The times. (Gainesville, Ga.) 1972-current, November 20, 2018, Image 11

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The times., November 20, 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 20, 2018 ‘There’s a lot of fear’ MARK HUMPHREY I Associated Press Attorney Mark Patterson poses in his law firm’s offices Thursday, Nov. 15, in Nashville, Tenn. The recent turbulence in the U.S. stock markets is spooking older workers and retirees, a group that was hit particularly hard during the most recent financial crisis. Volatile stock market spooking some older workers, retirees BY ANDREW SOERGEL For The Associated Press CHICAGO — The recent turbulence in the U.S. stock markets is spooking some older workers and retirees, a group that was hit particularly hard dur ing the most recent financial crisis. There’s no indication, though, that the recent volatility has brought about large-scale overhauls in retirement planning. “There’s a lot of fear that if you have another event like 2008 and you retire the year before or the year after, you’re screwed. I’m not taking that risk,” says Mark Patterson, a recently retired pat ent attorney from Nashville, Tennessee. “There’s a huge fear of folks my age that they’re going to run out of money and they’re going to need to rely on the government for help.” By the time the market bottomed out during the financial crisis in 2009, an estimated $2.7 trillion had been wiped out of Americans’ retirement accounts, according to the Urban Institute. Older Americans, in particular, have had a tough time recovering their losses. The Pew Research Center estimates the net worth of the median Baby Boomer household in 2016 was still nearly 18 percent shy of where it sat in 2007. In the two years since Donald Trump’s election, 62 percent of Ameri cans — and 76 percent of those 65 and over — don’t believe their financial situ ation has improved despite the run-up in the stock markets, according to a recent Bankrate survey. Nearly 1 in 5 respon dents said their finances have actually gotten worse. Paul Kelash, vice president of con sumer insights at Allianz Life Insur ance Co., says the market fluctuations throughout 2018 look less like the pre lude to a retirement savings crisis and more like a return to normalcy after a remarkably steady market run. As such, he hasn’t seen much evi dence of Americans drastically altering their retirement plans. “We get the feel ing that folks are getting more comfort able with volatility,” he says. Patterson, the recently retired pat ent attorney, gradually began stepping away from his law practice in 2016 — a decision he says was motivated in part by the stress of his job, his relatively stable finances and a “re-evaluation of priorities” after losing his wife of 35 years in 2013. Now, 68, Patterson says he still has some “discretionary spending” money invested in stocks and riskier assets. But he says he was reluctant to put too much money into a stock market that soared throughout 2017, a decision he says was driven in part by memories of the 2008 financial crisis. “I can retire in 2018 and not be sweat ing bullets because I put together a bud get and I protected it,” Patterson says. “The thing that the crash in 2008 taught me is that, even though my portfolio was well set up, that was a black swan type of event. Even if you had a balanced portfolio, everything went down.” US stocks take sharp nose dive BY MARLEY JAY Associated Press NEW YORK — Big technology and internet companies tumbled again Monday, leading to broad losses across the stock market. The Dow Jones Industrial Average briefly fell 500 points. Apple, Microsoft and Amazon, the most valu