Transcript: Nightly Business Report – November 12, 2019

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

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Back where we started.  The  Dow was unchanged today.  That doesn`t happen often.  But nothing about the  recent rally is ordinary.  

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR:  Sour milk.  America`s  largest milk producer files for bankruptcy as the dairy industry undergoes  massive change.  

HERERA:  Outer space.  Why one of real estate`s hottest sectors is  experiencing a big chill.  

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Tuesday,  November 12th.  

GRIFFETH:  And we do bid you good evening, everybody.  And welcome.  
Nada, zero, zilch.  That`s what the Dow did today, literally finished  unchanged, closing exactly at the same level where it did yesterday.  It`s  only the third time that has happened since the year 2000. 

The Nasdaq also had little fire power today.  But it did hang on to log the  15th record close of the year and the S&P hit an all-time intraday but  failed to finish there.  

So, here are the final numbers for this day.  The Dow, it will sound  familiar, finished the session as it did yesterday at 27,691.  Nasdaq was  up 21.  The S&P added 4.  

Now even though the major averages are at or near these new all-time highs,  the rally doesn`t feel like your typical move higher.  So, we asked Mike  Santoli to grade this recent run-up.  

MIKE SANTOLI, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The stock market`s  run to record highs has taken many investors by surprise after a late  summer bout of recession warnings.  The question now is whether the rally  is on firm enough foundation to carry on.  The short answer is, the  market`s climb rates pretty highly on technical and fundamental grounds,  but at some point, in coming weeks or months, overexcited investors  sentiment and stout equity valuations could present a challenger to rapid  further gains.  

The push to fresh highs on the S&P 500 to 3,100 has been impressively broad  and has been accompanied by notable strength in foreign markets as well.   The tally of individual stocks climbing versus those dropping has also made  fresh highs, along with the indexes, suggesting healthy participation in  the rally.  And sectors most sensitive to an upturn in economic growth have  led the way in recent months, including industrials, financials, transports  and semiconductors.  

The non-U.S. stocks have done even better than the S&P since August.   That`s the signal the economic activity is gaining traction worldwide as  bond yields lift from record lows.  The market`s response to better than  expected third quarter earnings which is still down slightly from a year  ago suggest investors view the last quarter as the low for profits ahead of  better numbers in coming quarters.  

And the market`s upbeat action since the Federal Reserve indicated it is  not looking at further interest rate cuts also stands as a vote of  confidence that the soft patch in growth has likely passed.  The hazards  now are potential overconfidence and full valuations.  Investor surveys and  gauges of trading activity show a sharp jump in optimism which is a  positive until it carries too far.  

And S&P 500 valuations based on expected earnings are near the highs for  this bull market, meaning it is crucial for profits to start growing again  if this rally is to carry through year end and beyond.  

HERERA:  President Trump today touted the success of the U.S. economy.  In  a closely watched speech at the Economic Club of New York, the president  discussed domestic growth as well as the Fed and the trade war with China.  
Here is Eamon Javers.  

EAMON JAVERS, NIGHTLY BUSINESS REPORT CORRESPONDENT:  President Trump  keeping the details close to the vest here in New York at a speech at the  New York Economic Club that was widely watched in the financial universe  for any indication of what the president might say about China trade.   Would he announce a date?  Would he announce a location for a trade deal?  

The answer to both of those questions was no, the president offering no new  specifics here but did indicate that a trade deal might be in the offing.   Here`s what he said.  

DONALD TRUMP, PRESIDENT OF THE UNITED STATES:  We`re the ones that are  deciding whether or not to want to make a deal.  We`re close.  A  significant phase one trade deal with China could happen.  Could happen  soon.   But we will only accept a deal if it`s good for the United States and our  workers and our great companies.  

JAVERS:  The president reserving his harshest criticism here not for the  Chinese government in Beijing but for the Federal Reserve in Washington,  which he says better get moving on negative interest rates.  

TRUMP:  We are actively competing with nations who openly cut interest  rates so that now many are actually getting paid when they pay off their  loan, known as negative interest.  Who ever heard of such a thing?  
Give me some of that.  Give me some of that money.  I want some of that  money.  Our Federal Reserve doesn`t let us do it.  

