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Business News Archives for 2013-10


Business News


Markets slipped into a down mood yesterday afternoon as the US Congress stumbled and bumbled toward the debt ceiling limit of tomorrow.  Heaping on to the foul mood was an announcement after the bell that the credit rating agency Fitch put US debt on a negative outlook for a possible downgraded. (Fox Business News)

There were no surprises yesterday as Intel released their third quarter profits.  Sales increased 0.2% from last year and profits increased 22% over last year.  The company was able to increase margins by 62% year-over-year.  (Zacks)

Bank of America beat the street in Q3.  Sales increased 6% helped by favorable credit conditions. Profits came in at 20 cents per share up from essentially zero last.  They were upbeat about the future. (Associated Press)

PepsiCo, parent company of Pepsi, Frito-Lay and Tropicana juice, posted profits of $1.91 billion up 1% from last year.  The company was able to increase prices an average of 3% during the last quarter. (Reuters)
 

Business News


When markets trade on emotions you have to be ready for sometimes violent mood swings.  Mr. Market was happy on Thursday and Friday as a short-term debt solution looked near.  But this morning his mood is dark as negotiations appear to have broken down.  Stock markets look to open lower this morning. Bond markets are closed for Columbus Day celebrations.

Apple will unveil its newest iPad update on October 22nd.  Sources say to look for a bigger screen and thinner style.  Global tablet sales fell 9.7% in the second quarter with 45.1 million tablets being shipped. Apple sold 14.6 million iPads in the second quarter. (AllThingsD)

Intel has delayed its OnCue online video service.  The new service is designed to challenge conventional cable TV.  The company is now looking to 2014 for launch and is looking for a partner to boost the deal. The new service is a big move from the company’s core business of making computer chips. (NY Times)

As the US becomes a bigger exporter of natural gas the 2015 completion for widening the Panama Canal will cut shipping costs to Asia by shortening voyages and cutting turnaround times.  The 2015 opening of the improved Canal will double the shipping lanes capacity.  (Bloomberg)
 

Business News


Our government may seem currently dysfunctional, but we lead the world in creating millionaires.  A report shows 1.7 million of the 1.8 million new millionaires added to that rank in the last year came from the US.  The US now boost 13.2 million millionaires, 42% of the world’s total.  The American Dream is still alive. (Credit-Suisse Report)

The second-largest US oil company, Chevron, is warning third quarter earnings will be “significantly lower” due to a squeeze on refining margins. They project refining margins will continue to be under pressure. (Reuters)

The trend continues. Global PC shipments dropped like a rock, down 9%, year-over-year in the third quarter. That is the lowest shipment volume since 2008. Shipments have declined for the last 6 quarters. (Gartner)

US foreclosures are down 33% from a year ago as US lenders completed 48,000 actions in August.  Currently 1.9 million homes are at risk of foreclosure and already in the process.   About 5.3% of mortgages are 90 days or more delinquent, the lowest since December of 2008. (Corelogic)

Business News


It is day 7 of the government shutdown and markets have seen more volatility than we have seen in several months.  Government economic reports continue to be delayed so as earnings season starts, profit and loss statements may get even more attention.  The head of the credit rating agency Moody’s, says he thinks a US credit default is unlikely, but could be managed for a short period of time. (Fox Business News)

The US dollars has weakened for the last five weeks as the shutdown weighs on the economic growth prospects in the US.  The weaker dollar is a positive for exporters as our products become cheaper overseas.  On the downside historically a weaker dollar tends to result in higher than normal gas prices. (Bloomberg)

The Medford based specialty fruit seller Harry & David enters its third year post-bankruptcy, announcing a 2013 fiscal year profit of $13 million on $380 million in sales.  The company recently acquired $100 million in financing for its 2013 holiday season inventory.  Over the last two years the company has closed 52 of its 122 retail stores. (Oregonian)
 

Business News


The federal government is shut down and the world has not come to an end as far as the markets are concerned.  While we ended Monday to the downside the S&P 500 was up almost 3% in September and over 4% for the third quarter.  (Bloomberg)

Walgreens posted a quarterly profits of $657 million up 16% from the same time last year.  Same store sales were up almost 5%. The company attributed its strong performance to its pharmacy business and cost control.  (CBS)

The ISM Chicago business manufacturing index for the mid-west was up sharply in September and better than expected.  The index showed strong growth in new orders for companies. (Reuters

After a 13-year run Coke has lost the title of most valuable brand falling to third behind tech giants Apple and Google.  Half of the top ten are tech companies.  McDonald’s is the only other food company along with Coke in the top ten. (CNBC)

The number of banks and branches are declining in Oregon as the big banks get even bigger.  US Bank, Bank of America and Wells Fargo hold 52% of all Oregon deposits up from 44% a year ago.  Last year there were 60 banks in Oregon now there are 57.  The number of Oregon branches fell by 24 in 2013 to 1100. (FDIC Data)
 

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