Business News

Oil Stockpiles Decline

Whole Foods stock is climbing on speculation that Kroger might be interested in purchasing the company according to the Investor’s Business Daily. Kroger is rumored to be offering to buy the company in a cash/stock bid of $40 per share. Whole Foods operates 10 outlets in Oregon, including one in Bend.

Total oil stockpiles fell in August for the first time since March, according to the International Energy Agency.  But there is a continued buildup of refined fuels. Overall oil inventories fell by 10 million barrels, led by a 22-million-barrel decline in crude stocks in the United States, Japan and South Korea.

Stanley Black & Decker, makers of DeWalt, Mac, and their name brand tools, is an S&P 500 global diversified industrial company.  They are acquiring the Tools business of Newell Brands, makers of Irwin and Lenox, for $1.95 billion in cash. Newell Tools operates globally and has more than 2,500 employees. The transaction is subject to regulatory approvals and is expected to close in the first half of 2017. (PR Newswire)

Total mortgage applications volume fell 6%. The average interest rate for 30-year fixed-rate mortgages increased to 3.68% from 3.62%. Mortgage applications to purchase a home are up 27% from a year ago. (Mortgage Bankers Association)

S&P 500 is down 1 and the NASDAQ is down 2. MSCI International Index is down 0.51%.

Oil is up 25 cents at $50.86 a barrel.

Gold is down $2 at $1254 a Troy ounce.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.

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