JAVERS:  Largely today, the president using this formal setting for an  economic speech to take a victory lap of sorts about the success of the  economy during the course of his presidency, not laying out a lot of  specifics, though, about where things are going for the remainder of his  term in office.  
For NIGHTLY BUSINESS REPORT, I`m Eamon Javers in New York. 

GRIFFETH:  In other news, while Boeing (NYSE:BA) wrestles with fixing the  737 MAX and getting those planes back in the air, it may come as no  surprise gnat new orders have stalled at this point.  In fact, last month  the aviation giant saw some customers switch from the MAX to other models.   And that news sent shares of the Dow component down more than 1 percent  after yesterday`s big run-up.  
Phil LeBeau has more.  

PHIL LEBEAU, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Boeing`s most popular  plane, the 737 MAX, has become a little less popular.  In fact, Boeing  (NYSE:BA) saw two of its customers opt out of orders for the 737 MAX last  month.  Instead, they now want to buy other planes in the Boeing (NYSE:BA)  catalog.  

Despite some MAX cancellations, Boeing`s backlog for the plane remains  robust with more than 4,400 ordered.  And the company now says it may  resume MAX deliveries next month, sooner that than some on Wall Street  expect.  

DAVID BAHNSEN, THE BAHNSEN GROUP FOUNDER:  There`s been expectations that  the news was coming that the return to service was going to be delayed.   And news came that they are absolutely not anticipating a delay beyond that  it`s going to January.  So they`re revving up in December and expect to  have planes flying in January.  

LEBEAU:  The biggest question is whether FAA administrator Steve Dickson  has the same plan as Boeing (NYSE:BA).  On Capitol Hill, there are plenty  in Congress who think the FAA is too close to Boeing (NYSE:BA) ad needs to  be tougher on the company before approving the MAX to fly again.  Dickson  says that will not be a problem.  

Dickson`s determination on whether the MAX is safe to fly will be based not  just on the data and feedback of the FAA staff but on his experience in the  cockpit.  As a licensed 737 pilot, he will fly the MAX with its updated  software before signing off on whether or not it should be recertified.  

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

CSX (NYSE:CSX) was downgraded to hold from buy at Deutsche Bank.  The  analyst cites concerns over 2020 revenue and margin headwinds from lower  coal prices.  The price target is $74.  The stock was down more than 1.5  percent to $72.75.  

Deutsche Bank is also making a call on Kroger (NYSE:KR), upgrading that  stock to hold from sell.  The analyst cites growing optimism about the  company`s digital offerings.  The price target is $27.  The stock finished  up more than 1 percent to $27 even.  

GRIFFETH:  Live Nation was upgraded to outperform from in line at ever  core.  The analyst cited the outlook for double-digit growth in operating  income and its ability to weather any economic downturn.  That price target  now $73.  Shares gained a fraction to $64.74.  

And CrowdStrike was upgraded to neutral from sell at Goldman Sachs  (NYSE:GS).  The analyst cited the recently pullback in that stock over the  past month.  The price target now $55.  The stock rose more than 1.5  percent to $47.05.  

HERERA:  There is a new entrant into the streaming wars.  Disney (NYSE:DIS)  Plus today made its debut.  Though demand was high, there were also some  technical glitches.  But Disney (NYSE:DIS) has high hopes for the product,  one with a direct reach into the digital ad market.  
Julia Boorstin has more.  

JULIA BOORSTIN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Disney (NYSE:DIS)  Plus is the media giant`s biggest move away from the TV bundle and towards  the digital direct to consumer future.  Disney (NYSE:DIS) Plus for $7 a  month or $70 a year has ten original series and two original films at  launch.  Along with 7,500 TV episodes and 500 films from Disney`s flagship  brand, along with Pixar, Marvel, “Star Wars” and National Geographic.  As  Disney (NYSE:DIS) looks to reach beyond families with promos featuring the  Simpsons and Avengers.  

JAMES STEWART, NEW YORK TIMES:  They`re investing for the long-term.  I  think that`s smart.  They`re going to get a massive base in there.  And as  we`ve seen Netflix (NASDAQ:NFLX) raise prices when they can, they`ll raise  prices.  

