About The times. (Gainesville, Ga.) 1972-current | View Entire Issue (Sept. 12, 2020)
Nate McCullough | News Editor 770-718-3431 | news@gainesvilletimes.com The Times, Gainesville, Georgia Weekend Edition - September 12-13, 2020 BUSINESS Budget deficit hits record ANDREW HARNIKI Associated Press A man wearing a mask to protect against coronavirus, waits to cross the street as a digital sign displays groups of people walking above another sign displaying the size of the national debt along an empty K Street in Washington on April 29. The U.S. budget deficit hit an all-time high of $3 trillion for the first 11 months of this budget year, the Treasury Department said Friday, Sept. 11. NEWSMAKERS IN BUSINESS Peach State Bank welcomes David Dyer David Dyer has joined Peach State Bank & Trust as senior vice president. Dyer, who has 27 years of experience in commu nity banking, will lead the bank’s effort to expand into the South Hall and Braselton area, accord ing to a news release. He most recently served as market exec utive for Newton Federal Bank in Braselton. He is a Blairsville native and graduate of Young Harris Col lege and the University of Geor gia. He lives in Winder with his family. Georgia Powder Coating named top business in its industry A northeast Georgia busi ness has been rated No. 1 in its field by a leading industry publication. Gainesville’s Georgia Pow der Coating claimed first place in Product Finishing maga zine’s Top Shops Benchmark ing Survey for powder coating in 2020. Product Finishing’s list annu ally honors the top 50 most well-rounded shops across all of North America, and this marks the sixth straight year that Georgia Powder Coating earned its way onto that roll. However, it is the first time at No. 1. Gaddy, Holland earn fiduciary designation Managing partner and finan cial advisers and Hunter Holland of Strong Gaddy Lee Wealth Management Group have recently com- pleted the Certified Plan Fiduciary Advisor des ignation from the National Association of Plan Advisors. The NAPA CPFA cre dential dem onstrates the designee’s knowledge, expertise and com mitment to working with retire ment plans. “This designation exempli fies our commitment to making servicing our clients top prior ity,” said Gaddy. Strong Gaddy Lee Wealth Management group helps cli ents diversify and manage their assets utilizing a financial planning approach in order for them to achieve their financial goals. Year sees all-time high of $3 trillion in 11 months BY MARTIN CRUTSINGER Associated Press WASHINGTON - The U.S. budget deficit hit an all-time high of $3 trillion for the first 11 months of this budget year, the Treasury Department said Friday. The ocean of red ink is a prod uct of the government’s massive spending to try to cushion the impact of a coronavirus-fueled recession that has cost millions of jobs. The deficit from October through August is more than dou ble the previous 11-month record of $1.37 billion set in 2009. At that time the government was spend ing large sums to get out of the Great Recession triggered by the 2008 financial crisis. With one month to go in the 2020 budget year, which ends Sept. 30, the deficit could go even higher. The Congressional