E3 BUSINESS
Jeff Gill | Business reporter
770-718-3408 | jgill@gainesvilletimes.com
The Times, Gainesville, Georgia
Saturday, December 8, 2018
Hiring pullback could signal slow growth
Potential economy drop contributes to sharp dip in stocks; Dow down 560 points
BY CHRISTOPHER RUGABER
Associated Press
WASHINGTON — U S. job
growth declined modestly in
November, a move that could sig
nal a slower but still steady pace of
hiring and growth next year.
The potential for a more anemic
economy contributed to a sharp
drop in the stock market Friday,
sending the Dow Jones average
down 560 points, or 2.2 percent, by
market close.
Yet most economists said last
month’s job gain of 155,000 is more
sustainable than some of the larger
increases posted earlier this year.
And hiring at last month’s pace
would make it easier for the Fed
eral Reserve to slow its interest rate
increases, which investors worry
are weighing on the economy.
“This is the new Goldilocks,”
said Josh Wright, chief economist
at iCIMS, a recruiting software
company. “Still strong-enough job
growth, but a more cautious Fed.”
The unemployment rate stayed
at 3.7 percent, a nearly five-decade
low, for the third straight month,
the Labor Department said Friday
in its monthly jobs report.
Still, the panicky financial mar
kets illustrate how the views of
Wall Street and most of the rest of
the U.S. can differ.
For most Americans, jobs and
incomes are the most important
economic measures. Average
hourly earnings increased 3.1%
in November from a year earlier,
Friday’s report said, only the sec
ond time they have climbed that
much since the recession ended
nine years ago.
That’s boosting consumer confi
dence to nearly 18-year highs, spur
ring more spending, and bolstering
winter holiday shopping. Ameri
cans lifted their spending in Octo
ber by the most in seven months.
“We’re still a little surprised to
see such a growing panic in mar
kets develop quite so soon given
the relatively benign economic
backdrop,” Paul Ashworh, an
economist at Capital Economics,
said in a research note.
Yet for Wall Street, higher pay
can crimp corporate profit mar
gins. Many large, publicly-traded
companies are hit by slower
growth in places such as Europe
and Japan. They are also more
directly affected by tariffs that
the Trump administration has
imposed on a range of imports.
“There is a disconnect between
the gloom and doom environ
ment in financial markets and
real economic conditions,” said
Gad Levanon, chief economist at
the Conference Board, a research
group.
Lawyer: Trump resort hired
some undocumented workers
JULIO CORTEZ I Associated Press
Two women who cleaned rooms at Trump National Golf Club in Bedminster, N.J., allegedly used false papers to get hired,
and their supervisors knew about it.
Women considering lawsuit claiming workplace abuse, discrimination
BY BERNARD CONDON
Associated Press
NEW YORK — Two women who
cleaned rooms set aside for President
Donald Trump at one of his golf resorts
in New Jersey say they used false
papers to get hired, their supervisors
knew it and that many employees there
also lack legal documents.
Anibal Romero, a lawyer represent
ing Victorina Morales and Sandra Diaz,
said Thursday the two used false Social
Security and permanent residency docu
ments to get jobs at Trump’s golf resort
Bedminster, New Jersey. He also said a
supervisor hurled racial epithets at the
women and threatened them with depor
tation to get more work out of them.
The two are now considering a law
suit against the Trump Organization for
workplace abuse and discrimination.
One of them, Morales, who says she
cleaned Trump’s clothes and toilet and
made his bed, is also seeking asylum.
“This isn’t a hotel with 300 employees
— they were both in charge of cleaning
the president’s house,” said Romero,
referring to a guest house on the prop
erty set aside for Trump. He added that
Morales, 47, was repeatedly called a
“donkey” and “dog” by a supervisor.
The Trump Organization did not
answer questions emailed by The Asso
ciated Press about the allegations, but
said in a statement that it has the high
est standards for job applicants.
“We have tens of thousands of
employees across our properties and
have very strict hiring practices,”
the company said in an email. “If any
employee submitted false documenta
tion in an attempt to circumvent the law,
they will be terminated immediately.”