able companies on the market, sustained some of the worst losses. Facebook, another longtime investor darling that has fallen out of favor since this summer, also skidded. After a brutal October, stocks had started to recover early this month. But continued losses for tech companies have sent major indexes lower again. Mark Hackett, chief of investment research at Nationwide Investment Management, said investors are dumping the high-profile technol ogy companies that have dominated the market recently. He said investors are picking compa nies based on traditional profit and revenue figures instead of the kind of user growth figures favored by tech companies. “These things had outperformed the S&P by a mile over the last three years,” he said, but that’s changed now. “On good days they’re not the leaders, and on bad days they’re the laggards.” The S&P 500 index fell 45.54 points, or 1.7 per cent, to 2,690.73. The Dow Jones Industrial Average sank 395.78 points, or 1.6 percent, to 25,017.44. It was down as much as 512 earlier. The Nasdaq composite skidded 219.40 points, or 3 percent, to 7,028.48. The Russell 2000 index of smaller-company stocks lost 30.99 points, or 2 percent, to 1,496.54. Investors focused again on trade tensions between the U.S. and China after the two coun tries clashed at a Pacific Rim summit over the weekend. A steep loss for Boeing, a major exporter which would stand to suffer greatly in a pro tracted trade war, weighed heavily on the Dow. Boeing gave up 4.5 percent to $320.94, but is still one of the best-performing stocks in the 30-stock index. Apple fell 4 percent to $185.86 on renewed worries that iPhone sales could slow, Microsoft lost 3.4 percent to $104.62 and Amazon gave back 5.1 percent to close at $1,512.29. High-dividend stocks like real estate compa nies and utilities, which investors favor when they are fearful of market turmoil, held up bet ter than the rest of the market. Investors focused again on trade tensions between the U.S. and China after the two countries clashed at a Pacific Rim summit over the weekend. General Electric shuffles management at power unit BY CATHY BUSSEWITZ Associated Press NEW YORK - General Electric Co. is shuffling lead ership in its struggling power unit, part of the company’s ongoing effort to slim down operations. Power is GE’s largest divi sion, and it pulls in more than a third of the company’s revenues. But demand for its key gas turbines has fallen as consumers have reduced energy use and switched to renewables. GE announced last month that it would split its power business into two separate divisions: one that will focus on gas turbines and related services and another that includes its steam, grid solu tions, nuclear and power con version operations. The GE Gas Power busi ness will be led by John Rice, who retired from GE in December after 39 years with the company. Rice will return to serve as chairman of the Gas Power business. Scott Strazik, currently presi dent Power Services, will serve as CEO of Gas Power. Russell Stokes, who is cur rently CEO of GE Power, will serve as CEO of GE Power Portfolio, the new unit focused on steam, nuclear and other areas. Stokes is a 20-year GE veteran who has worked in aviation, transpor tation and other parts of the company. “One of my top priorities is positioning our businesses to win, starting with GE Power, ” GE CEO Larry Culp said in a statement Monday. “The leaders we are announcing today are exceptionally well suited to lead our new Gas Power and Power Portfo lio teams in their efforts to deliver better customer out comes and improve their exe cution and cost structures.” The management changes