0D 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.