The New York Times first wrote
about the two women, noting there is no
evidence the Trump Organization knew
they did not have legal documents.
Both women were described by the
Times as finding Trump demanding as
an employer, but kind.
Morales, who left Guatemala in 1999,
says Trump would sometimes give her
a $50 or $100 tip. Both said at least two
supervisors were aware of their status
and helped them evade detection.
Their lawyer, Romero, said Morales
was hurt by Trump’s comments dis
paraging immigrants here illegally
as violent criminals. He says that she
believes that Trump’s comments may
have emboldened a supervisor at the
resort to verbally abusing workers, call
ing them “stupid illegal immigrants.”
Romero said that Morales believes at
least a dozen workers at the resort do
not have legal documentation to work.
Morales, who spoke to the Times
directly, told the newspaper that she
understood that she could be fired and
deported but felt she had to speak out.
Romero said that the other worker,
Diaz, 46, has legal permanent resi
dency. He said she left the Trump club
in 2013 shortly after Morales was hired.
Romero has called for federal and
state investigations into the matter.
“This toxic environment was
designed to intimidate these women,
leaving them fearful for their safety and
the safety of their families,” he said.
Anti-encryption
law rushed to
pass by Australia
parliament
BY ROD MCGUIRK AND FRANK BAJAK
Associated Press
MELBOURNE — A newly enacted law
rushed through Australia’s parliament will
compel technology companies such as Apple,
Facebook and Google to disable encryption
protections so police can better pursue terror
ists and other criminals.
Cybersecurity experts say the law, the first of
its kind globally, will instead be a boon to the
criminal underworld by undermining the tech
nical integrity of the internet, hurting digital
security and user privacy.
“I think it’s detrimental to Australian and
world security,” said Bruce Schneier, a tech
security expert affiliated with Harvard Univer
sity and IBM.
The law is also technically vague and seems
contradictory because it doesn’t require sys
tematic weaknesses — so-called “backdoors”
— to be built in by tech providers. Such back
doors are unlikely to remain secret, meaning
that hackers and criminals could easily exploit
them.
Backdoors were central to a 1990s U.S. effort
to require manufacturers to install a so-called
“Clipper chip “ into communications equip
ment so the government could listen in on voice
and data transmissions. U.S. law enforcement
officials, including Deputy Attorney General
Rod Rosenstein, are again pushing for legisla
tion that would somehow give authorities access
to secure communications.
The Australian bill is seen by many as a
beachhead for those efforts because the nation
belongs to the “Five Eyes” security alliance
with the U.S., Britain, Canada and New Zealand.
“There is a lot here that doesn’t make any
sense,” Schneier said of the Australian bill.
“This is a technological law written by non-tech
nologists and it’s not just bad policy. In many
ways, I think it’s unworkable.”
A leading figure in cryptography, Martin
Heilman of Stanford University, said it appears
the bill would “facilitate crime by weakening
the security of the affected devices.”
The law won final legislative approval late
Thursday, parliament’s final session of the
year. Prime Minister Scott Morrison said it was
urgently needed.
“This was very important legislation to give
police and security agencies the ability to get
into encrypted communications,” he told Nine
Network television. “Things like WhatsApp,
things like that which are used by terrorists and
organized criminals and indeed pedophile rings
to do their evil work.”
He noted that the opposition Labor Party
“had to be dragged to the table” and backed
the legislation as an emergency measure out of
concern extremists could target Christmas-New
Year crowds.
