Transcript: Nightly Business Report – November 1, 2019

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

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Record finish.  The S&P 500  and the Nasdaq closed at all-time highs as the job market shows its  resilience.  

Good fit?  Google (NASDAQ:GOOG) buys Fitbit for more than $2 billion,  extending Google`s reach into consumer electronics.  

Second chances.  Used clothing is big business.  Tonight, we meet the  entrepreneurs who had the bright idea to focus on men and their growing  love of fashion.  

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Friday,  November 1st.  

Good evening, everyone, and welcome.  Bill Griffeth has the evening off.  
Wall Street ended the week in rally mode.  The S&P 500 and the Nasdaq  closed at records, thanks to both a much stronger than expected jobs report  and progress on trade negotiations between the U.S. and China.  That  reassured investors about the health of the economy, and it sent stocks  higher.  

Here are the closing numbers for you.  The Dow Jones Industrial Average  rose 301 points to close at 27,347.  The Nasdaq was up 94.  And the S&P 500  added 29.  And it was the fourth straight week of gains for all of the  major averages.  
Bob Pisani has more from the New York Stock Exchange.  

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Stocks were back in  rally mode on the first day of November, both S&P and Nasdaq, record highs  today.  We had a notable shift in the market narrative.  We`ve gone from  fears of a recession in 2020 — remember that a few months ago, to a belief  that the global economy will be slowing but still growing.  
But today`s data is taking the edge off of even that slowdown narrative.   October jobs, better than expected.  And we had strong revisions from prior  months.  

Elsewhere, the U.S. manufacturing was still weak, but it was better than  feared.  And new orders did not slip.  That`s a critical component.  It  looks ahead the new orders.  

Overseas, even China manufacturing was better than expected.  And trade  sentiment is lifting for the moment.  

So as a result, we`ve got some breakouts, not just the S&P 500 but even on  a global scale, European indexes hitting new highs today.  Japanese indexes  hitting new highs as well.  

Here in the U.S., new highs in the Nasdaq 100, in materials names, health  care names and semiconductors as well.  

So, what`s missing here?  What would move the markets up more, say another  10 percent?  

So, three things would really move the needle.  First, higher bond yields  would move money out of bonds and into stocks.  That`s a help.  
Second, trade.  We need to take the December 15th tariffs that are supposed  to come on off the table.  

And finally, this is probably important, is earnings.  This slow growth  narrative has believed that 2020 earnings would be flat to up mid-single  digits.  But if we get better economic data across the board, that`s going  to force traders to rethink those estimates for 2020 and that means  rethinking them up.  
For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.  

HERERA:  And now to the employment report which as we mentioned was  surprisingly strong despite a cooling economy.  
Steve Liesman takes a closer look at the state of the American labor  market.  

STEVE LIESMAN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Even while the  government reported that job growth slowed in October, Wall Street still  saw the report as on the strong side and likely to help keep moderate U.S.  growth humming along.  The government said the unemployment rate ticked up  0.1 to 3.6 percent and that 128,000 jobs were added.  Now, that is the  lowest in five months.  

But job growth bass better than the meager 75,000 that Wall Street had  forecast, and lackluster job growth from the prior two months were revised  upwards by a combined 95,000 jobs.  Finally, the number was depressed by  striking GM workers who have now gone back to work. 

JAN HATZUS, GOLDMAN SACHS:  If you look at the jobs number now you are not  seeing that much slowdown.  It`s a little bit surprising, because other  indicators do show a slowdown over the last year.  But the job market is  just chugging along for now.  

LIESMAN:  There was strong growth in leisure and hospital, up by 61,000.   Education and health services up by nearly 41,000.  Wholesale trade up  nearly 11,000.  

But government down 3,000 because census workers let go and manufacturing  was down by 36,000.  But those manufacturing job losses should turn into  gains this month when striking GM workers return to work.  And that leads  to more upbeat news on the economy.  

JASON FURMAN, PETERSON INSTITUTE FOR INTERNATIONAL AFFAIRS:  I don`t think  any one number on jobs should change our view of the economy.  This one  changes mine a bit more than the average month does.  You have the pace of  job growth in the last three months exceeding the pace of job growth we had  in the first seven months of this year.  That`s something that is  surprising given all the increase in uncertainty we have seen.  

