The times. (Gainesville, Ga.) 1972-current, December 13, 2018, Image 14

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The times., December 13, 2018, Image 14

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Newspaper Page TextBD BUSINESS Jeff Gill | Business reporter 770-718-3408 | jgill@gainesvilletimes.com The Times, Gainesville, Georgia Thursday, December 13, 2018 J. SCOn APPLEWHITE I Associated Press Google CEO Sundar Pichai appears before the House Judiciary Committee to be questioned about the internet giant’s privacy security and data collection, on Capitol Hill in Washington, Tuesday, Dec. 11. Google grilled: What lies ahead for tech companies BY BARBARA ORTUTAY, MICHAEL LIEDTKE AND MARCY GORDON Associated Press WASHINGTON — U.S. lawmakers’ grilling of Google CEO Sundar Pichai may have sounded like a broken record, but it amplified the prickly issues facing tech compa nies as Democrats prepare to take control of the House next month. The 3 1/2-hour hearing Tuesday hit upon familiar themes — online privacy, data protection and the danger of digital monopo lies — that are poised to come into even sharper focus next year. Here are some of the hurdles that Google parent Alphabet Inc., Facebook, Amazon and other tech companies are likely to face when the 116th Con gress convenes. USER PRIVACY Looming over the tech industry is the possibility of government regula tion intended to protect people’s data. One model for lawmakers may be Europe, where new rules governing data and privacy went into effect this year. Rep. Ted Poe, R-Texas, tried to pin down Pichai on privacy during Tues day’s hearing. “I’ve got an iPhone,” Poe said, waving his device. “Can Google track me when I move?” If he moved to the left toward his Democratic colleagues on the panel, would Google know? “Not by default,” Pichai answered. Poe demanded a yes or no answer, but Pichai indicated it was complicated. Other lawmakers ques tioned whether regular people know how much data Google can collect about them and how to stop being tracked. Privacy, of course, is also a huge issue for Facebook, which has spent nearly a year trying to recover from the Cam bridge Analytica data min ing scandal. SEARCHING FOR BIAS Lawmakers from both parties seem determined to re-examine whether Google rigs its search results to promote its own services and its own politi cal agenda, too. President Donald Trump also has complained about the issue (without evidence). European regulators already have concluded Google manipulated its search engine to gain an unfair advantage over other online shopping sites in the lucrative e-com- merce market, and fined the company $2.8 billion. Google disputes those find ings and is still appealing the decision reached in 2017. The U.S. Federal Trade Commission opened a similar investigation into Google’s business prac tices in 2011. That probe concluded 19 months later without finding any seri ous misconduct and didn’t require any meaningful changes to how the com pany operates. But internal documents later surfaced that indicated the FTC’s board had brushed off some recommendations of staff lawyers who believed Google was tinkering with its search results in way that stifled competition. U.S. Rep. David Cicil- line, a Democrat from Rhode Island, told Pichai he intended to work with the FTC to draw up a regu latory