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George Noorey
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George Noorey
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Business News


Stocks had their worst week in 2 months last week as investors turned cautious after violence in Iraq sent oil prices soaring.

US Medical device maker Medtronic is planning to merge with Covidien in a $40+ Billion deal.  The merger will move Medtronic's headquarters to Ireland where Covidien is based in order to sharply lower their corporate taxes.  Pfizer recently did a similar deal with the European based Astrazeneca to lower their tax rate.  The American medical-device industry is moving out of this country in response to Obamacare which has a provision to tax medical-device makers at a higher rate to help pay for Obamacare.  I doubt this is the last deal like this we will see.(marketwatch.com)

The International Monetary Fund just cut its growth estimate for the U.S. to 2% for 2014, down from the 2.8% it projected in April. The IMF still expects 3% growth in 2015.   Though there is a "meaningful" rebound happening, the IMF said it won't be enough to offset the first quarter that was hit by a harsh winter.(yahoo finance)

14 Companies are scheduled to go public this week and 124 companies have gone public in 2014 which is up 57% from the same period last year.  Some investors, including this one, see too much froth in the IPO market, especially with the valuations some of these companies are commanding.  Investors Beware! (marketwatch.com)
 

 

Traffic & Weather

 

 

 

King Solomon Lane closed between Ferguson Road and King David. (7/25)

 

Jones Road, full road closure between Bennington Lane and NE Butler Market Road. May 18 – August 18, local access only.
 

Oregon State University off-site improvements for intersection reconstruction, July 11 – August 3,    7 a.m. – 4:30 p.m., at intersection of Chandler Avenue and Yates Drive.

 

Orion Drive closed in two locations for sewer work; at the intersection with Avery Lane and between Desert Woods Drive and King Hezekiah Way.  From July 11 to Sept. 6. Detours marked.

 

Valhalla Sewer Relocation Project, Mt. Washington Drive at Shevlin Park Road intersection and North to Regency Street. Nighttime closures with detours marked during roundabout construction. Daytime closures for construction towards Regency Street.    7 p.m. – 7 a.m., July 11 – November.

 

R.A.B. Construction:

 

Murphy Road and Parrell Road closed with detours. (9/30)

 

Powell Butte Highway at Neff and Alfalfa Market Roads (8/31)

 
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