LIESMAN:  What`s so important about the report is that global economic  weakness and trade war have plunged the U.S. manufacturing sector into what  some are already calling a recession but better job growth should mean  strong consumer spending that can help growth continue at the recent modest  pace of around 2 percent.  

HERERA:  Let`s turn now to Ethan Harris (NYSE:HRS) to talk more about the  stronger than expected jobs report and the economy as a whole.  He is the  head of global economic research at Bank of America (NYSE:BAC) Merrill  Lynch.  

Ethan, welcome back.  Nice to see you tonight.  

HERERA:  Let`s start, first of all, with your reaction to the report and  why you think basically these reports and the previous revisions mean the  labor market is so strong.  

HARRIS:  Well, I agree with the other people commenting before me.  I mean,  this is a very strong report, if you take out the distortions due to the  strike and laying off of temporary census workers.  It`s like 185,000 or  something like that gain.  So, it`s a very strong gain.  

I think we need to put it in a broader context.  It is true that the labor  market has held up a lot better than expected.  But if you look across the  economy, you do see tremendous weakness in the manufacturing sector.  You  see it in business investment.  

And so, while the job numbers look great and the service side of the  economy producing most of the jobs look great, the manufacturing side of  the economy does not look so great.  So, it`s still a mixed picture out  there, even with this good data.  

HERERA:  You make the point, as I look at my notes, that`s what`s happening  is you say the companies have responded to things like the trade war by  cutting investment rather than jobs.  Why do that?  
HARRIS:  Well, think about it from a corporate perspective.  You have no  idea where tariffs are going to be two years from now.  And so, if you`re  going to make a commitment to new investment, to buy new plant and  equipment, that`s something you can`t give back.  You know, you have to put  that money in.  

So, you`re not doing capital investment until you have some clarity around  what your future cost structure is going to look like.  On the other hand,  you`ll hire.  If you have business and you have demand for products, you  need to produce products.  So you will add workers.  

If it turns out the trade war is really bad and you need to lower the  employment at one of your the outlets, you do it.  But you can`t return a  factory whereas you can lay off a worker.  So, the factories and the  investment side is much weaker than the labor side.  

HERERA:  The New York Fed and the Atlanta Fed both downgraded forecasts of  economic growth.  Are you at all worried about economic growth overall in  the economy, separate from labor?  

HARRIS:  Well, I mean, the economy is slowing down.  I mean, away from this  report and the recent reports in general have been a little bit better on  payrolls.  There is a broad slowdown going on.  We think that growth will  slow to about 1.3 percent in the fourth quarter down from 1.9 this quarter.   So, it`s a little bit further weakening.  

I`m not worried about a recession or a deeper downturn as long as we do get  a trade deal, because with the trade deal, that intense uncertainty in the  business world will abate a bit.  And the economy should start to stabilize  and improve.  We also have a Fed that is working ready hard to support  growth.  

So, as long as the trade war is under control, growth should pick up early  next year.  

HERERA:  Ethan Harris (NYSE:HRS) with Bank of America (NYSE:BAC), Merrill  Lynch — Ethan, thank you so much.  
HARRIS:  Thank you.  

HERERA:  And as we just discussed, one of the biggest issues for the market  is indeed trade.  President Trump today said a deal with China is coming  along well.  
Kayla Tausche takes a look at the progress being made.  

KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Top negotiators from  the U.S. and China continued talks over a principals-level phone call today  with differing views of what was achieved on trade.  China`s Ministry of  Commerce says a consensus on principles was reached.  The U.S. trade  representative said the call was constructive and that the two sides made  progress in a variety of areas and are in the process of resolving  outstanding issues.  

As discussions continue, so does the search for a venue for President Trump  and President Xi to sign the phase one of the broader deal after Chile  cancelled the APEC summit later this month.  Trump yesterday tweeted the  new location would be announced soon.  
For NIGHTLY BUSINESS REPORT, I`m Kayla Tausche in Washington.  

