The times. (Gainesville, Ga.) 1972-current, November 13, 2018, Image 11

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The times., November 13, 2018, Image 11

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Newspaper Page Text0D BUSINESS Jeff Gill | Business reporter 770-718-3408 | jgill@gainesvilletimes.com The Times, Gainesville, Georgia Tuesday, November 13, 2018 Al-Falih: Oil production cuts may be necessary A tale of two cities MARK LENNIHAN AND SUSAN WALSH I Associated Press Left: traffic moves along 44th Drive in Long Island City, Wednesday, Nov. 7, in the Queens borough of New York. Long Island City is a longtime industrial and transportation hub that has become a fast-growing neighborhood of riverfront high-rises and redeveloped warehouses, with an enduring industrial foothold and burgeoning arts and tech scenes. Right: Crystal City, Va., and the United States Air Force Memorial as seen from a revolving restaurant. If any place in the U.S. is well positioned to absorb 25,000 Amazon jobs, it may well be Crystal City which has lost nearly that many jobs over the last 15 years. Amazon HQ/avorites: Similar basics but different vibes BY JENNIFER PELTZ AND MATTHEW BARAKAT Associated Press NEW YORK — The communities said to be favored to become homes to a pair of big, new East Coast bases for Amazon are both riverfront stretches of major metropolitan areas with ample transportation and space for workers. But there are plenty of differences between New York’s Long Island City and Crystal City in northern Virginia. Set within eyeshot of the nation’s capital, Crystal City is a thicket of 1980s-era office towers trying to plug into new economic energy after thousands of federal jobs moved elsewhere. Rapidly growing Long Island City is an old manufacturing area already being reinvented as a hub for 21st- century industry, creativity and urbane living. Seattle-based Amazon, which set out last year to situate one addi tional headquarters but now may reportedly open two, has declined to comment on its plans. But people familiar with the talks said this week that Long Island City and Crystal City have emerged as front runners for the “HQ2” project and its total of 50,000 jobs. A look at two communities said to be at the top of Amazon’s list. LONG ISLAND CITY It’s already the fastest-developing neighborhood in the nation’s most populous city, and Amazon could pump up the volume in this buzzy part of Queens. If chosen, the neighborhood stands to burnish New York City’s reputa tion as a tech capital. Landing Ama zon would also cement Long Island City’s transformation from a faded manufacturing zone to a vibrant, of- the-moment enclave of waterfront skyscrapers, modernized warehouses and artsy-tech ambience across the East River from midtown Manhattan. “I joke that we’re experiencing explosive growth 30 years in the making,” says Elizabeth Lusskin, president of the Long Island City Partnership, a neighborhood devel opment group. But Long Island City also has been straining to handle its growth. Days before the potential Amazon news emerged, the city announced a $180 million plan to address Long Island City’s packed schools, street design and a sewage system that groans in heavy rain. But those proj ects will just catch up with current needs, says area City Councilman Jimmy van Bramer. “I know that there are a lot of peo ple cheerleading for this, but HQ2 has to work for Queens and the people of Queens. It