Jeff Gill | Business reporter
770-718-3408 | jgill@gainesvilletimes.com
The Times, Gainesville, Georgia
Saturday, December 29, 2018
BUSINESS
STEVEN SENNE I Associated Press
A Centaur robot rests on a carpeted floor between desks at Endeavor Robotics in Chelmsford, Mass., Aug. 28.
Army searches for a few good
robots, sparks industry battle
BY MATT O’BRIEN
Associated Press
CHELMSFORD, Mass. — The
Army is looking for a few good robots.
Not to fight — not yet, at least — but
to help the men and women who do.
These robots aren’t taking up arms,
but the companies making them have
waged a different kind of battle. At
stake is a contract worth almost half
a billion dollars for 3,000 backpack
sized robots that can defuse bombs
and scout enemy positions. Competi
tion for the work has spilled over into
Congress and federal court.
The project and others like it could
someday help troops “look around the
corner, over the next hillside and let
the robot be in harm’s way and let the
robot get shot,” said Paul Scharre, a
military technology expert at the Cen
ter for a New American Security.
The big fight over small robots
opens a window into the intersection
of technology and national defense
and shows how fear that China could
surpass the U.S. drives even small
tech startups to play geopolitics to
outmaneuver rivals. It also raises
questions about whether defense
technology should be sourced solely
to American companies to avoid
the risk of tampering by foreign
adversaries.
Regardless of which companies
prevail, the competition foreshad
ows a future in which robots, which
are already familiar military tools,
become even more common. The
Army’s immediate plans alone envi
sion a new fleet of 5,000 ground
robots of varying sizes and levels
of autonomy. The Marines, Navy
and Air Force are making similar
investments.
“My personal estimate is that robots
will play a significant role in combat
inside of a decade or a decade and
a half,” the chief of the Army, Gen.
Mark Milley, said in May at a Senate
hearing where he appealed for more
money to modernize the force.
Milley warned that adversaries like
China and Russia “are investing heav
ily and very quickly” in the use of aer
ial, sea and ground robots. And now,
he added, “we are doing the same.”
Such a shift will be a “huge game-
changer for combat,” said Scharre,
who credits Milley’s leadership for
the push.
The promise of such big Pentagon
investments in robotics has been a
boon for U.S. defense contractors and
technology startups. But the situation
is murkier for firms with foreign ties.
Concerns that popular commercial
drones made by Chinese company
DJI could be vulnerable to spying
led the Army to ban their use by
soldiers in 2017. And in August, the
Pentagon published a report that
said China is conducting espionage to
acquire foreign military technologies
— sometimes by using students or
researchers as “procurement agents
and intermediaries.” At a December
defense expo in Egypt, some U.S.
firms spotted what they viewed as
Chinese knock-offs of their robots.
Tesla names independent board members
Associated Press
NEW YORK — Tesla
named two independent
board members Friday as
part of a settlement with U.S.
regulators who demanded
more oversight of CEO Elon
Musk.
Oracle co-founder Larry
Ellison and Kathleen Wilson-
Thompson, an executive vice
president at Walgreens Boots
Alliance, join the board as
independent directors, effec
tive immediately.
Musk got into trouble with
the Securities and Exchange
Commission in early August
when he said in a tweet that
he had “funding secured”
to take the electric car com
pany private at $420 per
share.
The SEC accused Musk of
committing securities fraud,
saying that the funding had
not been secured and that
he had duped investors who
drove shares of Tesla up by
11 percent on the day of the
tweet. Several weeks later,
Musk said the go-private deal
was off.
Regulators initially
wanted to force Musk out of
his job as CEO, but agreed
to accept $20 million in pen
alties from both Musk and
Tesla. Musk did agree to step
down as chairman for at least
three years, but acknowl
edged now wrong-doing.
Despite the agreement,
Musk has continued to clash
with regulators.
Just days after settling
the case, Musk taunted the
government via Twitter,
referring to the SEC as the
“Shortseller Enrichment
Commission.”
Musk has had a long-run
ning feud with short sellers,
a category of investors that
have bet that the price of
Tesla stock will fall.
So far, Musk is winning
that fight. Shares of Tesla
Inc. are up more than 20 per
cent since his clash with the
SEC.