HERERA:  The vice chair of the Federal Reserve says monetary policy is in a  good place.  Richard Clarida pointed to the central bank`s three interest  rate cuts this year and said the full effects are yet to be felt.   Economists interpreted the remarks as an indication the Fed is likely to  remain on hold at least for now.  

And now to earnings from big oil.  ExxonMobil (NYSE:XOM) and Chevron  (NYSE:CVX) posted sharply lower profits despite increases in production.   The two companies cited drops in energy prices.  Exxon profit was nearly  cut in half though it did beat analyst estimates coming in at 75 cents per  share.  Chevron (NYSE:CVX) earnings fell 36 percent to 1.36 per share,  missing estimates of $1.45.  In trading, shares of Exxon rose 3 percent.   Chevron (NYSE:CVX) was up a fraction.  

And now to merger news.  Google`s parent Alphabet is buying Fitbit for more  than $2 billion.  On the surface, the get-together may seem odd since  Fitbit once dominated the wearables market, but no longer does.  But that  doesn`t stop investors from sending shares of both stocks higher, with  Fitbit rising 15 percent.  
Josh Lipton has more.

JOSH LIPTON, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Google (NASDAQ:GOOG)  CEO Sundar Pichai has been moving hard into hardware, dedicating time,  money and effort into building out his portfolio, which includes everything  from smartphones to smart speakers.  

Now, Pichai is pushing into wearables with its purchase of smart watch  maker Fitbit.  That company struggled competing with big rivals like Apple  (NASDAQ:AAPL).  Its stock is down nearly 90 percent from its all-time high.   But Google (NASDAQ:GOOG) clearly thinks its talent and technology are  valuable.  

In a statement, Google`s hardware chief saying: By looking closely with  Fitbit`s team of experts and bringing together the best AI, software and  hardware, we can help spur innovation in wearables and build products to  benefit even more people around the world.  

Google (NASDAQ:GOOG) has a long history of making moves in hardware through  acquisitions from Motorola Mobility, to Dropcam to Nest.  Though some argue  the acquisitions haven`t always yielded benefits.  

JOANNA STERN, WALL STREET JOURNAL:  You got fit bit here that probably no  better company — maybe Garmin (NASDAQ:GRMN), maybe some of the running  companies doing a little bit of a better job in the fitness, workout pace.   But Fitbit is the one to have.  

The issue with Google (NASDAQ:GOOG) is they bought other fitness companies  and wearable companies before.  They bought Fossil (NASDAQ:FOSL) — some  tech from Fossil (NASDAQ:FOSL) before.  They bought Misfit, a start-up in  the fitness and wearable space.  Nothing came of it.  

LIPTON:  And as Google (NASDAQ:GOOG) pushes into wearables, it faces plenty  of competition from the likes of Apple (NASDAQ:AAPL).  The iPhone maker  doesn`t break out how many watches it sells.  But analyst estimate that Tim  Cook`s company has now sold 76 million.  

This is a relatively small deal for Google (NASDAQ:GOOG).  But analyst say  it will likely attract scrutiny in Washington too, given that Google  (NASDAQ:GOOG) like other big tech companies is now clearly on the radar of  regulators.  
For NIGHTLY BUSINESS REPORT, I`m Josh Lipton in San Francisco.  

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

Pinterest was upgraded to buy from neutral at D.A. Davidson, following its  disappointing quarterly results and its weak guidance.  But the analyst  cites Pinterest`s year over year sales growth as an encouraging sign.  The  price target is $28.  But the stock was down 17 percent to $20.86.  

And booking holdings formally known as Priceline was downgraded to neutral  from buy at Bank of America (NYSE:BAC) Merrill Lynch.  The analyst cites  macro concerns from the online travel industry.  The price target is  $2,160.  The stock fell a fraction to $2,032.02.  

Still ahead on this jobs day, the challenges that some companies are facing  when it comes to finding workers to protect against hacks.  

HERERA:  It was a rough week for Boeing (NYSE:BA) and it`s not ending any  better.  Some flight attendants are questioning the safety of the troubled  737 MAX.  Following testimony this we can from Boeing (NYSE:BA) CEO, the  Flight Attendants Union representing American Airlines is questioning  whether the FAA has the resources necessary for oversight moving forward.   American`s 28,000 flight attendants say they will, quote, refuse to walk  onto a plane that may not be safe, end quote.  