can’t just be good for Ama zon,” says van Bramer, a Democrat. Once a bustling factory and freight- moving area, Long Island City saw many of its plants and warehouses closed as manufacturing shriveled in New York City. The neighborhood’s rebirth began in the 1980s, when officials broached redeveloping a swath of the water front, while artists were drawn by warehouse spaces, affordable rents and a building that is now the MoMA PS1 museum. Silvercup Studios — where such TV shows as “Sex and the City,” ”30 Rock” and “The Sopranos” have been filmed — opened in 1983. CRYSTAL CITY If any place in America can absorb 25,000 Amazon jobs without disrup tion, it may well be Crystal City, Vir ginia, where nearly that many jobs have vanished over the last 15 years. The neighborhood in Arlington County is bounded by the Potomac River and the nation’s capital on one side, by the Pentagon on another and Reagan National Airport on a third. Despite its prime location and abundant transportation options, the neighborhood has been hit by a massive outflow of jobs. The Patent and Trademark Office began mov ing more than 7,000 jobs out of Crys tal City in 2003. In 2005, the Defense Department announced plans to move roughly 17,000 jobs elsewhere as part of a base realignment. Arlington County has worked hard to bring in new employers, and had some success. The Public Broadcast ing Service moved its headquarters to Crystal City in 2006. Still, large swaths of the neighbor hood remain vacant. Among other challenges, the area has fought to overcome a reputation for outdated architecture. Crystal City is populated by ’70s and ’80s-era office buildings. The buildings are connected by a network of tunnels populated with food-court style dining options, hair salons and newsstands. The tunnels leave the ground-level outdoor streetscape sometimes looking empty. Blue Eyes special: Frank, Barbara Sinatra auction upcoming NEW YORK — More than 200 items belonging to Frank and Barbara Sinatra ranging from movie scripts to jewelry are going up for auction. Sotheby’s on Monday unveiled the contents of Lady Blue Eyes: Property of Barbara and Frank Sinatra, which will go on the block in a series of auctions in New York in Decem ber. Sotheby’s says the items were gathered over the couple’s 22-year marriage and portray their public and private lives. Barbara Sinatra’s 20-plus-carat diamond engagement ring, which Frank Sinatra presented to her in a glass of champagne, is among the jewelry up for bid. Copies of scripts include “From Here to Eternity,” for which Sinatra won an Academy Award, and “Ocean’s 11.” Paintings, signed letters and personal accessories also are available. A portion of the proceeds will benefit the Barbara Sinatra Children’s Center in Rancho Mirage, California. Associated Press BY JON GAMBRELL Associated Press ABU DHABI, United Arab Emirates — OPEC and allied oil-producing countries will likely need to cut crude supplies, perhaps by as much as 1 million barrels of oil a day, to rebalance the market after U.S. sanctions on Iran failed to cut Tehran’s output, Saudi Ara bia’s energy minister said Monday. The comments from the minister, Kha- lid al-Falih, show the balancing act the U.S. allies face in dealing with President Donald Trump’s actions related to the oil industry. Trump in recent weeks demanded the oil cartel increase production to drive down U.S. gasoline prices. “Hopefully, Saudi Arabia and OPEC will not be cut