Budget Office is forecasting the deficit this year will hit a record $3.3 tril lion. However, the government often runs surpluses in September so it is possible the final figure for this year could come in just under $3 trillion. That would still put the defi cit well above last year’s imbal ance of $984 billion. The previous record deficit for a fiscal year was $1.4 trillion in 2009 in the after- math of the financial crisis. Congress has passed a series of relief bills totaling nearly $3 tril lion that provided support such as a $600-a-week boost in unemploy ment benefits, up to $1,200 in pay- BY MEGAN REED mreed@gainesvilletimes.com The Gainesville City Council will vote Tuesday, Sept. 15, on tax incentives for Peach State Bank’s expansion plans in downtown Gainesville. The bank has purchased the property at 332 Spring St. SW, which has previously housed North Georgia Auto Glass and a gas station. The building will house the bank’s mortgage opera tions and act as overflow space for Peach State’s adjacent Wash- Wall Street closed out its worst week since June with another day of churning trading Friday, as big technology stocks resumed their suddenly weakened ways. The S&P 500 rose 1.78, or 0.1%, to 3,340.97, but only after a roller coaster day where a gain of 0.9% gave way to a loss of 0.9%. It kept swinging up and down after that, the latest examples of the lightning- quick shifts in momentum that have rocked Wall Street recently. Through the tumultuous week, the S&P 500 lost 2.5% to clinch its its ments to individuals and aid for small businesses trying to retain their workers. However, many of the support programs ended in early August and efforts to approve another measure to restore the expired programs have so far failed in Congress. That has raised con cerns among economists that with so many people still out of work and so many businesses strug gling to re-open, the economic recovery could wither by late this year. The deficit for August totaled $200 billion, matching the August 2019 deficit and reflecting the fact ington Street main building. Peach State Bank has applied for funding from Gainesville’s Midtown Tax Allocation District, an incentive program that allows developers to use property tax payments toward improvements on the property itself. The bank purchased the property for $400,000 and plans an additional $291,000 in improvements to get it ready for use. The bank has asked the city for $83,315 in TAD incentives to help pay for several parts of the project, including demoli- first back-to-back weekly loss in four months. The Nasdaq composite, which includes many of the superstar tech stocks that have been the focus of the market’s recent sell ing, lost 66.05, or 0.6%, to 10,853.55 after also flip-flopping between gains and losses. Its 4.1% drop for the week was its worst since mar ket panic was peaking about the coronavirus and stocks hit a bot tom in late March. The Dow Jones Industrial Average rose 131.06, or 0.5%, to that with relief programs expir ing, the gains in monthly govern ment spending slowed. The CBO is forecasting that by the end of this year, the amount of government debt will equal 98% of the total economy and then