The Port of Portland has selected Curtis Robinhold as the Port's new executive director. Robinhold, is currently deputy to current executive director Bill Wyatt and is his hand-picked successor. He has been the Port's deputy director since 2013. (PBJ)

Corona beer maker Constellation Brands is looking to buy Jack Daniels producer Brown-Forman. Brown-Forman has indicated it's not interested in selling. (CNBC)

Total mortgage application volume increased 4.4% last week. Refinance volume was higher by 11% for the week, but remains 30% below the same week one year ago. Interest rates for 30-year fixed-rate mortgages decreased to 4.17%.  (Mortgage Bankers Association)

Home resales fell 2.3% in April more than expected.  Mostly due to a shortage of houses on the market that is keeping prices elevated and sidelining prospective buyers. (National Association of Realtors)

Moody's downgraded Chinese sovereign debt citing concerns about excessive leverage. The downgrade isn't really "news," it's more a confirmation of what we already know.  (LPL Research)

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