ting oil production. Oil prices should be much lower based on supply!” he tweeted Monday. The U.S. has meanwhile allowed some of its allies — Greece, India, Italy, Japan, South Korea, Taiwan and Turkey — as well as rival China to continue to purchase Iranian oil despite re-imposed sanctions, as long as they work to reduce their imports to zero. Al-Falih, who on Sunday said the kingdom would cut production by over 500,000 barrels per day in December, said Monday that Saudi Arabia had been giving customers “100 percent of what they asked for.” That appeared to be a veiled reference to Trump. Before the United States re-imposed sanctions on Iran, “fear and anxiety gripped the market,” al-Falih said at the Abu Dhabi International Petroleum Exhibition & Confer ence. Now “we’re seeing the pendulum swing violently to the other side,” he added. The energy minister of the United Arab Emirates, Suhail al-Mazrouei, currently the president of OPEC, said “changes” likely would be necessary as the oil cartel meets in December in Vienna. However, he added: “We need not to overreact when these things happen.” Al-Falih said OPEC officials have seen analysis papers suggesting a production cut of upward of 1 million barrels of crude a day may be necessary to rebalance the market. However, he stressed that more study needed to be done. “There are a lot of assumptions in their projections that may change,” al-Falih said. “We don’t want to throttle the global economy.” A gallon of regular gasoline in the U.S. on average now sells for $2.69, down from $2.90 a month ago, according to AAA. Those lower prices likely quieted Trump, but pro duction cuts could again boost prices at the pump. Neither al-Falih nor al-Mazrouei directly criticized Trump, but Mohammed Hamad al-Rumhy, Oman’s oil and gas minister, blamed the U.S. president for some of the volatility striking the oil market. Oman, a sultanate on the eastern edge of the Arabian Peninsula, maintains close diplomatic ties to Iran and often serves as an interlocutor between Western powers and Tehran. “Supply and demand is perhaps the easy part because you can measure it,” al-Rumhy said. It’s “extremely dif ficult to quantify what is happening in (the) White House — almost impossible.” Iran, which has tense relations with Abu Dhabi, the capital of the UAE, did not have a high-level official at the summit. Crude oil dropped to a low of $30 a barrel in January 2016. That forced OPEC to partner with non-OPEC coun tries, including Russia, to cut production to help prices rebound. Benchmark Brent crude, which had been trading above $80 a barrel recently, now hovers just over $70 after the U.S. sanction waivers on Iran. Meanwhile, Sultan Ahmed al-Jaber, the head of the state-run Abu Dhabi National Oil Co., said the UAE planned to increase oil production to 4 million barrels a day by 2020 and 5 million barrels a day by 2030. The UAE now produces some 3 million barrels of oil a day. Al-Jaber also said the UAE would begin fracking — injecting high-pressure mixtures of water, sand or gravel and chemicals — to gain access to otherwise unreachable natural gas reserves. “Make no mistake: Hydrocarbons will continue to play an absolutely essential part of a diversified energy mix,” al-Jaber said. But the highs and lows of the market need to end for both oil consumers and producers to profit, said al-Rumhy, the Omani official. “If it was my heart beat going that way, I think I would be in the