Newspaper Page Text
BD BUSINESS
Jeff Gill | Business reporter
770-718-3408 | jgill@gainesvilletimes.com
The Times, Gainesville, Georgia
Thursday, November 1,2018
Canada hits weed pothole
CHRIS YOUNG I Associated Press
A man smokes multiple joints in a Toronto park as they mark the first day of legalization of cannabis across Canada, Oct. 17.
Demand has outstripped supply since legalization of recreational pot
BY ROB GILLIES AND
TRACEY LINDEMAN
Associated Press
TORONTO — The name of the store is
High North, but it might as well be named
High and Dry because for all but about
four hours of the first two weeks since
marijuana was legalized in Canada, there
was no pot to sell.
Trevor Tobin, one of the owners of the
Labrador City shop in Newfoundland and
Labrador, said they went 10 straight days
without supply.
“The producers keep saying there will
be some bumps in the road, but right now
it’s not a bump in the road. It’s a big pot
hole,” he said.
His mother, Brenda Tobin, is a part-
owner and said that after she tells cus
tomers there’s nothing to buy, “a lot of
them are saying, ‘Oh well, I guess it’s back
to the black market.’”
Legalization arrived Oct. 17, and Can
ada became the world’s largest national
marketplace for so-called recreational
marijuana. But for now, it’s a superlative
in name only.
The first weeks have felt more like a
soft opening with few retail outlets oper
ating and rampant supply shortages.
It’s not because Canada can’t produce
enough cannabis products — licensing
those producers has been slow, and the
federal government is taking steps to
speed up the process.
The provinces are handling the sales
and most of the regulations. Reports from
around the country are similarly discour
aging when it comes to supply.
Quebec closed its government-run
shops for three days this week because
of a lack of pot and will continue to keep
them shut Mondays through Wednesdays
until availability is stabilized. Manitoba
Liquor & Lotteries said it expects product
shortages in both brick-and-mortar and
online stores could last six months.
Ontario, Canada’s most populous prov
ince, won’t have any stores open until
April at the earliest as the new conser
vative government writes regulations.
Meantime, police have shut down at least
11 illegal dispensaries in the province.
Ontario residents who want to make
legal purchases are flooding the online
government store. At least 150,000 orders
arrived in the first week, more than all
other provinces combined, and the store
can’t keep up.
Contributing to the delivery problem is
a strike by workers at Canada Post, the
nation’s postal service that handles online
marijuana orders, legal countrywide.
British Columbia, the third-largest prov
ince by population and a place that histori
cally supplied of much of the country’s
illegal weed, still has just one retail store.
Across Canada, people are returning to
the black market. And some never left.
Corey Stone, a 32-year-old bar-restau
rant manager in Montreal, and his friend
were first in line at Quebec’s government-
run cannabis store on Oct. 17, but he hasn’t
been back because of the supply problems
and has been getting his pot illegally.
In the capital of Ottawa, Ontario Capital
Buds is one of the last holdouts after most
of the illegal dispensaries in town closed
on Oct. 16 so they could file for legal oper
ating licenses. Business is booming — at
11 a.m. on a recent chilly, gray day, the
waiting room was packed.
Blake Murchison, 62, was among the
customers. He didn’t try visiting the gov
ernment’s online store.
“Why? There’s a postal strike!” he
laughed. “I’m not patient. It’s a matter of
convenience, really. Or inconvenience.”
Devyn Stackhouse, a 30-year-old stu
dent at Ottawa’s Algonquin College, did
go to the government website on Oct. 17
and placed two orders for five pre-rolled
joints and a gram each of four cannabis
strains. After waiting more than a week
to get a delivery, Stackhouse went to an
illegal dispensary.
“If (the government) were serious
about access, serious about smothering
the black market, then more resources
would have been allocated to the OCS,”
Stackhouse said, referring to the Ontario
Cannabis Store website.
Private and government retailers are
dependent on licensed producers to send
them products. But so far, of 132 mari
juana producers approved by Health
Canada, only 78 have sales licenses.
BUSINESS HIGHLIGHTS
GM offers buyouts after
posting strong profit
DETROIT — As General Motors reported
a healthy $2.5 billion third-quarter profit, the
Detroit automaker ramped up cost-cutting
efforts by offering buyouts to 18,000 white-col
lar workers.
The company, while acknowledging it’s in
good shape now, said Wednesday it needs to be
smaller to prepare for tougher times that might
be ahead as it continues to get ready for a future
of electric and autonomous vehicles.
