Business News

Another British Surprise

Surprising everyone the Bank of England held interest rates steady despite guidance that policy easing could be forthcoming in the wake of Brexit. (Bloomberg)
 
Yum Brands owners of Pizza Hut, Taco Bell and KFC, reported a 9% rise in profits last quarter. Sales were $3.01 billion. The company will spin off its China restaurants by the end of 2016. Its China division has an estimated value of $8 billion and is about half of their sales. Yum shares are up about 17% year-to-date. (Yahoo Finance)
 
JPMorgan Chase posted second-quarter earnings of $5.67 billion as trading revenue jumped. Chase is the largest U.S. bank by assets.  The bank's two largest divisions did well. Consumer banking division saw revenue climb 13% from a year earlier. The investment banking division saw fixed income trading revenue soar 35%, while revenue from stock trading rose 2%. (AP)
 
J.M. Smucker Company’s quarterly profits rose by 25% compared to the same quarter a year ago. The company derives its revenue from its four segments: Coffee, Consumer Foods, Pet Foods, and Foodservice. The U.S. Retail Coffee and U.S. Retail Pet Foods segments contributed a combined 59% to SJM’s total revenue. The Dunkin’ Donuts brand generated $220 million in retail sales. (Market Realist)
 
S&P 500 is up 16 and the NASDAQ is up 31.  MSCI International Index is up 1.13%.
 
Oil is up $0.83 to $45.58 a barrel.
 
Gold is down $18 at $1326 a Troy ounce.
 
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.

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