The times. (Gainesville, Ga.) 1972-current, November 15, 2018, Image 13

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The times., November 15, 2018, Image 13

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Newspaper Page Text0D BUSINESS Jeff Gill | Business reporter 770-718-3408 | jgill@gainesvilletimes.com The Times, Gainesville, Georgia Thursday, November 15, 2018 Getting over Amazon ELAINE THOMPSON I Associated Press A display at Amazon’s headquarters explains to visitors the contributions by the company in the city, Tuesday, Nov. 13, in Seattle. Amazon, which is growing too big for its Seattle hometown, is spreading out to the East Coast. The online shopping giant ended its 14-month-long competition for a second headquarters Tuesday by selecting New York and Arlington, Virginia, as the joint winners. The two cities will each get 25,000 jobs that pay an average of $150,000. Stung by missing out on HQ2, cities look on the bright side BY MIKE CATALINI Associated Press Sometimes losing is winning. Or at least that’s what some of the 18 North American cities passed up by Amazon for its new headquarters are telling themselves. After 14 agonizing months of woo ing and then waiting for the online retail giant to make up its mind, the finalists learned that instead of Amazon picking one location for its new offices, it would split them between Long Island City in Queens, New York, and Arlington, Virginia, in suburban Washington, sending an estimated 25,000 jobs to each. The places that didn’t make the cut are bearing the rejection with a mixture of reflection, disappoint ment and some optimism. But while they’re missing out on the economic boost — for now — they’ve also dodged having to give away billions of dollars in tax incentives. Amazon’s search for a new home resulted in some 238 suitors from across the continent that the com pany in January whittled down to 20, stretching from Toronto to Miami in the east to Denver and Los Angeles out west. The prospect of new jobs and the cachet that comes with a tech behe moth like Amazon led many cities to pull together aggressive tax incen tive packages worth billions of dol lars, among other enticements. Newark, New Jersey, for instance, proposed $2 billion in tax incentives along with a potential $5 billion put up by the state. “I think considering the size of the tax package we were offering, I think a lot of taxpayers are taking a sigh of relief,” said Brandon McKoy, who heads government and public affairs at the progressive think tank New Jersey Policy Perspective. “It was very exorbitant.” Some economic development experts argue that giving up bil lions in tax revenue through incen tive programs was a flawed mindset from the start. Richard Florida, an urban devel opment expert at the University of Toronto, cast Amazon’s search in stark terms, suggesting the company “played” cities against each other to get the best deal, while also scoping out potential future locations for business hubs. He compared the selection pro cess to the televised talent competi tion, “American Idol.” “We can get back to doing eco nomic development the right way, not through these Amazon Idol com petitions,” he said. New York offered Amazon more than $1.5 billion in tax credits and other incentives