Business News

A Three Day Rally?

Columbia Sportswear handily beat Wall Street profit forecasts. Columbia Sportswear's fourth-quarter profits totaled $63.4 million. Sales totaled $699.4 million, up 3% from a year earlier. For the year, sales grew 11% to $2.3 billion, a record. The company forecast slower growth this year, in part due to the strong U.S. dollar. (Oregon Live)
The lower interest rates go, the more borrowers refinance. Total mortgage applications jumped 8.2% last week. Refinances were up16%. The average loan size for refinances was $316,000, a new record. The average interest rate for 30-year fixed-rate decreased to its lowest level since April 2015, at 3.83%.  Mortgage applications to purchase a home fell 4% last week, but are now 30% higher than a year ago. (Mortgage Bankers Association)
Campbell Soup says it expects to report quarterly profits of 87 cents per share, well above consensus forecasts of 71 cents. The food company also raised its 2016 earnings guidance, helped by cost cuts.
Northwest timber company Plum Creek Timber will be no more when trading opens on Friday. Plum Creek's acquisition by Weyerhaeuser will be completed on Thursday. Oil and natural gas exploration company Concho will join the S&P 500, replacing Plum Creek Timber. (Yahoo Finance)

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