Tesla named Austra
lian telecommunications
executive Robyn Denholm
as board chairwoman last
month as part of its agree
ment with the SEC. Although
Denholm brings much-
needed financial and auto
industry expertise to Tesla
-- which has struggled to pro
duce cars and make money
-- there hasn’t been a marked
change in Musk’s unorthodox
behavior, at least when com
pared with other chief exec
utives at major corporations
that are publicly traded.
Tesla shares slumped 6
percent in early September
after Musk was seen appear
ing to smoke marijuana dur
ing an interview that made
the rounds on YouTube.
Wall Street
faces yearly
losses despite
gains for week
BY ALEX VEIGA
Associated Press
Wall Street capped a week of volatile trading Friday
with an uneven finish and the market’s first weekly gain
since November.
Losses in technology, energy and industrial stocks out
weighed gains in retailers and other consumer-focused
companies. Stocks spent much of the day wavering
between small gains and losses, ultimately unable to
maintain the momentum from a two-day winning streak.
Even so, the major stock indexes closed with their
first weekly gain in what’s been an otherwise painful
last month of the year. The Dow Jones Industrial Aver
age and S&P 500 rose more than 2 percent for the week,
while the Nasdaq added nearly 4 percent. The indexes
are still all down around 10 percent for the month and
on track for their worst December since 1931.
“It seems like convulsions in either direction have
been the real norm for much of December and that’s
certainly been the case this week,” said Eric Wiegand
senior portfolio manager for Private Wealth Manage
ment at U.S. Bank. “The initial push higher and then
seeing it subside a little bit is perhaps getting back to a
little bit more of a normal environment, reflecting the
reality that we have still a number of issues overhanging
the market.”
The market’s sharp downturn since October has inten
sified this month, erasing all its 2018 gains and nudging
the S&P 500 closer to its worst year since 2008.
Investors have grown worried that the testy U.S.-
China trade dispute and higher interest rates would slow
the economy, hurting corporate profits. This week, with
trading volumes lower than usual because of the Christ
mas holiday, served up some pronounced swings in the
market.
A steep sell-off during the shortened trading session
on Christmas Eve left the major indexes down more
than 2 percent. On Wednesday, stocks mounted a stun
ning rebound, posting the market’s best day in 10 years
as the Dow shot up more than 1,000 points for its biggest
single-day point gain ever.
The market appeared ready to give much of those
gains back on Thursday, before a late-afternoon rever
sal that erased a 600-point drop in the Dow left the mar
ket with a two-day winning streak.
“The market was so oversold and then Wednesday
and Thursday were key reversal days, but also stronger
closes than opens,” said Janet Johnston, portfolio man
ager at TrimTabs Asset Management.
“The market was starting to price in the worst-case
scenario: a recession,” Johnston said
Still, the market’s downturn has left stocks substan
tially less expensive than they were heading into the
fourth quarter, Johnston noted.
“And that sets up a good buying opportunity,” she said.
On Friday, the S&P 500 index fell 3.09 points, or 0.1
percent, to 2,485.74. The Dow Jones Industrial Average
dropped 76.42 points, or 0.3 percent, to 23,062.40. The
average had briefly climbed to 243 points.
The Nasdaq added 5.03 points, or 0.1 percent, to
6,584.52. The Russell 2000 index of smaller-company
stocks climbed 6.11 points, or 0.5 percent, 1,337.92.
Technology companies, a big driver of the market’s
gains before things deteriorated in October, were among
the big decliners. Alliance Data Systems dropped 1.4
percent to $149.82.
Oil prices recovered after wavering in midmorning
trading. Benchmark U.S. crude rose 1.6 percent to settle
at $45.33 a barrel in New York. Brent crude, used to
price international oils, inched up 0.1 percent to close at
$52.20 a barrel in London.
Despite the rise in oil prices, energy sector stocks
declined. Cabot Oil & Gas slid 3.5 percent to $22.95,
while Hess lost 2.8 percent to $40.38.
Retailers and other consumer-focused companies
fared better. Amazon rose 1.1 percent to $1,478.02.
