Newspaper Page Text
BD BUSINESS
Jeff Gill | Business reporter
770-718-3408 | jgill@gainesvilletimes.com
The Times, Gainesville, Georgia
Friday, November 16, 2018
FDA eyes flavored vapes
JEFF CHIU I Associated Press
Packs of menthol cigarettes and other tobacco products at a store in San Francisco. On Thursday, Nov. 15, FDA
Commissioner Dr. Scott Gottlieb pledged to ban menthol from cigarettes, in what could be a major step to further
push down U.S. smoking rates.
Government wants tighter rules on selling flavored e-cigarettes to kids
BY MIKE STOBBE
Associated Press
NEW YORK — In a major new
effort to curb smoking, a top U.S.
health official pledged Thursday to
try to ban menthol cigarettes and fla
vored cigars and tighten rules govern
ing the sale of most flavored versions
of electronic cigarettes.
The proposed restrictions were
aimed mainly at reducing smoking in
kids: About half of teens who smoke
cigarettes choose menthols, and fla
vored e-cigarettes have been blamed
for a recent increase in teen vaping
rates.
“I will not allow a generation
of children to become addicted to
nicotine through e-cigarettes,” Scott
Gottlieb, commissioner of the Food
and Drug Administration, said in a
statement.
Health advocates say a menthol
ban would have greater impact on
the health of Americans, but it would
probably take years to put in place.
The changes for e-cigarettes could
kick in within a few months.
Battery-powered e-cigarettes are
more popular among teens than regu
lar smokes and are considered safer.
But many versions contain poten
tially addictive nicotine, and health
officials believe they set kids who
try them on a path toward regular
cigarettes.
Gottlieb called for additional steps
to prevent the marketing of e-cig-
arettes directly to kids and online
sales to minors. He also proposed
beefing up measures to ensure that
convenience stores and some other
retailers do not sell e-cigarettes in
kid-friendly flavors such as cherry
and vanilla. They could still be sold in
vape shops or other businesses that do
not admit minors.
Smoking is the nation’s leading
cause of preventable illness, causing
more than 480,000 deaths each year.
The FDA currently bans sales of e-cig-
arettes and tobacco products to those
under 18.
In 2009, the government banned a
number of kid-friendly flavorings in
cigarettes. But after an aggressive lob
bying effort by tobacco companies,
menthol was exempted.
Gottlieb’s proposal for e-cigarette
flavorings also exempts menthol. He
said menthol e-cigarettes may be an
option for adults who turn to vaping
products to quit regular cigarettes,
and he decided not to push for an
end to menthol flavoring in vaping
products.
Smoking has been declining for
more than five decades. Some 42 per
cent of U.S. adults smoked in the early
1960s. Last year, the rate was down to
14 percent, according to the Centers
for Disease Control and Prevention.
Experts credit anti-smoking cam
paigns, cigarette taxes and smoking
bans for most of the decline in the
adult rate. But some say adult smok
ers switching to e-cigarettes have also
helped in recent years.
The cigarette smoking rate is even
lower among high school students —
about 9 percent, according to the lat
est figures.
But e-cigarette use jumped 78
percent this year among U.S. high
school kids and 48 percent among
middle school kids, Gottlieb said.
He cited a survey this past spring of
more than 20,000 middle and high
school students. About 21 percent of
high schoolers said they had vaped
recently, and 5 percent of middle
schoolers said they had.
Tests show electronic driving systems can fail
BY TOM KRISHER
Associated Press
DETROIT — Testing by
AAA shows that electronic
driver assist systems on the
road today may not keep
vehicles in their lanes or
spot stationary objects in
time to avoid a crash.
The tests brought a
warning from the auto club
that drivers shouldn’t think
that the systems make
their vehicles self-driv
ing, and that they should
always be ready to take
control.
AAA also said that use of
the word “pilot” by auto
makers in naming their
systems can make some
owners believe the vehi
cles can drive themselves.
“These systems are
made as an aid to driving,
they are not autonomous,
despite all of the hype
around vehicle auton
omy,” said Greg Brannon,
AAA’s director of automo
tive engineering. “Clearly
having ‘pilot’ in the name
may imply a level of
unaided driving, which is
not correct for the current
state of the development of
these systems.”
The test results released
Thursday come after sev
eral highly publicized
crashes involving Tesla
vehicles that were operat
ing on the company’s sys
tem named “Autopilot.”