while Virginia and Arlington ponied up about $573 million. But the tax incentives were not the only factor for Amazon. Indeed, the chosen sites had offered less than other places. Amazon has said it picked locations best suited to attract the high-skilled workers it’s seeking. That’s small consolation to places left to soul-search what they could have done differently. “We competed hard, we com peted well, but we did not succeed,” said Dallas Mayor Mike Rawlings, whose city was a contender. “It calls upon us, as leaders in this city, to look hard at ourselves and say, ‘Why can we not beat New York City and Washington, D.C.?”’ Others cast the loss in a positive light. “It put Philadelphia in the national (and international) spot light — increasing our visibility to other companies and showing our viability for other large-scale proj ects,” said Philadelphia Mayor Jim Kenney in a statement. For all the time and energy expended on the process, there’s also a sense of relief to finally be done with it, even if the outcome for most wasn’t as hoped. Consumer prices increased 0.3 percent in Oct. BY JOSH B0AK Associated Press WASHINGTON — Con sumer prices climbed 0.3 percent in October, with higher prices for gasoline, used autos and housing con tributing to the increase. The Labor Department said Wednesday that this measure of inflation has jumped 2.5 percent over the past 12 months. Adjusted for rising prices, average weekly wages have improved 0.9 percent this year. That’s an increase of $8.52 in weekly earnings from October 2017. The Federal Reserve tar gets inflation at 2 percent, just enough to encourage consumer spending and economic growth without leading to price increases that could destabilize the economy. Fed officials are expected at an upcom ing meeting in December to raise a key short-term interest rate for the fourth time this year, in hopes of keeping inflation and check and preventing economic growth from overheating in ways that could trigger a downturn. But inflation could be tamer in future months because oil prices have been trending lower and the value of the dollar has strengthened. Core inflation, which excludes volatile energy and food costs, rose 0.2 percent in October. This core figure, which many economists con sider to be a better indicator of underlying inflation, has risen 2.1 percent from a year ago. Energy agency: Global oil supply jumps, prices fall BY DAVID MCHUGH Associated Press FRANKFURT, Germany — The International Energy Agency said Wednesday that global oil supplies are growing rapidly as Saudi Arabia, the United States and Russia pump more oil in response to fears of higher prices as a result of renewed U.S. sanctions on Iran. The IEA said in its monthly report that October output rose by 2.6 million barrels a day to 100.7 million barrels as producers heeded warnings that looming U.S. sanctions could mean a loss of Iranian oil to the market and thus lead to higher prices. But when President Donald Trump imposed sanctions Nov. 5, he issued six-month waivers for some of Iran’s big gest oil customers. That helped send prices lower. Brent crude is trading below $70 per barrel, down from a four-year high above $86 per barrel in early October. Brent prices rose 0.6 percent on Wednesday to $65.86. The