Wells Fargo rose 0.5 percent to $45.78 on news that
the lender has agreed to pay $575 million in a national
settlement with state attorneys general over its fake
bank accounts scandal. The San Francisco-based bank
has acknowledged that its employees opened millions
of unauthorized bank accounts for customers in order to
meet unrealistic sales goals.
The Market in Review
Stock Exchange Highlights
A NYSE
Jj| 11,290.95 +5.64
1
Nasdaq
6,584.52 +5.03
Gainers ($2 or more)
Name Last Chg %Chg
Gainers ($2 or more)
Name Last Chg %Chg
MaidnH pfD 7.95 +2.44 +44.3
Maiden pfC 8.08 +2.47 +44.0
QntmDSS rs 2.04 +.54 +36.0
Maiden prA 8.76 +2.06 +30.7
AspenAero 2.17 +.44 +25.4
Kingsway 2.33 +.44 +23.3
WashPrpfl 15.50 +2.33 +17.7
Zymewks n 13.65 +1.95 +16.7
ION Geo rs 5.56 +.74 +15.4
Dynags pfA 20.50 +2.67 +15.0
Losers ($2 or more)
vTvTherap 2.27 +1.24+120.4
CoolHI rs 2.02 +.69 +51.9
CarverBc If 3.44 +.73 +26.9
KewnSc 29.30 +6.00 +25.8
OpkoHIth 3.16 +.63 +24.9
PermaFix 2.49 +.46 +22.7
ZosanoP rs 2.27 +.42 +22.7
MedalDivn 8.70 +1.60 +22.5
UnumTh n 4.52 +.82 +22.2
ProteonTh 2.25 +.40 +21.6
Losers ($2 or more)
Name
Last
Chg %Chg
Name
Last Chg %Chg
GranSP n
19.37
-4.49
-18.8
GbX ChHI n 13.70
-1.17
-7.9
LSB Inds
5.40
-.46
-7.8
Prin Cont n
22.19
-1.73
-7.2
GbIXPakist
8.03
-.55
-6.4
AnteroRes
9.21
-.62
-6.3
Earthstone
4.59
-.31
-6.3
X Finl n
4.20
-.28
-6.3
Coeur
4.42
-.27
-5.8
DxGBull rs
16.28
-.95
-5.5
Most Active ($1 on more)
SellncREIT 7.55 -9.93 -56.8
CLPSIncn 2.25 -1.07 -32.2
Uxin Ltd n 5.08 -1.51 -22.9
Energous 5.87 -1.17 -16.6
ObalonT n 2.25 -.36 -13.8
CTI Inds 3.00 -.44 -12.8
PepperFd n 5.56 -.81 -12.7
SmaashEnt 2.32 -.33 -12.5
MarinSft rs 6.12 -.83 -11.9
PintecTc n 9.34 -1.16 -11.0
Most Active ($1 or more)
Name
Vol(00) Last
Chg
Name
Vol (00) Last Chg
GenElec
1215548
7.51
+.24
BkofAm
779752
24.39
+.02
AT&T Inc
475486
28.46
+.31
FordM
472969
7.81
-.04
ChesEng
417984
2.15
-.06
Oracle
391409
44.82
-.15
BarrickG
382382
13.12
-.59
NokiaCp
333535
5.81
+.18
Pfizer
241736
42.96
+ .11
WellsFargo 236232
45.78
+.25
AMD
1085829
17.82
+.33
Apple Inc
417401
156.23
+.08
vTvTherap 407518
2.27
+1.24
Microsoft
381605 100.39
-.79
MicronT
289056
31.57
-.36
Intel
247018
46.75
+.39
Cisco
224472
42.77
-.14
Facebook
223496 133.20
-1.32
OpkoHIth
177029
3.16
+.63
JD.com
166277
21.71
+.01
Advanced
Declined
Unchanged
Total issues
New Highs
New Lows
Volume
Diary
1,796
1,029
63
2,888
85
