BUSINESS
Jeff Gill | Business reporter
770-718-3408 | jgill@gainesvilletimes.com
The Times, Gainesville, Georgia
Tuesday, December 11,2018
US-China trade tensions mount
VINCENT YU I Associated Press
A woman walks past an electronic board showing Hong Kong share index outside a local bank in Hong Kong, Monday,
Dec. 10. Asian markets were broadly lower Monday after China protested the arrest of a senior executive of Chinese
electronics giant Huawei, who is suspected of trying to evade U.S. trade curbs on Iran.
Markets react as bail hearing resumes for top Chinese technology exec.
BY JIM MORRIS, ROB GILLIES
AND PAUL WISEMAN
Associated Press
VANCOUVER, British Columbia
— China raised the pressure on the
United States and Canada as a bail
hearing resumed Monday for a top
Chinese technology executive in a
case that has fueled U.S.-China trade
tensions and roiled financial markets.
Meng Wanzhou, the chief financial
officer of Chinese telecommunica
tions giant Huawei and daughter
of its founder, was detained at the
request of the U.S. during a layover
at the Vancouver airport on Dec. 1
— the same day that Presidents Don
ald Trump and Xi Jinping of China
agreed to a 90-day cease-fire in a
trade dispute that threatens to disrupt
global commerce.
The U.S. has accused Huawei of
using a Hong Kong shell company to
sell equipment in Iran in violation of
U.S. sanctions. It also says that Meng
and Huawei misled banks about the
company’s business dealings in Iran.
Her arrest has fueled U.S.-China
trade tensions at a time when the two
countries are seeking to resolve a dis
pute over Beijing’s technology and
industrial strategy. Both sides have
sought to keep the issues separate, at
least so far, but the arrest has roiled
markets, with stock markets world
wide down again Monday.
China formally protested to the
ambassadors of both Canada and the
United States over the weekend.
In urging the court to reject Meng’s
bail request, a prosecutor said Fri
day the Huawei executive had vast
resources and a strong incentive to
bolt: She’s facing fraud charges in the
United States that could put her in
prison for 30 years.
On Monday, David Martin, Meng’s
lawyer, reiterated that Meng was will
ing to pay for a surveillance company
to monitor her and wear an ankle
monitor. Called by the defense, Scott
Filer of Lions Gate Risk Management
group said his company would make
a citizen’s arrest if she breaches bail
conditions.
Under the defense proposal,
Meng’s travels would be restricted to
Vancouver and surrounding munici
palities. Martin said Meng’s husband
would put up both of their Vancouver
homes plus $750,000 for a total value
of $11.2 million as collateral.
The hearing has sparked wide
spread interest, and the courtroom
was packed again Monday with
media and spectators, including some
who came to support Meng. One man
in the courtroom gallery brought
binoculars to have a closer look at
Meng, her lawyers and the prosecu
tion team. Outside court a man and
woman held a sign that read “Free
Ms. Meng.”
Over the weekend, China’s Vice
Foreign Minister Le Yucheng sum
moned Canadian Ambassador John
McCallum and U.S. Ambassador
Terry Branstad.
Le warned both countries that Bei
jing would take steps based on their
response. Asked Monday what those
steps might be, Chinese Foreign Min
istry spokesman Lu Kang said only
that “it totally depends on the Cana
dian side itself.”
The Canadian province of Brit
ish Columbia has already canceled
a trade mission to China amid fears
China could detain Canadians in
retaliation for Meng’s detention.
Stocks around the world fell Mon
day over investor concerns about the
continuing U.S.-China trade dispute,
as well as the cloud hanging over
Brexit negotiations after Britain’s
prime minister postponed a vote on
her deal for Britain to exit the Euro
pean Union. In the U.S., stocks were
volatile, tumbling in the morning
and then recovering ground in the
afternoon.
The Huawei case complicates
efforts to resolve a U.S.-China trade
dispute.
Goodyear leaves Venezuela as economy slips
BY JUAN CARLOS
HERNANDEZ
Associated Press
VALENCIA, Venezuela
— Goodyear Tire & Rubber
Co. is halting production in
Venezuela, making it the lat
est international corporation
to abandon a South Ameri
can nation in economic cri
sis, officials said Monday.
Spokesman Eduardo
Arguelles told The Associ
ated Press that Goodyear-
Venezuela had made the
“difficult decision” to no
longer produce tires in the
country, which has seen
an economic contraction
worse than the U.S. Great
Depression.