The National Transporta
tion Safety Board is investi
gating some of the crashes,
including a March fatality
that involved a Model X
that struck a freeway bar
rier near Mountain View,
California.
The AAA findings are
the second tests show
ing that the systems can’t
handle every situation in
real-world driving, includ
ing some that are rela
tively common. In August,
the Insurance Institute for
Highway Safety released
tests that showed similar
problems to the AAA study.
The auto club tested the
systems on four vehicles
that had adaptive cruise
control, lane-keeping
assist and automatic emer
gency braking. Vehicles
tested included the 2018
Mercedes-Benz S Class, the
2018 Nissan Rogue, a 2017
Tesla Model S and a 2019
Volvo XC40. In addition
to Tesla’s Autopilot, Volvo
calls its system “Pilot
Assist,” while Nissan’s is
named “ProPilot Assist.”
Automakers gener
ally say they tell drivers
that their cars aren’t fully
self-driving and that they
should always be alert and
ready to intervene.
AAA says the vehicles
drifted out of lanes and
hugged lane markers,
struggling with moder
ate traffic, curved roads
and streets with busy
intersections.
Three of the four would
have failed to avoid a crash
when the vehicle ahead of
them changed lanes and a
simulated stopped vehicle
was ahead.
“As a result we had to
take evasive action,” said
Brannon.
Only the Tesla system
brought the vehicle to a
complete stop in all five
track test runs, but driver
intervention was needed
for the others, the AAA
report said.
China: Talks with
US on trade battle
have resumed
Associated Press
BEIJING — Washington and Beijing have resumed talks
over their spiraling trade dispute ahead of a meeting between
Presidents Xi Jinping and Donald Trump, China’s Commerce
Ministry said Thursday.
The two sides are “maintaining close contact” following
a Nov. 1 phone call between Xi and Trump, said ministry
spokesman Gao Feng. He gave no details of the content of the
talks or which officials were conducting them.
The two governments have raised tariffs on billions of dol
lars of each other’s goods in a dispute over Beijing’s technol
ogy policy.
“High-level contacts between the two sides on economics
and trade have resumed following the Nov. 1 conversation
between the Chinese and American heads of state,” said Gao.
“The work team is maintaining close contact to earnestly
implement the consensus reached by the two heads of state.”
Xi and Trump are due to meet this month at a gathering of
the Group of 20 major economies in Argentina.
China’s leaders agreed earlier to narrow their country’s
politically sensitive trade surplus with the United States but
have rejected pressure to roll back plans for state-led develop
ment of Chinese champions in robotics and other industries.
Washington, Europe and other trading partners say those
plans violate Beijing’s market-opening obligations, but Chinese
leaders see them as a route to prosperity and global influence.
The Trump administration hiked tariffs on $250 billion of
Chinese goods over complaints Beijing steals or pressures
foreign companies to hand over technology as the price of
market access. Some American officials also worry Chinese
development plans could erode U.S. industrial leadership.
Beijing responded with penalty duties on $110 billion of
American goods, but their lopsided trade balance means
China is running out of imports for retaliation. Regulators
have expanded their pressure by slowing down customs clear
ance for U.S. companies and postponing issuing licenses in
finance and other industries.
Chinese exports to the United States have held up despite
the tariffs, rising more than 13 percent over a year earlier
each month since the first increases in July. Economists say
that is partly due to exporters rushing to fill orders before a
new increase takes effect in January, but U.S. demand should
decline next year.
Vice President Mike Pence told The Washington Post news
paper the U.S. could make deals with China at the G-20 but
Beijing must offer concessions on technology transfer, theft of
intellectual property and other issues.
A foreign ministry spokeswoman said Thursday it wasn’t
clear whether Pence expressed the Trump administration’s
position or his personal opinion.
Washington should “respect China’s sovereignty, security
and development interest, as well as the path of development
chosen by the Chinese people,” said the spokeswoman, Hua
Chunying.
NEW YORK
JC Penney withdraws profit
guidance, cuts sales outlook
J.C. Penney withdrew its profit guidance and lowered its
sales expectations for the year, leading to a big drop in its stock
in early trading before shares recovered.
Sales at stores open at least a year, a key gauge of a retail
er’s health, declined 5.4 percent during the third quarter. That
was much worse than the analysts’ prediction of a 0.5 percent
decline, according to FactSet. J.C. Penney’s poor performance
is an outlier at a time when the strong economy is helping retail
ers from Walmart to Home Depot. Many are also benefiting
from struggling peers like Sears or Bon-Ton who are either fad
ing or going out of business. They’re heavily investing in online
services and bolstering their merchandise assortment. Instead,
Penney has been floundering, weighed down by debt that limits
how much it can aggressively reinvent its operations.