3,653,426,301
Advanced
Declined
Unchanged
Total issues
New Highs
New Lows
Volume
Diary
2,025
918
119
3,062
7
100
2,135,102,951
Stocks of Local Interest
YTD
Name Ex Div Yld PE Last
Chg %Chg
AFLAC S
1.04
2.3
14
44.95
O
o
CO
o
AT&T Inc
2.04
7.2
6
28.46
+.31 -26.8
AbbottLab
1.28
1.8
30
71.09
+.46 +24.6
AMD
17.82
+.33 +73.3
Altria
3.44
7.0
15
48.89
+.19 -31.5
Aphria n
6.26
+.69 -48.9
Apple Inc
2.92
1.9
16
156.23
+.08 -7.7
ATMOS
1.94
2.1
17
91.66
+.46 +6.7
AutoZone
17
839.01
-4.03 +17.9
AveryD
2.26
2.5
25
88.83
-.49 -22.7
BB&T Cp
1.62
3.8
12
42.95
-.03 -13.6
BP PLC
2.38
6.2
11
38.13
+.40 -9.3
BkofAm
.60
2.5
12
24.39
+.02 -17.4
BarnesNob
.60
9.2
6.50
+.26 -3.0
BarrickG
.28
2.1
73
13.12
-.59 -9.3
Boeing
8.22
2.6
29
316.38
-.76 +7.3
BrMySq
1.64
3.2
50
50.94
+.53 -16.9
CSX
.88
1.4
9
62.08
+.02 +12.9
CampSp
1.40
4.2
12
33.44
-.06 -30.5
Caterpillar
3.44
2.7
12
125.61
-1.06 -20.3
ChesEng
3
2.15
-.06 -45.7
Chevron
4.48
4.1
22
108.65
-.67 -13.2
Cisco
1.32
3.1
19
42.77
-.14 +11.7
Citigroup
1.80
3.5
9
51.83
+.06 -30.3
CocaCola
1.56
3.3
89
47.20
-.33 +2.9
ConAgra
.85
4.0
12
21.18
-.04 -43.8
Cummins
4.56
3.5
37
131.66
-.92 -25.5
Disney
1.76
1.6
14
107.30
+.78 -.2
DowDuPnt
1.52
2.9
17
53.02
-.31 -25.6
EnCana g
.06
1.0
10
5.82
+.01 -56.3
Equifax
1.56
1.7
16
92.86
-1.27 -21.3
ExxonMbl
3.28
4.8
13
68.17
-.77 -18.5
Facebook
25
133.20
-1.32 -24.5
FordM
.60
7.7
4
7.81
-.04 -37.5
FrptMcM
.20
1.9
7
10.47
-.20 -44.8
GenElec
.04
.5
7.51
+.24 -57.0
GenuPrt
2.88
3.0
21
95.51
+.31 +.5
HP Inc
.64
3.2
6
20.34
-.04 -3.2
Haverty
.72
3.9
19
18.65
+.14 -17.7
HeliosM rs
.02
+.00-100.0
Hershey
2.89
2.7
23
106.30
+.17 -6.4
YTD
Name Ex Div Yld PE Last Chg %Chg
HomeDp
4.12
2.4
19
170.22
-.10 -10.2
Intel
1.20
2.6
18
46.75
+.39 +1.3
IBM
6.28
5.6
8
113.03
-.75 -26.3
JPMorgCh 2.24
2.3
13
96.83
-.21 -9.5
JohnJn
3.60
2.8
18
127.27
-.14 -8.9
Lowes
1.92
2.1
20
91.87
+.01 -1.2
McDnlds
4.64
2.6
27
175.56
-.15 +2.0
Merck
2.20
2.9
28
75.37
-.01 +33.9
MicronT
3
31.57
-.36 -23.2
Microsoft
1.84
1.8
42
100.39
-.79 +17.4
NorflkSo
3.20
2.2
22
148.01
-.90 +2.1
OfficeDpt
.10
4.0
7
2.52
+.09 -28.8
Oracle
.76
1.7
48
44.82
-.15 -5.2
Penney
1.03
+.06 -67.4
PepsiCo
3.71
3.4
32
110.36
+.94 -8.0
Pfizer
1.44
3.4
17
42.96
+.11 +18.6
PhilipMor
4.56
6.8
16
67.27
+.59 -36.3
Primerica
1.00
1.0
12
96.16
-.86 -5.3
ProctGam
2.87
3.1
23
91.18
-.84 -.8
RegionsFn
.56
4.2
11
13.35
-.01 -22.7
RiteAid
1
.69
+.04 -65.0
SnapIncAn ...