Paris-based agency welcomed the higher production and stockpiles, saying that the response to the call by the IEA and others to boost production “is a reminder that the oil industry works best when it works together.” The agency said that lower prices “are clearly a benefit to consumers,” especially those in developing countries who are seeing higher fuel prices due to weak national curren cies. Oil is priced in dollars and the U.S. currency has been strong of late. The report authors warned that although the market seems more relaxed than a few weeks ago, rising stocks should be “welcomed as a form of insurance” against unpre dictable market events. The report notes that “the United States remains commit ted to reducing Iranian oil exports to zero from the 1.8 mil lion barrels per day seen today. ” There were also concerns about the stability of produc tion in Nigeria, Libya and Venezuela, while a tanker collision in Norwegian waters, though modest in impact, “is another reminder of the vulnerability of the system to accidents.” Macy’s charges into holiday season BY ANNE D’INNOCENZIO Associated Press NEW YORK — Macy’s is heading into the crucial holiday season firing on all cylinders, logging its fourth consecutive quarter of sales growth at existing locations and getting strong reactions from customers both online and in its stores. The company also lifted its expectations for annual earnings on Wednesday. Department stores like Macy’s are under intense pressure to reinvent themselves with so many shoppers migrating online or just spending money elsewhere, choosing to be pampered at a spa or traveling. Fortunately, Macy’s and other retailers are doing so in the midst of a strong job market and robust economy, giving them more breathing room with shoppers feeling confident about splurging once in a while. Macy’s, along with other stores, also have benefited from the misfortunes of others. Toys R Us and Bon-Ton have liquidated. Sears Holdings Corp., which operates Sears and Kmart stores, filed Chapter 11 bankruptcy last month. And J.C. Penney is floundering. Macy’s says it’s seeing increased business in the Midwest where Bon-Ton used to operate and it’s aggressively courting its customers. But Macy’s focus is solidly on Macy’s. It’s been expanding its store label brands to differentiate itself from rivals. It’s also adding more of its off-price Backstage stores and putting into place technology that allows customers to skip the line at the register. It’s rolling out multiple layers of technology to offer people something they can’t get online, such as the use of virtual real ity in its furniture and cosmetics sections. The company’s revamped loyalty card program has helped keep its best cus tomers engaged. And it’s trying to become more nimble. Macy’s acquired Story, a concept store, which rotates themes and what it sells every few months. It brought Story founder Rachel Shechtman aboard to help create a more vibrant shopping experience at Macy’s. And in a more radical maneuver, the company is shrinking in order to grow. Stock Exchange Highlights ■ NYSE 12,275.49 -52.81 V Nasdaq W 7,136.39 -64.48 Gainers ($2 or more) Gainers ($2 or more) Name Last Chg %Chg Name Last Chg %Chg TahoeRes 3.27 Hi-Crush 7.24 Maiden pfC 12.29 Edenor 