“Our goal had been to
maintain its operations, but
economic conditions and
U.S. sanctions have made
this impossible,” Arguelles
said.
The company had
endured tens of millions in
losses in recent years as the
Venezuelan bolivar plum
meted in value against the
U.S. dollar. The company
based in Akron, Ohio, moved
to deconsolidate its Venezu
elan subsidiary in the fourth
quarter of 2015, but contin
ued to operate with a staff
of about 1,100 from the
depressed industrial city of
Valencia.
Workers who arrived
at the plant Monday were
stunned to find it was no lon
ger in operation.
“They closed doors with
out saying anything,” said
Luis Aponte, a union worker
who said government work
ers were on site assessing
the situation.
There was no imme
diate response from the
government.
The announcement came
after a letter issued “to
whom it may concern” cir
culated online stating the
company had been forced
to cease operations and that
starting Monday no one in
Venezuela would be autho
rized to continue producing
the company’s products.
The letter also said Good
year would fulfill its finan
cial obligations to workers.
BUSINESS HIGHLIGHTS
WASHINGTON
October job openings rise to
2nd-highest on record
The number of open jobs rose in October to the second-
highest on record, evidence that U.S. employers remain
determined to hire despite ongoing trade disputes and rocky
financial markets.
The Labor Department said Monday that the number of
job openings increased 1.7 percent to a seasonally adjusted
7.1 million. That is not far from the record of 7.3 million
reached in August.
The number of people hired also climbed while the ranks
of those who quit their jobs fell slightly.
The data underscore that the labor market remains strong
and suggest that last Friday’s jobs report, which showed a
modest drop in the pace of hiring, does not reflect a pessi
mistic outlook among employers. The economy expanded
over the summer and fall at the fastest six-month pace in
four years.
On Friday, the government said employers added 155,000
jobs in November, down from 237,000 in the previous month
and below the average monthly gain this year. The unem
ployment rate stayed at a nearly five-decade low of 3.7
percent.
Monday’s report, known as the Job Openings and Labor
Turnover survey, includes data on the number of jobs adver
tised by employers, as well as total hiring and the number of
layoffs and quits. Friday’s job gain is a net figure.
Many economists saw the hiring decline in Friday’s report
as a potential sign that the economy and job market are
decelerating from robust growth achieved earlier this year
after the Trump administration’s tax cuts and increased gov
ernment spending took effect.
After healthy growth in the second and third quarters, the
Federal Reserve Bank of Atlanta forecasts that the economy
will expand at a slower but still-solid 2.4 percent pace in
the final three months of the year. Growth is also likely to
remain at roughly that level in 2019, analysts estimate.
Job openings soared 7.6 percent in manufacturing to
522,000, where many employers say they are unable to find
qualified workers. Factory jobs increasingly require higher-
tech skills in areas such as robotics and computer-assisted
machine tools.
Openings also jumped in construction, financial activities,
and retail. They fell in mining and logging, professional and
business services such as accounting, and were essentially
unchanged in health care.
The number of people quitting their jobs declined slightly
and is down to 3.5 million, from a peak of 3.65 million in
August. Quits are generally seen as a sign of job market
strength, as most people quit for other jobs, typically at
higher pay.
The decline in quits is a mild disappointment to some
economists.
“Despite an unemployment rate at multi-decade lows ...
quitting hasn’t further picked up,” Nick Bunker, an econo
mist at job search website Indeed, said. “Perhaps an even
tighter labor market is needed to boost quitting, or a tight
labor market isn’t as powerful as once thought.”
NEW YORK
Travel software company Travelport
targeted in $4.4 billion deal
A pair of buyout firms is planning to take the travel software
company Travelport private in a deal worth about $4.4 billion.
Travelport Worldwide Ltd. said Monday that affiliates of
Siris Capital Group LLC and Evergreen Coast Capital Corp.
will pay $15.75 for each of its shares.
The Langley, U.K., tech company can seek offers from
other buyers through Jan. 23,2019.
The proposed deal is expected to close in the first half of
2019. It still needs approval from shareholders and regulators.
Shares rose 1.3 percent before the market opened on Monday.
BERLIN
German trade surplus narrows as
imports outpace exports
Import growth outpaced that of exports in October in
Germany, narrowing the trade surplus of Europe’s largest
economy.
