Newspaper Page Text
0D BUSINESS
Jeff Gill | Business reporter
770-718-3408 | jgill@gainesvilletimes.com
The Times, Gainesville, Georgia
Thursday, December 6, 2018
JIM MONE I Associated Press
Shamila Nduriri, who owns Dalasini, an upscale jewelry company, poses in her Minneapolis apartment with some of
her jewelry on Monday, Dec. 3. Nduriri, who studied finance in college, saved aggressively when she worked for a
corporation and continues to put money aside now that she owns Dalasini.
To invest in your business
or your future retirement?
BY JOYCE M. ROSENBERG
Associated Press
NEW YORK — In John
Holloway’s early years as
an entrepreneur, saving
for his own future wasn’t a
priority.
“I invested a lot of money
into one of my first busi
nesses and came out break
even at best. I am kicking
myself for not setting some
of that money aside for
retirement,” says Hollo
way, co-owner of NoExam.
com, a life insurance bro
kerage based in Roswell,
Georgia.
These days, when his
company’s cash flow and
profits are strong enough,
he takes money out of the
business and invests in a
retirement account.
“I am trying to diversify
— having all of my eggs
in one basket is stressful,”
Holloway says.
Saving for retirement
hasn’t been a priority for
many small business own
ers over the years. They’ve
hoped to build their busi
nesses, sell at a huge profit
and have a comfortable
retirement. While they’ve
taken profits out for homes
and college tuition, it was
more important to reinvest
earnings into the company
rather than save for retire
ment. But attitudes about
saving may be evolving
after the financial devasta
tion of the Great Recession,
when tens of thousands of
businesses failed.
In a survey by insurer
Nationwide released in
October, 53 percent of
younger business owners
— those born in the 1980s
and ’90s — said having a
workplace savings plan was
important for their retire
ment. Fewer baby boom
ers, 39 percent, felt it was
important. Older surveys
show how boomers favored
their companies over sav
ing — the Small Business
Administration said in 2006
that only about a third of
owners had Individual
Retirement Accounts and
18 percent had a 401(k).
When Ron Lieback
started his digital market
ing business, he began set
ting aside 10 percent of his
own salary. Profits from the
company, ContentMender,
are reinvested into new
technology, but Lieback
wants to be personally pre
pared for the what-ifs.
“Something could crash
and our business could fail.
You always have to have
that in the back of your
head, so you need that nest
egg,” says Lieback, whose
company is based in Moun
tain Top, Pennsylvania. To
help his company be more
profitable, and therefore
help himself save, Lieback
uses freelancers for some
of ContentMender’s work.
Owners who expect com
panies to fund their retire
ment are optimistic but
may be overlooking the fact
that they and the business
are vulnerable to poten
tial calamities, says David
O’Brien, a financial adviser
with Evolution Advisors
in Midlothian, Virginia.
For example, an owner
who’s the company’s key
employee can be sidelined
by a serious illness, hurting
the value of the business. Or
if patents are infringed and
once-exclusive products
are now sold by competi
tors, a company’s value can
plunge.
Moreover, O’Brien says,
when it’s time to sell, buy
ers might not be willing to
pay what the owner hopes
for.
“You need to shore up
your reserves in case you
don’t get the sales price
of your business that you
want,” he says.
US-China trade
deal confusion
causes share slip
BY JOE MCDONALD
Associated Press
BEIJING — Global stock prices fell Wednesday, though
not as much as Wall Street the day before, amid confusion
about what the U.S. and China agreed to in a tariff cease-fire.
KEEPING SCORE
In Europe, London’s FTSE 100 index fell 1.4 percent
to close at 6,921.84 and German’s DAX lost 1.2 percent to
11,200.24. France’s CAC 40 retreated 1.4 percent to 4,944.37.
U.S. stock trading was closed to mourn the death of former
President George H.W. Bush.
ASIA’S DAY
Hong Kong’s Hang Seng index fell 1.6 percent to 26,819.58
and the Shanghai Composite Index declined 0.6 percent to
2,649.81. Tokyo’s Nikkei 225 lost 0.5 percent to 21,919.33 and
Sydney’s S&P-ASX 200 shed 0.8 percent to 5,668.40. Seoul’s
Kospi gave up 0.8 percent to 2,101.31 and India’s Sensex was
0.6 percent lower at 35,902.74.