next year it will exceed 100% of gross domestic product, the economy’s total output of goods and services. That’s a level not seen since the huge government debt buildup in the 1940s to pay for fighting World War II. By comparison, the debt held by the public totaled 79% of GDP at the end of 2019 and stood at 35% of GDP in 2007 before the tion, parking lot lighting, side walks and other site work. City staff have recommended the bank get $48,000 in funding upfront for demolition, site work, landscaping, parking lot lighting and sidewalks. That upfront lump sum would be paid back through property tax payments. Then, after that amount has been paid back, the bank can keep any remaining increment generated over the next 15 years or when they have received a total of $63,540, whichever comes first. That recommendation is based 27,665.64, but not before careening between a gain of 294 points and a loss of 86 points. Analysts expect swings to con tinue to rattle markets for weeks, if not months, as investors wait for more clarity on several key issues. At the head of the list of uncertainties is what to do with Big Tech stocks, which critics have long said were due for a slide after soaring too high through the summer. “The technology sell-off con tinues,” said Phil Orlando, chief Great Recession. Even with huge amounts of debt being added, the government’s interest costs to finance the debt are actually down 10% this year to $484 billion compared to what the government spent on inter est payments last year. Treasury officials said the lower figure is due to lower interest rates this year as the country went into recession. Through August of this year, tax revenue totaled $3.05 trillion, 1.3% below the same period last year. Spending totaled $6.05 tril lion, up from $4.16 trillion for the same period last year. City Council When: 5:30 p.m. Tuesday, Sept. 15 Where: Public Safety Complex, 701 Queen City Parkway on a valuation of $400,000 for the property. The city’s TAD com mittee recommended approval of the staff proposal at an August meeting. The Council will have the final vote at its meeting Tuesday at 5:30 p.m. at the city’s Public Safety Complex, 701 Queen City Parkway. equity market strategist at Feder ated Hermes. “We don’t think this is anything more than a techni cal pullback that’s cleansing. It’s healthy and was anticipated.” Apple, Amazon and others soared through the pandemic as their businesses boomed despite the recession. The coronavirus accelerated a shift to online life that’s benefited them, and a pile-on of investors into Big Tech sent their share prices soaring to levels that critics said were overvalued. Tribune News Service Shane Gaddy Holland Vote on tax incentives for Peach State Bank soon Tech falters again as Wall Street ends worst week in months Stock Exchange Highlights ft NYSE 12,773.04 +66.35 Name Last Chg %Chg Zymewks 38.27 +5.75 +17.7 DaqoNEn 112.57+16.04 +16.6 TeckRes g 13.00 +1.27 +10.8 RayAdvM 4.04 +.38 +10.4 Cemex 3.79 +.29 +8.3 CinerRes 11.65 +.86 +8.0 EKodak 6.40 +.47 +7.9 WarrMet 17.89 +1.28 +7.7 DHT Hldgs 5.78 +.41 +7.6 Gainers (S2 OR MORE) GrahamH S429.35+30.46 +7.6 Losers (S2 Name Last OR MORE) Chg %Chg Pen RE pfB 5.00 BrghmMnr 