The Federal Statistical Office said Monday that October
exports were up 0.7 percent and imports up 1.3 percent com
pared with September, in calendar and seasonally adjusted
terms.
That lowered the trade surplus to $19.74 billion in October,
from $20.1 billion in September.
Compared to October 2017, exports to European Union
nations rose 8.1 percent, and those to other countries were up
9.2 percent, in unadjusted figures.
Imports from inside the EU rose 7.5 percent in October
2018 compared to the same month in 2017, while imports from
countries outside the bloc were up 8.3 percent.
Associated Press
Stock Exchange Highlights
■ NYSE
W' 11,889.28 -52.65
A Nasdaq
K.T 7,020.52 +51.27
Gainers ($2 or more)
Gainers ($2 or more)
Name Last Chg %Chg
Name Last Chg %Chg
Systemax 30.35
OverSh rs 2.06
VinceHIg rs 10.31
Aphria n 5.61
GormanR 33.93
EQTCorp 19.63
Synnex 80.17
InsprMed n 39.23
Zymewks n 13.88
A10 Ntwks 6.38
+4.33 +16.6
+.18 +9.6
+.81 +8.5
+.38 +7.3
+2.26 +7.1
+1.22 +6.6
+4.58 +6.1
+2.16 +5.8
+.74 +5.6
+.32 +5.3
Losers (S2 or more)
Name
Last Chg %Chg
Jupai n
MarineP
DB AgriLg
EmergeES
GSCI37
RevGpn
W&T Off
SunlOnl n
DxIndiBII rs 51.02
Earthstone 5.96
4.55
16.99
10.05
2.02
19.00
10.04
5.01
3.28
-1.46 -24.3
-4.85 -22.2
-2.45 -19.6
-.44 -17.9
-3.67 -16.2
-1.73 -14.7
-.81 -13.9
-.50 -13.2
-7.17 -12.3
-.83 -12.2
Most Active ($1 on more)
Name Vol (00) Last Chg
GenElec 1127854
BkofAm 1100983
FordM 563914
AT&T Inc 410006
ChesEng 408762
NokiaCp 345410
WellsFargo 344779
Citigroup 306558
Oracle 260337
Transocn 253560
6.93
24.76
8.52
29.91
2.65
-.08
-.67
-.30
-.23
-.07
5.68 +.15
48.80 -1.46
57.07 -1.28
46.67 +.67
8.07 -.23
Diary
Advanced
Declined
Unchanged
Total issues
New Highs
New Lows
Volume
911
1,913
69
2,893
10
535
4,085,419,190
Xperi 18.37
InnovBio rs 3.10
NutriSyst 43.68
RemarkHId 2.36
NFEngSv 16.77
Veritone n
HyreCar n
Hexindai n
Provent n
6.90
2.14
2.23
2.59
SutroBio n 11.96
+5.59 +43.7
+.86 +38.4
+9.48 +27.7
+.50 +26.9
+3.23 +23.9
+1.27 +22.5
+.34 +18.8
+.34 +18.0
+.38 +17.2
+1.69 +16.5
Losers ($2 or more)
Name
Last Chg %Chg
TivityHIth 27.65
DrprOkw n 6.43
MacroGen 13.43
HimaxTch 3.11
TwistBio n 24.00
RealmTh n 2.01
KodiakSc n 8.45
ConcrPump 8.80
ConiferH n 4.12
ASV Hid n 2.69
12.96 -31.9
-2.60 -28.8
-2.98 -18.2
-.63 -16.8
-4.55 -15.9
-.37 -15.7
-1.55 -15.5
-1.40 -13.7
-.65 -13.6
-.41 -13.2
