Nike reported earnings of 68 cents per share for the quarter on total sales of $8.4 billion. Revenue for the Nike brand was up 7%. Competition from Under Armour and Adidas are increasingly pressuring Nike's business. Particularly in the U.S. (CNBC)
Rising housing costs are shrinking demand for home loans or pushing buyers toward cheaper, adjustable-rate mortgages. Total mortgage application volume fell 2.7% last week and is 12% lower than a year ago. Home prices continue to rise far faster than incomes. As a result adjustable-rate loan applications have doubled to 9% of all applications since the election. That is the highest level since October 2014. Refinance applications are down 26% from a year ago. Loan applications to purchase a home are up 5% from a year ago. (Mortgage Bankers Association)
This could be the start of the end game for a once iconic retailer. Sears suppliers are reducing shipments and asking for more advantageous payment terms worried the company is about to fold. This follows the retailer's statements in its annual report expressing doubts about its ability to stay afloat. (CNBC)
AT&T and Verizon have joined a growing number of companies pulling their advertising from Google over placements on objectionable content. (WSJ)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.