J.C. Penney said Thursday it withdrew guidance because its
new CEO and interim CFO need more time to look over opera
tions. The poor performance underscores big challenges for
Jill Soltau, the former Jo-Ann’s Stores CEO who was named to
Penney’s top post last month. Soltau succeeded Marvin Ellison,
who left this past summer after less than four years to take the
top job at home improvement chain Lowe’s. In October, Penney
appointed Michael Fung as interim CFO. He succeeded Jerry
Murray, who remains senior vice president of finance.
During a conference call with analysts, Soltau said she would
be assessing many areas from promotions to merchandise strat
egies in the store and online.
Associated Press
Stock Exchange Highlights
ft
NYSE
12,361.50 +86.01
Gainers ($2 or more)
Name Last Chg %Chg
Smart&Fnl
ArmsFloor
Switch n
RedLionH
SibanyeG
Voxeljet
BerryPlas
QntmDSS rs 2.97
Civeo 2.20
BBVABFrn 12.50
6.70
16.70
7.87
8.73
2.60
2.82
50.31
+1.75 +35.4
+1.87 +12.6
+.80 +11.3
+.87 +11.1
+.26 +11.1
+.27 +10.6
+4.41 +9.6
+.26 +9.6
+.18 +8.9
+1.00 +8.7
Losers (S2 or more)
Name
Last Chg %Chg
RYBEdun 7.83
PG&E Cp 17.74
US NGas rs31.80
BrghtSch n 10.57
iPthNtGs n 53.83
KB Home 17.61
Dillards 62.85
Luxoft 33.30
Edisonlnt 47.19
DxSOXBr rs11.83
-8.82 -53.0
-7.85 -30.7
-7.52 -19.1
-2.12 -16.7
-10.06 -15.7
-3.19 -15.3
-10.94 -14.8
-5.45 -14.1
-6.68 -12.4
-1.32 -10.0
Most Active ($1 on more)
Name Vol (00) Last Chg
GenElec
PG&E Cp
BkofAm
FordM
EnCana g
Penney
AT&T Inc
Alibaba
ChesEng
Coty
1263234
1051070
661426
567869
429028
395027
385007
300264
278939
266073
8.17 -.15
17.74 -7.85
27.90 +.69
9.31 -.23
7.77
1.36 +.14
30.12 -.39
156.22 +5.78
3.73 +.06
8.71 +.01
Diary
Advanced
Declined
Unchanged
Total issues
New Highs
New Lows
Volume
1,646
1,180
78
2,904
15
221
4,117,183,276
Gainers ($2 or more)
Name Last Chg %Chg
UniQure 30.93
TransIBio n 7.33
NewAgeB n 3.86
ArenaPh rs 39.55
ApolMed n 22.60
PHI nv 4.92
NF EngSv 7.22
Onconva rs 4.25
AvidTech 6.66
Ziopharm 3.08
+8.13 +35.7
+1.42 +24.0
+.73 +23.3
+7.03 +21.6
+3.83 +20.4
+.80 +19.4
+1.09 +17.8
+.55 +14.9
+.86 +14.8
+.38 +14.1
Losers ($2 or more)
Name
Last Chg %Chg
Sphr3Dgrs 2.08
Siriuslntn 13.31
Purpllnv n 4.75
Boxlight n 2.03
AptevoTh n 2.68
Helius Med n8.03
SORL 3.32
MarinSft rs 2.47
PhaseBio n 3.24
RetoEco n 2.60
-.53 -20.3
-2.69 -16.8
-.76 -13.8
-.32 -13.6
-.42 -13.5
-1.21 -13.1
-.50 -13.1
-.37 -12.9
-.47 -12.7
-.37 -12.5
Most Active ($1 or more)
Name Vol (00) Last Chg
AMD 963773
Apple Inc 462108
Cisco 458280
AGNC Inv 452442
Microsoft 382213