Most Active ($1 or more)
Name Vol (00) Last Chg
AMD 776265
Apple Inc 617559
Microsoft 404633
MicronT 337678
Cisco 285048
SiriusXM 276755
Facebook 263091
Intel 228186
CaesarsEnt206866
Qualcom 203300
19.99 +.53
169.60 +1.11
107.59 +2.77
34.80 -.51
46.86 +.42
6.20 -.02
141.85 +4.43
47.21 +.97
7.23 -.35
57.24 +1.25
Diary
Advanced
Declined
Unchanged
Total issues
New Highs
New Lows
Volume
1,209
1,718
137
3,064
15
481
2,280,386,592
Stocks of Local Interest
YTD
Name Ex Div Yld PE Last Chg %Chg
AFLAC S
1.04
2.4
13
43.04
-.21 0.0
Intel
1.20
2.5
18
47.21
+.97 +2.3
AT&T Inc
2.00
6.7
6
29.91
-.23 -23.1
IBM
6.28
5.2
9
121.13
+1.79 -21.0
AbbottLab
1.12
1.6
30
70.92
+.97 +24.3
JPMorgCh 2.24
2.2
14
101.36
-1.93 -5.2
AMD
19.99
+.53 +94.5
JohnJn
3.60
2.5
20
145.26
-.17 +4.0
Altria
3.20
6.0
17
53.36
-.82 -25.3
Lowes
1.92
2.1
20
89.43
+.03 -3.8
Apple Inc
2.92
1.7
17
169.60
+1.11 +.2
McDnlds
4.64
2.5
28
184.65
+1.69 +7.3
ATMOS
1.94
2.0
18
98.45
-.34 +14.6
Merck
2.20
2.8
29
77.42
+.70 +37.6
AutoZone
18
885.87+15.71 +24.5
MicronT
3
34.80
-.51 -15.4
AveryD
2.26
2.5
26
91.17
-.80 -20.6
Microsoft
1.84
1.7
45
107.59
+2.77 +25.8
BB&T Cp
1.62
3.5
14
46.95
-.71 -5.6
Nabors
.24
8.7
2.77
-.33 -59.4
BP PLC
2.38
6.0
12
39.37
-.14 -6.3
NorflkSo
3.20
2.1
24
155.88
-1.11 +7.6
BkofAm
.60
2.4
12
24.76
-.67 -16.1
OfficeDpt
.10
3.5
8
2.89
-.05 -18.4
BarnesNob
.60
8.5
7.02
+.22 +4.8
Oracle
.76
1.6
50
46.67
+.67 -1.3
BarrickG
.12
.9
77
13.84
+.16 -4.4
Penney
1.36
-.03 -57.0
Boeing
6.84
2.1
30
326.35
+3.13 +10.7
PepsiCo
3.71
3.2
33
116.19
+.37 -3.1
BrMySq
1.64
3.1
52
52.58
-.50 -14.2
Pfizer
1.36
3.1
18
44.40
+.48 +22.6
CSX
.88
1.3
10
68.30
+.27 +24.2
PhilipMor
4.56
5.4
20
84.22
-.34 -20.3
CaesarsEnt ...
7.23
-.35 -42.8
Primerica
1.00
1.0
13
103.77
-1.49 +2.2
CampSp
1.40
3.7
14
37.72
-.05 -21.6
ProctGam
2.87
3.1
23
93.03
+.58 +1.3
Caterpillar
3.44
2.8
12
123.39
-.16 -21.7
Qualcom
2.48
4.3
57.24
+1.25 -10.6
ChesEng
4
2.65
-.07 -33.1
RegionsFn
.56
3.9
12
14.39
-.51 -16.7
Chevron
4.48
3.9
24
114.94
-.55 -8.2
SiriusXM
.05
.8
34
6.20
-.02 +15.7
Cisco
1.32
2.8
24
46.86
+.42 +22.3
SouthnCo
2.40
5.1
22
47.22
+.24 -1.8
Citigroup
1.80
3.2
10
57.07
-1.28 -23.3
SwstnEngy
5
4.22
-.17 -24.4
CocaCola
1.56
3.2
93
49.24
+.15 +7.3
SunTrst
2.00
3.6
10
55.57
-1.37 -14.0
ConAgra
.85
2.8
15
30.41
-.43 -19.3
SynovusFn 1.00
2.9
12
34.17
-.73 -28.7
CronosGp n ...
