Business News


U.S. stocks are lower this morning, caught up in a global market selloff after the Turkish military shot down a Russian fighter jet along the Syrian border. (Reuters)
 
The second reading of third quarter Gross Domestic Product says the U.S. economy posted an annual growth rate of 2.1%, higher than the 1.5% estimate a month ago. (CNBC)
 
Mentor Graphics sharply cut its sales forecast for the rest of the year, sending the stock to its lowest point since the spring of 2013. Mentor makes software, used to design computer chips and other complex systems.  Mentor now project $336 million in sales for the fourth quarter, 23.5% below a year ago. The company employs 1,000 in Wilsonville. (Oregonian)
 
Hormel Foods profits rose 9.3% in the latest quarter helped by strong contributions from its Spam, Hormel pepperoni, Dinty Moore stew, Wholly Guacamole dips and Muscle Milk brands. The company’s Jennie-O Turkey segment profit declined 23% and sales were down 18%, dented by the bird-flu outbreak earlier this year. Hormel, which also makes Skippy peanut butter, saw sales slip 5.6% to $2.4 billion despite the better profits. (WSJ)
 

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