“Even with the progress we’ve made, we are
taking proactive steps to get ahead of the curve
by accelerating our efforts to address overall
business performance,” GM said in a state
ment. “We are doing this while our company
and economy are strong.”
The earnings and buyout news drove GM
shares higher in Wednesday afternoon trading.
The stock was up 8.6 percent to $36.43, after
mostly falling since June.
Buyout offers were made Wednesday to sala
ried workers in North America with 12 or more
years of service. GM spokesman Patrick Mor
rissey wouldn’t say whether the company has
a target number for employee reductions, nor
would he say if there will be layoffs if too few
employees take the buyouts.
“We will evaluate the need to implement
after we see the results of the voluntary pro
gram and other cost reduction efforts,” he said.
Workers have until Nov. 19 to make a deci
sion, and they would leave the company by the
end of the year, GM said. The company has
50,000 salaried workers in North America.
Justices weigh $8.5M class-
action settlement against Google
WASHINGTON — The Supreme Court strug
gled Wednesday over what to do about an $8.5
million class-action settlement involving Google
and privacy concerns in which all the money
went to lawyers and nonprofit groups but noth
ing was paid to 129 million people who used
Google to perform internet searches.
The justices considered objections to the
settlement in a case involving Google searches
people do of themselves. The lawsuit argues that
Google sends website operators potentially iden
tifying information when someone clicks on a
link produced by a search. The suit says the prac
tice violates users’ privacy under federal law.
The issue at the court concerns the rare
instances in which courts approve a “cy pres”
settlement, roughly translated as near as pos
sible, and find it’s impractical to send money to
the very large class of affected people.
Google agreed to settle the class action for
users of its search function between 2006 and
2014. Of the $8.5 million, $2.1 million went to
lawyers, $ 1 million paid administrative costs and
$5.3 million was set aside for six organizations
that deal with internet privacy issues. Four of the
groups are affiliated with universities. The other
two are the World Privacy Forum and AARP.
Associated Press
Interior design made affordable with new websites
Image provided by Wayfair I Associated Press
Design of a space done with design services. Several sites have made it
affordable to get design help without anyone stepping inside your home.
BY JOSEPH PISANI
Associated Press
NEW YORK — Hiring an inte
rior designer is expensive, and the
chances of an HGTV host bursting
through your doors are slim. But
several sites have made it afford
able to get design help without any
one stepping inside your home.
Havenly, Wayfair and others
are charging less than $100 a room
to connect users with an interior
designer who can pick out a sofa,
show you how to rearrange furni
ture or offer other design help. The
sites also make money if you buy
the furniture and other goods that
the designers recommend.
Even though you’ll have help
from a designer, make sure you
have a sense of what you like. The
sites depend on your responses to
come up with a design plan.
Who it’s for
Those who need help filling an
empty room or sprucing up a den
or bedroom with new lighting or
pillows. It’s not for those who are
seeking help with major renova
tions, like a kitchen remodel.
What it costs
A flat fee is typically charged
per room. Prices differ: Haven-
ly’s fees start at $55 for a design
refresh and then up to $169 for
a full room makeover. Wayfair
offers a $79 and $149 option, and
another site, Decorist, charges
$299 a room. Do an internet search
for coupon codes since the sites
often offer discounts to new users.
Both Havenly and Decorist also
allow people to ask designers ques
tions for free through their sites, a
good way to test the type of advice
you’ll get before buying.
And make sure to read what
you’ll be getting. Some may not
offer revisions, phone chats with
designers or 3D layouts of what the
items will look like in your room.
How it works
After a quiz where you pick out
styles and colors you like, you’ll
be asked for room measurements,
photos or videos of the room.
You’ll be matched with a couple
of interior designers and be able to
look at pictures of their past work
and select one of the designers. A
budget can be set so designers will
know how much you’re willing
to spend on new items. The sites
say they vet the designers, many
of whom already have their own
design firms and are looking to
make extra cash or boost their cli-
ental through the sites.
