Microsoft sales of its cloud product doubled in the quarter sending shares to an all-time high, not seen since 1999 at the peak of the tech stock bubble. Sales from its cloud product Azure, which businesses can use to host their websites, apps or data, rose 116%. Microsoft reported total revenue of $22.33 billion in the quarter. (Reuters)
General Electric profits jumped 10% in the third quarter, and revenue grew 4.4%. Slow economic growth in the oil and gas business, weighed on revenue. (Reuters)
McDonald's posted a third-quarter profit of $1.28 billion. The world's biggest hamburger chain had sales of $6.42 billion. Comparable-store sales rose 3.5% in the quarter. The company said all-day breakfast, the McPick 2 offering, and the introduction of chicken McNuggets without artificial preservatives helped sales during the quarter. McDonald’s stock has dropped more than 6% in 2016. (AP)
Wells Fargo, in the wake of an illegal sales scandal, is no longer accredited by the Better Business Bureau, making it possibly the biggest business ever to lose it.
The BBB website gives Wells Fargo a grade of "C-" on a scale of "A+" to "F." (CNBC)
Join us this weekend for Financial Focus Radio when we will tackle low interest rates.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.