TRADE QUESTIONS
Investor confidence in the U.S.-China agreement faltered
after confusing and conflicting comments from President
Donald Trump and some senior officials. That revived fears
the disagreement between the world’s two biggest econo
mies could slow global growth. Trump previously said the
agreement would lead to sales of American farm goods and
cuts in Chinese auto tariffs, but Beijing has yet to confirm
that. Trump renewed threats of tariff hikes on Tuesday, say
ing on Twitter that Washington would have a “real deal” with
China or else would charge “major tariffs” on Chinese goods.
That cast further doubt on the weekend agreement.
FED WATCH
Markets also got a jolt from remarks by the president of
the Fed’s New York regional bank. John Williams said that
given his outlook for strong economic growth, he expects
“further gradual increases in interest rates will best sponsor
a sustained economic expansion.” That seemed to counter
Fed Chairman Jay Powell’s remarks last week. The jitters
helped drive demand for government bonds. The yield on
the 10-year Treasury note fell to 2.91 percent from 2.99 per
cent late Monday, a large move.
ANALYST’S TAKE
“Positive sentiment from the China-U.S. trade war truce
dissipated quickly,” Eugene Leow and Radhika Rao of DBS
Group said in a report. “Questions on trade, worries about
U.S. growth and perceived dovishness on the Fed all play
a part in explaining these market moves. Concerns were
also compounded by increasing news narrative on inverted
curves and risks of a recession.”
ENERGY
Benchmark U.S. crude fell 0.7 percent to settle at $52.89
per barrel in New York. Brent crude, used to price interna
tional oils, declined 0.8 percent to close at $61.56 per bar
rel in London. Representatives of oil-producing nations will
hold a highly anticipated meeting Thursday in Vienna, with
analysts predicting that they will agree on a cut of at least 1
million barrels a day in an effort to bolster prices.
Brazilian consul: Arrested Ghosn is healthy, wants good books
BY YURI KAGEYAMA
Associated Press
TOKYO — The former Nissan
chairman Carlos Ghosn, who was
arrested in Japan on suspicion of
underreporting his income, seems
prepared to fight out his case
and has asked for thriller books,
according to the Brazilian consul
general.
Joao de Mendonca Lima Neto,
one of the few visitors Ghosn has
been allowed to see under Japan’s
stringent rules, said Ghosn was
healthy and holding up well.
“My impression is that he is a
strong man in the sense that he
will fight this out properly. He
doesn’t look worried,” Mendonca
told The Associated Press on
Wednesday at Brazil’s consulate
in Tokyo. “I admire him for his
fortitude.”
Mendonca declined comment
on the specifics of the allegations
against Ghosn, saying his job was
about helping Brazilian citizens
with their problems.
He said he has conveyed
Ghosn’s verbal messages to his
family and has relayed the fam
ily’s messages back. He declined
to disclose details.
Ghosn, who headed the Renault-
Nissan-Mitsubishi Motors auto alli
ance, was arrested last month on
suspicion he underreported his
income by millions of dollars for
years at a time.
Born in Brazil, Ghosn holds
French, Lebanese and Brazilian
citizenships. Only representa
tives of a suspect’s home country
and attorneys can visit suspects in
detention in Japan.
Consular officials have visited
Ghosn four times in the last two
weeks, Mendonca said. They
brought history and philosophy
books and fruit, but Ghosn asked
for thriller books to pass the time.
Mendonca said he speaks with
Ghosn in Portuguese through a
glass barrier.
Although Japanese deten
tion cells are not heated and the
weather can be chilly, Mendonca
said Ghosn told him he was warm.
He was wearing a blue zipped-up
top, he recalled.
“Dr. Ghosn has always said that
he is well and he is well treated,
given the circumstances,” he said.
“He answers normally, ‘I’m fine.’”
Japanese media, without iden
tifying sources, have reported
prosecutors will detain Ghosn on
additional allegations beyond Dec.
10, when the period of detention
allowed on the first set of allega
tions against him will run out.
Prosecutors have refused to com
ment except in weekly meetings,
when they confirm some basic
facts. Ghosn has not been charged.
Since he was sent by Renault SA
of France to turn around a near
bankrupt Nissan Motor Co. two
decades ago, Ghosn’s star-level
pay has drawn attention since
executives in Japan tend to be
paid far less than their interna
tional counterparts.