The Market in Review
Stock Exchange Highlights
A NYSE
S 12,208.06 +78.12
1
Nasdaq
7,305.90 +144.25
Gainers ($2 or more)
Name Last Chg %Chg
Gainers ($2 or more)
Name Last Chg %Chg
JonesEngy rs3.19 +.73 +29.7
Systemax 32.31 +6.01 +22.9
DonlleyRR rs5.87 +1.06 +22.0
Seaspan 8.94 +1.61 +22.0
CAIIntl 24.91 +4.43 +21.6
CheetahM 9.53 +1.37 +16.8
AerojetR 35.32 +5.06 +16.7
NACCO 34.54 +4.92 +16.6
Evertec 26.08 +3.58 +15.9
IntIGmeTn 18.55 +2.54 +15.9
Losers ($2 or more)
Intersectns 3.54 +1.81+104.6
AEtem g rs 2.18 +.88 +67.7
StrgbrBio n 6.40 +2.35 +58.0
PyxisTnkr 2.64 +.75 +39.7
Performnt 2.08 +.49 +30.8
Accuray 4.49 +1.05 +30.5
Veracyte 14.85 +3.29 +28.5
PingtanM 2.96 +.60 +25.4
Dennys 17.35 +3.20 +22.6
Gravity s 29.31 +5.21 +21.6
Losers ($2 or more)
Name
Last
Chg %Chg
Name
Last Chg %Chg
MaxarTc n 14.91 -12.16 -44.9
OwensMin 7.90 -6.30 -44.4
ContainStr 5.91 -4.14 -41.2
3D Sys 12.08 -4.88 -28.8
QuadGrph 15.43 -2.82 -15.5
WalkerDun 41.96 -7.00 -14.3
CBLAsc 3.30 -.41 -11.1
SauICntr 47.76 -5.48 -10.3
NewMedia 14.05 -1.58 -10.1
OrionGpHI 4.72 -.50 -9.6
Most Active ($1 on more)
Name Vol (00) Last Chg
SpartnMot 6.73 -4.49 -40.0
ClovisOnc 11.63 -4.98 -30.0
ParingaR n 7.48 -2.90 -27.9
NxtGenHI 14.77 -4.84 -24.7
CardiovSys 28.05 -6.87 -19.7
Shutterfly 50.00 -10.54 -17.4
Big 5Sprt 3.51 -.73 -17.2
Aegion 19.36 -3.49 -15.3
Sanfilp 63.06 -10.88 -14.7
IntegLfSc s 53.57 -8.75 -14.0
Most Active ($1 or more)
Name Vol (00) Last Chg
GenElec
1989286
10.10
-.08
BkofAm
921419
27.50
+.72
FordM
684311
9.55
+.09
ChesEng
460247
3.51
+.24
AT&T Inc
448041
30.68
+.21
Weathflntl
400603
1.35
+.09
GenMotors 377616
36.59
+3.05
Ambev
374365
4.33
+.04
Sprint
330724
6.12
+.44
Twitter
330361
34.75
+.89
AMD 1103256 18.21 +1.01
Facebook 599820 151.79 +5.57
Microsoft 510501 106.81 +3.08
MicronT 440213 37.72 +1.71
Apple Inc 380117 218.86 +5.56
SiriusXM 355927 6.02 +.16
IQIYIn 341718 19.64 -2.56
Zynga 336382 3.64 -.03
Intel 333420 46.88 -.88
eBays 285168 29.03 +1.61
Advanced
Declined
Unchanged
Total issues
New Highs
New Lows
Volume
Diary
1,698
1,125
73
2,896
15
122
5,012,087,802
Advanced
Declined
Unchanged
Total issues
New Highs
New Lows
Volume
Diary
1,798
1,144
133
3,075
44
133
2,781,390,251
Stocks of Local Interest
YTD YTD
Name Ex Div Yld PE Last Chg %Chg Name Ex Div Yld PE Last Chg %Chg
AFLAC S
1.04
2.4
13
43.07
-.07 0.0
Hershey
2.89
2.7
23
107.15
-.89
-5.6
AT&T Inc
2.00
6.5
6
30.68
+.21 -21.1
HomeDp
4.12
2.3
23
175.88
-.36
-7.2
AbbottLab
1.12
1.6
29
68.94
+.94 +20.8
IQIYI n
19.64
-2.56
+26.3
AMD
18.21
+1.01 +77.1
Intel
1.20
2.6
18
46.88
-.88
+1.6
Altria
3.20
4.9
21
65.04
-.83 -8.9
IBM
6.28
5.4
9
115.43
+.03
-24.8
Apple Inc
2.92
1.3
26
218.86 +5.56 +29.3
JohnJn
3.60
2.6
20
139.99
-.76
+.2
ATMOS
1.94
2.1
17
93.08
-1.72 +8.4
Lowes
1.92
2.0
20
95.22
+.48
+2.5
AutoZone
16
733.47
-13.93 +3.1
McDnlds
4.64
2.6
27
176.90
-1.59
+2.8
AveryD
2.26
2.5
26
90.72
+.13 -21.0
Merck
2.20
3.0
27
73.61
+.74
+30.8