Senator Elizabeth Warren released a new outline of her Medicare-for-All  plan.  The single payer program would cost just under $52 trillion over a  decade, which her campaign says is roughly the same as what the current  system costs.  The Democratic presidential hopeful said it would give every  American full health coverage and coverage for long-term care.  

She says her plan would be paid for by corporations and the ultra rich.   Senator Warren added that middle class Americans would not foot the bill.  
In survey after survey, companies say cyber-attacks are one of the biggest  risks to business.  That`s why demand is strong for those who have the  know-thousand to protect networks against hacks but finding those employees  isn`t always easy.  
Kate Rogers (NYSE:ROG) is in Washington with the next installment of “Help  Wanted”.  

KATE ROGERS, NIGHTLY BUSINESS REPORT CORRESPONDENT:  As cyber-attacks grow  in frequency and severity around the globe, workers like Mandi Ingersoll  are in high demand.  Ingersoll is an analyst at TDI, a cybersecurity firm  in Washington, D.C., helping clients ensure their networks are safe.  

She began her career in the cyberworld in the Navy, some 20 years ago, and  decided to stick with it after retiring.  

MANDI INGERSOLL, TDI CYBERSECURITY ANALYST:  It`s interesting because it`s  always something new.  You`re never looking at the same thing.  And it`s  important because this is — I mean, this is not only critical to, you  know, commercial and private sector sites, but also federal government and  military.  

ROGERS:  The firm employed some 70 people in the U.S. and Europe, assessing  and protecting companies, non-governmental organizations and government  agencies from cyber risks.  It`s looking to bring on 15 more workers, a  tall order given the changing cyber workforce. 

Employees are aging out while others simply want to work on shorter term  basis. 

CEO Paul Innella says he has seen a new phenomenon given the low supply of  skilled workers relative to demand 

PAUL INNELLA, TDI CEO:  I learned the term ghosting but we have — we are  finding that folks will quite genuinely not show up and never return your  call again.  Now, we have found some folks who we have hired who just  didn`t show up and we never heard from them again.  So I do believe there  are some unique challenges that we have never seen before.  

ROGERS:  TDI offers competitive pay and benefits, tuition and certification  stipends, as well as bonuses, but the fight for tech talent is ramping up  particularly here in D.C. as Amazon (NASDAQ:AMZN) moves into the second  headquarters.  

Workers are needed beyond just TDI.  Right now, more than 2.5 million  people are working in cybersecurity jobs around the globe.  Some 4 million  workers are needed close the skills gap and half a million of those workers  are in demand here in the U.S. to properly defend organizations.  

DAVID SHEARER, ISC2 CEO:  We need skilled people right now that can do the  work but we also need to be building that cadre of the next wave of people  coming in to replace those that will be retiring in the not-too-distant  future.  

ROGERS:  And the work has never been more important.  
SHEARER:  The volume of attacks and the sophistication of attacks from  around the world just continue to increase, yet the workforce is  constrained.  The demand for qualified people continues to go up, the  sophistication of the attacks going up.  

ROGERS:  For NIGHTLY BUSINESS REPORT, I`m Kate Rogers (NYSE:ROG) in  Washington.  

HERERA:  Mixed results for AIG.  And that`s where we begin tonight`s  “Market Focus”.  

The company missed earnings estimates due to sluggish demand in the  insurer`s life and retirement businesses.  But AIG did report better than  expected revenue and narrowed its loss from last year on smaller  catastrophe losses.  Shares were up about 1.5 percent to $53.76.  

Colgate-Palmolive (NYSE:CL) saw an increase in organic sales, thanks to  volume increases and higher prices.  But the consumer products maker was  also hurt by lower sales in Europe.  And this led to a slight miss on  revenue but Colgate was able to top Wall Street`s earning expectations.   Shares fell more than 2.5 percent to $66.81.  