framework to pre vent Google from throttling its rivals through its search engine, which handles two out of every three queries in the U.S. Numerous lawmakers also asserted that Google uses its search engine as a propaganda machine that highlights news and opinions supporting its own view of how the world should be. The prevail ing consensus so far is that the alleged bias most frequently falls on the left-leaning side of most debates, although that pen dulum could swing now that Democrats will be the majority party in the House. But drawing up regula tions governing that area of search results would be more likely to raise First Amendment issues, mak ing them even more diffi cult to impose. CHINA Lawmakers on both sides peppered Pichai with questions about the possibility that Google is considering offering a censored search engine in China after pulling out of that country in 2010 in a high-profile dispute with its communist government’s policies. It’s not clear what Con gress might be able to do to prevent Google from returning to China, but it would certainly trigger more political fireworks. Pichai acknowledged Google has been exploring a possible search engine in China with a team of engineers that at times has exceeded 100 people, but repeatedly emphasized the company has no plans to release it “right now.” If that changes, Pichai prom ised let lawmakers know about it. Toyota recalls 70,000 vehicles over air bag inflators Associated Press DETROIT — Toyota is recalling about 70,000 Toyota and Lexus brand vehicles in North America to replace air bag inflators that could explode and hurl shrapnel at drivers and passengers. The recall covers the 2003 to 2005 Corolla, the 2002 to 2005 Sequoia, the 2003 to 2005 Tundra and the 2002 to 2005 Lexus SC. Takata uses the chemical ammo nium nitrate to create a small explo sion and inflate the bags. But it can deteriorate and burn too fast, blowing apart a metal canister. The Toyota and Lexus vehicles were recalled previously and the inflators replaced with new ones that still used ammonium nitrate. In the latest recall, Toyota will use inflators made by another company with a safer chemical. Owners will be notified early next year. Toyota says it has replacement parts available. About 65,000 of the recalled vehi cles are in the U.S. Toyota says it’s doing the recall a year ahead of a schedule set by the U.S. National Highway Traffic Safety Administration. Norfolk Southern to move HQJrom Va. to Atlanta BY KELSEY RICHARDSON krichardson@gainesvilletimes.com Norfolk Southern Corp. plans to move its headquarters from Norfolk, Virginia, to Atlanta. Gov. Nathan Deal announced the company’s relocation in a statement after a news conference at the Georgia Capitol on Wednesday. The company is set to create 850 jobs and invest $575 mil lion into its Fulton County campus. The new property will be located at 650 West Peachtree St. NW in Midtown Atlanta. “As a major hub for both transportation and innovation, Georgia is a fitting home for Norfolk Southern’s new head quarters,” Deal said in the statement. “As the No. 1 state for business six years in a row, Georgia has become a preferred location for industry leaders like Norfolk Southern, as we have seen more than 30 locations or expansions by Fortune 500 companies in the better part of the last decade.” Norfolk Southern Railway, the