SiriusXM 310671
MicronT 298888
Facebook 297900
Intel 286750
NewAgeB n273932
21.49 +.68
191.41 +4.61
46.77 +2.44
17.37 -.41
107.28 +2.31
6.32 +.07
39.91 +1.88
143.85 -.37
48.11 +1.02
3.86 +.73
Diary
Advanced
Declined
Unchanged
Total issues
New Highs
New Lows
Volume
1,999
937
139
3,075
19
180
2,373,008,894
Stocks of Local Interest
Name Ex
YTD
Div Yld PE Last Chg %Chg
AFLAC S
1.04
2.3
14
44.27
+.32 0.0
Hershey
2.89
2.7
24
108.41
+.46
-4.5
AGNC Inv
2.16
12.4
5
17.37
-.41 -14.0
HomeDp
4.12
2.3
19
177.36
-2.54
-6.4
AT&T Inc
2.00
6.6
6
30.12
-.39 -22.5
Intel
1.20
2.5
18
48.11
+1.02
+4.2
AbbottLab
1.12
1.6
30
70.73 +1.32 +23.9
IBM
6.28
5.2
9
121.44
+1.24
-20.8
AMD
21.49
+.68+109.0
JohnJn
3.60
2.5
20
144.50
+.25
+3.4
Altria
3.20
5.6
18
57.28
-1.82 -19.8
Lowes
1.92
2.0
20
93.68
-1.23
+.8
Apple Inc
2.92
1.5
22
191.41
+4.61 +13.1
McDnlds
4.64
2.5
28
183.56
-.29
+6.6
ATMOS
1.94
2.0
18
98.91
+1.62 +15.2
Merck
2.20
2.9
28
74.84
+.75
+33.0
AutoZone
17
810.04
-13.26 +13.9
MicronT
3
39.91
+1.88
-2.9
AveryD
2.26
2.5
26
92.02
+.40 -19.9
Microsoft
1.84
1.7
45
107.28
+2.31
+25.4
BB&T Cp
1.62
3.2
15
51.33
+.81 +3.2
NewAgeB n ...
3.86
+.73
+77.9
BP PLC
2.38
5.8
12
41.16
+.83 -2.1
NorflkSo
3.20
1.9
26
172.88
+5.48
+19.3
BkofAm
.60
2.2
13
27.90
+.69 -5.5
OfficeDpt
.10
3.2
9
3.10
-.03
-12.4
BarnesNob
.60
8.7
6.92
+.02 +3.3
Oracle
.76
1.5
54
50.63
+1.79
+7.1
Boeing
6.84
2.0
32
341.57
-3.15 +15.8
PG&E Cp
2.12 12.0
3
17.74
-7.85
-60.4
BrMySq
1.60
3.0
53
53.27
+.68 -13.1
Penney
23
1.36
+.14
-57.0
CSX
.88
1.2
10
72.22
+1.72 +31.3
PepsiCo
3.71
3.2
34
116.80
+.15
-2.6
CampSp
1.40
3.6
14
39.12
-.04 -18.7
Pfizer
1.36
3.1
17
43.21
+.30
+19.3
Caterpillar
3.44
2.7
12
129.42
+4.32 -17.9
PhilipMor
4.56
5.3
21
85.83
+.33
-18.8
ChesEng
6
3.73
+.06 -5.8
Primerica
1.00
.9
14
117.46
+1.43
+15.7
Chevron
4.48
3.8
24
116.95
+1.34 -6.6
ProctGam
2.87
3.1
23
93.83
+.34
+2.1
Cisco
1.32
2.8
24
46.77
+2.44 +22.1
RegionsFn
.56
3.4
14
16.45
+.08
-4.8
Citigroup
1.80
2.8
11
64.60
+1.10 -13.2
SiriusXM
.05
.8
35
6.32
+.07
+17.9
CocaCola
1.56
3.1
94
49.74
-.02 +8.4
SouthnCo
2.40
5.1
22
47.18
-.22
-1.9
Comcast s
.76
2.0
18
38.49
+.20 -3.5
SwstnEngy
7
5.45
-.28
-2.3
ConAgra
.85
2.6
16
32.42
-.22 -13.9
Sprint
4
6.12
-.03
+3.9
Coty
.50
5.7
8.71
+.01 -56.2
SunTrst
2.00
3.2
11
63.20
+.66
-2.2
Cummins
4.56
3.1
41
147.46
+1.62 -16.5
SynovusFn 1.00
2.7
13
37.51
+.65
-21.8
Disney
1.68
1.4
16
117.11
-.01 +8.9
3M Co
5.44
2.7
28
204.91
+6.85
-12.9
DowDuPnt
1.52
2.6
19
58.73
+.75 -17.5
Torchmark
.64
.7
7
86.52
+.07
-4.6
EnCana g