BB&T Cp
1.62
3.3
14
49.16
+.88 -1.1
MicronT
3
37.72 +1.71
-8.3
BP PLC
2.38
5.5
23
43.37
+1.16 +3.2
Microsoft
1.84
1.7
51
106.81
+3.08
+24.9
BkofAm
.60
2.2
13
27.50
+.72 -6.8
NorflkSo
3.20
1.9
25
167.83
+1.52
+15.8
BamesNob
.60
9.5
6.33
-.07 -5.5
OfficeDpt
.10
3.9
7
2.56
-.02
-27.7
BarrickG
.12
1.0
70
12.55
-.16 -13.3
Penney
25
1.47
+.07
-53.5
Boeing
6.84
1.9
33
354.86
+4.95 +20.3
PepsiCo
3.71
3.3
32
112.38
-1.39
-6.3
BrMySq
1.60
3.2
50
50.54
+.52 -17.5
Pfizer
1.36
3.2
17
43.06
+.17
+18.9
CSX
.88
1.3
10
68.86
+.05 +25.2
PhilipMor
4.56
5.2
21
88.07
-2.40
-16.6
CampSp
1.40
3.7
13
37.41
-.83 -22.2
Primerica
1.00
.9
13
109.74
+.06
+8.1
Caterpillar
3.44
2.8
11
121.32
+3.86 -23.0
ProctGam
2.87
3.2
22
88.68
-.51
-3.5
ChesEng
6
3.51
+.24 -11.4
RegionsFn
.56
3.3
15
16.97
+.45
-1.8
Chevron
4.48
4.0
50
111.65
+.80 -10.8
SiriusXM
.05
.8
33
6.02
+.16
+12.3
Cisco
1.32
2.9
23
45.75
+1.17 +19.5
SnapIncAn ...
6.61
+.18
-54.8
Citigroup
1.80
2.7
11
65.46
+.93 -12.0
SouthnCo
2.40
5.3
21
45.03
-.79
-6.4
CocaCola
1.56
3.3
90
47.88
+.25 +4.4
Sprint
4
6.12
+.44
+3.9
Comcast s
.76
2.0
18
38.14
+.43 -4.4
SunTrst
2.00
3.2
11
62.66
+.72
-3.0
ConAgra
.85
2.4
17
35.60
-.78 -5.5
SynovusFn 1.00
2.7
13
37.56
+.52
-21.7
Cummins
4.56
3.3
38
136.69
+2.29 -22.6
3M Co
5.44
2.9
26
190.26
+.45
-19.2
Disney
1.68
1.5
15
114.83
+.07 +6.8
Torchmark
.64
.8
7
84.66
-.12
-6.7
DowDuPnt
1.52
2.8
17
53.92
+1.29 -24.3
TurqHilIRs
16
1.71
+.07
-50.1
eBay s
14
29.03
+1.61 -23.1
Twitter
34.75
+.89
+44.7
Equifax
1.56
1.5
17
101.44
+2.41 -14.0
Tyson
1.20
2.0
11
59.92
-2.18
-26.1
ExxonMbl
3.28
4.1
17
79.68
+.90 -4.7
UtdCmBks
.60
2.4
15
24.87
-.03
-11.6
Facebook
28
151.79
+5.57 -14.0
UPS B
3.64
3.4
18
106.54
-.53
-10.6
FordM
.60
6.3
5
9.55
+.09 -23.5
VerizonCm
2.41
4.2
7
57.09
-1.09
+7.9
FrptMcM
.20
1.7
8
11.65
+.24 -38.6
Vodafone
1.82
9.6
18.93
+.07
-40.7
GenElec
.48
4.8
10.10
-.08 -42.2
WalMart
2.08
2.1
24
100.28
-2.14
+1.5
GenMotors 1.52
4.2
36.59
+3.05 -10.7
Weathflntl
1.35
+.09
-67.6
GenuPrt
2.88
2.9
21
97.92
-.41 +3.1
WeisMk
1.24
2.7
22
46.15
-1.66
+11.5
HP Inc
.56
2.3
9
24.14
+.47 +14.9
WellsFargo 1.72
3.2
13
53.23
+.54
-12.3
Haverty
.72
3.6
21
20.28
-.49 -10.5
YumBrnds
1.44
1.6
32
90.41
+3.98
+10.8
HeliosM rs
.02
+.00-100.0
Zynga
61
3.64
-.03
-9.0
Stock Footnotes: g = Dividends and earnings in Canadian dollars, h = Does not meet continued-listing standards. If = Late filing
with SEC. n = New in past 52 weeks, pf = Preferred, rs = Stock has undergone a reverse stock split of at least 50 percent within the
past year, rt = Right to buy security at a specified price, s = Stock has split by at least 20 percent within the last year, un = Units, vj
= In bankruptcy or receivership, wd = When distributed, wi = When issued, wt = Warrants. Fund Footnotes: m - Multiple fees are
charged, usually a marketing fee and either a sales or redemption fee. Source: The Associated Press. Sales figures are unofficial.
