, about 5 percent, because of softness in its SUV  market.  Fiat Chrysler sales, they were basically flat.

HERERA:  Those mixed auto sales and concerns the U.S. economy is slowing is  part of the reason for the recent market sell-off.  But will things get  worse before they get better or is the worst over?
Barry Knapp joins us, managing director at Ironsides Macroeconomics.  He  says things could get worse.

Michael Farr is with us as well, president of Farr, Miller and Washington.   He says the bull market is still strong.
Gentlemen, welcome.  Nice to have you both with us.

HERERA:  Barry —  
HERERA:  — we`ve had a rough start obviously to October, but you think  things could get worse.  Why?  

KNAPP:  Well, first of all, all growth is not created equal.  So what  actually matters significantly for corporate revenues and corporate  earnings is — it`s not just the manufacturing sector, it`s the spending on  capital equipment and how that affects the inflationary aspect or  implications or impulse if you will from growth.  So, a year ago, capital  investment was quite strong, revenues were strong and earnings were strong.   This year, we`ve had a significant decelerating — deceleration in that  capital investment part of the economy.  

Plenty of recessions have actually started this way.  It was quite  commonplace in the `50s, for example, or 2001 when we had a tech bubble. 


KNAPP:  There`s no bubble today, but that deceleration in the capital  spending part of the economy has put significant downside pressure on  earnings and revenues.  

It can be traced directly back to the trade war through business  confidence, and that hasn`t played all the way through the economy.  

KNAPP:  The final piece is going to be the labor market.  Growth has  already slowed as you noted, Sue.  It`s only growing at 1.3 percent.   That`s the labor force year-on-year versus 1.9 a year ago.

KNAPP:  And so, we think there`s a little bit more to be seen in those  numbers and the market is not yet fully reflected that.  At 2,800 or 2,750  in the S&P, that would probably be reasonably fairly reflected in my view.

GRIFFETH:  Michael, there you are.  I mean, manufacturing has slowed.  It  may even be contracting at this point.  The labor market is starting to  slow here as well.  Why are you still bullish?

FARR:  Bill, we`re still I believe in a secular bull market that`s been  going on for ten years.  We`ve had a number of corrections and, you know,  we had a 6 percent correction during the month of May.  Mid-July to mid- August, we had a six and a half percent correction.

At all of these times, you know, you hear folks wailing and gnashing teeth  and saying, here it is, here`s the big bear market — the market has  something of a cold.  You have to pay attention, but I think that planning  the funeral is a little bit premature at this point.

I called Jim Iuorio before I came on with you guys.  Iuorio said, I think  that the risk here is being under invested.

I called my friend Jack Bouroudjian.  Jack said, you know, these pullbacks  I think will create a buying opportunity.  Jack further pointed out — and  I agree with this — you know, the Fed is an easing mode here.  The Fed is  accommodating markets.  You don`t want to fight the Fed.  

And I think when you look at these unemployment numbers, you say, well,  we`re 3.7 percent unemployment.  That means that we`re 96.3 percent  employed.

HERERA:  Uh-huh.

FARR:  I mean, you`re  going to have a slowdown when you reach full  employment.  So, be careful.  This could go down tomorrow on the services  number a little more.  But overall, I think you`ve got to be opportunistic,  take a look at what you own, and don`t call an end of this bull yet.
HERERA:  Let me turn to Barry.

Quickly, Barry, you know the adage is don`t fight the Fed, but I guess the  key question is — in your opinion, can the Fed cut enough to keep us  either out of recession or get the economy turned around a little bit?

KNAPP:  No, the Fed — the Fed is trying to cut to stabilize business  confidence to get capital spending restarted.  I don`t think that they can  totally offset that.  What could offset that to be clear is a trade deal or  some type of trade detente to be sure.

So, I`m not calling for a cataclysmic sell-off here.  I`m not calling for  20 percent.  But I think 10 percent is in the cards.  

And, by the way, for most investors, when you`re looking to put money to  work, those are the opportunities, I agree.  So, down 10 percent at the  level I cited, I`d be a buyer, but not yet.

GRIFFETH:  Very quickly, Michael, what`s going to take us higher here in  your view?  Which sector do you like best?

FARR:  I think you take a look still at the earnings numbers when they come  out.  They continue to grow a little bit.  I think that you see wage gains  and the consumer remains the key.  Sectors I like continue to be those more  defensive, a shift away from the high-risk, so the consumer staples.   Health care I continue to like, and you know the banks have just gotten  killed at some point, you`ve got to buy them.

HERERA:  Barry Knapp with Ironsides Macroeconomics, Michael Farr with Farr,  Miller & Washington — gentlemen, thank you both.  
KNAPP:  Thank you. 
FARR:  Thank you.

GRIFFETH:  TD Ameritrade (NASDAQ:AMTD) and ETRADE become the latest to drop  their commissions and that`s where we begin tonight`s “Market Focus”, with  both online brokerages saying today that they`re going to eliminate  commissions for stocks and ETF trading the day after Charles Schwab`s  announcement.  Shares of both TD Ameritrade (NASDAQ:AMTD) and ETRADE were  off more than three percent in today`s sell-off.