hospital right now,” he said. Stock Exchange Highlights ■ NYSE 12,343.51 -194.02 V Nasdaq W 7,200.87 -206.03 Gainers ($2 or more) Gainers ($2 or more) Name Last Chg %Chg Name Last Chg %Chg EKodak 3.66 Best Inc n 5.99 MaidHId 43 23.32 VitaminSh 7.61 MarineP 22.70 FutureFuel 17.74 Startek 6.07 Yelp 34.07 Cemig 3.17 PartyCity n 10.68 +.57 +18.4 +.80 +15.4 +3.01 +14.8 +.87 +12.9 +1.66 +7.9 +1.19 +.40 +2.14 +.20 +.62 +7.2 +7.1 +6.7 +6.6 +6.2 Losers (S2 or more) Name Last Chg %Chg GNC 3.41 PG&ECp 32.98 CypressEn 5.59 HorizGbl n 2.16 Maiden prA 15.05 MaidnH pfD 13.19 Maiden pfC 13.79 DxSOXBIIs 92.52 Trinseo SA 48.62 NordicAm 2.96 -.81 -19.2 -6.94 -17.4 -1.07 -16.1 -.40 -15.6 -2.69 -15.2 -2.31 -14.9 -2.36 -14.6 -13.95 -13.1 -7.15 -12.8 -.42 -12.4 Most Active ($1 on more) Name Vol (00) Last Chg GenElec 2449581 EQTCorp 690004 BkofAm 502826 PG&ECp 440281 FordM 361831 ChesEng 298550 Weathflntl 295844 EnCanag 282818 AT&T Inc 250156 AuroraC n 249002 7.99 -.59 34.64 -1.26 27.75 -.77 32.98 -6.94 9.49 +.11 3.46 -.17 1.02 -.11 8.41 -.44 30.78 +.09 6.96 -.33 Diary Advanced Declined Unchanged Total issues New Highs New Lows Volume 745 2,065 80 2,890 56 126 3,622,749,106 Apptio n 37.65 Greenpro n 4.70 OpkoHIth 3.73 Nexeo un 10.00 Verrica n 14.00 SilvrSun n 3.67 l-AMCap n 10.45 Boxlight n 3.35 EidosThrn 14.60 SocilRItyA n 2.90 +12.80 +.88 +.64 +1.47 +2.01 +.52 +1.45 +.45 +1.89 +.36 +51.5 +23.0 +20.6 +17.2 +16.8 +16.5 +16.1 +15.5 +14.9 +14.2 Losers ($2 or more) Name Last Chg %Chg Lumentm n 37.50 MaidenH 2.40 Mesoblast n 5.48 Autolus n 35.50 PHIvtg ConcertPh Eyenovia n BorqsTch Baozun n AbeonaTh 6.59 12.59 3.12 2.65 31.88 7.71 -18.45 -33.0 -1.12 -31.8 -2.10 -27.7 -12.51 -26.1 -2.13 -24.4 -3.47 -21.6 -.84 -21.2 -.70 -20.9 -8.31 -20.7 -1.65 -17.6 Most Active ($1 or more) Name Vol (00) Last Chg AMD 956555 Apple Inc 509795 Amarin 389392 19.03 -2.00 194.17 -10.30 19.82 -1.23 Microsoft SiriusXM Cisco MicronT Qualcom Intel 106.87 6.12 45.62 37.44 54.49 46.65 CaesarsEnt205567 8.18 335825 ' 282367 253239 244827 242156 240552 -2.70 -.09 -1.49 -1.67 -2.23 -1.46 -.33 Diary Advanced Declined Unchanged Total issues New Highs New Lows Volume 624 2,303 134 3,061 29 162 2,178,412,219 Stocks of Local Interest Name Ex Div Yld PE Last YTD Chg %Chg AFLAC S 1.04 2.3 14 44.44 -.60 0.0 Hershey 2.89 2.7 24 108.67 +.09 -4.3 AT&T Inc 2.00 6.5 6 30.78 +.09 -20.8 HomeDp 4.12 2.3 23 179.43 -6.56 -5.3 AbbottLab 1.12 1.6 30 70.56 -2.23 +23.6 Intel 1.20 2.6 17 46.65 -1.46 +1.1 AMD 19.03 -2.00 +85.1 IBM 6.28 5.2 9 120.90 -2.64 -21.2 Altria 3.20 5.2 19 61.20 -2.22 -14.3 JackHenry 1.48 1.0 32 141.31 -.19 +20.8 Apple Inc 2.92 1.5 23 194.17 10.30 +14.7 JohnJn 3.60 2.5 20 145.62 +.28 +4.2 ATMOS 1.94 2.0 18 96.67 -.02 +12.6 Lowes 1.92 2.0 20 95.65 -1.17 +2.9 AuroraC n 6.96 -.33 -7.1 MagneG rs .36 +.08 -92.5 AutoZone 17 792.60 -1.27 +11.4 McDnlds 4.64 2.5 28 184.37 -1.57 +7.1 AveryD 2.26 2.5 26 91.45 -.55 -20.4 Merck 2.20 2.9 28 74.69 -.17 +32.7 BB&T Cp 1.62 3.2 15 50.54 -.22 +1.6 MicronT 3 37.44 -1.67 -8.9 BP PLC 2.38 5.8 22 40.87 -.37 -2.8 Microsoft 1.84 1.7 44 106.87 -2.70 +24.9 BkofAm .60 2.2 13 27.75 -.77 -6.0 NorflkSo 3.20 1.9 25 167.01 -3.31 +15.3 BarnesNob .60 8.8 6.83 +1.9 OfficeDpt .10 3.1 9 3.21 -.04 -9.3 Boeing 6.84 1.9 33 357.03 12.31 +21.1 PG&E Cp 2.12 6.4 5 32.98 -6.94 -26.4 BrMySq 1.60 3.0 52 52.85 -.54 -13.8 Penney 21 1.28 -.06 -59.5 CSX .88 1.3 10 69.64 -1.02 +26.6 PepsiCo 3.71 3.2 34 116.97 -.51 -2.5 CaesarsEnt ... 