At the center of the allegations,
according to Japanese media
reports, is Ghosn’s deferred
income, promised as money,
stocks and other items for a later
date, including after retirement.
Stock Exchange Highlights
V
NYSE
12,221.98 -355.56
B Nasdaq
W 7,158.43 -283.09
Gainers ($2 or more)
Name Last Chg %Chg
Movado 41.51
RH 137.13
Acornlnt rs 27.93
GranaMon 3.42
AutoZone 880.07
AvayaHI n 16.77
Drdgold 2.12
Cementos 9.91
LeafGrp 8.12
XinyuanRE 4.45
+4.63
+13.48
+2.66
+.27
+55.61
+1.02
+.12
+.41
+.33
+.18
+12.6
+10.9
+10.5
+8.6
+6.7
+6.5
+6.0
+4.3
+4.2
+4.2
Losers (S2 or more)
Name
Last Chg %Chg
B&N Ed n 4.47
Aphria n 4.51
DrxRBkBull 45.22
Skyline 18.35
DxBiotBII rs 48.32
DxSOXBIIs 98.68
DrxHmbBull 27.62
AspenAero 2.70
DrxTmBI n 28.15
Dirxlnds n 25.93
-1.98 -30.7
-1.54 -25.5
-8.84 -16.4
-3.59 -16.4
-8.64 -15.2
-16.85 -14.6
-4.66 -14.4
-.45 -14.3
-4.45 -13.7
-4.10 -13.7
Most Active ($1 on more)
Name Vol (00) Last Chg
GenElec 1315825
BkofAm 1034514
FordM 574929
AT&T Inc 447564
ChesEng 368607
WellsFargo331839
Square n 310562
Aphria n 297693
Citigroup 269761
Vale SA 265421
7.28
26.99
9.18
30.73
2.89
51.78
63.51
4.51
62.26
13.60
-.53
-1.55
-.42
-.98
-.20
-2.46
-8.44
-1.54
-2.90
-.48
Diary
Advanced
Declined
Unchanged
Total issues
New Highs
New Lows
Volume
449
2,413
31
2,893
71
335
4,398,864,679
Gainers ($2 or more)
Name Last Chg %Chg
RevanceTh 24.91
CIM CT pfL 27.50
IterumTh n 7.06
MarinSft rs 2.98
FuweiF rs 2.30
NetElem rs 8.83
Immuron n 8.79
CSVixSTrs 15.57
Arvinas n 17.00
PShtQQQ rs14.29
+4.06 +19.5
+4.29 +18.5
+1.10 +18.5
+.44 +17.3
+.30 +15.0
+1.10 +14.2
+1.05 +13.6
+1.82 +13.2
+1.71 +11.2
+1.43 +11.1
Losers ($2 or more)
Name
Last Chg %Chg
SmaashEnt
JerashHI n
AridisPh n
EloxxPh n
BldrFstSrc
Ovid Th n
Conns
Manitex
Uxin Ltd n
Amyris rs
2.67
6.50
8.50
12.93
12.25
3.49
24.79
6.31
2.86
4.21
-.65 -19.6
-1.25 -16.1
-1.45 -14.6
-2.21 -14.6
-2.04 -14.3
-.58 -14.3
-4.09 -14.2
-1.03 -14.0
-.45 -13.6
-.62 -12.8
Most Active ($1 or more)
Name Vol (00) Last Chg
AMD 1269913
Microsoft 445719
Apple Inc 411376
MicronT 365512
Intel 333744
SiriusXM 317557
Cisco 306817
Facebook 302277
AmEITech 300966
Comcast s 293981
21.12 -2.59
108.52 -3.57
176.69 -8.13
36.88 -3.15
47.75 -2.38
6.19 -.13