8.09 Revolve 17.75 Chewy 53.81 PenRE pfD 4.90 RingCentrl 254.74 BlueLinx 17.28 Ashfrd pfD 5.15 GTT Comm 5.41 Marcus 13.25 -1.00 -16.7 -1.22 -13.1 -2.35 -11.7 -5.88 -.53 -23.31 -1.57 -.43 -.43 -1.06 -9.9 -9.7 -8.4 -8.3 -7.7 -7.4 -7.4 Most Active ($1 OR MORE) Name Vol (00) Last Chg GenElec 717761 FordM 550627 BkofAm Vale SA Oracle 476870 457610 402033 SnapincA 378095 OcciPet 351484 WellsFargo 348387 MarathnO 305551 AT&T Inc 296425 5.95 -.05 7.00 +.09 25.50 +.36 11.67 +.59 57.00 -.33 24.19 +.88 10.22 +.03 24.27 +.32 4.47 +.11 29.00 +.09 Diary Advanced Declined Unchanged Total issues New Highs New Lows Volume 1,259 1,302 76 2,637 14 18 3,426,286,990 Gainers ($2 OR MORE) Name Last Chg %Chg NanoX n 64.19 A-MarkPM 33.15 LantemP n 19.24 CleBio h 2.33 DiamdPk un28.50 NatHITmd 6.25 Biofront 8.78 ChckPnt 3.32 CoDiagn 13.71 DiamndP 24.68 +15.88 +7.09 +3.87 +.43 +5.24 +1.12 +1.40 +.52 +2.09 +3.58 +32.9 +27.2 +25.2 +22.6 +22.5 +21.8 +19.0 +18.6 +18.0 +17.0 Losers ($2 Name Last OR MORE) Chg %Chg Amyris h 2.33 EvofemBio 2.10 USGIoblnv 2.88 AdamasPh 4.30 NewFort 31.75 Nikola 32.13 SatsumaP 4.83 WiseKey n 6.45 Overstk 65.15 LifetimeBr 9.16 -.81 -25.8 -.62 -22.8 -.66 -18.6 -.76 -15.0 -5.54 -14.9 -5.44 -14.5 -.79 -14.1 -1.01 -13.5 -9.35 -12.6 -1.20 -11.6 Most Active ($1 or more) Vol (00) Last Chg Name Apple Inc S1802854112.00 -1.49 Nikola 989962 32.13 -5.44 Pelotnlntr n871082 84.04 -3.71 Tesla Inc s 603668 372.72 +1.38 AMD 546819 76.34 -2.64 AmAirlines 438210 12.95 -.06 Microsoft 335524 204.03 -1.34 NortonLife 327041 21.13 -1.34 Biofront 318975 8.78 +1.40 Intel 293115 49.28 +.32 Diary Advanced Declined Unchanged Total issues New Highs New Lows Volume 1,238 1,805 160 3,203 28 31 3,431,821,136 Stocks of Local Interest Name Ex YTD Div Yld PE Last Chg %Chg AFLAC 1.12 3.1 11 36.39 +.18 -31.2 IBM 6.52 5.5 13 121.46 +.90 -9.4 AT&T Inc 2.08 7.2 15 29.00 +.09 -25.8 JohnJn 4.04 2.7 25 147.78 +.87 +1.3 AbbottLab 1.44 1.4 55 104.70 +.70 +20.5 Kroger .72 2.1 17 34.37 -.37 +18.6 AMD 76.34 -2.64 +66.5 Lowes 2.20 1.4 36 161.89 +3.56 +35.2 Altria 3.44 7.9 14 43.59 +.24 -12.7 MarathnO .20 4.5 4.47 +.11 -67.1 AmAirlines .40 3.1 4 12.95 -.06 -54.8 McDnlds 5.00 2.3 33 218.00 +.76 +10.3 Apple Inc s 41 112.00 -1.49 +52.6 Merck 2.44 2.9 32 84.48 +.91 -7.1 ATMOS 2.30 2.5 17 93.21 -1.06 -16.7 Microsoft 2.04 1.0 40 204.03 -1.34 +29.4 AutoZone 221234.45+18.41 +3.6 Nikola 32.13 -5.44 +211.3 AveryD 2.32 1.9 34 119.79 +3.75 -8.4 NobleEngy .08 .9 9.17 -.07 -63.1 Avingr .37 -.05 -68.0 NorflkSo 3.76 1.7 23 217.55 +4.38 +12.1 BP PLC 2.46 12.3 6 20.06 +.15 -46.8 NortonLife .50 2.4 10 21.13 -1.34 +43.3 BkofAm .72 2.8 9 25.50 +.36 -27.6 OasisPet .38 -.04 -88.5 Biofront 8.78 +1.40 -15.1 OcciPet .04 .4 8 10.22 +.03 -75.2 Boeing 15 160.23 +2.54 -50.8 Oracle .96 1.7 59 57.00 -.33 +7.6 BrMySq 1.80 3.1 19 58.99 +.70 -8.1 Pelotnlntr n 84.04 -3.71 +195.9 CSX 1.04 1.3 19 77.17 +1.35 +6.6 PepsiCo 4.09 3.0 15 135.81 +1.05 -.6 CampSp 1.40 3.1 17 45.50 +.18 -7.9 Pfizer 1.52 4.2 14 36.07 +.42 -7.9 Carnival 4 17.69 -.19 -65.2 PhilipMor 4.80 5.9 16 81.23 +.82 -4.5 Caterpillar 4.12 2.7 14 153.83 +3.97 +4.2 Primerica 1.60 1.3 15 120.77 +.66 -7.5 Chevron 5.16 6.6 11 77.69 -.46 -35.5 ProctGam 3.16 2.3 32 138.14 +1.44 +10.6 Cinedig