12.88
+.16 +69.0
3M Co
5.44
2.7
27
198.32
+.08 -15.7
Cummins
4.56
3.3
38
136.29
-2.31 -22.8
Torchmark
.64
.8
6
78.92
-1.33 -13.0
Disney
1.76
1.6
15
111.86
-.12 +4.0
Transocn
8.07
-.23 -24.4
DowDuPnt
1.52
2.8
17
53.80
+.05 -24.5
Travelport
.30
1.9
15.87
+.47 +21.4
ENSCO
.04
.8
4.75
-.36 -19.6
Twitter
33.43
+.60 +39.2
Equifax
1.56
1.6
17
98.44
-.92 -16.5
Tyson
1.20
2.2
10
55.41
-.80 -31.7
ExxonMbl
3.28
4.3
14
76.54
-1.10 -8.5
UtdCmBks
.64
2.8
14
23.23
-.61 -17.4
Facebook
27
141.85
+4.43 -19.6
UPS B
3.64
3.5
18
104.40
-.92 -12.4
FordM
.60
7.0
4
8.52
-.30 -31.8
VerizonCm
2.41
4.1
7
58.27
+.59 +10.1
GenElec
.04
.6
6.93
-.08 -60.3
Vodafone
1.74
8.6
20.14
-.34 -36.9
GenuPrt
2.88
2.9
21
99.32
-.22 +4.5
WalMart
2.08
2.2
54
93.94
+.75 -4.9
HP Inc
.64
2.8
7
22.93
... +9.1
Weathflntl
.46
-.06 -88.9
Haverty
.72
3.7
20
19.56
-.26 -13.6
WeisMk
1.24
2.7
11
45.25
-.65 +9.3
Hershey
2.89
2.7
23
107.13
-.01 -5.6
WellsFargo 1.72
3.5
12
48.80
-1.46 -19.6
HomeDp
4.12
2.4
19
171.69
-1.10 -9.4
YumBrnds
1.44
1.6
32
90.26
-.17 +10.6
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: 24,423.26
Change: 34.31 (0.1%)
27,200
26,400
25,600
24,800
26,000
24,940^
23,880 10 DAYS
J
J A
S
O
N
D
52-Week
Net
YTD
12-mo
High
Low
Name
Last
Chg
%Chg
%Chg
%Chg
26,951.81
23,344.52
Dow Industrials
24,423.26
+34.31
+.14
-1.20
+.15
11,623.58
9,757.50
Dow Transportation
9,876.54
-74.62
-.75
-6.93
-4.77
770.08
647.81
Dow Utilities
755.49
+1.98
+.26
+4.44
-.93
13,637.02
11,820.33
NYSE Composite
11,889.28
-52.65
-.44
-7.18
-6.15
8,133.30
6,630.67
Nasdaq Composite
7,020.52
+51.27
+.74
+1.70
+2.12
1,309.73
1,118.69
S&P 100
1,170.41
+2.84
+.24
-1.08
-.51
2,940.91
2,532.69
S&P 500
2,637.72
+4.64
+.18
-1.34
-.84
2,053.00
1,769.25
S&P MidCap
1,769.53
-11.41
-.64
-6.89
-6.28
30,560.54
26,293.62
Wilshire 5000
27,160.11
+16.25
+.06
-2.28
-1.57
1,742.09
1,436.43
Russell 2000
1,443.10
-4.99
-.34
-6.02
-5.05
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
244.57
-5.0
+1.4/B
+10.1/A
NL
3,000
Vanguard TtlSMIdxAdmrl
LB 203,888
65.75
-5.0
+0.8/B
+9.6/A
NL
3,000
Fidelity 500ldxlnsPrm
LB 164,099
92.55
-5.0
+1.4/A
+10.1/A
NL
0
Vanguard TtlSMIdxInv
LB 129,896
65.72
-5.0
+0.7/B
+9.5/B
NL
3,000
Vanguard TtlnSIdxinv
FB 128,269
15.47
-4.2
-11.4/B
+1.6/B
NL
0
Vanguard TtlSMIdxIns
LB 123,279
65.77
-5.0
+0.8/B
+9.7/A
NL 5
000,000
Vanguard Insldxlns
LB 116,738
241.29
-5.0
+1.4/B
+10.1/A
NL 5
000,000
Vanguard InsidxInsPlus
LB 104,731
241.31
-5.0
+1.4/B
+10.1/A
NL100,000,000
Vanguard TtlnSIdxinsPlus
FB 95,758
10349
-4.2
-11.3/B
+1.7/A
NL100,000,000
Fidelity Contrafund
LG 91,616
11.46
-5.0
+2.3/C
+10.8/B
NL
0
Vanguard TtBMIdxAdmrl
Cl 86,606
10.37
+1.5
-0.9/B
+2.2/C
NL
3,000
Vanguard WlngtnAdmrl
MA 86,207
70.38
-2.4
-0.1/A
+7.1/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.