It`s this kind of Amazon (NASDAQ:AMZN) strategy that everybody wants to put  into play, which is, you know, trust us, this is a long-term investment.   There is going to be a J-curve with high up-front costs but it`s going to  pay off big in the long-term.

BOORSTIN:  There were some hiccups when the app launched at 6:00 a.m.  Eastern.  Some 7,000 people reporting streaming errors, according to  

Disney (NYSE:DIS) saying consumer demand exceeded its highest expectations,  and was working to swiftly resolve the issues.  

Since unveiling Disney (NYSE:DIS) Plus in April, Disney (NYSE:DIS) shares  gained 18 percent, while shares of Netflix (NASDAQ:NFLX) facing new  competition and the loss of Disney (NYSE:DIS) content have fallen some 20  percent.  But today`s launch isn`t just about Disney (NYSE:DIS) Plus  competing for subscription dollars with Netflix (NASDAQ:NFLX) and HBO Max.  

Disney (NYSE:DIS) is looking to grow its digital advertising business,  bundling ad-free Disney (NYSE:DIS) Plus with Hulu and ESPN Plus both with  ads for $13 a month, a $5 discount.  

MICHAEL NATHANSON, MOFFETTNATHANSON ANALYST:  I don`t see it as zero-sum  game.  There is opportunities to basically add people that it`s — we`re in  the beginning.  It`s nowhere near, you know, taking stuff from Netflix  (NASDAQ:NFLX) or Amazon (NASDAQ:AMZN).  It`s just growing the market.  

BOORSTIN:  Hulu with ad is competing with Viacom`s Pluto TV, YouTube and  next year with NBCUniversal`s Peacock, all of them looking for a bigger  piece of the fast growing digital video ad market which Disney (NYSE:DIS)  projects will be worth over $50 billion by 2022.  
For NIGHTLY BUSINESS REPORT, I`m Julia Boorstin in Los Angeles.  

GRIFFETH:  Still ahead, upheaval hit one of the heartland`s biggest  industries.  

GRIFFETH:  America`s largest milk producer has filed for bankruptcy.  Dean  Foods (NYSE:DF) has struggled in recent years as that industry changed and  demand for cow`s milk has declined.  Companies in talks right now with the  Dairy Farmers of America Coop to possibly sell all of its assets.  But  until then, the future of this 94-year-old company is filed with  uncertainty.  

GRIFFETH:  The nation`s largest milk producer owns 58 brands, names like  Dairy Pure Milk., Tru Moo Chocolate Milk, Land O Lakes Butter, and  Friendly`s Ice Cream.  

And while it says it plans to continue for now, today`s bankruptcy is the  culmination of a series of moves that have rocked the dairy industry.  

CARILYNN COOMBS, DAIRY FARMER:  I regret to notify you, we must cease  purchasing milk from your dairy farm.  

GRIFFETH:  This small farm outside Louisville, Kentucky, closed this summer  after Dean stopped buying its milk.  The reason: U.S. milk consumption has  been in a steady decline, down 26 percent over the past two decades, and  prices are lower now than they were ten years ago.  

Dean combines several of its regional brands and launched the first  national milk brand, Dairy Pure.  But the growing interest in plant-based  beverages like soy, almond and oat milk has continued to eat into sales.  

And there is competition from the world`s biggest retailer.  Walmart began  processing its own milk two years ago, prompting Dean to cancel more than  100 contracts with dairy farmers across eight states opinion and then  grocery chain Food Lion cut ties with Dean last year.  

Dean executives say they are having advanced discussions regarding sale of  the company to the Dairy Farmers of America.  But the gloom hanging over  the full range of American farming businesses, pricing issues, global trade  turmoil and a labor shortage here at home, it`s not going away any time  soon.  

GRIFFETH:  Let`s turn to Rick Barrett to talk more about what is happening  in the dairy industry.  He has written extensively about it for the past 15  years at “The Milwaukee Journal Sentinel”.  
In fact, the headline of one of your recent articles, Rick, was pretty  telling, I thought.  It read, Americans love soda, fancy water and fake  milk.  Can the dairy industry keep up?  
What`s the answer?  