h .91 +.19 +29.9 RegionsFn .62 5.4 8 11.52 +.28 -32.9 Cisco 1.44 3.6 16 39.88 +.31 -16.2 SiriusXM .05 1.0 25 5.48 -.10 -23.4 Citigroup 2.04 4.0 7 51.00 +.05 -36.2 Snaplnc A 24.19 +.88 +48.1 CocaCola 1.64 3.2 31 51.06 +1.06 -7.8 SouthnCo 2.50 4.8 24 51.76 +.20 -18.7 ConAgra .85 2.5 23 34.47 -.23 +.7 SynovusFn 1.32 6.0 6 22.02 +.36 -43.8 Cummins 5.24 2.5 58 207.91 +.75 +16.2 Tesla Inc s 372.72 +1.38 +345.5 Disney 1.76 1.3 18 131.75 -1.47 -8.9 3M Co 5.88 3.5 23 166.17 +3.02 -5.8 DuPont 1.20 2.0 6 58.57 +.84 -8.8 TruistFn 1.80 4.7 10 38.23 +1.02 -32.1 Equifax 1.56 1.0 28 162.55 +.86 +16.0 Tyson 1.68 2.6 12 63.72 +.27 -30.0 EvofemBio 2.10 -.62 -66.0 Uber Tch 36.98 +1.00 +24.3 ExxonMbl 3.48 9.4 9 36.90 -.10 -47.1 UtdCmBks .72 4.1 10 17.46 +.09 -43.5 FordM 6 7.00 +.09 -24.7 UPS B 4.04 2.5 27 158.87 +.98 +35.7 GenElec .04 .7 5.95 -.05 -46.7 VascuBio 1.35 +.21 +12.5 GenuPrt 3.16 3.1 19 100.56 +1.79 -5.3 VerizonCm 2.52 4.2 13 59.79 +.26 -2.6 GlbeLife .75 .9 6 81.47 +1.40 -22.5 Vodafone .97 6.9 14.12 +.15 -27.0 HP Inc .70 3.6 6 19.29 +.28 -6.1 WalMart 2.16 1.6 79 136.70 -.11 +15.0 Haverty .60 2.7 23 21.94 +.73 +8.8 WeisMk 1.24 2.6 11 47.77 +18.0 Hershey 3.22 2.2 32 145.50 +.35 -1.0 WellsFargo .40 1.6 5 24.27 +.32 -54.9 HomeDp 6.00 2.2 28 276.33 +3.63 +26.5 Workhrs rs 23.69 +1.30 +679.3 Intel 1.32 2.7 17 49.28 +.32 -17.7 YumBrnds 1.88 2.0 33 92.27 -.08 -8.4 Name Ex YTD 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: 27,665.64 Change: 131.06 (0.5%) 30,000 27,000 24,000 21,000 29,200 28,320 27,440 10 DAYS M A M J J A S 52-Week Net YTD 12-mo High Low Name Last Chg %Chg %Chg %Chg 29,568.57 18,213.65 Dow Industrials 27,665.64 +131.06 +.48 -3.06 +1.64 11,488.70 6,481.20 Dow Transportation 11,282.64 +103.67 +.93 +3.50 +4.34 963.80 593.52 Dow Utilities 799.93 +3.59 +.45 -9.01 -5.56 14,183.26 8,664.94 NYSE Composite 12,773.04 +66.35 +.52 -8.19 -2.68 12,074.07 6,631.42 Nasdaq Composite 10,853.54 -66.05 -.60 +20.96 +32.74 1,678.91 1,015.63 S&P 100 1,549.92 -1.11 -.07 +7.47 +16.45 3,588.11 2,191.86 S&P 500 3,340.97 +1.78 +.05 +3.41 +11.09 2,109.43 1,181.96 S&P MidCap 1,854.87 -2.28 -.12 -10.09 -5.52 36,658.73 21,955.54 Wilshire 5000 34,072.72 -23.34 -.07 +3.61 +10.75 1,715.08 966.22 Russell 2000 1,497.27 -10.48 -.70 -10.26 -5.12 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 338,662 309.34 +0.4 +13.5/A +13.5/A NL 3,000 Vanguard TtlSMIdxAdmrl LB 261,924 82.32 -0.7 +13.5 +12.9 NL 3,000 Fidelity 500ldxlnsPrm LB 259,215 116.21 +0.4 +13.5/A +13.5/A NL 0 Vanguard TtlSMIdxins LB 164,647 82.33 -0.7 +13.5 +12.9 NL 5,000,000 Vanguard TtlnSIdxInv FB 163,039 16.90 +0.4 +4.2 +5.7 NL 3,000 Vanguard TtlSMIdxinv LB 146,186 82.28 -0.7 +13.4 +12.8 NL 3,000 Vanguard InsIdxInsPlus LB 132,673 298.99 +0.4 +13.5/A +13.5/A NL 100,000,000 Vanguard TtlnSIdxInsPlus FB 127,775 113.10 +0.4 +4.3 +5.8 NL 100,000,000 Vanguard TtBMIdxAdmrl Cl 119,401 11.66 -0.4 +7.9/B +4.3/B NL 3,000 Vanguard Insldxlns LB 116,843 298.97 +0.4 +13.5/A +13.5/A NL 5,000,000 Amer. Fnds GrfAmrcA m LG 114,594 59.20 +1.8+26.5/C +15.4/C 5.75 250 Fidelity Contrafund LG 114,544 16.36 +2.3 +30.5/B +16.7/B NL 0 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 reinvest ed. 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.