47.35 -1.39
137.93 -3.16
1.49 +.41
37.69 -1.46
Diary
Advanced
Declined
Unchanged
Total issues
New Highs
New Lows
Volume
407
2,536
128
3,071
40
243
2,551,047,130
Stocks of Local Interest
Name Ex Div Yld PE Last
YTD
Chg %Chg
AFLAC S
1.04
2.3
14
44.29 -1.78 0.0
Hershey
2.89
2.7
24
108.10
-.83
-4.8
AT&T Inc
2.00
6.5
6
30.73 -.98 -21.0
HomeDp
4.12
2.4
19
175.30 -6.44
-7.5
AbbottLab
1.12
1.6
30
71.50 -2.77 +25.3
Intel
1.20
2.5
18
47.75 -2.38
+3.4
ActivsBIiz
.34
.7
27
46.52 -.08 -26.5
IBM
6.28
5.2
9
121.60 -3.71
-20.7
AMD
21.12 -2.59+105.4
JPMorgCh 2.24
2.1
14
107.23 -5.01
+.3
Altria
3.20
5.9
17
54.40 -1.33 -23.8
JohnJn
3.60
2.5
20
146.03
-.18
+4.5
AmEITech
1.49 +.41 -.7
Kinross g
22
2.80
-.03
-35.2
Aphria n
4.51 -1.54 -63.2
Lowes
1.92
2.1
20
90.33 -3.96
-2.8
Apple Inc
2.92
1.7
18
176.69 -8.13 +4.4
McDnlds
4.64
2.5
28
185.04
-.33
+7.5
ATMOS
1.94
2.0
18
97.56 -.05 +13.6
Merck
2.20
2.8
29
78.21
-1.01
+39.0
AutoZone
19
880.07+55.61 +23.7
MicronT
3
36.88 -3.15
-10.3
AveryD
2.26
2.4
27
93.67 -2.00 -18.4
Microsoft
1.84
1.7
45
108.52 -3.57
+26.9
BB&T Cp
1.62
3.3
14
48.37 -2.36 -2.7
NorflkSo
3.20
1.9
25
165.89 -6.29
+14.5
BP PLC
2.38
5.8
12
40.95 -.24 -2.6
OfficeDpt
.10
3.2
9
3.14
-.11
-11.3
BkofAm
.60
2.2
13
26.99 -1.55 -8.6
Oracle
.76
1.6
52
48.75 -1.08
+3.1
BarnesNob
.60
8.6
6.94 -.48 +3.6
Penney
1.36
-.08
-57.0
Boeing
6.84
2.0
32
342.50-17.46 +16.1
PepsiCo
3.71
3.1
34
117.80 -1.18
-1.8
BrMySq
1.60
3.1
52
52.03 -1.25 -15.1
Pfizer
1.36
3.0
18
45.14
-.85
+24.6
CSX
.88
1.2
10
70.60 -2.55 +28.3
PhilipMor
4.56
5.3
21
85.43 -1.65
-19.1
CampSp
1.40
3.6
14
38.59 -.17 -19.8
Primerica
1.00
.9
13
110.39 -7.50
+8.7
Caterpillar
3.44
2.7
12
129.32 -9.63 -17.9
ProctGam
2.87
3.1
23
93.31
-.01
+1.6
ChesEng
5
2.89 -.20 -27.0
RegionsFn
.56
3.6
13
15.59 -1.04
-9.8
Chevron
4.48
3.8
24
117.24 -3.43 -6.4
SiriusXM
.05
.8
34
6.19
-.13
+15.5
Cisco
1.32
2.8
24
47.35 -1.39 +23.6
SouthnCo
2.40
5.1
22
47.24
-.25
-1.8
Citigroup
1.80
2.9
11
62.26 -2.90 -16.3
SwstnEngy
5
4.51
-.13
-19.2
CocaCola
1.56
3.1
94
49.58 -.11 +8.1
Square n
63.51 -8.44
+83.2
Comcast s
.76
2.0
18
37.69 -1.46 -5.5
SunTrst
2.00
3.4
10
58.67 -3.64
-9.2
ConAgra
.85
2.6
15
32.08 -.35 -14.8
SynovusFn 1.00
2.8
13
35.45 -2.75
-26.1
CronosGp n ...