company’s subsidiary, operates approximately 19,500 route miles in 22 states and Washington, D.C. It serves every major container port in the Eastern U.S. and provides connections to other rail carriers. Tim Evans, Hall County Chamber of Commerce’s vice president of economic development, anticipates this relo cation having a positive impact on the local economy, espe cially since it already serves many business throughout Hall County. As a staple of transportation and logistics, he said the com pany’s close proximity will reap benefits beyond jobs and investment. With Norfolk Southern locating to an established business hub, he foresees other companies turning their gaze toward relocating in Georgia. “The infrastructure and right-of-way that Norfolk South ern owns is very much a part of our community and many others across the country,” Evans said. “Having close access to the headquarters and leadership of Norfolk Southern is valuable.” Minn, lawmakers discuss reining in soaring insulin costs Associated Press ST. PAUL, Minn. — Minnesota lawmakers are consider ing steps they could take to rein in the soaring cost of insulin, which one couple says has become so expensive that their dia betic son could no longer afford it and died. State Sen. Matt Little convened an informal discussion at the state Capitol on Tuesday to gather information ahead of the legislative session that begins next month. The Lakeville Democrat said the cost of insulin is “immorally high” and that there appears to be no rational reason for the cost increases. He said he has drafted several bills aimed at controlling insu lin costs, including one that would cap prices in the state. James Holt Jr. and Nicole Smith-Holt, of Richfield, told law makers how their 26-year-old son, Alec Smith, died last year because he couldn’t afford his monthly diabetes supplies after he became too old to remain on their health insurance plan. “I can imagine how scary it was for Alec to walk out of that pharmacy without his life-saving insulin,” his mother said. “He left that day because he did not have the $1,300 that the pharmacist was charging him for insulin supplies.” An Associated Press investigation published in September found that despite President Donald Trump’s campaign prom ise to reduce drug costs, price increases are far more common than price cuts. Over the first seven months of the year, there were 96 price hikes for every price cut, the AP found. The AP also asked 24 large drug companies this summer if they planned to cut drug prices. None said they did, though some didn’t answer. Minnesota isn’t the only state where patients are calling for affordable insulin. The Right Care Alliance of patients and health care worker staged Mother’s Day weekend rallies across the country against what they called “insulin profiteer ing” in May, including one in Cambridge, Massachusetts, that included a march to the offices of insulin-makers Sanofi and Eli Lilly and one at the Minnesota Capitol, where Smith’s par ents spoke. Minnesota Attorney General Lori Swanson is suing three big insulin makers, alleging that they inflated prices through deceptive trade practices and consumer fraud. The Market in Review Stock Exchange Highlights A NYSE B 11,943.29 +82.64 1 Nasdaq 7,098.31 +66.48 Gainers ($2 or more) Name Last Chg %Chg Gainers ($2 or more) Name Last Chg %Chg