Stock Exchange Highlights
■ NYSE
11,941.94 -202.48
V Nasdaq
W 6,969.25 -219.01
Gainers ($2 or more)
Gainers ($2 or more)
Name Last Chg %Chg
Name Last Chg %Chg
GlbShip pfB21.74
AuroraC n 5.75
Diebold 3.10
Navios pfG 4.28
NavMHpfH 4.28
SciApplic 69.40
AlamosGId 3.60
EquusTR 2.17
EvoquaWt n 9.96
OsiskoGI n 7.92
+4.05 +22.9
+.47 +8.9
+.24
+.28
+.28
+4.46
+.23
+.13
+.59
+.47
+8.4
+7.0
+7.0
+6.9
+6.8
+6.4
+6.3
+6.3
Losers (S2 or more)
Name
Last Chg %Chg
Jupai n 6.01
BigLots 31.00
Maiden prA 8.25
EKodak 3.01
VaiIRsrt 223.25
AtHomGr n 20.41
Movado 33.20
VinceHIg rs 9.50
CooperCo 243.01
Maiden pfC 6.90
-3.05 -33.7
-9.30 -23.1
-2.22 -21.2
-.68 -18.4
-48.52 -17.9
-3.34 -14.1
-5.37 -13.9
-1.41 -12.9
-34.02 -12.3
-.95 -12.1
Most Active ($1 on more)
Name Vol (00) Last Chg
GenElec
1143564
7.01
-.34
BkofAm
1073911
25.43
-.85
Nabors
846707
3.10
+.04
FordM
421185
8.82
-.20
ChesEng
375867
2.72
AT&T Inc
344455
30.14
-.39
EnCana g
307127
6.43
-.04
Aphria n
298620
5.23
-.31
Twitter
294474
32.83
-.13
WellsFargo 285007
50.26
-.83
Diary
Advanced
Declined
Unchanged
Total issues
New Highs
New Lows
Volume
840
1,960
84
2,884
33
249
4,166,109,163
Domo B n 20.40
Uxin Ltd n 4.68
Qualstar rs 5.81
CronosGp n 12.72
ProDvrs h rs 2.00
Momenta 14.25
Vivus rs 2.99
SearsH&O 2.34
Si-Bone n 20.29
AmOutBr 14.09
+4.77 +30.5
+.92 +24.5
+1.10 +23.4
+2.27 +21.7
+.34 +20.5
+2.17 +18.0
+.45 +17.7
+.34 +17.0
+2.85 +16.3
+1.88 +15.4
Losers ($2 or more)
Name
Last Chg %Chg
14.88
4.26
2.38
48.73
24.34
UtdNtrIF
Akorn Inc
AdialPh n
Quidel
DuluthH n
YangRvPt n 8.28
electCore n 5.30
LandsEnd 15.08
EveloBio n 9.14
ApollEnd rs 4.01
-4.85
-1.33
-.62
12.59
-6.03
-1.71
-1.05
-2.85
-1.67
-.70
-24.6
-23.8
-20.7
-20.5
-19.9
-17.1
-16.5
-15.9
-15.4
-14.9
Most Active ($1 or more)
Name Vol (00) Last Chg
AMD 1055114
CronosGp n554061
Microsoft 443902
Apple Inc 416725
Cisco 379813
Intel 330548
SiriusXM 307848
MicronT 305999
Akorn Inc 265438
Facebook 205630
19.46 -1.84
12.72 +2.27
104.82 -4.37
168.49 -6.23
46.44 -1.95
46.24 -2.13
6.22 -.13
35.31 -2.36
4.26 -1.33
137.42 -2.21
Diary
Advanced