Strong demand for its cancer drug Imbruvica and a smaller than expected  drop in sales of its blockbuster drug Humira helped AbbVie beat estimates.   The company also raised the lower end of its outlook and it raised its  dividend 10 percent.  Shares rose nearly 3 percent to $81.75.  
It is time now for our weekly market monitor who has a list of stocks he  says you should be buying right now.  He is Mark Lehmann, and he is  president of JMP Securities.  

Mark, welcome.  Nice to have you here.  

HERERA:  Let`s get right to your picks.  
Lyft is one of them.  You say they put up a buying quarter.  Why else do  you like the stock?  

LEHMANN:  Well, they did put up a good quarter, the second in a row.   Obviously, it`s controversial like a lot of unicorns but they are gaining  market share.  They`re growing revenue faster than people expected and the  contribution margin means meaning the profit to the bottom line is  accelerating.  I think that bodes well the next couple years.  

They`re putting a good top line.  And I think they`re going to get the  profitability a lot sooner than people thought.  And when that happens, I  expect the stock to take off.  

HERERA:  All right.  Do you have a projection on how much you expect it to  increase?  

LEHMANN:  They`re going to grow revenues — I think they`re going to  continue to grow revenues close to 40 percent to 50 percent, and they beat  the profit, the bottom line number by 5 percent sequentially in the  quarter.  That`s much bigger than people expected.  

Again, I think this will accelerate faster than people wanted in the  models.  And if that happens by 2022, I think this thing will be very  profitable and you`re going to find the stock taking off.  

HERERA:  All right.  Next on the list is Anaplan and it`s a planning tool  for large organizations.  

LEHMANN:   It is.  It`s a planning software company based in the cloud.   They are replacing legacy vendors.  That too is growing north of 30, 35  percent.  

It`s a rich stock.  This is not a company that`s unfounded.  Meaning the  street paid attention to it.  It`s down about 20 percent of off the all- time high.  

But this is for big organizations to do big planning collaboration.   Companies like Amazon (NASDAQ:AMZN), big, chunky organizations.  And  they`re the best at it.  

And I like the fact that we are replacing legacy systems and they`re in the  cloud.  And we see that growing 35 percent for the next couple, three years  and if that happens, the stock will be a lot a lot higher. 

HERERA:  You mentioned Amazon (NASDAQ:AMZN), and that is your third pick.   You really like that one.  

LEHMANN:  I do.  I mean, they have an interesting quarter and they have an  interesting ten days.  They put up less than stellar quarter at least on  the bottom line recently.  They lost a very large contract from the federal  government that went to Microsoft (NASDAQ:MSFT).  

But the growth in the cloud is continuing to accelerate.  What they are  doing obviously in the businesses that every consumer knows continues to  accelerate.  They`re gaining market share.  And at the same time, they`re  also investing in the future in the cloud and data storage businesses that  are continuing to accelerate to the cloud.  

That hasn`t even begun to take over from the legacy systems.  That`s why we  like Amazon (NASDAQ:AMZN), and that`s why we will continue to see the stock  ascend over the next few years.  

And when you have the chance to buy in dips like this weekend, pay  attention and you should do that.  

HERERA:  All right.  Mark, we`ll leave it there.  Thank you.
Mark Lehmann with JMP Securities.  

Coming up, secondhand shopping, it`s not a new idea.  But selling used,  hard to find items for men is.  And now, it`s a big business that started  out as a “Bright Idea”.  

HERERA:  There are reports tonight that Comcast (NASDAQ:CMCSA) (NYSE:CCS)  NBC is leaning towards making its Peacock streaming service free to  everyone.  According to CNBC, the free service would be the ad-supported  version.  It would be the first free streaming on demand video service from  a major U.S. media provider.  

The report comes on the same day as the launch of Apple`s streaming  service, Apple (NASDAQ:AAPL) TV.  As you may know, Comcast (NASDAQ:CMCSA)  (NYSE:CCS) is the parent company of CNBC which also produces this program.  

Well, legend has it that the term metro sexual first appeared in a British  newspaper 25 years ago this month.  Ever since, it seems, men have been  talking fashion.  Not business suits so much but street wear.  Women may  spend more but the men`s market is growing quickly.  
And that`s why a team of New York City entrepreneurs got the “Bright Idea”  to create an online marketplace focused on men`s clothing.  