5.71
+.36 -60.9
SouthnCo
2.40
5.5
21
43.95
... -8.6
Square n
55.87
-.28 +61.1
SunTrst
2.00
4.0
9
49.78
+.24 -22.9
SynovusFn 1.00
3.1
11
31.96
+.55 -33.3
3M Co
5.44
2.9
26
189.37
-1.33 -19.5
Torchmark
.64
.9
6
73.85
-.45 -18.6
Transocn
7.01
+.30 -34.4
Twitter
28.43
-.25 +18.4
Tyson
1.20
2.3
10
52.34
-.15 -35.4
UtdCmBks
.64
3.0
13
21.39
+.12 -24.0
UPS B
3.64
3.8
16
96.53
-1.25 -19.0
VerizonCm
2.41
4.4
7
55.27
+.12 +4.4
Vodafone
1.74
8.9
19.51
+.21 -38.8
vTvTherap
2.27
+1.24 -62.2
WalMart
2.08
2.3
53
92.13
+.54 -6.7
Weathflntl
.40
+.08 -90.3
WeisMk
1.24
2.6
11
46.85
+.73 +13.2
WellsFargo 1.72
3.8
11
45.78
+.25 -24.5
YumBrnds
1.44
1.6
33
91.61
+.65 +12.3
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: 23,062.40
Change: -76.42 (-0.3%)
27,000
26,000
25,000
24,000
23,000
22,000
J
A
S
0
N
D
52-Week
Net
YTD
12-mo
High
Low
Name
Last
Chg
%Chg
%Chg
%Chg
26,951.81
21,712.53
Dow Industrials
23,062.40
-76.42
-.33
-6.70
-6.70
11,623.58
8,636.79
Dow Transportation
9,109.13
-45.11
-.49
-14.16
-14.16
762.26
647.81
Dow Utilities
711.94
+1.05
+.15
-1.58
-1.58
13,637.02
10,723.66
NYSE Composite
11,290.95
+5.64
+.05
-11.85
-11.85
8,133.30
6,190.17
Nasdaq Composite
6,584.52
+5.03
+.08
-4.62
-4.62
1,309.73
1,041.66
S&P 100
1,104.34
-.83
-.08
-6.66
-6.66
2,940.91
2,346.58
S&P 500
2,485.74
-3.09
-.12
-7.03
-7.03
2,053.00
1,565.76
S&P MidCap
1,646.49
-.75
-.05
-13.37
-13.37
30,560.54
24,129.49
Wilshire 5000
25,541.17
-10.46
-.04
-8.11
-8.11
1,742.09
1,266.93
Russell 2000
1,337.92
+6.10
+.46
-12.87
-12.87
24,440
23,060
21,680 10 DAYS
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
229.46
-9.2
-5.7/A
+8.4/A
NL
3,000
Vanguard TtlSMIdxAdmrl
LB
203,888
61.55
-9.5
-6.5/B
+7.8/B
NL
3,000
Fidelity 500ldxlnsPrm x
LB
164,099
86.36
-9.2
-5.7/A
+8.4/A
NL
0
Vanguard TtlSMIdxInv
LB
129,896
61.54
-9.5
-6.6/B
+7.7/B
NL
3,000
Vanguard TtlnSIdxInv
FB
128,269
15.10
-5.7
14.8/C
+0.9/A
NL
0
Vanguard TtlSMIdxIns
LB
123,279
61.57
-9.5
-6.5/B
+7.8/A
NL 5
000,000
Vanguard Insldxlns
LB
116,738
225.61
-9.2
-5.7/A
+8.4/A
NL 5
,000,000
Vanguard InsIdxInsPlus
LB
104,731
225.62
-9.2
-5.7/A
+8.4/A
NL100,000,000
Vanguard TtlnSIdxInsPlus
FB
95,758
101.03
-5.7
-14.7/B
+1.0/A
NL100,000,000
Fidelity Contrafund
LG
91,616
10.91
-8.1
-3.6/C
+9.2/B
NL
0
Vanguard TtBMIdxAdmrl
Cl
86,606
10.43
+1.8
-0.1/B
+2.4/C
NL
3,000
Vanguard WlngtnAdmrl
MA
86,207
63.73
-5.0
-4.1/A
+6.2/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.