RICK BARRETT, MILWAUKEE JOURNAL SENTINEL REPORTER:  Yes, it`s been a tough  time for the dairy industry.  I mean, the good news is that more than 90  percent of Americans still have — I lost my — still have milk in the  refrigerator.  That`s the good news.  

The bad news is about 40 percent — they`re drinking about 40 percent less  than they did in the 1970s.  

HERERA:  All right.  Rick, as you get your earpiece put back in, let me  just ask you — the other issue that dairy farmers have been facing are  rising tariffs and the trade war.  And those are external events that they  really have no control over.  

BARRETT:  Well, that`s right.  I mean, it`s been a very difficult time for  them.  I mean, milk prices peaked in about mid-2014.  And then it was a  combination of things.  It was runaway production and the export markets  turned sour.  And that`s when things started to collapse.  

It was mid to late 2014 when prices just started on the downward trend.  
GRIFFETH:  But is anybody winning in this industry?  Is it just continuing  to implode overall?  What about Walmart?  I mean, we mentioned that they  started doing their own milk processing two years ago.  And coincidence or  not, that`s when Dean started to lose money.  So, are there winners and  losers in all of this?

BARRETT:  Well, it`s been difficult for Dean Foods (NYSE:DF) because when  Walmart opened its bottling plant in Indiana, that took away a pretty  substantial piece of business for Dean Foods (NYSE:DF).  

HERERA:  So, how do you see it playing out, Rick?  I mean, I know milk  prices are going a little bit higher.  Is that — do you think that`s the  start of a trend?  

BARRETT:  We certainly hope so.  I mean, milk prices have been on the mend  lately.  They`re a bit higher than they were.  And for 2020, it`s looking  better.  

Now, the situation, though, is that milk prices even as they come up for  farmers, it`s going to take a long time for them to dig themselves out.  I  mean, a lot of them are behind on their bills.  The debts have piled up.   It`s going to take a while.  

GRIFFETH:  I mean, what struck me from reading your series of articles that  you did this fall about the industry is, it is about the local dairy  farmers in your part of the country.  Is it going to get better for them  any time soon?  

BARRETT:  We sure hope so.  It looks like 2020 will be a little better year  for them.  But, again, it`s just taking a long time.  For some of them,  there`s been so much damage has been done to the balance sheet they might  not be able to recover.  

GRIFFETH:  Rick Barrett with the “Milwaukee Journal Sentinel” — Rick,  thanks for joining us tonight.  Appreciate it.

BARRETT:  Thank you.  

HERERA:  A warehouse fire hurts Tyson`s earnings and that`s where we begin  tonight`s “Market Focus”.  

The maker of Ball (NYSE:BLL) Park hotdogs and Jimmy Dean Sausages missed  estimates hurt by a fire at one of its beef production facilities.  But the  CEO says pork prices are rising after a shortage of pork products in China  as the fatal pig virus is tightening supplies there.  Shares climb nearly  7.5 percent to $88.88.  

Factory equipment maker Rockwell Automation (NYSE:ROK) beat expectations,  thanks to demand in its electric vehicles unit.  

BLAKE MORET, ROCKWELL AUTOMATION CEO:  When automotive — we had a better  than expected quarter, and some of the strength came from the continued  rise of electric vehicle production.  And so, electric vehicle drivetrain,  the battery production, the motor winding in those electric vehicles is a  great market for us.  And we`ve have had some important business there.  

HERERA:  And shares rose 10.5 percent to $198.01.  
CVS (NYSE:CVS) fell short of revenue estimates hurt by falling advertising  sales following a nearly 20-day dispute with AT&T (NYSE:T).  CBS (NYSE:CBS)  stations went dark for more than 6.5 million DirecTV and AT&T (NYSE:T)  customers because of the contract dispute.  CBS (NYSE:CBS) shares fell more  than 3.5 percent to $37.76.  