.06
.8
13
7.77
... -41.7
Tyson
1.20
2.0
11
59.03
+.27
-27.2
Equifax
1.56
1.6
17
99.63
+1.90 -15.5
UtdCmBks
.64
2.5
15
25.68
+.52
-8.7
ExxonMbl
3.28
4.2
14
78.19
+.80 -6.5
UPS B
3.64
3.3
19
110.45
+.95
-7.3
Facebook
27
143.85
-.37 -18.5
VICI Pr n
.71
3.4
21.13
-.31
+1.1
FordM
.60
6.4
5
9.31
-.23 -25.5
VerizonCm
2.41
4.1
8
59.08
+.14
+11.6
FrptMcM
.20
1.7
8
11.96
+.42 -36.9
Vodafone
1.74
8.8
19.87
-.50
-37.7
GenElec
.48
5.9
8.17
-.15 -53.2
WalMart
2.08
2.1
24
99.54
-1.99
+.8
GenuPrt
2.88
2.8
22
101.59
-.28 +6.9
Weathflntl
.85
-.01
-79.7
HP Inc
.64
2.7
9
24.17
+.44 +15.0
WeisMk
1.24
2.6
11
47.38
+.36
+14.5
Haverty
.72
3.4
22
21.16
+.22 -6.6
WellsFargo 1.72
3.3
13
52.82
+.67
-12.9
HeliosM rs
.02
-.00-100.0
YumBrnds
1.44
1.6
32
88.79
-.39
+8.8
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: 25,289.27
Change: 208.77 (0.8%)
27,200
26,400
25,600
24,800
26,280
25,520 #
24,760 10 DAYS
M
J J
A
S
0
N
52-Week
Net
YTD
12-mo
High
Low
Name
Last
Chg
%Chg
%Chg
%Chg
26,951.81
23,242.75
Dow Industrials
25,289.27
+208.77
+.83
+2.31
+7.80
11,623.58
9,420.16
Dow Transportation
10,615.30
+158.69
+1.52
+.03
+10.66
778.80
647.81
Dow Utilities
715.02
-9.55
-1.32
-1.15
-6.43
13,637.02
11,820.33
NYSE Composite
12,361.50
+86.01
+.70
-3.49
+.47
8,133.30
6,630.67
Nasdaq Composite
7,259.03
+122.64
+1.72
+5.15
+6.86
1,309.73
1,118.69
S&P 100
1,212.59
+12.82
+1.07
+2.49
+6.38
2,940.91
2,532.69
S&P 500
2,730.20
+28.62
+1.06
+2.12
+5.59
2,053.00
1,769.25
S&P MidCap
1,863.03
+21.41
+1.16
-1.98
+1.45
30,560.54
26,293.62
Wilshire 5000
28,158.86
+305.08
+1.10
+1.31
+4.87
1,742.09
1,436.43
Russell 2000
1,524.12
+21.61
+1.44
-.74
+2.50
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
252.78
-0.6
+8.5/B
+10.9/A
NL
10,000
Vanguard TtlSMIdxAdmrl
LB 199,057
68.02
-0.7
+8.1/B
+10.5/A
NL
10,000
Vanguard TtlSMIdxinv
LB 127,316
67.99
-0.7
+7.9/B
+10.3/B
NL
3,000
Vanguard TtlnSIdxInv
FB 126,316
16.07
-1.0
-6.5/B
+2.1/B
NL
0
Vanguard TtlSMIdxins
LB 119,661
68.04
-0.7
+8.1/B
+10.5/A
NL 5
000,000
Vanguard Insldxlns
LB 116,372
249.39
-0.6
+8.5/B
+10.9/A
NL 5
000,000
Vanguard InsIdxinsPlus
LB 101,648
249.40
-0.6
+8.5/B
+11.0/A
NL100,000,000
Vanguard TtlnSIdxInsPlus
FB 94,240
107.54
-1.0
-6.4/B
+2.3/B
NL100,000,000
Fidelity Contrafund
LG 91,385
12.65
-2.8
+7.6/D
+11.6/B
NL
0
Vanguard TtBMIdxAdmrl
Cl 85,528
10.26
0.0
-2.0/C
+1.9/C
NL
10,000
Fidelity 500ldxlnsPrm
LB 84,712
95.66
-0.6
+8.5/B
+11.0/A
NL
0
Vanguard WlngtnAdmrl
MA 84,654
71.62
+0.4
+4.2/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.