HERERA:  Arun Gupta found a taste for fashion while he was in college at  Yale, but there was one problem.  

ARUN GUPTA, GRAILED CEO AND CO-FOUNDER:  I couldn`t afford any of it,  because it`s pretty expensive.

HERERA:  Gupta found that guys, yes, guys, were talking fashion online  occasionally, making deals on used, hard to find items.  Holy Grails to  some.  

GUPTA:  It`s like, oh, like this pair of boots came out three years ago,  like I missed it when they came out and now, they`re like impossible to  find anywhere.  So, that`s my grail basically.  

HERERA:  By 2013, sites were selling used cars, furniture, even women`s  fashion.  Men`s fashion was fashionably late to the game.  

GUPTA:  I was like, look, this secondary market thing will be huge.  I want  to get in on this situation.  

HERERA:  So, Gupta built a rudimentary site and began convincing folks in  the chat rooms to use it.  

GUPTA:  Oh, that is sick.  

HERERA:  By 2014, Julian Connor, a software specialist, along with Jake  Metzger who has since moved on teamed with Gupta to cofound Grailed.  It  now boasts some of 4 million users per month.  

Connor used early versions of the site and still shops there today.  

JULIAN CONNOR, GRAILED CTO AND CO-FOUNDER:  I really like avant-garde  fashion and so the jacket and shirt are both from an American-born designer  that now lives in Paris.  His name is Rick Owens.  

GUPTA:  I love that.

HERERA:  Grailed collects a 6 percent fee on each transaction, 1.2 million  of them in 2018, at an average price of about $150 per unit.  High-end  items can get the rare art treatment, selling for tens of thousands of  dollars.  
GUPTA:  These cool Prada dress shoes for $123.  

HERERA:  Sometimes their vintage goods provide a surprise.  

GUPTA:  This is a rolling stone shirt from the `94, `95 tour.  Super steal.   I got it for 50 bucks.  It was awesome.

HERERA:  Meticulous curation dictated by customer demand has built a  mystique.  

GUPTA:  It`s like Margiela piece, like Margiela, the super iconic designer,  and the red sleeve is the whole thing.  If you saw the latest first “Star  Wars” movie, “The Force Awakens”, the C-3PO has a red arm, which like may  or may not be of influence by this jacket.

HERERA:  Some rare items are sold.  Others get archived.  

GUPTA:  This is an Issey Miyaki jacket.  You remember Steve Jobs` iconic,  like black turtle necks.  He`s the guy who designed all his turtle necks,  basically.  

HERERA:  Celebrities will sometimes borrow items to shoot magazine covers.   And musicians have worn their pieces on stage.

GUPTA:  That is Raf Simons but it`s based off of the New Order album art  cover for “Power, Corruption & Lies”, where all these details are hand- painted.  

CAM WOLF, GQ STYLE AND FEATURES WRITER:  I think it`s really interesting to  see how fashion now is just as much a hobby for guys as is, you know,  sports or anything else.  

HERERA:  “GQ” writer Cam Wolf.  

WOLF:  You have to be well-versed in sort of these archive pieces.  And I  think Grailed has really helped to educate that and serve that consumer.  
GUPTA:  This is another piece.  

HERERA:  And increasingly stylish consumer looking for a deal on high-end,  second-hand stuff.  

CONNOR:  The value proposition that we provide is so salient to many.  I  don`t think we`ve had this same sort of growth challenges that other  businesses have had.  
GUPTA:  It all starts with talking to the consumer and understanding what  it is they want.  

HERERA:  Grailed is constantly expanding its reach.  What started with  about 100 items now has almost 2 million pieces listed for sale from around  the world.  And two years ago, it launched the sister site which focuses on  women`s clothing.  

Before we go, here`s another look at the day`s final numbers on Wall  Street.  The Dow rose 301 points.  The Nasdaq and S&P 500 both finished at  a record.  And it was the fourth straight week of gains for all of the  major averages.  

And that is NIGHTLY BUSINESS REPORT for tonight.  I`m Sue Herera.  Thanks  for joining us.  Have a great weekend, everybody.  And we`ll see you back  here Monday.   

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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