Declined
Unchanged
Total issues
New Highs
New Lows
Volume
795
2,131
142
3,068
17
257
2,424,056,188
Stocks of Local Interest
YTD
Name Ex Div Yld PE Last Chg %Chg
AFLAC S
1.04
2.4
13
43.25
o
o
o
CO
Hershey
2.89
2.7
23
107.14 -1.00 -5.6
AT&T Inc
2.00
6.6
6
30.14
-.39 -22.5
HomeDp
4.12
2.4
19
172.79 -3.17 -8.8
AbbottLab
1.12
1.6
30
69.95
-1.59 +22.6
Intel
1.20
2.6
17
46.24 -2.13 +.2
AMD
19.46
-1.84 +89.3
IBM
6.28
5.3
9
119.34 -4.57 -22.2
Akorn Inc
4.26
-1.33 -86.8
JohnJn
3.60
2.5
20
145.43 -.48 +4.1
Altria
3.20
5.9
17
54.18
-.22 -24.1
Kinross g
22
2.85 +.03 -34.0
Aphria n
5.23
-.31 -57.3
Lowes
1.92
2.1
20
89.40 -1.55 -3.8
Apple Inc
2.92
1.7
17
168.49
-6.23 -.4
MarathnO
.20
1.2
16.05 -.17 -5.2
ATMOS
1.94
2.0
18
98.79
+.24 +15.0
McDnlds
4.64
2.5
28
182.96 -2.49 +6.3
AuroraC n
5.75
+.47 -23.2
Merck
2.20
2.9
29
76.72 -1.65 +36.3
AutoZone
17
870.16
+1.48 +22.3
MicronT
3
35.31 -2.36 -14.1
AveryD
2.26
2.5
26
91.97
-1.88 -19.9
Microsoft
1.84
1.8
43
104.82 -4.37 +22.5
BB&T Cp
1.62
3.4
14
47.66
-.48 -4.1
Nabors
.24
7.7
3.10 +.04 -54.6
BP PLC
2.38
6.0
12
39.51
-.08 -6.0
NorflkSo
3.20
2.0
24
156.99 -5.20 +8.3
BkofAm
.60
2.4
12
25.43
-.85 -13.9
OfficeDpt
.10
3.4
8
2.94 -.18 -16.9
BarnesNob
.60
8.8
6.80
-.02 +1.5
Oracle
.76
1.7
49
46.00 -.68 -2.7
Boeing
6.84
2.1
30
323.22
-8.68 +9.6
Penney
1.39 ... -56.0
BrMySq
1.64
3.1
53
53.08
-.17 -13.4
PepsiCo
3.71
3.2
33
115.82 -1.02 -3.4
CSX
.88
1.3
10
68.03
-1.79 +23.7
Pfizer
1.36
3.1
18
43.92 -1.06 +21.3
CampSp
1.40
3.7
14
37.77
-.45 -21.5
PhilipMor
4.56
5.4
21
84.56 -.73 -20.0
Caterpillar
3.44
2.8
12
123.55
-4.82 -21.6
Primerica
1.00
1.0
13
105.26 -3.69 +3.7
ChesEng
4
2.72
... -31.3
ProctGam
2.87
3.1
23
92.45 -1.10 +.6
Chevron
4.48
3.9
24
115.49
-.42 -7.7
RegionsFn
.56
3.8
13
14.90 -.40 -13.8
Cisco
1.32
2.8
23
46.44
-1.95 +21.3
SiriusXM
.05
.8
35
6.22 -.13 +16.0
Citigroup
1.80
3.1
10
58.35
-1.71 -21.6
SouthnCo
2.40
5.1
22
46.98 +.46 -2.3
CocaCola
1.56
3.2
93
49.09
-.29 +7.0
SunTrst
2.00
3.5
10
56.94 -1.50 -11.8
ConAgra
.85
2.8
15
30.84
-.78 -18.1
SynovusFn 1.00
2.9
12
34.90 +.12 -27.2
CronosGp n ...