Sparton 18.32 +5.20 +39.6 BlueCapRe 6.55 +1.17 +21.7 Puxin n 6.82 +1.14 +20.1 EmergeES 2.41 +.38 +18.7 GSCI37 22.08 +3.08 +16.2 NLInds 3.91 +.49+14.3 Starret 5.85 +.67 +12.9 Maiden prA 10.59 +1.20 +12.8 EndvSilv g 2.11 +.21 +11.1 QuanexBId 13.71 +1.36 +11.0 Losers ($2 or more) Astrotch rs 3.40 +.73 +27.3 LexnFintn 8.35 +1.73 +26.1 Uxin Ltd n 7.26 +1.38 +23.5 GoldBull n 4.85 +.85 +21.3 GalmedPh 9.39 +1.47 +18.6 AridisPh n 9.00 +1.18+15.1 EstreAm n 3.00 +.34 +12.8 Alliqua rs 2.32 +.26 +12.4 BRileyFn 20.10 +2.20 +12.3 SecWkA A n17.07 +1.86 +12.2 Losers ($2 or more) Name Last Chg %Chg AAC Hldgs 2.41 -.33 -12.0 JustEngy g 3.61 -.44 -10.9 UndrArm s 19.81 -2.31 -10.4 XPOLogis 60.27 -6.42 -9.6 VitaminSh 5.67 -.57 -9.1 UnAr C wi 19.01 -1.86 -8.9 HarteHk rs 3.08 -.26 -7.8 CheetahM 6.68 -.53 -7.4 StoneMor 2.64 -.21 -7.4 Name Last Chg %Chg YangRvPt n 4.86 -1.48 -23.3 Neurotrpe h 3.81 -1.14 -23.0 MarinusPh 4.21 -.89 -17.5 Sigmatr 2.70 -.50 -15.6 Diversicre 3.40 -.59 -14.8 Neurcrine 73.83 -11.93 -13.9 Tocagen n 11.23 -1.59 -12.4 Vaccinex n 4.60 -.65 -12.4 ASVHIdn 2.29 -.32 -12.3 ServiceMst 38.20 -2.94 -7.1 LogicBio n 12.32 -1.67 -11.9 Most Active ($1 on more) Most Active ($1 or more) Name Vol(00) Last Chg Name Vol (00) Last Chg GenElec 1056368 6.71 -.05 BkofAm 871287 24.52 -.06 NokiaCp 483443 6.04 +.20 WellsFargo 428179 47.74 -.02 AT&T Inc 408804 30.16 +.46 FordM 405271 8.64 +.10 Twitter 325380 36.25 +1.80 LloydBkg 321356 2.60 +.07 ChesEng 293235 2.57 Citigroup 249328 55.98 -.24 Diary 1,870 954 65 2,889 31 113 3,906,394,449 AMD 1000469 20.48 +.50 Microsoft 361465 109.08 +.49 Apple Inc 354711 169.10 +.47 NewAgeB n316048 6.01 +.57 Intel 312510 47.83 +.45 SiriusXM 276889 6.32 +.06 Uxin Ltd n 273019 7.26 +1.38 MicronT 266197 36.03 +.82 Comcast s 235033 36.98 +.14 Facebook 233448 144.50 +2.42 Diary 1,991 930 147 3,068 18 183 2,361,082,854 Advanced Declined Unchanged Total issues New Highs New Lows Volume Advanced Declined Unchanged Total issues New Highs New Lows Volume Stocks of Local Interest YTD Name Ex Div Yld PE Last Chg %Chg AFLAC S 1.04 2.4 13 42.90 +.26 0.0 AT&T Inc 2.00 6.6 6 30.16 +.46 -22.4 AbbottLab 1.12 1.5 31 72.53 +.69 +27.1 AMD 20.48 +.50 +99.2 Altria 3.20 6.0 17 53.33 -.62 -25.3 Apple Inc 2.92 1.7 17 169.10 +.47 -.1 ATMOS 1.94 2.0 18 98.59 +.09 +14.8 AutoZone 18 889.34+11.00 +25.0 AveryD 2.26 2.5 26 91.54 +.44 -20.3 BB&T Cp 1.62 3.5 14 46.82 +.26 -5.8 BP PLC 2.38 6.1 11 39.05 -.03 -7.1 BkofAm .60 2.4 12 24.52 -.06 -16.9 BamesNob .60 8.8 6.85 -.28 +2.2 Boeing 6.84 2.1 30 326.69 +4.66 +10.8 BrMySq 1.64 3.1 53 53.44 +1.01 -12.8 CSX .88 1.3 10 68.88 +.79 +25.2 CaesarsEnt ... 7.48 +.31 -40.9 CampSp 1.40 3.6 14 38.86 +.04 -19.2 Caterpillar 3.44 2.7 12 125.37 +2.13 -20.4 ChesEng 4 2.57 ... -35.1 Chevron 4.48 3.9 24 115.62 +.15 -7.6 Cisco 1.32 2.8 24 47.42 +.33 +23.8 Citigroup 1.80 3.2 9 55.98 -.24 -24.8 CocaCola 1.56 3.2 93 49.22 -.32 +7.3 Comcast s .76 2.1 18 36.98 +.14 -7.3 ConAgra .85 2.8 15 30.59 -.02 -18.8 Cummins 4.56 3.4 38 135.97 +1.57 -23.0 DeutschBk .83 9.03 +.70 -52.5 Disney 1.76 1.6 15 112.21 +.24 +4.4 DowDuPnt 1.52 2.8 17 54.35 +1.09 -23.7 Equifax 1.56 1.6 17 98.05 +1.01 -16.9 ExxonMbl 3.28 4.3 14 76.02 -.66 -9.1 Facebook 27 144.50 +2.42 -18.1 FordM .60 6.9 4 8.64 +.10 -30.8 GenElec .04 .6 6.71 -.05 -61.6 GenuPrt 2.88 2.9 22 100.11 +1.00 +5.4 Groupon 3.27 +.21 -35.9 HP Inc .64 2.8 7 22.55 +.16 +7.3 Haverty .72 3.7 20 19.50 +.26 -13.9 HeliosM rs .02 ...