The euro hit a nine-year low against the dollar last night trading below $1.20 for first time since June 2010. The Euro slumped to as low as $1.186 last night, the weakest since March 2006. That is drop of 1.2%. Your trip to Europe this spring just got a lot cheaper. (Bloomberg)
The merger between Greensboro-based RF Micro Devices and Hillsboro-based TriQuint Semiconductor was completed on New Years Day. The merger is expected to create a top competitor in the wireless component industry. The combined company, Qorvo, is trading on the NASDAQ under the symbol QRVO. (Portland Business Journal)
The pace of growth in the U.S. manufacturing sector slowed more than expected in December. The Institute for Supply Management said its index of national factory activity fell to 55.5 from 58.7 the month before. A reading above 50 indicates expansion in the manufacturing sector. In a separate report, U.S. construction spending fell in November, held back by a drop in government outlays and by less money spent by businesses on projects other than homes.
Construction spending fell 0.3%, the first decline since June, to an annual rate of $975 billion. (CNBC)