12.72
+2.27 +66.9
3M Co
5.44
2.7
27
198.24 -4.44 -15.8
Cummins
4.56
3.3
39
138.60
-3.69 -21.5
Torchmark
.64
.8
6
80.25 -.75 -11.5
Disney
1.76
1.6
15
111.98
-1.47 +4.2
Transocn
8.30 -.44 -22.3
DowDuPnt
1.52
2.8
17
53.75
-2.17 -24.5
Twitter
32.83 -.13 +36.7
EnCanag
.06
.9
11
6.43
-.04 -51.8
Tyson
1.20
2.1
10
56.21 -1.69 -30.7
ENSCO
.04
.8
5.11
-.04 -13.5
UtdCmBks
.64
2.7
14
23.84 -.07 -15.3
Equifax
1.56
1.6
17
99.36
-.96 -15.7
UPS B
3.64
3.5
18
105.32 -2.72 -11.6
ExxonMbl
3.28
4.2
14
77.64
-.75 -7.2
VerizonCm
2.41
4.2
7
57.68 -.40 +9.0
FordM
.60
6.8
5
8.82
-.20 -29.4
Vodafone
1.74
8.5
20.48 -.27 -35.8
GenElec
.48
6.8
7.01
-.34 -59.9
WalMart
2.08
2.2
54
93.19 -1.58 -5.6
GenuPrt
2.88
2.9
21
99.54
-1.51 +4.8
Weathflntl
.52 -.01 -87.6
HP Inc
.64
2.8
7
22.93
-1.09 +9.1
WeisMk
1.24
2.7
11
45.90 +.27 +10.9
Haverty
.72
3.6
20
19.82
-.25 -12.5
WellsFargo 1.72
3.4
12
50.26 -.83 -17.2
HeliosM rs
.02
...-100.0
YumBrnds
1.44
1.6
32
90.43 -1.07 +10.8
YTD
Name Ex 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: 24,388.95
Change: -558.72 (-2.2%)
27,200
26,400
25,600
24,800
26,000
25,120
24,240 *10 DAYS
J
J A
S
0
N
D
52-Week
Net
YTD
12-mo
High
Low
Name
Last
Chg
%Chg
%Chg
%Chg
26,951.81
23,344.52
Dow Industrials
24,388.95
-558.72
-2.24
-1.34
+.25
11,623.58
9,757.50
Dow Transportation
9,951.16
-407.54
-3.93
-6.23
-4.34
770.08
647.81
Dow Utilities
753.51
+4.17
+.56
+4.17
-.55
13,637.02
11,820.33
NYSE Composite
11,941.94
-202.48
-1.67
-6.77
-5.55
8,133.30
6,630.67
Nasdaq Composite
6,969.25
-219.01
-3.05
+.95
+1.89
1,309.73
1,118.69
S&P 100
1,167.57
-28.63
-2.39
-1.32
-.28
2,940.91
2,532.69
S&P 500
2,633.08
-62.87
-2.33
-1.52
-.69
2,053.00
1,769.25
S&P MidCap
1,780.94
-36.54
-2.01
-6.29
-5.81
30,560.54
26,293.62
Wilshire 5000
27,143.86
-631.93
-2.28
-2.34
-1.35
1,742.09
1,436.43
Russell 2000
1,448.09
-29.32
-1.98
-5.69
-4.84
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
244.13
-6.2
+1.8/B
+10.0/A
NL
3,000
Vanguard TtlSMIdxAdmrl
LB 203,888
65.69
-6.2
+1.2/B
+9.6/A
NL
3,000
Fidelity 500ldxlnsPrm
LB 164,099
92.39
-6.2
+1.8/B
+10.1/A
NL
0
Vanguard TtlSMIdxInv
LB 129,896
65.66
-6.3
+1.1/B
+9.5/B
NL
3,000
Vanguard TtlnSIdxinv
FB 128,269
15.62
-5.1
-9.9/B
+1.8/B
NL
0
Vanguard TtlSMIdxIns
LB 123,279
65.70
-6.2
+1.2/B
+9.6/A
NL 5
000,000
Vanguard Insldxlns
LB 116,738
240.86
-6.2
+1.8/B
+10.1/A
NL 5
000,000
Vanguard InsIdxInsPlus
LB 104,731
240.88
-6.2
+1.8/B
+10.1/A
NL100,000,000
Vanguard TtlnSIdxinsPlus
FB 95,758
104.52
-5.1
-9.8/B
+1.9/B
NL100,000,000
Fidelity Contrafund x
LG 91,616
11.41
-7.3
+2.3/C
+10.7/B
NL
0
Vanguard TtBMIdxAdmrl
Cl 86,606
10.36
+1.5
-1.1/C
+2.2/C
NL
3,000
Vanguard WlngtnAdmrl
MA 86,207
70.43
-2.7
+0.4/A
+7.2/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.
