U.S. industrial production edged up 0.1% in September. The industrial sector continues to be hobbled by the strong dollar and low oil prices. Manufacturing output rose 0.2%. Mining production increased 0.4% on gains in oil and gas well drilling. Mining output rose at a 3.7% pace in the third quarter following six consecutive quarterly declines. Industrial capacity use edged up 0.1% to 75.4%. (Reuters)
Mentor Graphics, based in Wilsonville, Oregon, makes software for designing semiconductors. They have hired Bank of America to explore strategic alternatives, including a potential sale. Mentor has been under pressure by activist investors lately and
fended off a hostile takeover by rival Cadence Design Systems in 2008. (Reuters)
Johnson & Johnson the world's largest maker of healthcare products, saw strong numbers fueled by prescription drug sales jumping 9.2% to $8.40 billion.
The maker of products ranging from Tylenol to Band-Aid bandages to Acuvue contact lenses raised its profit estimate for 2016. J&J agreed last month to buy Abbott Laboratories' medical optics business for $4.3 billion. J&J's shares have gained about 15% in 2016. (Reuters)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.