Stocks are mixed this morning and the S&P 500 logged its seventh down day in a row yesterday, its longest losing streak in five years. A decline today would be the index’s first eight-session slide since October 2008 during the heart of the financial crisis. (CNBC)
Whole Foods is eliminating its co-CEO structure with the outgoing CEO receiving $10 million in severance and a 30% lifetime discount card for purchases at the company’s stores. The Company posted a quarterly profit of $88 million on $3.50 billion in sales. Profits were up 57% and sales by 2% from last year. Same-store sales were down 2.6%. Grocers have been pressured by food deflation, which is putting pressure on their margins. Whole Foods said it expects sales growth in 2017 to be 2.5% to 4.5%. (AP)
Employers cut 30,740 jobs in October, a 31% drop from September. That is a five-month low. October’s total was the second-lowest of 2016. Most of the reductions were in the computer industry, which cut 4,792 jobs in October, bringing the sector’s yearly total to 64,511. The 2016 the leader in cutting jobs is the energy sector, which has cut a total of 103,147 jobs. To date, employers have announced 466,352 job cuts this year. (Challenger, Gray & Christmas)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.