-100.0 Hershey 2.89 2.6 24 109.03 +1.12 -3.9 YTD Name Ex Div Yld PE Last Chg %Chg HomeDp 4.12 2.4 19 174.21 +2.00 -8.1 Intel 1.20 2.5 18 47.83 +.45 +3.6 IBM 6.28 5.2 9 121.16 +.27 -21.0 JPMorgCh 2.24 2.2 13 101.02 +.65 -5.5 JohnJn 3.60 2.4 21 147.10 +.60 +5.3 Lowes 1.92 2.1 20 92.11 +2.63 -.9 McDnlds 4.64 2.5 28 183.48 -.11 +6.6 Merck 2.20 2.8 29 78.01 +.90 +38.6 MicronT 3 36.03 +.82 -12.4 Microsoft 1.84 1.7 45 109.08 +.49 +27.5 NewAgeB n ... 6.01 +.57+177.0 NorflkSo 3.20 2.0 24 156.70 +1.18 +8.1 OfficeDpt .10 3.4 8 2.94 ... -16.9 Oracle .76 1.6 51 47.32 +.86 +.1 Penney 1.38 ... -56.3 PepsiCo 3.71 3.2 34 117.00 -.29 -2.4 Pfizer 1.36 3.1 18 44.16 +.15 +21.9 PhilipMor 4.56 5.4 20 83.82 -.51 -20.7 Primerica 1.00 1.0 13 104.23 +1.43 +2.6 ProctGam 2.87 3.1 23 94.03 +.12 +2.3 RegionsFn .56 3.9 12 14.26 +.10 -17.5 SiriusXM .05 .8 35 6.32 +.06 +17.9 SouthnCo 2.40 5.1 22 47.01 -.55 -2.2 SwstnEngy 5 4.08 -.16 -26.9 SunTrst 2.00 3.7 9 54.63 +.12 -15.4 SvnrqyPh .16 -.18 -92.8 SynovusFn 1.00 2.9 12 34.34 +.53 -28.4 3M Co 5.44 2.7 28 199.81 +2.35 -15.1 Torchmark .64 .8 6 78.55 +.50 -13.4 Twitter 36.25 +1.80 +51.0 Tyson 1.20 2.2 10 55.68 -.12 -31.3 UtdCmBks .64 2.7 14 23.40 +.42 -16.8 UPS B 3.64 3.6 17 101.21 -2.37 -15.1 Uxin Ltd n 7.26 +1.38 -24.9 VerizonCm 2.41 4.2 7 57.25 -1.60 +8.2 Vodafone 1.74 8.5 20.44 +.33 -35.9 WalMart 2.08 2.2 54 93.11 -.74 -5.7 Weathflntl .46 +.01 -89.1 WeisMk 1.24 2.7 11 46.42 +.77 +12.2 WellsFargo 1.72 3.6 12 47.74 -.02 -21.3 YumBrnds 1.44 1.6 32 90.46 +.65 +10.8 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: 24,527.27 Change: 157.03 (0.6%) 23,880 10 DAYS 27,200 26,400 25,600 24,800 24,000 52-Week Net YTD 12-mo High Low Name Last Chg %Chg %Chg %Chg 26,951.81 23,344.52 Dow Industrials 24,527.27 +157.03 +.64 -.78 -.24 11,623.58 9,666.65 Dow Transportation 9,833.81 +2.81 +.03 -7.34 -5.43 762.97 647.81 Dow Utilities 753.54 -3.40 -.45 +4.17 +.41 13,637.02 11,696.58 NYSE Composite 11,943.29 +82.64 +.70 -6.76 -5.95 8,133.30 6,630.67 Nasdaq Composite 7,098.31 +66.48 +.95 +2.82 +3.24 1,309.73 1,118.69 S&P 100 1,176.02 +5.94 +.51 -.60 -.36 2,940.91 2,532.69 S&P 500 2,651.07 +14.29 +.54 -.84 -.44 2,053.00 1,746.06 S&P MidCap 1,777.25 +13.80 +.78 -6.49 -5.65 30,560.54 26,293.62 Wilshire 5000 27,302.52 +162.16 +.60 -1.77 -1.17 1,742.09 1,422.98 Russell 2000 1,455.32 +15.19 +1.05 -5.22 -4.53 Mutual Funds Total Assets Total Return/Rank Pet Min Init Name Obj ($Mlns) NAV 4-wk 12-mo 5-year Load Invt Vanguard 500ldxAdmrl LB 253,238 245.82 -2.5 +1.4/B +10.6/A NL 3,000 Vanguard TtlSMIdxAdmrl LB 203,888 66.10 -2.6 +1.0/B +10.1/A NL 3,000 Fidelity 500ldxlnsPrm LB 164,099 93.02 -2.6 +1.4/B +10.6/A NL 0 Vanguard TtlSMIdxInv LB 129,896 66.06 -2.6 +0.8/B +10.0/B NL 3,000 Vanguard TtlnSIdxinv FB 128,269 15.71 -1.1 -10.3/B +2.2/B NL 0 Vanguard TtlSMIdxIns LB 123,279 66.11 -2.6 +1.0/B +10.1/A NL 5 000,000 Vanguard Insldxlns LB 116,738 242.52 -2.6 +1.4/B +10.6/A NL 5 000,000 Vanguard InsidxInsPlus LB 104,731 242.54 -2.6 +1.4/B +10.6/A NL100,000,000 Vanguard TtlnSIdxinsPlus FB 95,758 105.13 -1.0 -10.2/B +2.3/A NL100,000,000 Fidelity Contrafund LG 91,616 11.57 -1.5 +3.0/C +11.2/B NL 0 Vanguard TtBMIdxAdmrl Cl 86,606 10.35 + 1.1 -1.0/B +2.2/C NL 3,000 Vanguard WlngtnAdmrl MA 86,207 70.47 -1.5 -0.5/A +7.4/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: Momingstar.