8.18 -.33 -35.3 Pfizer 1.36 3.1 18 44.11 -.17 +21.8 CampSp 1.40 3.6 14 39.17 +.20 -18.6 PhilipMor 4.56 5.2 21 87.96 -1.22 -16.7 Caterpillar 3.44 2.8 12 125.00 -1.91 -20.7 Primerica 1.00 .9 14 115.28 -2.33 +13.5 ChesEng 6 3.46 -.17 -12.6 ProctGam 2.87 3.1 23 92.70 +.29 +.9 Chevron 4.48 3.8 24 117.39 -2.12 -6.2 Qualcom 2.48 4.6 54.49 -2.23 -14.9 Cisco 1.32 2.9 23 45.62 -1.49 +19.1 RegionsFn .56 3.3 14 16.93 -.31 -2.0 Citigroup 1.80 2.8 11 64.21 -1.55 -13.7 SiriusXM .05 .8 34 6.12 -.09 +14.2 CocaCola 1.56 3.1 94 49.87 +.19 +8.7 SouthnCo 2.40 5.1 22 46.89 +.08 -2.5 ConAgra .85 2.4 17 35.25 +.86 -6.4 Square n 69.83 -3.44+101.4 Coty .50 5.8 8.65 +.16 -56.5 SunTrst 2.00 3.2 11 62.95 -.58 -2.5 Cummins 4.56 3.2 40 144.36 +1.29 -18.3 SynovusFn 1.00 2.7 13 37.55 -.14 -21.7 Disney 1.68 1.4 16 116.70 -1.30 +8.5 3M Co 5.44 2.8 27 197.04 -4.06 -16.3 DowDuPnt 1.52 2.6 18 57.70 -.98 -19.0 Torchmark .64 .7 7 85.88 -1.04 -5.3 EQT Corp .12 .3 34.64 -1.26 -39.1 Transocn 9.75 -.78 -8.7 EnCana g .06 .7 14 8.41 -.44 -36.9 Tyson 1.20 1.9 11 61.61 -.47 -24.0 Equifax 1.56 1.6 17 100.38 -1.74 -14.9 UtdCmBks .64 2.5 15 25.74 -.10 -8.5 ExxonMbl 3.28 4.1 15 79.83 -.22 -4.6 UPS B 3.64 3.4 18 107.72 -1.79 -9.6 Facebook 27 141.55 -3.41 -19.8 VerizonCm 2.41 4.1 7 58.72 +.26 +10.9 FordM .60 6.3 5 9.49 +.11 -24.0 Vodafone 1.82 9.8 18.59 -.20 -41.7 GenElec .48 6.0 7.99 -.59 -54.3 WalMart 2.08 2.0 25 103.87 -1.69 +5.2 GenuPrt 2.88 2.9 22 100.29 -.32 +5.6 Weathflntl 1.02 -.11 -75.5 HP Inc .56 2.3 9 23.99 -1.01 +14.2 WeisMk 1.24 2.6 11 47.59 +.24 +15.0 Haverty .72 3.4 22 21.33 -.07 -5.8 WellsFargo 1.72 3.3 13 52.35 -.69 -13.7 HeliosM rs .02 100.0 YumBrnds 1.44 1.6 32 89.45 -1.27 +9.6 Name Ex Div Yld PE Last YTD Chg %Chg 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: 25,387.18 Change:-602.12 (-2.3%) 27,200 26,400 25,600 24,800 26,280 25,340 24,400 10 DAYS M J J A S O N 52-Week Net YTD 12-mo High Low Name Last Chg %Chg %Chg %Chg 26,951.81 23,242.75 Dow Industrials 25,387.18 -602.12 -2.32 +2.70 +8.31 11,623.58 9,420.16 Dow Transportation 10,366.51 -150.70 -1.43 -2.32 +8.91 778.80 647.81 Dow Utilities 733.04 -5.19 -.70 +1.34 -4.23 13,637.02 11,820.33 NYSE Composite 12,343.51 -194.02 -1.55 -3.63 +.22 8,133.30 6,630.67 Nasdaq Composite 7,200.87 -206.03 -2.78 +4.31 +6.56 1,309.73 1,118.69 S&P 100 1,211.59 -25.76 -2.08 +2.40 +6.20 2,940.91 2,532.69 S&P 500 2,726.22 -54.79 -1.97 +1.97 +5.47 2,053.00 1,769.25 S&P MidCap 1,852.25 -30.29 -1.61 -2.54 +1.28 30,560.54 26,293.62 Wilshire 5000 28,104.13 -563.99 -1.97 +1.12 +4.91 1,742.09 1,436.43 Russell 2000 1,518.79 -30.70 -1.98 -1.09 +2.96 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 247,729 252.25 -1.3 +7.6/B +11.3/A NL 10,000 Vanguard TtlSMIdxAdmrl LB 199,057 67.85 -1.4 +7.1/B +10.8/A NL 10,000 Vanguard TtlSMIdxInv LB 127,316 67.82 -1.4 +7.0/B +10.7/B NL 3,000 Vanguard TtlnSIdxInv FB 126,316 15.88 -2.6 -8.7/C +2.2/B NL 0 Vanguard TtlSMIdxins LB 119,661 67.86 -1.4 +7.1/B +10.8/A NL 5 000,000 Vanguard Insldxlns LB 116,372 248.87 -1.3 +7.6/B +11.3/A NL 5 000,000 Vanguard InsIdxinsPlus LB 101,648 248.89 -1.3 +7.6/B +11.3/A NL100,000,000 Vanguard TtlnSIdxInsPlus FB 94,240 106.24 -2.6 -8.7/C +2.3/B NL100,000,000 Fidelity Contrafund LG 91,385 12.59 -4.4 +6.6/D +12.0/B NL 0 Vanguard TtBMIdxAdmrl Cl 85,528 10.26 0.0 -1.8/C +2.0/C NL 10,000 Fidelity 500ldxlnsPrm LB 84,712 95.46 -1.3 +7.6/B +11.3/A NL 0 Vanguard WlngtnAdmrl MA 84,654 71.54 +0.1 +3.8/A +7.8/A NL 50,000 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: Morningstar.