GRIFFETH:  Elsewhere, home builder D.R. Horton (NYSE:DHI) topped  expectations thanks to lower mortgage rates and that lifted buyer demand.   The company raised its home sales forecast as a result.  It also raised its  quarterly dividend.  Shares rose about 3 percent on that news to $54.27.  
Then after the bell, online dentistry company Smile Direct Club posted its  first results since going public.  And in the process, it topped analyst  revenue estimates.  The company also raised its full-year outlook.  Shares  were volatile though in the initial after-hours trading tonight.  They  closed the session — regular session down more than 6 percent to $11.08.  

Also after the bell, cannabis company Tilray reported a 400 percent jump in  quarterly revenue.  The company CEO sees more growth in the global  industry.  

BRENDAN KENNEDY, TILRAY CEO:  The last year has been highly volatile.  But  there is a lot of pressure on the entire industry.  What I`m excited about  is that it`s still day one in this industry.  If you think about 41  countries that have legalized for medical, I think that will increase to  80.  And currently, there is only two countries in the world, Uruguay and  Canada, that have legalized for adult use.  And that number will increase.  

GRIFFETH:  Shares were volatile in initial after-hours trading.  They close  the regular session down more than 1.5 percent to $21.57.  
HERERA:  One of the hottest sectors in real estate is seeing a strange  chill.  Warehouse leasing is plummeting but not for the reasons you might  think.  
Diana Olick explains.  

DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT:  The amount of  warehouse space leased in the last three months was less than half what it  was a year ago according to Transwestern.  And it`s not lack of demand,  it`s because they`re just so little to lease.  The boom in e-commerce  caused demand for modern spaces in prime locations to spike.  Developers  are rushing in but not fast enough.  

JIMMY HINTON, TRANSWESTERN SENIOR MANAGING DIRECTOR:  Increasingly what  they`re trying to do is find locations that are closer to the end delivery  point.  And as a result of that, they`re facing increasing challenges  finding locations that make sense for them from a size standpoint, from a  location standpoint, from a cost standpoint.  

OLICK:  Tenants are signing leases on properties that aren`t even finished  yet and developers are building most of their new space on speck or without  signed tenants.  In the last four years, demand has outpaced new warehouse  completions by 169 million square feet according to CBRE.  And rents have  increased 19 percent.  

Unlike other retail sectors where outdated properties can be renovated and  relaunched, that doesn`t work as well for warehouses.  
HINTON:  Logistics companies need boxes.  They don`t need, you know, very  high clear heights with manufacturing devices internally.  They don`t need  cranes, et cetera.  

And so, trying to repurpose the properties is very, very expensive.  And  oftentimes, they`re not located in places that are advantageous from a  logistics standpoint.  

OLICK:  Warehouse REITs have been outperforming for several years.  But  now, there is growing demand from private capital, not only do more tenants  want the spaces, more investors do as well.  

For NIGHTLY BUSINESS REPORT, I`m Diana Olick in Washington.  

HERERA:  Coming up, big growth in the Deep South.  

MORGAN BRENNAN, NIGHTLY BUSINESS REPORT CORRESPONDENT:  It isn`t just  rockets fueling growth here in Rocket City, USA.  Here in Redstone Arsenal,  the FBI is undergoing major expansion, just one example of the investment  coming into the Huntsville area.  We`ve got that story coming up on NIGHTLY  BUSINESS REPORT.


HERERA:  And here`s a look at what to watch for tomorrow:
The Federal Reserve chair Jerome Powell will deliver his economic outlook  to lawmakers on Capitol Hill.  Dow component Cisco (NASDAQ:CSCO) reports  earnings, the focus will be on what the company says about business  spending.  A Senate panel holds hearings on the outbreak of lung illnesses  linked to e-cigarettes.  

And that`s what to watch for on Wednesday.  

GRIFFETH:  Wall Street bonuses are set to go down this year.  According to  a new report, equity traders will likely fare the worst with a decline as  much as 15 percent compared to last year.  And debt and equity underwriters  could see a 10 percent reduction in their bonuses. 
Despite the healthy market, industry watchers say the banks are focused on  cutting costs as competition increases.  

HERERA:  Nissan cut its full-year outlook following its 70 percent decline  in its earnings.  The automaker now expects to sell about 5 percent fewer  cars than initially anticipated and said its dividend could be, quote,  revised.  The company has been facing slowing growth abroad and has been  struggling to move on from the arrest of former chairman Carlos Ghosn.  

