Gross domestic product increased at a 1.4% annual rate in the first quarter, the slowest growth rate since the second quarter of last year. Exports gained by 7.0%. Business spending on equipment increased by 7.8%. (Commerce Department)
The merger agreement between Walgreens and Rite Aid has been called off. Instead, Walgreens will now buy about 2,000 Rite Aid stores for about $5.2 billion. Rite Aid, had nearly 4,600 stores in the U.S. as of May. Stores included in the Walgreens deal are primarily located in the Northeast, mid-Atlantic and Southeast. (Reuters)
Nike reported quarterly results and the stocks is up 7% on the news. Nike is entering a pilot with Amazon, where they will directly sell a limited product assortment on Amazon. The offerings will include athletic footwear, apparel and accessories. Oregon’s only Fortune 500 company earnings per share was 60 cents on revenue of $8.68 billion. Total sales climbed 5.3%. Sales for the Converse brand was $554 million, up 10%.
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With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.