Business News

Earnings and Jobs Drive Market

Mortgage interest rates rose last week and total mortgage applications fell 0.8%from the previous week. But applications are 10% higher than a year ago. Applications to refinance are 4% higher than a year ago and applications to purchase are 20% higher. (Mortgage Bankers Association)
Maybe Oregon City Governments can learn something about free enterprise from San Francisco voters. On Tuesday the San Francisco electorate defeated a ballot measure to curb short-term home and apartment rentals, handing a victory to companies such as Airbnb and the homeowners they represent. (Reuters)
The largest producer of OSB used in home building, Louisiana-Pacific, reported a loss of $26.5 million the last quarter. The home construction supplier posted sales of $464.9 million in the period. Shares are down 7% on the news. (AP)
Northwest Natural Gas reported a loss of $6.7 million in its third quarter. The natural gas distributor posted revenue of $93.1 million in the period. Northwest Natural Gas shares have declined slightly more than 4 percent since the beginning of the year.  (AP)
Office Depot reported third-quarter earnings that fell to $6 million, from a year ago. Costs related to the OfficeMax merger and pending acquisition of Staples were a drag on the bottom-line. Sales fell to $3.69 billion from $4.07 billion, on slightly better-than-expected North American retail sales. The stock, has dropped  about 13% year to date. (Market Watch)

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