Stock Market Indexes
Dow Jones industrials
Close: 25,115.76
Change: 241.12 (1.0%)
24,120 10 DAYS
27,200
26,400
25,600
24,800
24,000
M
J J
A
S
O
52-Week
Net
YTD
12-mo
High
Low
Name
Last
Chg
%Chg
%Chg
%Chg
26,951.81
23,242.75
Dow Industrials
25,115.76
+241.12
+.97
+1.60
+7.17
11,623.58
9,420.16
Dow Transportation
10,191.18
+15.61
+.15
-3.97
+4.16
778.80
647.81
Dow Utilities
733.84
-8.74
-1.18
+1.45
-2.02
13,637.02
11,820.33
NYSE Composite
12,208.06
+78.12
+.64
-4.69
-1.25
8,133.30
6,630.67
Nasdaq Composite
7,305.90
+144.25
+2.01
+5.83
+8.77
1,309.73
1,118.69
S&P 100
1,208.84
+15.14
+1.27
+2.17
+6.03
2,940.91
2,532.69
S&P 500
2,711.74
+29.11
+1.09
+1.43
+5.13
2,053.00
1,769.25
S&P MidCap
1,825.10
+5.57
+.31
-3.97
-.27
30,560.54
26,293.62
Wilshire 5000
27,980.90
+311.26
+1.12
+.67
+4.42
1,742.09
1,436.43
Russell 2000
1,511.41
+4.77
+.32
-1.57
+1.25
Mutual Funds
Name
Total Assets
Obj ($Mlns) NAV
Total Return/Rank
4-wk 12-mo 5-year
Pet
Load
Min Init
Invt
Vanguard 500ldxAdmrl
LB
265,379
250.68
-6.8
+7.3/A
+11.3/A
NL
10,000
Vanguard TtlSMIdxAdmrl
LB
214,061
67.45
-7.4
+6.6/B
+10.8/B
NL
10,000
Vanguard TtlSMIdxinv
LB
135,625
67.43
-7.4
+6.5/B
+10.7/B
NL
3,000
Vanguard TtlnSIdxinv
FB
134,124
15.91
-8.4
-8.7/C
+1.9/B
NL
0
Vanguard TtlSMIdxIns
LB
128,089
67.47
-7.4
+6.6/B
+10.8/A
NL 5
000,000
Vanguard Insldxlns
LB
126,438
247.31
-6.8
+7.3/A
+11.3/A
NL 5
000,000
Vanguard InsidxInsPlus
LB
108,769
247.33
-6.8
+7.3/A
+11.3/A
NL100,000,000
Fidelity Contrafund
LG
101,686
12.72
-9.7
+7.5/D
+12.1 /B
NL
0
Vanguard TtlnSIdxinsPlus
FB
100,878
106.45
-8.3
-8.6/C
+2.0/B
NL100,000,000
American Funds GrfAmrcA m
LG
94,075
51.26
-9.6
+6.7/D
+11.4/C
5.75
250
Vanguard WlngtnAdmrl
MA
88,474
70.87
-3.9
+2.7/A
+7.7/A
NL
50,000
Vanguard TtBMIdxAdmrl
Cl
85,309
10.26
-0.7
-2.0/C
+1.8/C
NL
10,000
Cl -Intermediate-Term Bond, FB -Foreign Large Blend, IH -World Allocation, LB -Large Blend, LG -Large Growth,
LV -Large Value, MA -Moderate Allocation, WS -World Stock, Total Return: Chng in NAV with dividends reinvested.
Rank: How fund performed vs. others with same objective: A is in top 20%, E in bottom 20%. Min Init Invt: Minimum
$ needed to invest in fund. Source: Momingstar.