come less than two months after the GE board ousted former CEO John Flan nery, who served just one year on the job. Flannery was replaced by Culp, who is widely respected by Wall Street analysts for increasing profitability at Danaher Corp. when he was CEO. Culp, who served on the board at GE before he was named CEO, is seen as an out sider, and he chose to appoint long-time GE employees to the roles. JOHN MINCHILLO I Associated Press General Electric is shuffling leadership at its power unit as it moves to split the division in its ongoing effort to slim down operations. Stock Exchange Highlights V NYSE 12,280.91 -119.37 B Nasdaq W' 7,028.48 -219.40 Gainers (S2 Name Last OR MORE) Chg %Chg ResolEn rs 34.70 JonesEngy rs2.33 ZayoGrp 26.00 NatRsPt rs 37.00 QEPRes 9.12 SelEngS n 10.65 EquusTR 2.04 PermvRoy 2.57 Darlinglng 21.47 EKodak 4.30 +4.21 +13.8 +.23 +11.0 +2.33 +3.00 +.74 +.81 +.14 +.17 +1.41 +.25 +9.8 +8.8 +8.8 +8.2 +7.4 +7.1 +7.0 +6.2 Losers (S2 or more) Name Last Chg %Chg Smartsh n 22.51 Colfax 23.72 Eros Inti 9.36 HubSpot 114.54 Zuoran 17.76 SendGrid n 36.95 Twilio n 76.90 Alteryx n 52.43 SailptTch n 23.66 PrUltShN s 11.72 -4.24 -15.9 -4.26 -15.2 -1.59 -14.5 -19.30 -14.4 -2.97 -14.3 -5.99 -13.9 -12.27 -13.8 -7.91 -13.1 -3.34 -12.4 -1.59 -11.9 Most Active ($1 on more) Name Vol (00) Last Chg GenElec FordM BkofAm ChesEng AT&T Inc EnCana g PG&E Cp Petrobras Square n Pfizer 1472239 562086 459581 284428 277648 268722 227353 226891 222944 221699 7.84 -.18 9.25 +.20 27.75 3.48 -.10 30.35 +.06 7.60 -.02 23.26 -1.14 14.85 -.01 62.97 -7.62 44.18 +.67 Diary Advanced Declined Unchanged Total issues New Highs New Lows Volume 745 2,063 81 2,889 46 216 3,685,027,542 Gainers ($2 Name Last OR more) Chg %Chg YulongE rs 6.41 Sphr3D grs 2.70 OrignAg rs 8.10 FortBpfA 17.50 Dynatronic 2.83 Menus n 15.56 FsthdTech 12.74 NorSys 5.45 PShtQQQ rs15.61 ChAdvCns 2.95 +1.31 +25.7 +.39 +16.9 +1.05 +14.9 +2.03 +13.1 +.28 +10.9 +1.50 +10.7 +1.21 +10.5 +.51 +10.4 +1.40 +9.9 +.25 +9.3 Losers ($2 or more) Name Last Chg %Chg Arcimoto n 2.30 ChampO hrs10.19 UnicoA 5.60 Okta n 48.67 Dest XL 2.87 Rapid7 n 28.00 ApolMed n 18.62 Teligent 2.19 OrchTher n 16.00 Upworkn 16.46 -.64 -21.8 -2.22 -17.9 -1.10 -16.4 -9.04 -15.7 -.49 -14.6 -4.78 -14.6 -3.15 -14.5 -.37 -14.5 -2.70 -14.4 -2.74 -14.3 Most Active ($1 or more) Name Vol (00) Last Chg AMD 931652 Facebook 440495 Microsoft 433241 Nvidia 423093 JD.com 420803 Apple Inc 416201 21 stCFoxA 336740 MicronT 309808 SiriusXM 302319 Cisco 278960 19.11 -1.55 131.55 -7.98 104.62 -3.67 144.70 -19.73 21.11 -1.94 185.86 -7.67 48.91 +.75 36.83 -2.61 6.05 -.22 45.75 -.60 Diary Advanced Declined Unchanged Total issues New Highs New Lows Volume 721 2,202 146 3,069 19 179 2,296,319,251 Stocks of Local Interest Name Ex YTD Div Yld PE Last Chg %Chg AFLAC S 1.04 2.3 14 45.37 +.80 0.0 IBM 6.28 5.2 9 120.31 -1.26 -21.6 AT&T Inc 2.00 6.6 6 30.35 +.06 -21.9 JohnJn 3.60 2.4 21 147.73 +1.74 +5.7 AbbottLab 1.12 1.6 30 70.54 -1.50 +23.6 Lowes 1.92 2.1 19 91.35 -1.90 -1.7 AMD 19.11 -1.55 +85.9 McDnlds 4.64 2.5 28 186.72 -.87 +8.5 Altria 3.20 5.7 18 55.68 -1.10 -22.0 Merck 2.20 2.9 28 76.35 +.29 +35.7 Apple Inc 2.92 1.6 22 185.86 -7.67 +9.8 MicronT 3 36.83 -2.61 -10.4 ATMOS 1.94 2.0 18 99.34 +.31 +15.7 Microsoft 1.84 1.8 43 104.62 -3.67 +22.3 AutoZone 18 829.35 +1.36 +16.6 NorflkSo 3.20 1.9 26 170.53 -1.52 +17.7 AveryD 2.26 2.4 26 92.44 -1.47 -19.5 Nvidia .64 .4 27 144.70 19.73 -25.2 BB&T Cp 1.62 3.1 15 51.64 +.23 +3.9 OfficeDpt .10 3.4 8 2.93 -.17 -17.2 BP PLC 2.38 5.8 12 40.92 +.08 -2.6 Oracle .76 1.5 53 49.55 -1.62 +4.8 BkofAm .60 2.2 13 27.75 ... -6.0 PG&E Cp 2.12 9.1 4 23.26 -1.14 -48.1 BamesNob .60 8.9 6.76 -.16 +.9 Penney 1.27 -.02 -59.8 Boeing 6.84 2.1 30 320.94 15.01 +8.8 PepsiCo 3.71 3.1 34 119.01 +.66 -.8 BrMySq 1.60 3.0 53 53.48 -.59 -12.7 Pfizer 1.36 3.1 18 44.18 +.67 +22.0 CSX .88 1.2 10 72.08 -.53 +31.0 PhilipMor 4.56 5.2 21 87.63 +1.30 -17.1 CampSp 1.40 3.6 13 38.45 -.20 -20.1 Primerica 1.00 .9 14 116.37 -1.54 +14.6 Caterpillar 3.44 2.7 12 125.98 -3.98 -20.1 ProctGam 2.87 3.1 23 93.29 -.53 +1.5 ChesEng 6 3.48 -.10 -12.1 Oualcom 2.48 4.5 54.90 -.98 -14.2 Chevron 4.48 3.8 25 119.42 +.36 -4.6 RegionsFn .56 3.5 14 16.13 -.07 -6.7 Cisco 1.32 2.9 23 45.75 -.60 +19.5 SiriusXM .05 .8 34 6.05 -.22 +12.9 Citigroup 1.80 2.8 11 64.62 -.33 -13.2 SnapincAn ... 6.05 -.44 -58.6 CocaCola 1.56 3.1 95 50.51 +.34 +10.1 SouthnCo 2.40 5.1 22 47.04 +.15 -2.2 Comcast s .76 2.0 18 38.18 -.41 -4.3 SwstnEngy 7 5.40 +.01 -3.2 ConAgra .85 2.5 16 33.42 +.35 -11.3 Square n 62.97 -7.62 +81.6 Cummins 4.56 3.1 41 145.72 -1.39 -17.5 SunTrst 2.00 3.2 11 63.09 +.43 -2.3 Disney 1.68 1.5 15 115.42 -.77 +7.4 SynovusFn 1.00 2.7 13 36.92 -.31 -23.0 DowDuPnt 1.52 2.6 18 57.80 -1.39 -18.8 3M Co 5.44 2.6 28 205.58 -3.42 -12.7 EnCana g .06 .8 13 7.60 -.02 -43.0 Torchmark .64 .7 7 86.99 +.59 -4.1 Equifax 1.56 1.5 17 101.52 +.60 -13.9 21 stCFoxA .36 .7 22 48.91 +.75 +41.6 ExxonMbl 3.28 4.1 15 79.22 +.26 -5.3 Tyson 1.20 2.0 11 59.42 -.80 -26.7 Facebook 25 131.55 -7.98 -25.5 UtdCmBks .64 2.5 15 25.43 -.25 -9.6 FordM .60 6.5 5 9.25 +.20 -25.9 UPS B 3.64 3.3 19 111.29 +1.20 -6.6 GenElec .48 6.1 7.84 -.18 -55.1 VerizonCm 2.41 4.0 8 60.62 +.41 +14.5 GenuPrt 2.88 2.8 22 101.66 -.75 +7.0 Vodafone 1.74 8.8 19.83 +.23 -37.8 HP Inc .64 2.7 8 23.55 -.61 +12.1 WalMart 2.08 2.1 56 96.78 -.91 -2.0 Haverty .72 3.3 22 21.64 +.44 -4.5 Weathflntl .77 -.01 -81.6 HeliosM rs .01 -.00-100.0 WeisMk 1.24 2.7 11 46.53 -1.01 +12.4 Hershey 2.89 2.7 24 108.35 -.80 -4.5 WellsFargo 1.72 3.2 13 53.32 +.38 -12.1 HomeDp 4.12 2.4 19 173.59 -3.43 -8.4 YumBrnds 1.44 1.6 31 88.13 -.76 +8.0 Intel 1.20 2.5 18 48.00 -.83 +4.0 ZayoGrp 65 26.00 +2.33 -29.3 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: 25,017.44 Change:-395.78 (-1.6%) 27,200 26,400 25,600 24,800 26,280 25,520 24,760 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 25,017.44 -395.78 -1.56 +1.21 +6.77 11,623.58 9,420.16 Dow Transportation 10,534.46 -49.14 -.46 -.73 +10.63 778.80 647.81 Dow Utilities 732.29 +2.86 +.39 +1.23 -3.13 13,637.02 11,820.33 NYSE Composite 12,280.91 -119.37 -.96 -4.12 -.32 8,133.30 6,630.67 Nasdaq Composite 7,028.48 -219.40 -3.03 +1.81 +3.50 1,309.73 1,118.69 S&P 100 1,193.49 -20.24 -1.67 +.87 +5.04 2,940.91 2,532.69 S&P 500 2,690.73 -45.54 -1.66 +.64 +4.21 2,053.00 1,769.25 S&P MidCap 1,839.00 -26.40 -1.42 -3.24 -.44 30,560.54 26,293.62 Wilshire 5000 27,702.31 -503.87 -1.79 -.33 +3.13 1,742.09 1,436.43 Russell 2000 1,496.54 -30.99 -2.03 -2.54 -.46 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 247,729 249.15 -2.6 +6.3/B +10.7/A NL 10,000 Vanguard TtlSMIdxAdmrl LB 199,057 66.99 -2.7 +5.6/B +10.3/A NL 10,000 Vanguard TtlSMIdxInv LB 127,316 66.96 -2.7 +5.5/C +10.2/B NL 3,000 Vanguard TtlnSIdxinv FB 126,316 15.97 -1.6 -8.1/B +2.0/B NL 0 Vanguard TtlSMIdxIns LB 119,661 67.00 -2.7 +5.6/B +10.3/A NL 5 000,000 Vanguard Insldxlns LB 116,372 245.81 -2.6 +6.3/B +10.7/A NL 5 000,000 Vanguard InsidxInsPlus LB 101,648 245.82 -2.6 +6.3/B +10.8/A NL100,000,000 Vanguard TtlnSIdxinsPlus FB 94,240 106.87 -1.5 -7.9/B +2.1/B NL100,000,000 Fidelity Contrafund LG 91,385 12.21 -6.4 +3.1/D +11.1/B NL 0 Vanguard TtBMIdxAdmrl Cl 85,528 10.29 +0.5 -1.6/C +1.9/C NL 10,000 Fidelity 500ldxlnsPrm LB 84,712 94.28 -2.6 +6.3/B +10.8/A NL 0 Vanguard WlngtnAdmrl MA 84,654 71.60 +0.2 +4.0/A +7.6/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.