Johnson & Johnson (NYSE:JNJ) has settled lawsuits with two Ohio counties  for about $20 million.  This allows the company to avoid an upcoming  federal trial in that state against a group of healthcare-related companies  accused of being responsible for the country`s opioid epidemic.  J&J rose  more than 1.5 percent to $132 even.

And homebuilder Lennar (NYSE:LEN) topped analyst forecast today, thanks to  higher demand for its homes.  The company also said new orders rose 9  percent compared to a year ago and there are signs that the housing market  continues to improve.  The stock was up nearly 4 percent today to $57.82.

HERERA:  Delta says it sees third quarter revenue below its previous  guidance because of higher than forecast costs, including employee wage  increases and maintenance.  Shares fell more than 4.5 percent to $54.35.
Acuity Brands (NYSE:AYI) which sells lighting products missed on sales in  part due to the continued trade war with China.  The company`s CEO called  the overall demand for lighting products, quote, sluggish because of  tariffs.  The stock dropped more than 11 percent to $114.97.

GRIFFETH:  And coming up, the number one rule for long term investors after  a sell-off like this one.

GRIFFETH:  So the month of October has arrived and after just two days, the  Dow is down roughly 800 points.  Short-term traders love this kind of  volatility, but what about long-term investors?  What should they do with  this?

Joining us now with her thoughts, Jenny Harrington is the CEO and portfolio  manager of Gilman Hill Asset Management.
Jenny, good to see you tonight.


GRIFFETH:  You`re a long-term investor.

GRIFFETH:  What do you make of this volatility this month so far?
HARRINGTON:  I don`t make anything of it.  To me, it`s just a blip, since  over the past 10 years, we`ve had something like 65 different versions of  panic attacks where the markets moved up down and scared the daylights out  of people.  And I don`t think right now that this is anything different.  I  don`t think it`s the beginning of something nefarious.

HERERA:  So, as a long-term investor, Jenny, do you just ignore all the  headline risk that`s out there?  Or do you take a look at maybe  opportunity?

HARRINGTON:  I think you — I mean, you`re always looking for opportunity  and I have this goofy bumper sticker in my office that says “I love  volatility” because volatility creates opportunity. 

But I think you always stand back, look at your portfolio and say, has it  done what I intended it to do, was it set up strategically for what I need  it for, you know, two years ago, five years ago, ten years ago?  Is it  doing that and is it position to do that going forward?

If it`s not, then maybe you want to make changes, but don`t make changes  just because we`re down 5 percent over the last five days.  Make changes  because it`s always a good time to think thoughtfully and maybe make a  change.

GRIFFETH:  But here`s what I always think about — when does long-term  investment thinking become complacency?  You`re down 5 percent, maybe you  go down 10 percent and you say, well, I`m a long-term investor I`m going to  ride this thing out?

HARRINGTON:  I think, OK, so I think you can always ride it out, right, and  you can take a step back and say, over the past 10 years, we`ve had the  market down 18 percent or so in 2013, and 16 percent in `11, I might be off  a little on that.  But we`ve ridden through all of those, and that to —  and the annualized return over the past years is 13-1/2 percent. 

So, if you can ride those out, if you can ride the 18 — down 18 percent  and down 16 percent out, you know what you get in the end?  You get an  annualized return of 13-1/2 percent, which is really solid.  

And I`m going to say that I`m — I don`t have a crystal ball, so I would  never know exactly what to get in and when to get out.  So, I`d rather ride  those out and be just very thoughtful and very diligent and know that I`m  positioned for anything that comes my way.

HERERA:  So given that, as you manage money for clients and look at the  market, is the economic data a little bit more important overall than the  day-to-day activities in the market?

HARRINGTON:  The economic data is definitely more important than the day- to-day, for sure, and then more important than that even as each company  that we`re invested in is what`s at the corporate level and what`s  happening at the corporate level there, and will that company be able to  ride out whatever storm comes your way.

GRIFFETH:  Having said that, what do you like right now?

HARRINGTON:  Good question.  OK, so that`s loaded from me, right?  I always  like dividend stocks, because I`m a dividend investor.  I like dividend  stocks.

But that`s not — I`m a little joking.  I like stocks with really high free  cash flow yields and some of those stocks are  going to choose to pay it  back in a dividend and some are  going to buy back shares or improve their  businesses, but I love things with that high free cash flow yield.  And we  actually manage two portfolios, one is a dividend stock portfolio and one  is a disciplined growth portfolio, but the hurdle is a high free cash flow yield.

HARRINGTON:  These are the companies pumping out high free cash flow, they  can actually skate through 2008, 2009.  And I don`t mean the share price  skate through, but the business skate through.

GRIFFETH:  Very good.  Jenny Harrington with Gilman Hill Asset Management,  good to see you again.  Thanks for joining us.

HARRINGTON:  Thanks for having me.
GRIFFETH:  You bet.
HARRINGTON:  Good night.

HERERA:  Here`s a look at the day`s final numbers on Wall Street.  It  wasn`t pretty.  The Dow was down for 494 to close just above 26,000, Nasdaq  was off 123, and the S&P 500 slid 52.
That is NIGHTLY BUSINESS REPORT tonight.  I`m Sue Herera.  Thanks for  joining us.

GRIFFETH:  I`m Bill Griffith.  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.

<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