GRIFFETH:  The aerospace and defense industry is entering a new era.  And  it`s making a very big bet on a place far from the Pentagon.  
Morgan Brennan, as you saw, reports on the resurgence of Huntsville,  Alabama, for us tonight.  

BRENNAN:  It`s called Rocket City, USA, home to one of the highest  concentrations of engineers per capita and educational system that teaches  STEM starting in elementary school and long-standing ties to aerospace and  defense.  

CHIP CHERRY, HUNTSVILLE/MADISON COUNTY CHAMBER OF COMMERCE:  We have  legacy.  Our aerospace heritage we work hard to maintain that.  So, we have  about 400 aerospace companies in our market.  So, a very rich concentration  of them in a lot of expansion in that.  
BRENNAN:  And the emergence of commercial space is only helping to propel  it.  Jeff Bezos` Blue Origin is building a $200 million rocket engine  factory in Huntsville and taking over an historic test stand, NASA`s  Marshall Space Flight Center once used for its Saturn V rockets that  launched Apollo astronauts to the moon.  

BOB SMITH, BLUE ORIGIN CEO:  It has this great receptacle of talent there  that you can tap into.  And it`s been decades in building.  So, we wanted  to go to where the talent is.  

BRENNAN:  There`s been a boom in defense work as well.  Hypersonic or  missiles traveling at mach 5 or faster are being developed here.  That`s  helped to lure Aerojet Rocketdyne to move its defense headquarters to the  area.  And Lockheed Martin (NYSE:LMT) recently broke ground on a  hypersonics facility just outside the city.  

RICK AMBROSE, LOCKHEED MARTIN SPACE EXECUTIVE VICE PRESIDENT:  They`re  trying to become the innovation hub of the South with artificial  intelligence and other technologies, quantum computing, space is faster  than hypersonics.  All of the technologies can be brought together with AI.  
BRENNAN:  That combination on the area as deep roots in STEM have attracted  other industries, as well.  

Polaris spent $190 million to open a factory here just three years ago,  assembling sling shot and ranger vehicles.  

CEO Scott Wine says it was an easy decision to make.  

SCOTT WINE, POLARIS CHAIRMAN & CEO:  I think the longstanding commitment to  engineering that`s been in Huntsville for so many years since World War II,  really, and then with the Redstone Arsenal there and the Army STRATCOM  there as well, there is a good infrastructure of personnel.  

BRENNAN:  And Polaris isn`t alone.  G.E., Toyota (NYSE:TM) and Mazda, even  Facebook (NASDAQ:FB) have been making investments.  Even the FBI is busy  expanding what it calls an HQ 2 on the Army`s Redstone Arsenal.  
From 2000 to 2017, the Huntsville metro area grew population jobs and wages  all at roughly two times the national rate.  And at a time of low  unemployment across the U.S., here it`s a stunningly low 2.1 percent.  

HudsonAlpha, a non-profit biotech collective focused on genomic sequencing,  is based at Cummings Research Park.  It includes companies like Serina  Therapeutics, which has developed a polymer technology that could change  treatment for Parkinson`s, epilepsy, even opioid addiction.  But it all  comes back to space.  

RICHARD MYERS, HUDSONALPHA PRESIDENT & SCIENCE DIRECTOR:  I love the fact  that I have real rocket scientists working in my lab now because they`ve  come from that industry to work here as well.  
BRENNAN:  For NIGHTLY BUSINESS REPORT, I`m Morgan Brennan in Huntsville,  Alabama.  

HERERA:  And before we go, here is one more look at this unusual day on  Wall Street.  The Dow closed the session unchanged at 27,691.  The last  time that happened was in 2014.  The Nasdaq was up 21 and the S&P 500 added  4 points.  

GRIFFETH:  I don`t know about you.  I think I`m going home and drink a  glass of milk.  

HERERA:  I feel like I have to do my duty as well.  

GRIFFETH:  To support that industry.

HERERA:  Yes, to support that industry and the state of Wisconsin.  

That`s NIGHTLY BUSINESS REPORT for 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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