10.74 +.57 +40.9
3M Co
5.44
2.7
28
202.20 -6.56
-14.1
Cummins
4.56
3.1
41
146.37 -6.10 -17.1
Torchmark
.64
.8
6
82.22 -4.33
-9.4
Disney
1.76
1.6
15
112.87 -2.87 +5.0
Twitter
32.56 -1.10
+35.6
DowDuPnt
1.52
2.7
18
56.49 -2.67 -20.7
Tyson
1.20
2.1
11
58.24 -2.03
-28.2
EnCanag
.06
.9
11
6.75 -.36 -49.4
UtdCmBks
.64
2.7
14
23.77 -1.78
-15.5
Equifax
1.56
1.6
17
99.28 -3.70 -15.8
UPS B
3.64
3.4
18
106.77 -8.50
-10.4
ExxonMbl
3.28
4.1
15
79.43 -1.79 -5.0
VerizonCm
2.41
4.1
7
58.09
-.07
+9.7
Facebook
26
137.93 -3.16 -21.8
Vodafone
1.74
8.4
20.72
-.54
-35.0
FordM
.60
6.5
5
9.18 -.42 -26.5
WalMart
2.08
2.2
55
95.81 -2.94
-3.0
GenElec
.48
6.6
7.28 -.53 -58.3
Weathflntl
.55
-.04
-86.8
GenuPrt
2.88
2.8
22
103.24 -.96 +8.7
WeisMk
1.24
2.7
11
45.14
-.93
+9.1
HP Inc
.64
2.8
7
23.24 -.71 +10.6
WellsFargo 1.72
3.3
13
51.78 -2.46
-14.7
Haverty
.72
3.6
21
20.06 -1.17 -11.4
YumBrnds
1.44
1.6
32
90.68 -1.39
+11.1
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: 25,027.07
Change:-799.36 (-3.1%)
27,200
26,400
25,600
24,800
26,000 10 DAYS
25,120 J
24,240
J
J A
S
O
N
52-Week
Net
YTD
12-mo
High
Low
Name
Last
Chg %Chg
%Chg
%Chg
26,951.81
23,344.52
Dow Industrials
25,027.07
-799.36 -3.10
+1.25
+3.50
11,623.58
9,757.50
Dow Transportation
10,374.07
-476.37 -4.39
-2.24
+1.42
770.08
647.81
Dow Utilities
749.84
+1.28 +.17
+3.66
-.10
13,637.02
11,820.33
NYSE Composite
12,221.98
-355.56 -2.83
-4.58
-2.75
8,133.30
6,630.67
Nasdaq Composite
7,158.43
-283.09 -3.80
+3.69
+5.86
1,309.73
1,118.69
S&P 100
1,197.48
-41.15 -3.32
+1.21
+3.00
2,940.91
2,532.69
S&P 500
2,700.06
-90.31 -3.24
+.99
+2.68
2,053.00
1,769.25
S&P MidCap
1,826.62
-68.70 -3.62
-3.89
-2.79
30,560.54
26,293.62
Wilshire 5000
27,796.93
-971.64 -3.38
+.01
+1.85
1,742.09
1,436.43
Russell 2000
1,480.75
-68.21 -4.40
-3.57
-2.37
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 253,238
250.23
-0.6
+4.2/A
+10.7/A
NL
3,000
Vanguard TtlSMIdxAdmrl
LB 203,888
67.29
-0.9
+3.6/B
+10.3/A
NL
3,000
Fidelity 500ldxlnsPrm
LB 164,099
94.69
-0.6
+4.3/A
+10.8/A
NL
0
Vanguard TtlSMIdxinv
LB 129,896
67.26
-0.9
+3.5/B
+10.1 /B
NL
3,000
Vanguard TtlnSIdxinv
FB 128,269
15.98
-1.4
-8.4/B
+2.4/B
NL
0
Vanguard TtlSMIdxins
LB 123,279
67.30
-0.9
+3.6/B
+10.3/A
NL 5
000,000
Vanguard Insldxlns
LB 116,738
246.87
-0.6
+4.2/A
+10.8/A
NL 5
000,000
Vanguard InsIdxinsPlus
LB 104,731
246.89
-0.6
+4.3/A
+10.8/A
NL100,000,000
Vanguard TtlnSIdxInsPlus
FB 95,758
106.92
-1.3
-8.3/B
+2.5/A
NL100,000,000
Fidelity Contrafund
LG 91,616
12.53
-1.9
+6.1/C
+11.3/B
NL
0
Vanguard TtBMIdxAdmrl
Cl 86,606
10.33
+1.3
-1.3/C
+2.1/C
NL
3,000
Vanguard WlngtnAdmrl
MA 86,207
71.45
+0.7
+1.4/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.