24.93 CdaGoose n64.45 EmergeES 2.97 MaidnH pfD 11.58 Gafisa rs 7.07 Yirendai n 17.42 QntmDSS rs 2.71 +1.07 +48.6 +.89 +14.0 +1.34 +12.3 +2.34 +10.4 +5.87 +10.0 +.27 +10.0 +.97 +9.1 +.58 +8.9 +1.43 +8.9 +.22 +8.8 Losers (S2 or more) Name Last Chg %Chg PrUltShN s 11.72 Switch n 7.07 PG&ECp 25.59 OiSAC 2.75 CharahSol n 6.64 Puxin n 5.51 ClearwEn A 16.80 CanopyGr n34.30 ClearwEn C17.09 ProgsvCp 64.80 -7.02 -37.5 -2.19 -23.7 -7.13 -21.8 -.50 -15.4 -1.00 -13.1 -.75 -12.0 -2.17 -11.4 -4.18 -10.9 -2.02 -10.6 -6.79 -9.5 Most Active ($1 on more) Name Vol (00) Last Chg GenElec 1621688 BakHuGE n790073 BkofAm 690376 EnCanag 538776 PG&ECp 527105 Nabors 479023 ChesEng 464597 TahoeRes 416377 FordM 395471 SwstnEngy337197 8.32 23.15 27.21 7.77 25.59 4.45 3.67 -.29 -.65 -.55 -.33 -7.13 -.25 +.11 3.27 +1.07 9.54 5.73 -.09 Diary Advanced Declined Unchanged Total issues New Highs New Lows Volume 1,120 1,702 71 2,893 21 164 4,326,627,660 Sphr3D grs 2.61 EmpirRst rs 13.13 NF EngSv 6.13 ImprimisP 4.61 MACOM 17.95 HutChMd n 37.69 Eyenovia n 3.09 MaidenH 2.63 LiquidTch n 22.15 OncolBio n 2.75 +.96 +58.2 +4.60 +53.9 +1.12 +22.4 +.75 +19.4 +2.81 +18.6 +5.54 +17.2 +.45 +17.0 +.38 +16.6 +2.83 +14.6 +.34 +14.1 Losers ($2 or more) Name Last Chg %Chg PyxisTnkr 2.05 Amyris rs 4.14 Cardlytc n 13.73 Boxlight n 2.35 Ferrogl n 5.48 ShotSpot n 31.47 AltaMesa n 2.40 DovaPh n 14.12 InnovBio rs 2.93 Neuronet n 18.58 -.92 -31.0 -1.76 -29.8 -4.02 -22.6 -.68 -22.4 -1.17 -17.5 -5.71 -15.4 -.42 -14.9 -2.43 -14.7 -.49 -14.3 -3.08 -14.2 Most Active ($1 or more) Name Vol (00) Last Chg AMD 1061200 Apple Inc 605426 Microsoft 394512 Cisco 362082 Amarin 306808 SiriusXM 276580 Intel 253744 Pinduodou n246930 MicronT 235049 Comcast s 231073 20.81 +1.20 186.80 -5.43 104.97 -1.97 44.33 -.79 16.12 +.74 6.25 +.10 47.09 -.30 19.15 +2.00 38.03 +.18 38.29 +.57 Diary Advanced Declined Unchanged Total issues New Highs New Lows Volume 995 1,927 136 3,058 19 189 2,412,775,780 Stocks of Local Interest Name Ex YTD Div Yld PE Last Chg %Chg AFLAC S 1.04 2.4 14 43.95 -.42 0.0 Intel 1.20 2.5 18 47.09 -.30 +2.0 AT&T Inc 2.00 6.6 6 30.51 +.18 -21.5 IBM 6.28 5.2 9 120.20 -.64 -21.7 AbbottLab 1.12 1.6 29 69.41 -.08 +21.6 JohnJn 3.60 2.5 20 144.25 -.43 +3.2 AMD 20.81 +1.20+102.4 Lowes 1.92 2.0 20 94.91 -.68 +2.1 Altria 3.20 5.4 19 59.10 -.90 -17.2 Macys 1.51 4.5 10 33.22 -2.57 +31.9 Apple Inc 2.92 1.6 22 186.80 -5.43 +10.4 MagneG rs .32 -.12 -93.4 ATMOS 1.94 2.0 18 97.29 +.89 +13.3 McDnlds 4.64 2.5 28 183.85 -.16 +6.8 AutoZone 18 823.30 +9.82 +15.7 Merck 2.20 3.0 28 74.09 -.52 +31.7 AveryD 2.26 2.5 26 91.62 -.32 -20.2 Microsoft 1.84 1.8 44 104.97 -1.97 +22.7 BB&T Cp 1.62 3.2 15 50.52 -.55 +1.6 Nabors .24 5.4 4.45 -.25 -34.8 BP PLC 2.38 5.9 12 40.33 +.52 -4.0 NorflkSo 3.20 1.9 25 167.40 +.58 +15.5 BakHuGE .72 3.1 96 23.15 -.65 -26.8 OfficeDpt .10 3.2 9 3.13 -.12 -11.6 BkofAm .60 2.2 13 27.21 -.55 -7.8 PG&E Cp 2.12 8.3 4 25.59 -7.13 -42.9 BarnesNob .60 8.7 6.90 -.01 +3.0 Penney 20 1.22 -.06 -61.4 Boeing 6.84 2.0 32 344.72 -4.79 +16.9 PepsiCo 3.71 3.2 34 116.65 -.49 -2.7 BrMySq 1.60 3.0 52 52.59 ... -14.2 Pfizer 1.36 3.2 17 42.91 -.61 +18.5 CSX .88 1.2 10 70.50 +.22 +28.2 PhilipMor 4.56 5.3 21 85.50 -.90 -19.1 CampSp 1.40 3.6 14 39.16 -.09 -18.6 Pinduodou n ... 19.15 +2.00 -28.3 Caterpillar 3.44 2.7 12 125.10 -.86 -20.6 Primerica 1.00 .9 14 116.03 -.90 +14.3 ChesEng 6 3.67 +.11 -7.3 ProctGam 2.87 3.1 23 93.49 +.02 +1.8 Chevron 4.48 3.9 24 115.72 +.37 -7.6 RegionsFn .56 3.4 14 16.37 -.51 -5.3 Cisco 1.32 3.0 22 44.33 -.79 +15.7 SiriusXM .05 .8 35 6.25 +.10 +16.6 Citigroup 1.80 2.8 11 63.50 -1.28 -14.7 SouthnCo 2.40 5.1 22 47.40 +.13 -1.4 CocaCola 1.56 3.1 94 49.76 -.10 +8.5 SwstnEngy 7 5.73 -.09 +2.7 ConAgra .85 2.6 16 32.64 -2.55 -13.4 Sprint 4 6.15 -.06 +4.4 Coty .50 5.7 8.70 +.54 -56.3 SunTrst 2.00 3.2 11 62.54 -.98 -3.2 Cummins 4.56 3.1 41 145.84 +1.34 -17.4 SynovusFn 1.00 2.7 13 36.86 -.84 -23.1 DenburyR 2.73 +.13 +23.5 TahoeRes .24 7.3 3.27 +1.07 -31.7 Disney 1.68 1.4 16 117.12 +.27 +8.9 3M Co 5.44 2.7 27 198.06 -.31 -15.9 DowDuPnt 1.52 2.6 18 57.98 +.51 -18.6 Torchmark .64 .7 7 86.45 -.35 -4.7 EnCana g .06 .8 13 7.77 -.33 -41.7 Transocn 9.57 +.14 -10.4 Equifax 1.56 1.6 17 97.73 -2.65 -17.1 Tyson 1.20 2.0 11 58.76 +.59 -27.5 ExxonMbl 3.28 4.2 14 77.39 -.61 -7.5 UtdCmBks .64 2.5 15 25.16 -.95 -10.6 FordM .60 6.3 5 9.54 ... -23.6 UPS B 3.64 3.3 18 109.50 +.10 -8.1 GenElec .48 5.8 8.32 -.29 -52.4 VerizonCm 2.41 4.1 7 58.94 +.28 +11.4 GenuPrt 2.88 2.8 22 101.87 +.46 +7.2 Vodafone 1.74 8.5 20.37 +.29 -36.1 HP Inc .56 2.3 9 23.73 -.22 +12.9 WalMart 2.08 2.0 24 101.53 -1.41 +2.8 Haverty .72 3.4 22 20.94 -.22 -7.5 Weathflntl .85 -.12 -79.6 HeliosM rs .02 +.00-100.0 WeisMk 1.24 2.6 11 47.02 -.28 +13.6 Hershey 2.89 2.7 23 107.95 -1.19 -4.9 WellsFargo 1.72 3.3 13 52.15 -.59 -14.0 HomeDp 4.12 2.3 23 179.90 +.90 -5.1 YumBrnds 1.44 1.6 32 89.18 +.15 +9.3 Name Ex YTD Div Yld PE Last 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: 25,080.50 Change: -205.99 (-0.8%) 27,200 26,400 25,600 24,800 26,280 25,600 24,920 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 25,080.50 -205.99 -.81 +1.46 +7.77 11,623.58 9,420.16 Dow Transportation 10,456.61 +23.16 +.22 -1.47 +10.76 778.80 647.81 Dow Utilities 724.57 -10.68 -1.45 +.17 -5.56 13,637.02 11,820.33 NYSE Composite 12,275.49 -52.81 -.43 -4.16 +.45 8,133.30 6,630.67 Nasdaq Composite 7,136.39 -64.48 -.90 +3.38 +6.41 1,309.73 1,118.69 S&P 100 1,199.77 -9.38 -.78 +1.40 +6.10 2,940.91 2,532.69 S&P 500 2,701.58 -20.60 -.76 +1.05 +5.34 2,053.00 1,769.25 S&P MidCap 1,841.62 -10.83 -.58 -3.10 +1.30 30,560.54 26,293.62 Wilshire 5000 27,853.78 -207.40 -.74 +.21 +4.78 1,742.09 1,436.43 Russell 2000 1,502.51 -12.29 -.81 -2.15 +2.62 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 247,729 250.04 -2.2 +6.8/B +10.8/A NL 10,000 Vanguard TtlSMIdxAdmrl LB 199,057 67.26 -2.3 +6.3/B +10.3/A NL 10,000 Vanguard TtlSMIdxinv LB 127,316 67.23 -2.3 +6.2/B +10.2/B NL 3,000 Vanguard TtlnSIdxInv FB 126,316 15.96 -2.1 -7.7/C +2.2/B NL 0 Vanguard TtlSMIdxins LB 119,661 67.27 -2.3 +6.3/B +10.3/A NL 5 000,000 Vanguard Insldxlns LB 116,372 246.69 -2.2 +6.8/B +10.8/A NL 5 000,000 Vanguard InsIdxinsPlus LB 101,648 246.71 -2.2 +6.8/B +10.8/A NL100,000,000 Vanguard TtlnSIdxInsPlus FB 94,240 106.79 -2.1 -7.7/C +2.3/B NL100,000,000 Fidelity Contrafund LG 91,385 12.48 -5.2 +5.7/D +11.4/B NL 0 Vanguard TtBMIdxAdmrl Cl 85,528 10.26 +0.1 -1.8/C +1.9/C NL 10,000 Fidelity 500ldxlnsPrm LB 84,712 94.62 -2.2 +6.8/B +10.8/A NL 0 Vanguard WlngtnAdmrl MA 84,654 71.19 -0.4 +3.4/A +7.5/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.